Boundary Visualisation Limited
Annual Report and Financial Statements
For the year ended 31 August 2024
Company Registration No. 09162973 (England and Wales)
Boundary Visualisation Limited
Company Information
Directors
H Goss
P Guthrie
T Wood
S Williams
Company number
09162973
Registered office
Academic House
24-28 Oval Road
London
England
NW1 7DJ
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Boundary Visualisation Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 22
Boundary Visualisation Limited
Strategic Report
For the year ended 31 August 2024
Page 1
The directors present the strategic report for the year ended 31 August 2024.
Fair review of the business
The principal activity of the group was that of Architectural Visualisation.
In May 2021, Clearwater Topco Limited acquired the entire share capital of Boundary Visualisation Limited and The Boundary, Inc (together, “The Boundary”) through a subsidiary company, Clearwater Newco Limited. The acquisition was structured to facilitate private equity investment from Mobeus Equity Partners LLP, who joined the founders and senior management of The Boundary as shareholders of the group. During the year, the Group received new investment from Kester Capital LLP, who replace Mobeus in the Group’s ownership structure.
In the year to 31 August 2024, the group has seen significant growth in annual revenues. Boundary Visualisation Limited has experienced revenue growth from £10.85m in FY23 to £16.36m in FY24, an increase of 51%. Operating profits continue to increase, from £2.76m to £3.21m.
The Boundary continues to expand its client base and product offering, growing revenues in all major jurisdictions and attracting poster clients to realtime-rendered products and services.
Research and development
The group continues to invest resources in enhancing its technological capabilities to retain its competitive position. This investment results in new product offerings, or enhancements and efficiencies to off the shelf products.
Principal risks and uncertainties
The directors consider the key business risks and uncertainties affecting the Group relate to markets and competition, in response to which the company is continuing to invest in the development of its products and services.
Objectives and policies
The group is exposed to a variety of financial risks. The group's overall risk management programme seeks to minimise potential risks for the group. The board reviews and agrees policies for managing risks. The most important components of financial risk affecting the group are as follows:
Operational risk
Operational risk is the risk of losses stemming from inadequate or failed internal processes, people and systems or from external events. The group has created a strong governance structure with robust controls, and has made considerable investment in business continuity through the period.
Exchange rate risk
The group is subject to FX risk on revenues and costs generated overseas, primarily in US dollars. The group will take advantage of natural hedges in overseas expenditure, and utilise FX forwards to hedge future cashflows to the extent that there are material residual FX exposures.
Liquidity and interest rate risk
The group manages its cash and borrowing requirements in order to ensure the group has sufficient liquid resources to meet the operating needs of the business. The majority of the group's external borrowings do not mature until 2029, and are floating above SONIA or SOFR rates.
Credit risk
Aged receivables and the credit profile of our customer base is monitored regularly, and provisions are made for doubtful debts where necessary.
Boundary Visualisation Limited
Strategic Report (Continued)
For the year ended 31 August 2024
Page 2
Key performance indicators
The group has defined its key performance indicators to align performance and accountability to its strategic plan. The key focus of KPI's is on a number of financial and operational performance measures, designed to ensure that the strategy successfully ensures that the business continues to thrive.
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Going concern
The directors believe that preparing the financial statements on the going concern basis is appropriate due to the continued success of the group’s operations and its strong cash position.
S Williams
Director
27 February 2025
Boundary Visualisation Limited
Directors' Report
For the year ended 31 August 2024
Page 3
The directors present their annual report and financial statements for the year ended 31 August 2024.
Principal activities
The principal activity of the company continued to be that of architectural visualisation.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid during the year (2023: £450,000). The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
H Goss
P Guthrie
T Wood
S Williams
Auditor
Moore Kingston Smith LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
S Williams
Director
27 February 2025
Boundary Visualisation Limited
Directors' Responsibilities Statement
For the year ended 31 August 2024
Page 4
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Boundary Visualisation Limited
Independent Auditor's Report
To the Members of Boundary Visualisation Limited
Page 5
Opinion
We have audited the financial statements of Boundary Visualisation Limited (the 'company') for the year ended 31 August 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Boundary Visualisation Limited
Independent Auditor's Report (Continued)
To the Members of Boundary Visualisation Limited
Page 6
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Boundary Visualisation Limited
Independent Auditor's Report (Continued)
To the Members of Boundary Visualisation Limited
Page 7
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Boundary Visualisation Limited
Independent Auditor's Report (Continued)
To the Members of Boundary Visualisation Limited
Page 8
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Esther Carder
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
27 February 2025
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Boundary Visualisation Limited
Statement of Comprehensive Income
For the year ended 31 August 2024
Page 9
2024
2023
Notes
£
£
Turnover
3
16,363,688
10,854,904
Cost of sales
(9,017,534)
(5,064,456)
Gross profit
7,346,154
5,790,448
Administrative expenses
(4,139,930)
(3,033,863)
Other operating income
2,555
1,782
Operating profit
4
3,208,779
2,758,367
Interest receivable and similar income
7
27,985
10,633
Profit before taxation
3,236,764
2,769,000
Tax on profit
8
(589,814)
(198,257)
Profit for the financial year
2,646,950
2,570,743
The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.
Boundary Visualisation Limited
Balance Sheet
As at 31 August 2024
Page 10
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
9
514,764
515,049
Tangible assets
10
568,742
621,790
1,083,506
1,136,839
Current assets
Debtors
11
11,060,030
8,229,369
Cash at bank and in hand
3,763,628
1,253,690
14,823,658
9,483,059
Creditors: amounts falling due within one year
12
(5,343,462)
(2,708,545)
Net current assets
9,480,196
6,774,514
Total assets less current liabilities
10,563,702
7,911,353
Provisions for liabilities
Provisions
13
(70,000)
(70,000)
Deferred tax liability
14
(136,535)
(131,136)
(206,535)
(201,136)
Net assets
10,357,167
7,710,217
Capital and reserves
Called up share capital
16
100
100
Profit and loss reserves
10,357,067
7,710,117
Total equity
10,357,167
7,710,217
The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
S Williams
Director
Company Registration No. 09162973
Boundary Visualisation Limited
Statement of Changes in Equity
For the year ended 31 August 2024
Page 11
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2022
100
5,589,374
5,589,474
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
2,570,743
2,570,743
Dividends
17
-
(450,000)
(450,000)
Balance at 31 August 2023
100
7,710,117
7,710,217
Year ended 31 August 2024:
Profit and total comprehensive income for the year
-
2,646,950
2,646,950
Balance at 31 August 2024
100
10,357,067
10,357,167
Boundary Visualisation Limited
Notes to the Financial Statements
For the year ended 31 August 2024
Page 12
1
Accounting policies
Company information
Boundary Visualisation Limited is a private company limited by shares incorporated in England and Wales. The registered office is Academic House, 24-28 Oval Road, London, England, NW1 7DJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the company will have sufficient funds to meet its liabilities as they fall due for that period. Post year end trading has been in line with forecast and has been profitable.
Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Boundary Visualisation Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 13
One of the company's intangible assets is internally generated development expenditure including the design, construction and testing of pre-production or pre-use prototypes and models.
The company capitalises costs associated with software development. The company employs certain members of IT development staff who are engaged in the creation of
New digital experiences which have been created by the company,
Enhancements, refinements and accelerators used in visual content creation
The intangible asset is to be recognised and measured on the Cost model, being the employee benefits costs attributable. The intangible asset will be amortised over 3 years on a straight-line basis, reflecting management’s best estimate of the useful life of the assets being developed.
The other intangible asset is website development. The intangible asset is to be recognised and measured on the Cost model, being the third party website development costs attributable. The intangible asset will be amortised over 4 years on a straight-line basis, reflecting management’s best estimate of the useful life,
The assets will be reviewed for impairment annually.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Capitalised R&D
33%
Capitalised Website
25%
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% Straight Line
Computers
25-50% Straight Line
Bicycles
33% Reducing Balance
Leasehold improvements
20-50% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Boundary Visualisation Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 14
1.7
Financial instruments
The Company has basic financial instruments measured at amortised cost, with one other financial instruments classified as other or basic instruments measured at fair value.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Boundary Visualisation Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 15
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Revenue recognition
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Boundary Visualisation Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 16
3
Turnover
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
1,135,422
2,259,144
Europe
396,900
110,608
Rest of the world
14,831,366
8,485,152
16,363,688
10,854,904
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
299,234
60,933
Fees payable to the company's auditor for the audit of the company's financial statements
88,360
64,714
Depreciation of owned tangible fixed assets
427,538
334,056
Loss on disposal of tangible fixed assets
2,398
-
Amortisation of intangible assets
272,952
192,940
Operating lease charges
312,551
242,029
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
63
50
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
4,156,174
3,015,401
Social security costs
393,867
299,197
Pension costs
77,056
62,601
4,627,097
3,377,199
Boundary Visualisation Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 17
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
444,687
387,741
Company pension contributions to defined contribution schemes
-
874
444,687
388,615
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
223,429
194,250
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
27,985
10,633
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
479,795
313,654
Adjustments in respect of prior periods
104,620
(144,119)
Total current tax
584,415
169,535
Deferred tax
Origination and reversal of timing differences
5,399
28,722
Total tax charge
589,814
198,257
Boundary Visualisation Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
8
Taxation
(Continued)
Page 18
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
3,236,764
2,769,000
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.52%)
809,191
595,752
Tax effect of expenses that are not deductible in determining taxable profit
12,897
16,081
Tax effect of income not taxable in determining taxable profit
(9,784)
Change in unrecognised deferred tax assets
3,655
(3,655)
Adjustments in respect of prior years
104,620
(136,463)
Group relief
(331,528)
(272,699)
Remeasurement of deferred tax for changes in tax rates
3,446
Foreign tax credits
(3,053)
(3,631)
Fixed asset differences
3,816
103
Other taxes
(677)
Taxation charge for the year
589,814
198,257
9
Intangible fixed assets
Capitalised R&D
Capitalised Website
Total
£
£
£
Cost
At 1 September 2023
518,627
313,912
832,539
Additions
152,277
120,390
272,667
At 31 August 2024
670,904
434,302
1,105,206
Amortisation and impairment
At 1 September 2023
188,748
128,742
317,490
Amortisation charged for the year
189,275
83,677
272,952
At 31 August 2024
378,023
212,419
590,442
Carrying amount
At 31 August 2024
292,881
221,883
514,764
At 31 August 2023
329,879
185,170
515,049
Boundary Visualisation Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 19
10
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Bicycles
Total
£
£
£
£
£
Cost
At 1 September 2023
312,876
131,699
1,222,153
47,324
1,714,052
Additions
67,385
30,460
257,058
23,356
378,259
Disposals
(6,255)
(6,255)
Transfers
(2,083)
(2,083)
At 31 August 2024
380,261
155,904
1,479,211
68,597
2,083,973
Depreciation and impairment
At 1 September 2023
61,632
62,980
951,077
16,573
1,092,262
Depreciation charged in the year
151,430
24,857
238,538
12,713
427,538
Eliminated in respect of disposals
(3,857)
(3,857)
Transfers
(712)
(712)
At 31 August 2024
213,062
83,980
1,189,615
28,574
1,515,231
Carrying amount
At 31 August 2024
167,199
71,924
289,596
40,023
568,742
At 31 August 2023
251,244
68,719
271,076
30,751
621,790
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,893,847
3,676,424
Amounts owed by group undertakings
5,435,823
3,155,798
Other debtors
236,196
249,924
Prepayments and accrued income
1,494,164
1,147,223
11,060,030
8,229,369
Boundary Visualisation Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 20
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
332,931
119,009
Amounts owed to group undertakings
1,252,862
695,661
Corporation tax
413,179
104,718
Other taxation and social security
118,155
282,147
Other creditors
72,749
35,905
Accruals and deferred income
3,153,586
1,471,105
5,343,462
2,708,545
In the prior year, the company had committed to a currency swap contract to buy £379,429 in USD. The fair value of this contract at the prior year balance sheet date amounted to a loss of £15,107. The contract has been fully utilised during the year and the company has no open currency swap contracts at the year end.
13
Provisions for liabilities
2024
2023
£
£
Dilapidations Provision
70,000
70,000
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
136,535
131,136
2024
Movements in the year:
£
Liability at 1 September 2023
131,136
Charge to profit or loss
5,399
Liability at 31 August 2024
136,535
Boundary Visualisation Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 21
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
77,056
62,601
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
17
Dividends
2024
2023
2024
2023
Per share
Per share
Total
Total
£
£
£
£
Ordinary Shares
Final paid
4,500.00
450,000
18
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
203,698
280,746
Between two and five years
201,797
203,698
482,543
Boundary Visualisation Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 22
19
Related party transactions
The group has taken the exemption available in section 33 of FRS 102 from disclosing transactions with wholly-owned group companies.
At the year end the company owed £nil to its directors (2023: £3,461).
At the balance sheet date, included in other debtors is £nil (2023: £60,846) due from Virtual Reality Property Marketing Limited, a company related by virtue of being an associate. The investment in the associate was sold 9th July 2024.
During the year, the group made purchases of £4,883 (2023: £nil) from Virtual Reality Property Marketing Limited.
During the period, the group was a chargor to the issue of loan notes amounting to £29,287,200 (2023: £nil) from Kester Capital LLP , which is related by virtue of being a shareholder of the group.
During the period, the group was charged £nil (2023: £39,144) from Mobeus Equity Partners LLP, which is related by virtue of being a former shareholder of the group. Loan notes at the balance sheet date were £nil (2023: £9,655,210) and the charge has been satisfied.
20
Ultimate controlling party
The immediate parent company is Boundary Visualisation Holdings Limited, a company registered and domiciled in England and Wales. On 16th July 2024 Clearwater Topco Limited was acquired by Project Iridium Bidco Limited, a company registered and domiciled in England and Walkes. As a result of this transaction, Project Iridum Topco Limited, a company registered and domiciled in England and Wales with the registered office 14-16 Bruton Place, London, W1J 6LX, is now the ultimate parent company.
Boundary Visualisation Holdings is the largest and smallest group for which group accounts are available. The consolidated accounts of Boundary Visualisation Holdings are available to the public and may be obtained from Companies House.
The directors do not consider there to be any ultimate controlling party.
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