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COMPANY REGISTRATION NUMBER: 06974541
Vivasoft Limited
Unaudited Financial Statements
31 December 2024
Vivasoft Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
The following pages do not form part of the financial statements
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
9
Vivasoft Limited
Directors' Report
Year ended 31 December 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
Mr M R Thomas
Mr P D Lofting
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 17 June 2025 and signed on behalf of the board by:
Mr M R Thomas
Director
Registered office:
4th Floor
58-59 Great Marlborough Street
London
W1F 7JY
Vivasoft Limited
Statement of Income and Retained Earnings
Year ended 31 December 2024
2024
2023
Note
£
£
Turnover
123,072
149,617
---------
---------
Gross profit
123,072
149,617
Administrative expenses
46,864
42,250
---------
---------
Operating profit
76,208
107,367
Other interest receivable and similar income
1,423
241
---------
---------
Profit before taxation
5
77,631
107,608
Tax on profit
6
16,853
23,798
--------
---------
Profit for the financial year and total comprehensive income
60,778
83,810
--------
---------
Dividends paid and payable
( 79,000)
( 84,000)
Retained earnings at the start of the year
68,842
69,032
--------
--------
Retained earnings at the end of the year
50,620
68,842
--------
--------
All the activities of the company are from continuing operations.
Vivasoft Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
7
3,054
3,361
Current assets
Cash at bank and in hand
69,951
94,864
Creditors: amounts falling due within one year
8
21,819
28,740
--------
--------
Net current assets
48,132
66,124
--------
--------
Total assets less current liabilities
51,186
69,485
Provisions
Taxation including deferred tax
562
639
--------
--------
Net assets
50,624
68,846
--------
--------
Capital and reserves
Called up share capital
4
4
Profit and loss account
50,620
68,842
--------
--------
Shareholders funds
50,624
68,846
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 17 June 2025 , and are signed on behalf of the board by:
Mr M R Thomas
Director
Company registration number: 06974541
Vivasoft Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 58-59 Great Marlborough Street, London, W1F 7JY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax in respect of consulting and maintenance services. Software sales are recognised at point of sale irrespective of the forward maintenance period covered within the contract. This is due to the robust nature of the software and low servicing costs.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
IT server
-
33% straight line
Equipment
-
20 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
835
990
----
----
6. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
16,930
23,669
Deferred tax:
Origination and reversal of timing differences
( 77)
129
--------
--------
Tax on profit
16,853
23,798
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 21.69 % (2023: 22.03 %).
2024
2023
£
£
Profit on ordinary activities before taxation
77,631
107,608
--------
---------
Profit on ordinary activities by rate of tax
16,842
23,704
Effect of expenses not deductible for tax purposes
203
247
Effect of capital allowances and depreciation
( 115)
( 282)
Other tax adjustment to increase/(decrease) tax liability
(77)
129
--------
---------
Tax on profit
16,853
23,798
--------
---------
7. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 January 2024
1,089
8,413
9,502
Additions
211
317
528
-------
-------
--------
At 31 December 2024
1,300
8,730
10,030
-------
-------
--------
Depreciation
At 1 January 2024
363
5,778
6,141
Charge for the year
271
564
835
-------
-------
--------
At 31 December 2024
634
6,342
6,976
-------
-------
--------
Carrying amount
At 31 December 2024
666
2,388
3,054
-------
-------
--------
At 31 December 2023
726
2,635
3,361
-------
-------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
16,929
23,669
Social security and other taxes
3,315
3,576
Other creditors
1,575
1,495
--------
--------
21,819
28,740
--------
--------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
562
639
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Provisions
562
639
----
----
10. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
Vivasoft Limited
Management Information
Year ended 31 December 2024
The following pages do not form part of the financial statements.
Vivasoft Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Vivasoft Limited
Year ended 31 December 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HIGGINS FAIRBAIRN & CO Chartered accountants
4th Floor 58-59 Great Marlborough Street London W1F 7JY