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Company Registration No. 12884263 (England and Wales)
Visaamo Limited Unaudited accounts for the year ended 30 September 2024
Visaamo Limited Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
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Visaamo Limited Company Information for the year ended 30 September 2024
Directors
Kandarp Soni Shruti Soni
Company Number
12884263 (England and Wales)
Registered Office
117A ST. JOHNS HILL SEVENOAKS TN13 3PE ENGLAND
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Visaamo Limited Statement of financial position as at 30 September 2024
2024
2023
Notes
£
£
Fixed assets
Investment property
4
228,000
216,877
Current assets
Debtors
5
637
683
Cash at bank and in hand
27,955
23,891
28,592
24,574
Creditors: amounts falling due within one year
6
(554)
(89,597)
Net current assets/(liabilities)
28,038
(65,023)
Total assets less current liabilities
256,038
151,854
Creditors: amounts falling due after more than one year
7
(243,700)
(154,500)
Provisions for liabilities
Deferred tax
(2,781)
-
Net assets/(liabilities)
9,557
(2,646)
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss account
8,557
(3,646)
Shareholders' funds
9,557
(2,646)
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2025 and were signed on its behalf by
Kandarp Soni Director Company Registration No. 12884263
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Visaamo Limited Notes to the Accounts for the year ended 30 September 2024
1
Statutory information
Visaamo Limited is a private company, limited by shares, registered in England and Wales, registration number 12884263. The registered office is 117A ST. JOHNS HILL, SEVENOAKS, TN13 3PE, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property
Investment property, which is a property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting date. Changes in fair value are recognised in the profit & loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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Visaamo Limited Notes to the Accounts for the year ended 30 September 2024
Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is also recognised in other comprehensive income or directly in equity respectively. Current or deferred taxation assets and liabilities are not discounted. Current tax Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Director(s) periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
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Visaamo Limited Notes to the Accounts for the year ended 30 September 2024
Going concern
The company meets its day-to-day working capital requirements through its bank facilities. The current economic conditions continue to create uncertainty over (a) the level of demand for the company’s products. (b) the availability of bank finance for the foreseeable future. The current and future financial position of the Company, its cash flows and liquidity position has been reviewed by the directors. These have been prepared with a very prudent view of the likely gradual recovery in each of the Company's operating locations and have been stress tested to ensure that cash flows and liquidity are sufficiently robust to allow the Company to continue to trade during this period. The company’s forecasts and projections, taking into account a severe but plausible change in trading performance, show that the company should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company, therefore, continues to adopt the going concern basis in preparing its financial statements.
4
Investment property
2024
£
Fair value at 1 October 2023
216,877
Net gain from fair value adjustments
11,123
At 30 September 2024
228,000
The investment property is stated at fair value in accordance with FRS 102 Section 16. The company revalued the investment property at the year end to reflect current market conditions. The valuation was based on market evidence of recent prices achieved for similar properties in the same locality and condition, and was carried out by the director. As at 30 September 2024, the investment property was revalued from £216,877 to £228,000, resulting in a fair value gain of £11,123, which has been recognised in the profit and loss account. A deferred tax liability of £2,781 has been recognised in respect of the revaluation gain, calculated at the applicable tax rate of 25%.
5
Debtors
2024
2023
£
£
Amounts falling due within one year
Accrued income and prepayments
637
683
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and other participating interests
-
89,200
Taxes and social security
50
-
Loans from directors
504
-
Accruals
-
397
554
89,597
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Visaamo Limited Notes to the Accounts for the year ended 30 September 2024
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
154,500
154,500
Amounts owed to group undertakings and other participating interests
89,200
-
243,700
154,500
8
Share capital
2024
2023
£
£
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
9
Transactions with related parties
Company under common control: During the current and previous year, the company benefitted from loans given by the related parties. At the year end, the amount owed by the company was £89,200 (2023 - £89,200). No interest has been charged on loaned amounts and there is no set repayment date.
10
Average number of employees
During the year the average number of employees was 0 (2023: 0).
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