Company registration number 04718232 (England and Wales)
CORPORATE VISIONS UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CORPORATE VISIONS UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CORPORATE VISIONS UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
$
$
$
$
Fixed assets
Tangible assets
3
24,187
36,026
Current assets
Debtors
4
3,321,131
2,777,862
Cash at bank and in hand
63,670
462,183
3,384,801
3,240,045
Creditors: amounts falling due within one year
5
(1,894,259)
(1,902,709)
Net current assets
1,490,542
1,337,336
Net assets
1,514,729
1,373,362
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
1,514,725
1,373,358
Total equity
1,514,729
1,373,362

The notes on pages 2 to 6 form part of these financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 10 July 2025 and are signed on its behalf by:
Ms E  DiMiceli
Director
Company registration number 04718232 (England and Wales)
CORPORATE VISIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Corporate Visions UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Courtyard, High Street, Ascot, Berkshire, SL5 7HP.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in US dollars, 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

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the forseeable future. However, the directors are aware of certain material uncertainties which may cast significant doubt on the company's ability to continue as a going concern.

 

The company's working capital requirements are funded by the parent company (Corporate Visions, Inc.). Corporate Visions, Inc. will attempt to secure additional financing that would allow the UK entity to remain viable. The parent company has expressed its' willingness to provide the necessary support to the company for at least 12 months from the date of approval of the accounts, however, if this support cannot be provided it may cast significant doubt on the company's ability to continue as a going concern.

1.3
Turnover

Turnover is comprised of mark-up of compensation for CV UK personnel who are involved in group activities (i.e. production, training, marketing and other support).

1.4
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:

Computers
20% 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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

CORPORATE VISIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

CORPORATE VISIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

1.10
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.

2
Employees

The Company has no direct employees, but utilises staff employed by other group companies, the costs of which are recharged to the Company.

2024
2023
Number
Number
Total
-
0
-
0
CORPORATE VISIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
$
Cost
At 1 January 2024
58,616
Disposals
(2,084)
At 31 December 2024
56,532
Depreciation and impairment
At 1 January 2024
22,590
Depreciation charged in the year
11,839
Eliminated in respect of disposals
(2,084)
At 31 December 2024
32,345
Carrying amount
At 31 December 2024
24,187
At 31 December 2023
36,026
4
Debtors
2024
2023
Amounts falling due within one year:
$
$
Amounts owed by group undertakings
3,305,769
2,768,191
Other debtors
15,362
9,671
3,321,131
2,777,862
5
Creditors: amounts falling due within one year
2024
2023
$
$
Trade creditors
10,353
42,539
Corporation tax
56,418
50,110
Other taxation and social security
1,725,986
1,782,448
Other creditors
101,502
27,612
1,894,259
1,902,709
CORPORATE VISIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Frances Clapham
Statutory Auditor:
CK Audit
Date of audit report:
10 July 2025
7
Financial commitments, guarantees and contingent liabilities

In late 2022, the Company realised it had unintentionally applied an inappropriate transfer pricing arrangement to prepare the financial statements and related income tax returns. Prior treatment resulted in the Company not including sufficient revenues, as well as costs associated with the delivery of the revenues. As such, the Company engaged professional advisors to review the matter, identifying appropriate revenues and related costs to be included. The Company completed this work in the first quarter of 2023, leading to a prior year adjustment in the 2021 financial statements to revise the periods 2018 - 2020 and payment of additional income taxes. In late December 2023, HMRC advised the Company of its view that an additional payment of approximately £1.2 million was required. Given the work completed earlier in 2023 with professional advisors, the Company does not understand this view and will follow appropriate processes in 2025 to resolve the matter. Given the contingent nature of this liability, the Company has not established a provision in the 2024 accounts.

8
Parent company

The immediate parent Company of Corporate Visions UK Limited is Corporate Visions Inc,. The ultimate parent Company of the Corporate Visions group is CVI Group Holding Company, LLC. The UK Company accounts will be consolidated with those of CVI Group Holding Company, a subsidiary of CVI Group Holding Company, LLC.

 

Corporate Visions Inc., CVI Group Holding Company, and CVI Group Holding Company, LLC, are companies incorporated in the US and share the registered office address of:

 

5155 E Eagle Drive #20397 Mesa, AZ 85215.

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