Vatix Limited
Annual Report and Unaudited Financial Statements
For the year ended 30 November 2024
Pages for Filing with Registrar
Company Registration No. 11698437 (England and Wales)
Vatix Limited
Contents
Page
Director's report
1 - 2
Balance sheet
3 - 4
Notes to the financial statements
5 - 10
Vatix Limited
Director's Report
For the year ended 30 November 2024
Page 1

The director presents his annual report and financial statements for the year ended 30 November 2024.

Principal activities

Vatix Limited provides Software-as-a-Service (SaaS) and technology-enabled solutions in the Governance, Risk, and Compliance (GRC) and Environmental, Health, Safety, and Quality (EHSQ) categories. The company offers a comprehensive portfolio that includes incident reporting, audits and inspections, risk management, lone worker safety, and document and policy management. Its mission is to enable organisations to take a holistic approach to risk, quality, and safety management, and to support the development of world-class compliance and governance regimes that protect people and strengthen organisational resilience.

 

The company serves private companies, government bodies, and not-for-profit organisations across a wide range of industries. Particular emphasis is placed on regulated and higher-risk sectors such as healthcare, life sciences, aerospace and defence, and financial services, while its solutions are also widely deployed in business services, logistics, facilities management, and manufacturing. This breadth of adoption reflects the increasing importance of integrated risk and compliance management across all sectors of the economy.

 

Overview

The company now supports more than 55,000 users worldwide, with particular emphasis on the EMEA and North American regions. Its solutions enable organisations to manage risk proactively, respond effectively to emergencies, prevent incidents, and embed a strong culture of compliance and continuous improvement.

 

The diversity of the customer base – from multinational corporations and financial institutions to SMEs, public sector organisations, and charities – demonstrates the adaptability and scalability of the company’s offering. By partnering with organisations across this spectrum, it helps clients digitise processes, achieve compliance, and improve safety and quality outcomes.

 

The business model is based on multi-year subscription services, providing a stable foundation for sustainable growth. This approach enables the company to establish long-term client relationships, ensuring the consistent delivery of value, proactive support, and solutions aligned to evolving organisational requirements.

 

In providing these services, the company may, from time to time, utilise resources from other companies within the Vatix Group. This supports efficiency and knowledge sharing while ensuring it continues to maintain high standards of service and support for its customers.

 

Director

The director who held office during the year and up to the date of signing the financial statements was:

M A B Newton
Vatix Limited
Director's Report (Continued)
For the year ended 30 November 2024
Page 2
Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
M A B Newton
Director
27 August 2025
Vatix Limited
Balance Sheet
As at 30 November 2024
30 November 2024
Page 3
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
-
0
Tangible assets
4
131,342
84,006
Current assets
Stock
80,019
61,352
Debtors
5
395,508
733,001
Cash at bank and in hand
217,121
180,368
692,648
974,721
Creditors: amounts falling due within one year
6
(568,241)
(470,134)
Net current assets
124,407
504,587
Total assets less current liabilities
255,749
588,593
Creditors: amounts falling due after more than one year
7
(141,745)
(496,485)
Net assets
114,004
92,108
Capital and reserves
Called up share capital
8
350,001
350,001
Profit and loss reserves
(235,997)
(257,893)
Total equity
114,004
92,108
Vatix Limited
Balance Sheet (Continued)
As at 30 November 2024
30 November 2024
Page 4

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

For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 27 August 2025
M A B Newton
Director
Company Registration No. 11698437
Vatix Limited
Notes to the Financial Statements
For the year ended 30 November 2024
Page 5
1
Accounting policies
Company information

Vatix Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Great Guildford Street, London, SE1 0HS.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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

The financial statements have been prepared on the going concern basis, which assumes the company will continue to trade for the foreseeable future, for a period of at least twelve months from the approval of these financial statements, and will be able to meet its debts as they fall due.true

 

The board have reviewed projections and forecasts and are confident that the company has sufficient working capital in the business, and will be provided with sufficient support from its parent company, Vatix Holdings Limited, if required.

 

Therefore, the board continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

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:

Software
4 years
Vatix Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2024
1
Accounting policies
(Continued)
Page 6
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
25% straight line
Computers
25% straight line
Leased hardware
33% 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
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

 

Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
Financial instruments

The company only has basic financial instruments at amortised cost, with no financial instruments classified as other or basic instrument measured at fair value.

1.9
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.

1.10
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.

Vatix Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2024
1
Accounting policies
(Continued)
Page 7
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year :

2024
2023
Number
Number
Total
9
7
Vatix Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2024
Page 8
3
Intangible fixed assets
Software
£
Cost
At 1 December 2023 and 30 November 2024
2,749
Amortisation and impairment
At 1 December 2023 and 30 November 2024
2,749
Carrying amount
At 30 November 2024
-
0
At 30 November 2023
-
0
4
Tangible fixed assets
Plant and machinery etc
Leased hardware
Total
£
£
£
Cost
At 1 December 2023
60,362
119,864
180,226
Additions
21,519
87,493
109,012
Disposals
(14,700)
-
0
(14,700)
At 30 November 2024
67,181
207,357
274,538
Depreciation and impairment
At 1 December 2023
34,467
61,753
96,220
Depreciation charged in the year
12,592
42,823
55,415
Eliminated in respect of disposals
(8,439)
-
0
(8,439)
At 30 November 2024
38,620
104,576
143,196
Carrying amount
At 30 November 2024
28,561
102,781
131,342
At 30 November 2023
25,895
58,111
84,006
Vatix Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2024
Page 9
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
185,641
154,408
Amounts owed by group undertakings
67,014
452,785
Other debtors
11,886
7,972
Prepayments and accrued income
37,957
16,215
302,498
631,380
Deferred tax asset
93,010
101,621
395,508
733,001
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8,000
8,000
Trade creditors
58,236
56,065
Taxation and social security
88,244
89,827
Other creditors
57,969
63,339
Accruals and deferred income
355,792
252,903
568,241
470,134
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,760
14,000
Other borrowings
-
0
12,500
Amounts owed to group undertakings
134,985
469,985
141,745
496,485
Vatix Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2024
Page 10
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of 1p each
1
1
350,000 Redeemable shares of £1 each
350,000
350,000
350,001
350,001
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
53,453
58,045
Between two and five years
67,228
8,295
120,681
66,340
Operating lease and office rent payments includes rentals payable by the company for motor vehicles and office rent.
10
Parent company

Vatix Limited is a wholly-owned subsidiary of Vatix Holdings Limited, a Jersey registered company. The registered office of Vatix Holdings Limited is 15 Esplanade, St Helier, Jersey, JE1 1RB.

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