Vision33 Limited Company accounts

COMPANY REGISTRATION NUMBER: 3786914

Vision33 Limited

Financial Statements

31 December 2024

Vision33 Limited

Financial Statements

Year ended 31st December 2024

Contents	Page

Strategic report	1

Director's report	3

Independent auditor's report to the member	5

Statement of income and retained earnings	9

Statement of financial position	10

Statement of cash flows	11

Notes to the financial statements	12

Vision33 Limited

Strategic Report

Year ended 31st December 2024

The directors present their strategic report on the company for the year ended 31 December 2024. Review of the business The principal activity of the business for the year was providing Enterprise Resource Planning system software solutions for both public and private organisations. We partner with established software publishers and hosting solution-providers to provide comprehensive information technology system solutions to meet the needs and business challenges of our customers. The company has reported increased turnover, year over year, with a corresponding increase in gross profits and net profit. For the next reporting period, we anticipate continued organic growth in turnover and profits.

Principal risks and uncertainties The principal risks and uncertainties facing the company relate primarily to uncertainties in the general economic climate in the UK. While interest rates and inflation have begun to decline slowly, new uncertainties in the form of tariffs and global trade restrictions have arisen. We have found that this has reduced the appetite for investment in large information technology infrastructure projects. In addition, the information technology industry continually undergoes rapid, hard-to-predict change - which creates both challenges and opportunities.

Performance monitoring The delivery of the company's strategic objectives is monitored by the directors through Key Performance Indicators (KPI's) and the periodic review of various aspects of the company's operations. The directors consider the following Key Performance Indicators as appropriate measures for the delivery of its corporate strategy. Financial KPI Definition Sales Revenue Growth in sales revenue and strength of the company's market position. Gross Margin Percentage Gross Margin Percentage, defined as gross margin (profit) expressed as a percentage of sales revenue. Net Profit Percentage Net Profit (before taxes and amortization) expressed as a percentage of sales revenue. Annual Recurring Revenue Annual Recurring Revenue (ARR) measures the value of longer-term contracts that provide the company with stable, predictable, recurring revenue and cash flow.

Results The company made a pre-tax profit of £560,050 (2023: £311,874) for the year from a turnover of £11,121,393 (2023: 10,341,383). At 31 December 2024 the company had net assets of £1,217,138 (2023: £788,977).

This report was approved by the board of directors on 15th September 2025 and signed on behalf of the board by:

Mr A. Whalen
Director

Registered office:

Alex House

260/268 Chapel Street

Salford

Lancashire

M3 5JZ

Vision33 Limited

Director's Report

Year ended 31st December 2024

The director presents his report and the financial statements of the company for the year ended 31 December 2024 .

Principal activities

The principal activity of the company during the year was that of the supply of computer associated services.

Director

The director who served the company during the year was as follows:

Mr A. Whalen

Dividends

The director does not recommend the payment of a dividend.

Financial instruments

The directors consider that the company only has limited exposure to the various aspects of financial risk and it does not enter into any non basic contracts as there is no requirement for this within its trade. The company's revenue is invoiced in sterling and all its operational costs arise within the United Kingdom.

Going concern

The accounts have been prepared on a going concern basis, see note 3 for further details.

Disclosure of information in the strategic report

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the company's strategic report is shown separately on page 1 of the financial statements.

Director's responsibilities statement

The director is responsible for preparing the strategic report, director's 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 the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 15 September 2025 and signed on behalf of the board by:

Mr A. Whalen
Director

Registered office:

Alex House

260/268 Chapel Street

Salford

Lancashire

M3 5JZ

Vision33 Limited

Independent Auditor's Report to the Member of Vision33 Limited

Year ended 31st December 2024

Opinion

We have audited the financial statements of Vision33 Limited (the 'company') for the year ended 31st December 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of 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 31st December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's 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 director's 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 director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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. 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 extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk 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 and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: - obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; - inquired of management and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; - discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 and the Companies Act 2006. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures. The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and testing a sample of revenue transactions recorded in the year to determine whether revenue had been recorded correctly. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment 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 purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's 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. Use of our report

This report is made solely to the company's member, 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 member 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 member as a body, for our audit work, for this report, or for the opinions we have formed.

Fraser Wolff FCCA

(Senior Statutory Auditor)

For and on behalf of

Edwards Veeder LLP

Chartered accountants & statutory auditor

Alex House

260-268 Chapel Street

Salford

M3 5JZ

15 September 2025

Vision33 Limited

Statement of Income and Retained Earnings

Year ended 31st December 2024

		2024	2023
Note		£	£
Turnover	4	11,121,393	10,341,383

Cost of sales	7,207,017	6,966,575
	-------------	-------------
Gross profit	3,914,376	3,374,808

Administrative expenses		3,354,326	3,061,447
		------------	------------
Operating profit	5	560,050	313,361

Interest payable and similar expenses	8	–	1,487
		------------	------------
Profit before taxation		560,050	311,874

Tax on profit	9	131,889	( 764)
		---------	---------
Profit for the financial year and total comprehensive income		428,161	312,638
		---------	---------

Retained earnings at the start of the year	713,947	401,309
	------------	---------
Retained earnings at the end of the year	1,142,108	713,947
	------------	---------

All the activities of the company are from continuing operations.

Vision33 Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Intangible assets	10	367,118	391,431
Tangible assets	11	130,427	134,675
		---------	---------
		497,545	526,106

Current assets

Debtors	12	6,544,666	5,545,892
Cash at bank and in hand		2,263,708	2,829,706
		------------	------------
		8,808,374	8,375,598

Creditors: amounts falling due within one year	13	7,914,685		7,923,991
		------------		------------
Net current assets			893,689		451,607
			------------		---------
Total assets less current liabilities			1,391,234		977,713

Creditors: amounts falling due after more than one year	14		142,346		155,320

Provisions

Taxation including deferred tax	15	31,750	33,416
		------------	---------
Net assets		1,217,138	788,977
		------------	---------

Capital and reserves

Called up share capital	18	75,030	75,030
Profit and loss account		1,142,108	713,947
		------------	---------
Shareholder funds		1,217,138	788,977
		------------	---------

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

These financial statements were approved by the board of directors and authorised for issue on 15 September 2025 , and are signed on behalf of the board by:

Mr A. Whalen
Director

Company registration number: 3786914

Vision33 Limited

Statement of Cash Flows

Year ended 31st December 2024

	2024	2023
	£	£

Cash flows from operating activities

Profit for the financial year	428,161	312,638

Adjustments for:
Depreciation of tangible assets	23,017	23,766
Amortisation of intangible assets	24,313	24,314
Interest payable and similar expenses	–	1,487
Tax on profit	131,889	( 764)
Accrued expenses	449,755	1,465,420

Changes in:
Trade and other debtors	( 998,774)	( 2,401,047)
Trade and other creditors	650,477	102,998
	---------	------------
Cash generated from operations	708,838	( 471,188)

Interest paid	–	( 1,487)
Tax (paid)/received	( 133,555)	8,937
	---------	---------
Net cash from/(used in) operating activities	575,283	( 463,738)
	---------	---------

Cash flows from investing activities

Purchase of tangible assets	( 18,769)	( 24,202)
	---------	---------
Net cash used in investing activities	( 18,769)	( 24,202)
	---------	---------

Cash flows from financing activities

Proceeds from loans from group undertakings	( 1,122,512)	( 776,341)
	------------	---------
Net cash used in financing activities	( 1,122,512)	( 776,341)
	------------	---------

Net decrease in cash and cash equivalents	( 565,998)	( 1,264,281)
Cash and cash equivalents at beginning of year	2,829,706	4,093,987
	------------	------------
Cash and cash equivalents at end of year	2,263,708	2,829,706
	------------	------------

Vision33 Limited

Notes to the Financial Statements

Year ended 31st 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 Alex House, 260/268 Chapel Street, Salford, Lancashire, M3 5JZ.

2. Statement of compliance

These financial statements have been prepared in compliance with 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.

Going concern

The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reason. The directors have income statement forecasts for a period of 12 months from the date of approval of these financial statements which indicate that the company will have sufficient funds to meet its liabilities as they fall due for that period. 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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Useful life of fixed assets: In making decisions regarding the depreciation of non current assets, management must estimate the useful life of said assets to the business. A change in estimate would result in a change in the depreciation charged to the profit or loss in each year.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Taxation

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	5% straight line
Development costs	-	5% straight line
Investments	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

	Fixtures and Fixtures	-	15% 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Rendering of services	11,121,393	10,341,383
	-------------	-------------

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2024	2023
	£	£
United Kingdom	10,578,893	9,887,396
Overseas	542,500	453,987
	-------------	-------------
	11,121,393	10,341,383
	-------------	-------------

5. Operating profit

Operating profit or loss is stated after charging:

	2024	2023
	£	£
Amortisation of intangible assets	24,313	24,314
Depreciation of tangible assets	23,017	23,766
Impairment of trade debtors	4,590	5,550
	--------	--------

6. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	8,530	7,750
	-------	-------

7. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to:

	2024	2023
	No.	No.
Production staff	71	81
Management staff	1	1
	----	----
	72	82
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	1,537,231	1,303,062
Other pension costs	379,203	347,554
	------------	------------
	1,916,434	1,650,616
	------------	------------

8. Interest payable and similar expenses

	2024	2023
	£	£
Interest on banks loans and overdrafts	–	1,487
	----	-------

9. Tax on profit

Major components of tax expense/(income)

	2024	2023
	£	£

Current tax:

UK current tax expense	133,555	–
Adjustments in respect of prior periods	–	( 8,937)
	---------	-------
Total current tax	133,555	( 8,937)
	---------	-------

Deferred tax:

Origination and reversal of timing differences	( 1,666)	8,173
	---------	-------
Tax on profit	131,889	( 764)
	---------	-------

Reconciliation of tax expense/(income)

The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	560,050	311,874
	---------	---------
Profit on ordinary activities by rate of tax	140,013	77,969
Adjustment to tax charge in respect of prior periods	–	( 8,937)
Effect of expenses not deductible for tax purposes	1,119	500
Effect of capital allowances and depreciation	6,957	6,303
Deferred taxation movement	( 1,666)	8,173
Group relief claim	(14,534)	(84,772)
	---------	---------
Tax on profit	131,889	( 764)
	---------	---------

10. Intangible assets

	Goodwill	Development costs	Investments	Total
	£	£	£	£
Cost
At 1st January 2024 and 31st December 2024	279,830	77,101	486,271	843,202
	---------	--------	---------	---------
Amortisation
At 1st January 2024	279,830	77,101	94,840	451,771
Charge for the year	–	–	24,313	24,313
	---------	--------	---------	---------
At 31st December 2024	279,830	77,101	119,153	476,084
	---------	--------	---------	---------
Carrying amount
At 31st December 2024	–	–	367,118	367,118
	---------	--------	---------	---------
At 31st December 2023	–	–	391,431	391,431
	---------	--------	---------	---------

11. Tangible assets

	Fixtures and Fittings	Total
	£	£
Cost
At 1st January 2024	273,602	273,602
Additions	18,769	18,769
	---------	---------
At 31st December 2024	292,371	292,371
	---------	---------
Depreciation
At 1st January 2024	138,927	138,927
Charge for the year	23,017	23,017
	---------	---------
At 31st December 2024	161,944	161,944
	---------	---------
Carrying amount
At 31st December 2024	130,427	130,427
	---------	---------
At 31st December 2023	134,675	134,675
	---------	---------

12. Debtors

	2024	2023
	£	£
Trade debtors	2,492,662	2,234,957
Amounts owed by group undertakings	3,373,934	2,877,503
Prepayments and accrued income	678,070	423,514
Other debtors	–	9,918
	------------	------------
	6,544,666	5,545,892
	------------	------------

13. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	904,514	276,280
Amounts owed to group undertakings	1,072	1,123,584
Accruals and deferred income	5,976,954	5,514,225
Social security and other taxes	1,032,145	1,009,902
	------------	------------
	7,914,685	7,923,991
	------------	------------

14. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Accruals and deferred income	142,346	155,320
	---------	---------

15. Provisions

	Deferred tax (note 16)
	£
At 1st January 2024	33,416
Charge against provision	( 1,666)
	--------
At 31st December 2024	31,750
	--------

16. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 15)	31,750	33,416
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	31,750	33,416
	--------	--------

17. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 379,203 (2023: £ 347,554 ).

18. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
A Ordinary shares of £ 0.01 each	2,250	23	1,500	15
B Ordinary shares of £ 0.01 each	750	8	1,500	15
Deferred Ordinary shares of £ 1 each	75,000	75,000	75,000	75,000
	--------	--------	--------	--------
	78,000	75,030	78,000	75,030
	--------	--------	--------	--------

In April 2007 the authorised share capital of the company was increased by £75,000 by the creation of 75,000 deferred ordinary shares of £1.00 each.

19. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	2,829,706	(565,998)	2,263,708
Debt due within one year	(1,123,584)	1,122,512	(1,072)
	------------	------------	------------
	1,706,122	556,514	2,262,636
	------------	------------	------------

20. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	66,097	62,561
Later than 1 year and not later than 5 years	17,659	39,092
	--------	---------
	83,756	101,653
	--------	---------

Vision33 Limited

Notes to the Financial Statements (continued)

Year ended 31st December 2024

21. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr A. Whalen	–	–	–
	----	----	----

	2023
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr A. Whalen	17,845	( 17,845)	–
	--------	--------	----

The directors loan account was repaid on 25 September 2023.

22. Related party transactions

The company was under the control of Mr A. Whalen throughout the current and previous year. At 31 December 2024 the company was due £2,263,431 (2023 £2,023,572) from Vision33 UK (Holdings) Limited, the company's parent company. At 31 December 2024 the company was due £434,736 (2023 owed £1,122,512) from Vision33 Canada Inc, a company with common interest and control. At 31 December 2024 the company was due £675,767 (2023 £853,931) from Orchard House Solutions Ltd, a company with common interest and control. At 31 December 2024 the company owed £1,072 (2023 £1,072) to Orchard House People Limited, a company with common interest and control.

23. Controlling party

Vision33 Limited is a subsidiary of Vision33 Holdings Limited, a company incorporated in the United Kingdom. Vision33 Holdings Limited owns 100% of the share capital of Vision33 Limited . The ultimate controlling party is Whalen Management Company Inc a company incorporated in Canada. The registered office is 210 Water Street, St John's, NL, A1C 1A9.