Goodvision Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 11730300

GOODVISION LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31 December 2024

GOODVISION LTD

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024	2023
		(restated)
Note	£	£

Fixed assets

Intangible assets	4	577,571	–
Investments	5	12,602	–
		----------	----
		590,173	–

Current assets

Debtors	6	1,230,529	1,171,055
Cash at bank and in hand		17,147	613,696
		-------------	-------------
		1,247,676	1,784,751

Creditors: amounts falling due within one year	7	( 836,863)	( 548,555)
		-------------	-------------
Net current assets		410,813	1,236,196
		-------------	-------------
Total assets less current liabilities		1,000,986	1,236,196

Creditors: amounts falling due after more than one year	8	( 5,355)	( 13,216)
		-------------	-------------
Net assets		995,631	1,222,980
		-------------	-------------

GOODVISION LTD

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

	2024	2023
		(restated)
Note	£	£

Capital and reserves

Called up share capital	405	405
Share premium account	3,199,220	3,199,220
Profit and loss account	( 2,203,994)	( 1,976,645)
	-------------	-------------
Shareholders funds	995,631	1,222,980
	-------------	-------------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

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 29 September 2025 , and are signed on behalf of the board by:

Mr D Stofan

Director

Company registration number: 11730300

GOODVISION LTD

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 71-75 Shelton Street, London, Greater London, WC2H 9JQ, United Kingdom.

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 entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Going concern

The company has made losses since it commenced trading however the directors anticipate the company will be profitable in the future and have indicated their willingness to continue to support the company

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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 subscriptions is recognised equally over the subscription period.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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:

	Development costs	-	10% 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.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

4. Intangible assets

	Development costs
	£
Cost
Additions	–
Additions from internal developments	582,425
	----------
At 31 December 2024	582,425
	----------
Amortisation
Charge for the year	4,854
	----------
At 31 December 2024	4,854
	----------
Carrying amount
At 31 December 2024	577,571
	----------
At 31 December 2023	–
	----------

5. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024 as restated	–
Additions	12,602
	---------
At 31 December 2024	12,602
	---------
Impairment
At 1 January 2024 as restated and 31 December 2024	–
	---------

Carrying amount
At 31 December 2024	12,602
	---------
At 31 December 2023	–
	---------

6. Debtors

	2024	2023
		(restated)
	£	£
Trade debtors	905,330	873,762
Amounts owed by group undertakings and undertakings in which the company has a participating interest	227,615	272,801
Other debtors	97,584	24,492
	-------------	-------------
	1,230,529	1,171,055
	-------------	-------------

7. Creditors: amounts falling due within one year

	2024	2023
		(restated)
	£	£
Bank loans and overdrafts	7,861	7,661
Trade creditors	37,834	41,314
Social security and other taxes	68	–
Other creditors	791,100	499,580
	----------	----------
	836,863	548,555
	----------	----------

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

	2024	2023
		(restated)
	£	£
Bank loans and overdrafts	5,355	13,216
	-------	---------

9. Prior period errors

The prior period has been restated with respect a change in revenue recognition policy to recognise revenue on subscriptions over the length of the agreement. The correction resulted in a decrease in turnover in the period of £499,580 and an increase in deferred income liability at the balance sheet date of £499,580.

10. Controlling party

The company is controlled by the directors.

11. Employee numbers

Other than the two Directors, the company did not have any employees during the period.

12. Subsidiary undertaking

The company is the parent company of Goodvision S.R.O. a limited liability company registered in the Czech Republic, and Goodvision Hungary KFT a limited company registered in Hungary.

The companies form a small group.