Company registration number 08627663 (England and Wales)
VIZEAT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
VIZEAT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
VIZEAT LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
803
7,001
Investments
6
1,198,722
581,985
1,199,525
588,986
Current assets
Debtors
7
504,005
123,743
Cash at bank and in hand
28,630
109,636
532,635
233,379
Creditors: amounts falling due within one year
8
(6,357,806)
(5,401,886)
Net current liabilities
(5,825,171)
(5,168,507)
Net liabilities
(4,625,646)
(4,579,521)
Capital and reserves
Called up share capital
9
3,905
3,905
Share premium account
15,881,721
14,555,884
Profit and loss reserves
(20,511,272)
(19,139,310)
Total equity
(4,625,646)
(4,579,521)

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 Companies Act 2006 with respect to accounting records and the preparation of 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 26 December 2025 and are signed on its behalf by:
J-M. Petit
Director
Company registration number 08627663 (England and Wales)
VIZEAT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

VIZEAT LTD is a private company limited by shares incorporated in England and Wales. The registered office is 23 Copenhagen Street, London, N1 OJB.

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 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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, due to the size of the company the director is questioning whether to cease operating as a business in the UK therefore a material uncertainties which may cause doubt on the company's ability to continue as a going concern exists.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

VIZEAT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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:

Computers
3 years on a straight line basis

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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Cash at bank and in hand

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

VIZEAT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
3
4
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
432,187
Amortisation and impairment
At 1 January 2024 and 31 December 2024
432,187
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
VIZEAT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
13,327
Disposals
(4,112)
At 31 December 2024
9,215
Depreciation and impairment
At 1 January 2024
6,326
Depreciation charged in the year
2,086
At 31 December 2024
8,412
Carrying amount
At 31 December 2024
803
At 31 December 2023
7,001
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
515,924
515,924
Loans to group undertakings and participating interests
682,798
66,061
1,198,722
581,985
Movements in fixed asset investments
Shares in subsidiaries
Loans to subsidiaries
Total
£
£
£
Cost or valuation
At 1 January 2024
515,924
66,061
581,985
Valuation changes
-
616,737
616,737
At 31 December 2024
515,924
682,798
1,198,722
Carrying amount
At 31 December 2024
515,924
682,798
1,198,722
At 31 December 2023
515,924
66,061
581,985
VIZEAT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
486,832
54,751
Other debtors
17,173
68,992
504,005
123,743
8
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Convertible loans
2,798,693
2,928,894
Bank loans
31,510
38,787
Trade creditors
1,610,212
1,973,098
Amounts owed to group undertakings
1,451,191
23,102
Taxation and social security
67,858
226,146
Other creditors
222,123
49,063
Accruals and deferred income
176,219
162,796
6,357,806
5,401,886
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 1p each
220,056
220,056
2,201
2,201
Seed of 1p each
76,712
76,712
767
767
296,768
296,768
2,968
2,968
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference of 1p each
93,667
93,667
937
937
Preference shares classified as equity
937
937
Total equity share capital
3,905
3,905
VIZEAT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
10
Related party transactions

The company has taken advantage of the exemption not to disclose transactions entered into by two or members of a group where a subsidiary that is party to a transaction is wholly owned by such a member.

The company own 100% of Vizeat France SARL , a company incorporated in France.

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