INVISIBLE SYSTEMS LIMITED


Directors	KEANE, Robert Simon
	MATHIAS, Mark Anthony


Registered Address	Lowry Mill, Fourth Floor Lees Street
	Swinton
	Manchester
	M27 6DB


Registered Number	08580187 (England and Wales)

Notes to the Financial Statements
for the year ended 30 September 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	The company has reduced its losses significantly during the year and this has persisted post year end. At the same time the company continues to invest for future growth and has been successful in securing long-term contracts for future revenue. The company has the backing of the shareholders as it follows this path. On this basis, the directors have prepared the accounts on the going concern basis.

Going concern

The company has reduced its losses significantly during the year and this has persisted post year end. At the same time the company continues to invest for future growth and has been successful in securing long-term contracts for future revenue. The company has the backing of the shareholders as it follows this path. On this basis, the directors have prepared the accounts on the going concern basis.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from subscription-based sales is recognised equally over the duration of the subscription.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Turnover from subscription-based sales is recognised equally over the duration of the subscription.

	Employee benefits
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

	Current taxation
	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
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

	Research and development
	In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years. 

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows and subscription stock which is shown in plant and machinery, is depreciated over the duration of the subscription.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Depreciation is provided on all tangible fixed assets as follows and subscription stock which is shown in plant and machinery, is depreciated over the duration of the subscription.


	Reducing balance (%)	Straight line (years)
Land and buildings	-	10
Fixtures and fittings	-	5
Vehicles	25	-

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

Finance leases and hire purchase contracts

Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease

Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement

	Government grants or assistance
	Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Government grants or assistance

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. 

Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	32		31

3.	Prior period adjustment
	The prior year adjustment is relating to reclassification of depreciation between cost of sales and admin expenditure, reclassification amounting to £153,271.50. Cost of sales was £1,413,019, restated value £1,566,290. Administrative expenses was £3,289,031, restated value £3,135,760. There is no overall impact on the net assets or profit for the year. During the previous period, the company estimated the Research & Development (R&D) tax credit to be £200,000. The R&D tax credit relating to that period has subsequently been calculated at £167,909. Comparative figures have been restated to reflect the corrected position.

Prior period adjustment

The prior year adjustment is relating to reclassification of depreciation between cost of sales and admin expenditure, reclassification amounting to £153,271.50. Cost of sales was £1,413,019, restated value £1,566,290. Administrative expenses was £3,289,031, restated value £3,135,760. There is no overall impact on the net assets or profit for the year.

During the previous period, the company estimated the Research & Development (R&D) tax credit to be £200,000. The R&D tax credit relating to that period has subsequently been calculated at £167,909. Comparative figures have been restated to reflect the corrected position.

4.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 October 24	6,862	6,862
At 30 September 25	6,862	6,862
Amortisation and impairment
At 01 October 24	3,425	3,425
Charge for year	686	686
At 30 September 25	4,111	4,111
Net book value
At 30 September 25	2,751	2,751
At 30 September 24	3,437	3,437

5.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Fixtures & fittings	Total
	£	£	£	£	£
Cost or valuation
At 01 October 24	92,038	534,333	25,719	219,555	871,645
Additions	-	154,126	-	14,364	168,490
Disposals	-	(28,213)	(25,719)	-	(53,932)
At 30 September 25	92,038	660,246	-	233,919	986,203
Depreciation and impairment
At 01 October 24	13,487	229,825	25,719	94,073	363,104
Charge for year	6,136	187,384	-	34,384	227,904
On disposals	-	(24,736)	(25,719)	-	(50,455)
At 30 September 25	19,623	392,473	-	128,457	540,553
Net book value
At 30 September 25	72,415	267,773	-	105,462	445,650
At 30 September 24	78,551	304,508	-	125,482	508,541


	Plant and machinery comprise the subscription stock referred to in the Property, plant and equipment policy note.

6.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 October 24	10,000	10,000
At 30 September 25	10,000	10,000
Net book value
At 30 September 25	10,000	10,000
At 30 September 24	10,000	10,000

	Notes
	¹Investments in group undertakings and participating interests

7.	Stocks

	2025	2024
	£	£
Other stocks	334,558	299,455
Total	334,558	299,455

8.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	110,397	474,182
Other debtors	490,038	193,480
Prepayments and accrued income	349,898	247,025
Deferred tax asset, debtors	232,100	210,200
Total	1,182,433	1,124,887


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

9.	Debtors: amounts due after one year

	2025	2024
	£	£
Amounts owed by group undertakings	158,276	172,636
Total	158,276	172,636

10.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	566,690	454,973
Bank borrowings and overdrafts	7,906	10,311
Amounts owed to related parties	1,163,714	993,761
Taxation and social security	190,686	371,326
Other creditors	209,751	370,475
Accrued liabilities and deferred income	1,191,541	1,362,784
Total	3,330,288	3,563,630


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Finance lease and HP contracts are secured on the assets to which they relate.

11.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	-	7,906
Amounts owed to related parties	11,460	11,397
Total	11,460	19,303

12.	Contingent liabilities
	Invisible Systems Limited is a member of a VAT group with Realtime Online Limited, Invisible Innovations Limited and Invisible Systems Holdings Limited and as such is joint and severally liable for VAT due from group activities. The company performs the VAT function for the group hence the amount falling due in less than one year disclosed in the accounts includes VAT attributable to all members of the group. At 30 September 2025 the total amounts due to HMRC in respect of group VAT was entirely attributable to Invisible Systems Limited.

12.

Contingent liabilities

Invisible Systems Limited is a member of a VAT group with Realtime Online Limited, Invisible Innovations Limited and Invisible Systems Holdings Limited and as such is joint and severally liable for VAT due from group activities. The company performs the VAT function for the group hence the amount falling due in less than one year disclosed in the accounts includes VAT attributable to all members of the group.

At 30 September 2025 the total amounts due to HMRC in respect of group VAT was entirely attributable to Invisible Systems Limited.

13.	Related party transactions
	We are taking exemption from disclosing related parties transactions as they are all conducted under normal market conditions.

14.	Parent-subsidiary relationships
	As part of a small group, this company is exempt from producing group accounts. These accounts are for this company alone. This company's parent undertaking is Invisible Systems Holdings Limited and its ultimate parent company is Invisible Systems Group Limited. Both companies are registered in England and Wales, company numbers 04911433 and 12030447 respectively.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	4		2,751		3,437
Tangible assets	5		445,650		508,541
Investments	6		10,000		10,000
			458,401		521,978
Current assets
Stocks	7	334,558		299,455
Debtors	8,9	1,340,708		1,297,523
Cash at bank and on hand		177		246,554
		1,675,443		1,843,532
Creditors amounts falling due within one year	10	(3,330,288)		(3,563,630)
Net current assets (liabilities)			(1,654,845)		(1,720,098)
Total assets less current liabilities			(1,196,444)		(1,198,120)
Creditors amounts falling due after one year	11		(11,460)		(19,303)
Net assets			(1,207,904)		(1,217,423)
Capital and reserves
Called up share capital			1		1
Profit and loss account			(1,207,905)		(1,217,424)
Shareholders' funds			(1,207,904)		(1,217,423)