Company Registration No. 03684766 (England and Wales)
VISITECH INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
VISITECH INTERNATIONAL LIMITED
COMPANY INFORMATION
Director
Dr J S Sheblee
Secretary
Ward Hadaway Company Secretarial Services Limited
Company number
03684766
Registered office
Unit 92
Silverbriar
Sunderland Enterprise Park East
Sunderland
SR5 2TQ
Accountants
RMT Accountants & Business Advisors Ltd
Gosforth Park Avenue
Newcastle upon Tyne
NE12 8EG
Bankers
National Westminster Bank plc
52 Fawcett Street
Sunderland
Tyne and Wear
SR1 1SB
Solicitors
Ward Hadaway
Sandgate House
102 Quayside
Newcastle upon Tyne
NE1 3DX
VISITECH INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
VISITECH INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,229
4,813
Tangible assets
4
15,665
15,423
19,894
20,236
Current assets
Stocks
144,852
135,817
Debtors
5
1,394,679
951,173
Cash at bank and in hand
200,947
630,465
1,740,478
1,717,455
Creditors: amounts falling due within one year
6
(985,282)
(1,044,223)
Net current assets
755,196
673,232
Total assets less current liabilities
775,090
693,468
Creditors: amounts falling due after more than one year
7
(162,500)
(72,500)
Provisions for liabilities
(374)
(547)
Net assets
612,216
620,421
Capital and reserves
Called up share capital
8
214,910
214,910
Capital redemption reserve
120,000
120,000
Profit and loss reserves
277,306
285,511
Total equity
612,216
620,421
VISITECH INTERNATIONAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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
.
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
19 December 2017
Dr J S Sheblee
Director
Company Registration No. 03684766
VISITECH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
Visitech International Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 92, Silverbriar, Sunderland Enterprise Park East, Sunderland, SR5 2TQ.
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 a
mounts
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.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Visitech International Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts
, together with grants receivable in respect of certain research and development activities undertaken.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
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 if the fair value can be measured reliably.
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:
Intellectual property
rights
10 years straight line
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.
VISITECH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
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:
Leasehold property improvements
Over the remaining term of the lease
Plant and machinery
2 to 5 years 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
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
1.7
Stocks
Stocks 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 stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and 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 stocks 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.
1.8
Cash and cash equivalents
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.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
VISITECH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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.
VISITECH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 6 -
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.
1.12
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 income 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 lease asset are consumed.
1.14
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 are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 8 (2016 - 9).
VISITECH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
3
Intangible fixed assets
Goodwill and development costs
Intellectual property
rights
Total
£
£
£
Cost
At 1 April 2016 and 31 March 2017
61,022
152,956
213,978
Amortisation and impairment
At 1 April 2016
61,022
148,143
209,165
Amortisation charged for the year
-
584
584
At 31 March 2017
61,022
148,727
209,749
Carrying amount
At 31 March 2017
-
4,229
4,229
At 31 March 2016
-
4,813
4,813
4
Tangible fixed assets
Leasehold property improvements
Plant and machinery
Total
£
£
£
Cost
At 1 April 2016
29,875
394,309
424,184
Additions
-
5,425
5,425
Disposals
-
(10,560)
(10,560)
At 31 March 2017
29,875
389,174
419,049
Depreciation and impairment
At 1 April 2016
29,875
378,886
408,761
Depreciation charged in the year
-
5,183
5,183
Eliminated in respect of disposals
-
(10,560)
(10,560)
At 31 March 2017
29,875
373,509
403,384
Carrying amount
At 31 March 2017
-
15,665
15,665
At 31 March 2016
-
15,423
15,423
VISITECH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 8 -
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
34,314
102,295
Corporation tax recoverable
184,191
128,450
Other debtors
1,176,174
720,428
1,394,679
951,173
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
60,000
30,000
Trade creditors
243,571
320,275
Corporation tax
38,203
52,136
Other taxation and social security
11,200
8,504
Other creditors
632,308
633,308
985,282
1,044,223
Included in creditors due within one year are loans of £60,000 (2016 - £30,000) which are secured.
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
162,500
72,500
Included within creditors due after more than one year are loans of £162,500 (2016 - £72,500) which are secured.
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
600,000 B Ordinary of 10p each
60,000
60,000
45,000 C Ordinary of 10p each
4,500
4,500
144,410 D Ordinary of £1 each
144,410
144,410
6,000 E Ordinary of £1 each
6,000
6,000
214,910
214,910
VISITECH INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 9 -
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:
2017
2016
£
£
67,443
74,528
10
Related party transactions
Transactions with related parties
The company is related to the Visitech Retirement Benefit Scheme by virtue of director Dr J S Sheblee being a member and beneficiary of the scheme. Included within cost of sales is an amount of £48,270 (2016 - £35,667) due to the Visitech Retirement Benefit Scheme in relation to the annual patent licence.
Included within other creditors is a balance of £Nil (2016 - £1,074) due to Visitech Retirement Benefit Scheme and included in other creditors is an amount of £38,895 (2016 - £3,125) in respect of accrued patent charges.
Included in other debtors are loans due to the company from shareholders totalling £496 (2016 - £Nil).
There are no set terms as to the repayment of these balances and no interest accrued there on.
11
Directors' transactions
Included within other debtors is a loan advanced to the director amounting to £1,007,782 (2016 - £510,982). Interest amounting to £28,440 (2016 - £11,538) has been charged on this loan during the year.
Since the year end an amount of £343,990 has been repaid back to the company.
This loan is unsecured and there are no fixed repayment terms.
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