ANYVISION (N.I.) LIMITED |
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Notes to the financial statements for - 31 December 2022 |
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COMPANY INFORMATION |
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1. |
Company Information |
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Anyvision (N.I.) Limited is a private company limited by shares incorporated in Northern Ireland. The company's registered number is NI640874. The address of its registered office is 30 Clockwise Offices, River House, 48-60 High Street, Belfast,Northern Ireland, BT1 2BE. |
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The immediate and ultimate controlling party is Anyvision Interactive Technologies Ltd incorporated in Israel. The address of the registered office is 26 Harokmin, Holon, Israel. |
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2. |
Accounting Policies |
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2.1 |
Basis of preparation of financial statements |
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The financial statements have not been prepared on a going concern basis as stated in note 2.2 below. They have been prepared under historical cost convention and in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006. |
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However, the assets and liabilities as at 31.12.22 are disclosed at their fair value. |
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2.2 |
Going concern |
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Although the compay is profitable, the director intends to merge the company's trading activities into Anyvision UK Limited, another group company registerred in the UK. |
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The financial statements are presented in sterling (£). |
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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2.3 |
Financial instruments |
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The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments: |
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(i) Financial assets |
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Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period. |
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(ii) Financial liabilities |
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Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method. |
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ANYVISION (N.I.) LIMITED |
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Notes to the financial statements for - 31 December 2022 |
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2. |
Accounting Policies (continued) |
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2.4 |
Related par ty exemption |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
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'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
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party transactions with wholly owned subsidiaries within the group. |
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2.5 |
Turnover |
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Turnover represents net invoiced services, excluding VAT. |
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The company's turnover represents mainly amounts charged to the company's parent on an arm's length basis in line with a transfer pricing agreement, and therefore the company is reliant on its parent. |
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2.6 |
Revenue Recognition |
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Revenue is measured at the fair value of the consideration received or receivable for services |
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rendered during the year. |
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Revenue is calculated on an arm's length basis, charged to the parent company. |
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Revenue is recognised at the earliest time: Either when the invoice is raised or by the end of the year. |
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2.7 |
Research and development |
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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 5 years. |
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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. |
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2.8 |
Government grants |
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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. |
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2.9 |
Debtors |
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Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment. |
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2.10 |
Tangible fixed assets |
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Fixed assets are disclosed at cost less impairment charge. |
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Depreciation is provided at the following annual rates in order to write off the assets over their estimated useful lives: |
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Leasehold improvement |
- 10% straight line |
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Electronic equipment |
- 25% straight line |
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Fixtures and fittings |
- 6% straight line |
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Computer and software |
- 33.33% straight line |
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2.7 |
Debtors |
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Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment. |
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2.7 |
Tangible fixed assets |
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Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
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Depreciation is provided on the following basis: |
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Leasehold improvement |
- 10% Straight line |
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Electronic equipment |
- 25% Straight line |
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Fixtures and fittings |
- 6% Straight line |
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Computer equipment |
- 33.33% Straight line |
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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. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
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ANYVISION (N.I.) LIMITED |
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Notes to the financial statements for - 31 December 2022 |
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2. |
Accounting Policies (continued) |
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2.11 |
Creditors |
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Basic financial liabilities including trade and other payable are measured at transaction price. |
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2.12 |
Current & deferred taxation |
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Deferred taxation is provided using the liability method to take into account timing differences arising from the inclusion of items of expenditure in taxation computations in periods that differ from those in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future. |
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Provision for deferred taxation is set off against debit balance of deferred taxation. |
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The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income. |
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2.13 |
Foreign currencies |
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Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the Balance Sheet date. Transactions in Foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. |
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2.14 |
Operating leases |
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Rental paid under operating leases is charged to profit and loss on a straight line basis over the lease term. |
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2.15 |
Employee benefits |
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The company provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans. |
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(i) Short term benefits |
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Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received. |
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(ii) Defined contribution pension plans |
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The company operated 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 payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
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(i) Short term benefits |
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Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received. |
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(ii) Defined contribution pension plans |
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The company operated 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 payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
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ANYVISION (N.I.) LIMITED |
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Notes to the financial statements for - 31 December 2022 |
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2. |
Accounting Policies (continued) |
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instruments that will ultimately vest. The expense or credit in the statement of profit or loss and |
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other comprehensive income for a period represents the movement in cumulative expense |
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recognised as at the beginning and end of that period. |
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(iii) Bonus plan |
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The company operates annual bonus plan for employees and expense is recognised in the profit and loss account when the company has a legal or constructive obligation to make payment under the plan as a result of passed events and reliable estimation of the obligation can be made. |
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(iv) Share based payments |
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Employees of the Company receive remuneration in the form of share-based payments, |
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whereby employees render services as consideration for equity instruments in the parent |
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undertaking, Anyvision Interactive Technologies Ltd (equity-settled transactions). The cost |
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of equity-settled transactions is determined by the fair value at the date when the grant is made |
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using an appropriate valuation model. |
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That cost is recognised in employee benefits expense, together with a corresponding increase in |
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equity (other reserves), over a period in which the service and, where applicable, the |
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performance conditions are fulfilled (the vesting period). The cumulative expense recognised for |
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equity-settled transactions at each reporting date until the vesting date reflects the extent to |
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which the vesting period has expired and the Company's best estimate of the number of equity |
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ANYVISION (N.I.) LIMITED |
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Notes to the financial statements for - 31 December 2022 |
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7. |
Creditors: amounts falling due within one year |
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31.12.2022 |
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31.12.2021 |
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£ |
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£ |
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Trade creditors |
86,958 |
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86,841 |
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Group companies |
18,704 |
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0 |
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Other tax and social security |
47,184 |
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32,940 |
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Accruals |
58,206 |
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14,147 |
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Other creditors |
11,198 |
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102,699 |
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222,250 |
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236,627 |
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8. |
Deferred taxation |
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31.12.2022 |
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31.12.2021 |
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£ |
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£ |
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As at 1.1.22 |
(68,039) |
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(131,387) |
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Charged to profit or loss |
17,980 |
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63,348 |
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As at 31.12.22 |
(50,059) |
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(68,039) |
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The provision for deferred taxation is made up as follows: |
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31.12.2022 |
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31.12.2021 |
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£ |
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£ |
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Fixed asset timing differences |
(50,792) |
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(71,304) |
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Short term timing differences |
733 |
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3,265 |
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Accelerated capital allowances |
(50,059) |
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(68,039) |
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9. |
Share capital |
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31.12.2022 |
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31.12.2021 |
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£ |
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£ |
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Allotted, called up and fully paid: |
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1Ordinary shares of £1 each |
1 |
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1 |
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ANYVISION (N.I.) LIMITED |
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Notes to the financial statements for - 31 December 2022 |
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10. |
Audit report information |
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As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditor's report was unqualified. |
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The senior statutory auditor was Mr. Ran Shahmoon |
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The auditor was Shahmoon & Co. |
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Date auditor signed accounts: 21 September 2023 |
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Name of director signing accounts: A. Golan |
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Date director signed accounts: 21 September 2023 |
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11. |
Related party transactions |
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Control: |
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The ultimate controlling party is Anyvision Interactive Technologies Ltd incorporated in Israel. The address of the registered office is 26 Harokmin, Holon, Israel. |
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The only group of undertakings for which consolidated financial statements are prepared which include Anyvision (U.K.) Limited are those of Anyvision Interactive Technologies Ltd a company incorporated in Israel. |
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Transaction: |
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The company is exempt from disclosing transactions with related parties that are wholly |
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owned within the same group in accordance with FRS 102 Section 33(1)A. |