Builtvisible Limited 31/12/2018 iXBRL

BUILTVISIBLE LIMITED - Company Information

31/12/2018 2018-12-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-01-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 07016136 2018-01-01 2018-12-31 07016136 2018-12-31 07016136 2017-12-31 07016136 2017-01-01 2017-12-31 07016136 2017-12-31 07016136 2016-12-31 07016136 core:PlantMachinery 2018-01-01 2018-12-31 07016136 core:FurnitureFittingsToolsEquipment 2018-01-01 2018-12-31 07016136 bus:Director1 2018-01-01 2018-12-31 07016136 core:WithinOneYear 2018-12-31 07016136 core:WithinOneYear 2017-12-31 07016136 core:LandBuildings core:ShortLeaseholdAssets 2017-12-31 07016136 core:PlantMachinery 2017-12-31 07016136 core:FurnitureFittingsToolsEquipment 2017-12-31 07016136 core:LandBuildings core:ShortLeaseholdAssets 2018-12-31 07016136 core:PlantMachinery 2018-12-31 07016136 core:FurnitureFittingsToolsEquipment 2018-12-31 07016136 core:LandBuildings core:ShortLeaseholdAssets 2018-01-01 2018-12-31 07016136 core:ShareCapital 2018-12-31 07016136 core:ShareCapital 2017-12-31 07016136 core:RetainedEarningsAccumulatedLosses 2018-12-31 07016136 core:RetainedEarningsAccumulatedLosses 2017-12-31 07016136 core:BetweenOneFiveYears 2018-12-31 07016136 core:CostValuation core:Non-currentFinancialInstruments 2017-12-31 07016136 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2018-12-31 07016136 core:CostValuation core:Non-currentFinancialInstruments 2018-12-31 07016136 core:Non-currentFinancialInstruments 2018-12-31 07016136 core:Non-currentFinancialInstruments 2017-12-31 07016136 core:PlantMachinery 2017-12-31 07016136 core:FurnitureFittingsToolsEquipment 2017-12-31 07016136 bus:Director1 2017-12-31 07016136 bus:Director1 2016-12-31 07016136 bus:Director1 2017-12-31 07016136 bus:Director1 2017-01-01 2017-12-31 07016136 bus:SmallEntities 2018-01-01 2018-12-31 07016136 bus:AuditExemptWithAccountantsReport 2018-01-01 2018-12-31 07016136 bus:FullAccounts 2018-01-01 2018-12-31 07016136 bus:SmallCompaniesRegimeForAccounts 2018-01-01 2018-12-31 07016136 bus:PrivateLimitedCompanyLtd 2018-01-01 2018-12-31

Company registration number: 07016136

Builtvisible Limited

Unaudited filleted financial statements

31 December 2018

BUILTVISIBLE LIMITED

Contents

Statement of financial position

Notes to the financial statements

BUILTVISIBLE LIMITED

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	5	50,577		32,115
Investments	6	167,500		140,000
		______		______
			218,077		172,115

Current assets
Debtors	7	1,121,174		619,944
Cash at bank and in hand		1,079,913		1,358,784
		______		______
		2,201,087		1,978,728
Creditors: amounts falling due
within one year	8	( 901,158)		( 482,024)
		______		______
Net current assets			1,299,929		1,496,704
			______		______
Total assets less current liabilities			1,518,006		1,668,819


Provisions for liabilities			( 9,360)		( 5,797)

			______		______
Net assets			1,508,646		1,663,022
			______		______

Capital and reserves
Called up share capital			100		100
Profit and loss account	10		1,508,546		1,662,922
			______		______
Shareholders funds			1,508,646		1,663,022
			______		______

For the year ending 31 December 2018 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with 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.

These financial statements were approved by the board of directors and authorised for issue on 12 June 2019 , and are signed on behalf of the board by:

Mr R Baxter

Director

Company registration number: 07016136

BUILTVISIBLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Provost & East Building, 145 City Road, London, EC1V 1AZ.

Principal activity

The principal activity of the company is the provision of Search Engine Optimisation services.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Short leasehold property	-	Straight line over the life of the lease
Plant and machinery	-	33.3 %	straight line
Fittings fixtures and equipment	-	33.3 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset 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

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. 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 are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 40 (2017: 37 ).

5. Tangible assets

	Short leasehold property	Plant and machinery	Fixtures, fittings and equipment	Total
	£	£	£	£
Cost
At 1 January 2018	18,242	69,789	87,685	175,716
Additions	-	1,413	38,167	39,580
Disposals	-	-	( 29,011)	( 29,011)
	______	______	______	______
At 31 December 2018	18,242	71,202	96,841	186,285
	______	______	______	______
Depreciation
At 1 January 2018	18,242	69,113	56,246	143,601
Charge for the year	-	620	20,498	21,118
Disposals	-	-	( 29,011)	( 29,011)
	______	______	______	______
At 31 December 2018	18,242	69,733	47,733	135,708
	______	______	______	______
Carrying amount
At 31 December 2018	-	1,469	49,108	50,577
	______	______	______	______
At 31 December 2017	-	676	31,439	32,115
	______	______	______	______

6. Investments

	Shares in group undertakings and participating interests	Other investments other than loans	Total
	£	£	£
Cost
At 1 January 2018	-	140,000	140,000
Additions	27,500	-	27,500
	______	______	______
At 31 December 2018	27,500	140,000	167,500
	______	______	______
Impairment
At 1 January 2018 and 31 December 2018	-	-	-
	______	______	______
Carrying amount
At 31 December 2018	27,500	140,000	167,500
	______	______	______
At 31 December 2017	-	140,000	140,000
	______	______	______

7. Debtors

	2018	2017
	£	£
Trade debtors	1,070,065	517,570
Other debtors	51,109	102,374
	______	______
	1,121,174	619,944
	______	______

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	19,496	15,992
Accruals and deferred income	126,775	83,284
Social security and other taxes	296,851	244,814
Other creditors	458,036	137,934
	______	______
	901,158	482,024
	______	______

9. Share-based payments

Enterprise Management Incentive

The company have issued various share options to senior executives with long standing service. The exercise price has been agreed with HMRC. The options vest as and when there is a disposal, sale or listing of the Ordinary Share Capital. The contractual life of each option granted is ten years. There are no cash settlement alternatives.

Details of the number and weighted average exercise prices (WAEP) of share options during the year are as follows:

	2018		2017
	No.	WAEP	No.	WAEP

Outstanding at 1 January 2018	1,412	44.75	1,941	44.75
Granted during the year	629	44.75	-	-
Expired during the year	( 609)	44.75	( 529)	44.75
	_______	______	_______	______
Outstanding at 31 December 2018	1,432	44.75	1,412	44.75
	_______	______	_______	______

Exercisable at 31 December 2018	1,432	44.75	1,412	44.75
	_______	______	_______	______

10. Reserves

Profit and loss account:This reserve records retained earnings and accumulated losses.

11. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	-	131,579
Later than 1 year and not later than 5 years	1,220,625	-
	______	______

12. Directors advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:


	Loans to / (from) directors at 1 January 2018	Loans to / (from) the directors	Amounts repaid	Balance at 31 December 2018
	£	£	£	£
Directors	37,404	113,364	( 150,768)	-
	______	______	______	______


	Loans to / (from) directors at 1 January 2017	Loans to / (from) the directors	Amounts repaid	Balance at 31 December 2017
	£	£	£	£
Directors	314,355	273,049	( 550,000)	37,404
	______	______	______	______

13. Related party transactions

At 31 December 2018 the company owed £255,084 (2017 - £ nil) to a Director.Other debtors include £10,000 (2017 - £ nil) in respect of a loan to Nativorganics Limited a company in which 50% of the share capital is owned by Builtvisible Limited .