IBISVISION LIMITED Filleted accounts for Companies House (small and micro)

IBISVISION LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2017-12-01 Sage Accounts Production Advanced 2018 Update 2 - FRS 3,059 4,264 7,323 2,107 1,426 3,533 3,790 952 xbrli:pure xbrli:shares iso4217:GBP SC463676 2017-12-01 2018-11-30 SC463676 2018-11-30 SC463676 2017-11-30 SC463676 2016-12-01 2017-11-30 SC463676 2017-11-30 SC463676 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-12-01 2018-11-30 SC463676 core:PatentsTrademarksLicencesConcessionsSimilar 2017-12-01 2018-11-30 SC463676 bus:Director2 2017-12-01 2018-11-30 SC463676 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-11-30 SC463676 core:PatentsTrademarksLicencesConcessionsSimilar 2017-11-30 SC463676 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2018-11-30 SC463676 core:PatentsTrademarksLicencesConcessionsSimilar 2018-11-30 SC463676 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:ExternallyAcquiredIntangibleAssets 2017-12-01 2018-11-30 SC463676 core:ExternallyAcquiredIntangibleAssets 2017-12-01 2018-11-30 SC463676 core:InternallyGeneratedIntangibleAssets core:PatentsTrademarksLicencesConcessionsSimilar 2017-12-01 2018-11-30 SC463676 core:InternallyGeneratedIntangibleAssets 2017-12-01 2018-11-30 SC463676 core:AfterOneYear 2018-11-30 SC463676 core:AfterOneYear 2017-11-30 SC463676 core:WithinOneYear 2018-11-30 SC463676 core:WithinOneYear 2017-11-30 SC463676 core:ShareCapital 2018-11-30 SC463676 core:ShareCapital 2017-11-30 SC463676 core:SharePremium 2018-11-30 SC463676 core:SharePremium 2017-11-30 SC463676 core:RetainedEarningsAccumulatedLosses 2018-11-30 SC463676 core:RetainedEarningsAccumulatedLosses 2017-11-30 SC463676 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-11-30 SC463676 core:PatentsTrademarksLicencesConcessionsSimilar 2017-11-30 SC463676 bus:SmallEntities 2017-12-01 2018-11-30 SC463676 bus:AuditExemptWithAccountantsReport 2017-12-01 2018-11-30 SC463676 bus:FullAccounts 2017-12-01 2018-11-30 SC463676 bus:SmallCompaniesRegimeForAccounts 2017-12-01 2018-11-30 SC463676 bus:PrivateLimitedCompanyLtd 2017-12-01 2018-11-30 SC463676 core:ToolsEquipment 2017-12-01 2018-11-30 SC463676 core:ToolsEquipment 2017-11-30 SC463676 core:ToolsEquipment 2018-11-30

COMPANY REGISTRATION NUMBER: SC463676

IBISVISION LIMITED

Filleted Unaudited Financial Statements

30 November 2018

IBISVISION LIMITED

Statement of Financial Position

30 November 2018

	2018	2017
Note	£	£

Fixed assets

Intangible assets	5	149,418	95,443
Tangible assets	6	3,790	952
		---------	--------
		153,208	96,395

Current assets

Debtors	7	11,607	4,560
Cash at bank and in hand		139,822	11,804
		---------	--------
		151,429	16,364

Creditors: amounts falling due within one year	8	52,408	37,746
		---------	--------
Net current assets/(liabilities)		99,021	( 21,382)
		---------	--------
Total assets less current liabilities		252,229	75,013

Creditors: amounts falling due after more than one year
Other loans	37,416	37,416

Provisions	612	612
	---------	--------
Net assets	214,201	36,985
	---------	--------

Capital and reserves

Called up share capital	174	149
Share premium account	620,146	255,176
Profit and loss account	( 406,119)	( 218,340)
	---------	---------
Shareholders funds	214,201	36,985
	---------	---------

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.

For the year ending 30 November 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 .

IBISVISION LIMITED

Statement of Financial Position (continued)

30 November 2018

These financial statements were approved by the board of directors and authorised for issue on 29 August 2019 , and are signed on behalf of the board by:

Mr M D Roger

Director

Company registration number: SC463676

IBISVISION LIMITED

Notes to the Financial Statements

Year ended 30 November 2018

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Spiersbridge House, Suite 45, 1 Spiersbridge Way, Thornliebank, Glasgow, G46 8NG, Scotland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Development costs	-	20% straight line
Patents, trademarks and licences	-	5% straight line

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

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

	Equipment	-	33% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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 as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).

5. Intangible assets

	Development costs	Patents, trademarks and licences	Total
	£	£	£
Cost
At 1 December 2017	76,744	41,454	118,198
Additions	53,985	–	53,985
Additions from internal developments	–	22,837	22,837
	---------	--------	---------
At 30 November 2018	130,729	64,291	195,020
	---------	--------	---------
Amortisation
At 1 December 2017	20,312	2,443	22,755
Charge for the year	19,632	3,215	22,847
	---------	--------	---------
At 30 November 2018	39,944	5,658	45,602
	---------	--------	---------
Carrying amount
At 30 November 2018	90,785	58,633	149,418
	---------	--------	---------
At 30 November 2017	56,432	39,011	95,443
	---------	--------	---------

6. Tangible assets

	Equipment
	£
Cost
At 1 December 2017	3,059
Additions	4,264
	-------
At 30 November 2018	7,323
	-------
Depreciation
At 1 December 2017	2,107
Charge for the year	1,426
	-------
At 30 November 2018	3,533
	-------
Carrying amount
At 30 November 2018	3,790
	-------
At 30 November 2017	952
	-------

7. Debtors

	2018	2017
	£	£
Other debtors	11,607	4,560
	--------	-------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Other loans	–	5,951
Trade creditors	32,697	–
Other creditors	19,711	31,795
	--------	--------
	52,408	37,746
	--------	--------

9. Prior period adjustments

For the years ending 30th November 2016 and 30th November 2017, patent costs were fully expensed when incurred rather than being correctly classified as an intangible asset. The net impact of the resulting adjustment has increased the Brought Forward Profit and Loss Reserve by £ 39,011. Prior to the adjustment, Brought Forward the Profit and Loss Reserve was £(257,351).

10. Related party transactions

During the year Vivolution Ltd, a company of which M Roger is also a director, was paid consultancy fees of £36,000 (2017: £37,248). During the year Open Frequency Ltd, a company of which M Roger is also a director, was paid software development fees of £53,985 (2017: £18,000).