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Company Registration Number 04911433
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INVISIBLE SYSTEMS HOLDINGS LIMITED
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UNAUDITED
FINANCIAL STATEMENTS
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INVISIBLE SYSTEMS HOLDINGS LIMITED
COMPANY INFORMATION
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INVISIBLE SYSTEMS HOLDINGS LIMITED
CONTENTS
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Statement of income and retained earnings
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Statement of financial position
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Notes to the financial statements
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INVISIBLE SYSTEMS HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The director presents his report and the financial statements for the year ended 30 September 2020.
The director who served during the year was:
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INVISIBLE SYSTEMS HOLDINGS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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Income from fixed assets investments
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Interest payable and similar expenses
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Retained earnings at the beginning of the year
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(Loss)/profit for the year
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Dividends declared and paid
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Retained earnings at the end of the year
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The notes on pages 5 to 10 form part of these financial statements.
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Page 2
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INVISIBLE SYSTEMS HOLDINGS LIMITED
REGISTERED NUMBER: 04911433
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2020
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 3
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INVISIBLE SYSTEMS HOLDINGS LIMITED
REGISTERED NUMBER: 04911433
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2020
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Capital redemption reserve
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The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 5 to 10 form part of these financial statements.
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INVISIBLE SYSTEMS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Invisible Systems Holdings Limited is a private limited company incorporated in England and Wales. The address of it's registered office is 9 Beetham Road, Milnthorpe, Cumbria, LA7 7QL.
These Financial Statements have been presented in pound sterling as this is the currency of the primary economic environment in which it operates.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention 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.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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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INVISIBLE SYSTEMS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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.
Depreciation is provided on the following basis:
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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each Statement of financial position date. Gains and losses on remeasurement are recognised in profit or loss for the period.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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INVISIBLE SYSTEMS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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The average monthly number of employees, including directors, during the year was 1 (2019 - 1).
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The net book value of land and buildings may be further analysed as follows:
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Page 7
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INVISIBLE SYSTEMS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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Invisible Systems Limited
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9 Beetham Road, Milnthorpe, Cumbria, LA7 7QL
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9 Beetham Road, Milnthorpe, Cumbria, LA7 7QL
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Invisible Innovations Limited
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9 Beetham Road, Milnthorpe, Cumbria, LA7 7QL
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The aggregate of the share capital and reserves as at 30 September 2020 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Invisible Systems Limited
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Invisible Innovations Limited
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Page 8
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INVISIBLE SYSTEMS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Bank loan is secured by a fixed and floating charge over the companies assets.
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Creditors: Amounts falling due after more than one year
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Bank loans outstanding at the year end include instalments due after more than five years of £78,630. (2019: £128,976).
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Allotted, called up and fully paid
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51 (2019 - 51) Ordinary 'A' shares of £1.00 each
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20 (2019 - 20) Ordinary 'B' shares of £1.00 each
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4 (2019 - 4) Ordinary 'C' shares of £1.00 each
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Page 9
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INVISIBLE SYSTEMS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Capital redemption reserve
The capital redemption reserve arose when the company repurchased 25 Ordinary 'C' shares on 22 July 2016.
Profit and loss account
The profit and loss account reserves represent the company's accumulated profits and losses.
Invisible Systems Holdings Limited is a member of a VAT group with Realtime Online Limited, Invisible Innovations Limited and Invisible Systems Limited and as such is joint and severally liable for VAT due from group activities.
At 30 September 2020 the total amounts due to HMRC in respect of group VAT was £98,141.
The company is a wholly owned subsidiary of Invisible Systems Group Limited, a company registered in England, company number 12030447.
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