Company Registration No. 12884263 (England and Wales)
Visaamo Limited
Unaudited accounts
for the year ended 30 September 2022
Visaamo Limited
Statement of financial position
as at 30 September 2022
Cash at bank and in hand
1,574
35,000
Creditors: amounts falling due within one year
(69,700)
(34,000)
Net current (liabilities)/assets
(67,584)
1,000
Total assets less current liabilities
149,293
1,000
Creditors: amounts falling due after more than one year
(154,500)
-
Net (liabilities)/assets
(5,207)
1,000
Called up share capital
1,000
1,000
Profit and loss account
(6,207)
-
Shareholders' funds
(5,207)
1,000
For the year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 June 2023 and were signed on its behalf by
Kandarp Soni
Director
Company Registration No. 12884263
Visaamo Limited
Notes to the Accounts
for the year ended 30 September 2022
Visaamo Limited is a private company, limited by shares, registered in England and Wales, registration number 12884263. The registered office is 117A ST. JOHNS HILL, SEVENOAKS, TN13 3PE, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 30 September 2022 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 16 September 2020.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property, which is a property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting date. Changes in fair value are recognised in profit or loss.
Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Visaamo Limited
Notes to the Accounts
for the year ended 30 September 2022
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is also recognised in other comprehensive income or directly in equity respectively.
Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.
Director(s) periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
The company meets its day-to-day working capital requirements through its bank facilities. The current economic conditions continue to create uncertainty over (a) the level of demand for the company’s products. (b) the availability of bank finance for the foreseeable future.
The current and future financial position of the Company, its cash flows and liquidity position has been reviewed by the directors. These have been prepared with a very prudent view of the likely gradual recovery in each of the Company's operating locations and have been stress tested to ensure that cash flows and liquidity are sufficiently robust to allow the Company to continue to trade during this period.
The company’s forecasts and projections, taking into account a severe but plausible change in trading performance, show that the company should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company, therefore, continues to adopt the going concern basis in preparing its financial statements.
4
Investments
Other investments
Valuation at 1 October 2021
-
Valuation at 30 September 2022
216,877
Visaamo Limited
Notes to the Accounts
for the year ended 30 September 2022
Amounts falling due within one year
Accrued income and prepayments
542
-
6
Creditors: amounts falling due within one year
2022
2021
Amounts owed to group undertakings and other participating interests
69,700
34,000
7
Creditors: amounts falling due after more than one year
2022
2021
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
9
Transactions with related parties
Company under common control:
During the current and previous year, the company benefitted from loans given by the related parties. At the year end, the amount owed by the company was £69,700 (2021 - £34,000).
No interest has been charged on loaned amounts and there is no set repayment date.
10
Average number of employees
During the year the average number of employees was 0 (2021: 0).
