EXCEED_I-VISION_LIMITED - Accounts

Exceed i-Vision Limited ("the company") is a private company limited by shares incorporated in Scotland. The registered office is 1 Rubislaw Terrace, Aberdeen, AB10 1XE. Its principal activity continues to be the operation of deep water wells project management and performance improvement consultancy services, albeit the company is winding down activity. The company is a wholly owned subsidiary of Exceed (XCD) Holdings Limited which prepares consolidated financial statements within which the company is included. The consolidated financial statements of Exceed (XCD) Holdings Limited are available from UK Companies House.

The financial statements of the company for the year ended 28 February 2023 were authorised for issue by the board of directors on the date per the statement of financial position on page 7, and were signed on the board's behalf by Mr Ian Mills. The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101).

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

In preparing these financial statements, the company applies the recognition, measurement and disclosure requirements of UK-adopted International Financial Reporting Standards ("IFRS"), but makes amendments where necessary in order to comply with the Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions have been taken.

The company has taken advantage of the following disclosure exemptions under FRS 101:

• the requirements of IFRS 7 Financial Instruments: Disclosures;

• the requirements of paragraphs 10(d), 10(f), 16, 38A to 38D, 40A to 40D,111 and 134-136 of IAS 1 Presentation of Financial Statements;

• the requirements of IAS 7 Statement of Cash Flows;

• the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures; and

• the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

Where required, equivalent disclosures are given in the consolidated financial statements of Exceed (XCD) Holdings Limited.

The company has made a loss of £4,true026 (2022: £4,171 loss) for the year ended 28 February 2023. The company has net current liabilities / net liabilities of £23,941 (2022: net current liabilities / net liabilities of £19,915) at the balance sheet date. Included within current liabilities are loans due to group undertakings of £20,638 (2022: £13,238) within the Exceed (XCD) Holdings group (“the group”).

The director has received a letter of support from Exceed (XCD) Holdings Limited (the company’s parent) confirming its and the group’s financial support for the company, and that the group will not seek repayment of any intercompany liabilities at the expense of any other creditors, for a period of at least 12 months from the date of signing these financial statements.

The director is satisfied that the group can provide any additional financial support if required. This means that the director has a reasonable expectation that the company has access to adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing these financial statements.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

Financial liabilities are classified as either financial liabilities at fair value through profit or loss or at amortised cost. The company only has financial liabilities at amortised cost.

Trade and other creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Dividend distributions to the company’s shareholders are recognised as a liability in the company’s Financial Statements in the period in which the dividends are approved by the company’s shareholders.

The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date.

The company’s financial statements are presented in sterling, which is also the company’s functional currency.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the income statement.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are no judgements or estimation uncertainties that have a significant effect on amounts recognised in the financial statements.

The company has no employees other than the director (2022: none).

Amounts due to group undertakings are unsecured, interest free and repayable on demand.

Retained earnings reflect the aggregate of all profit and losses recognised through the income statement, less dividends paid throughout all periods up to the balance sheet date.

As the income statement has been omitted from the filing copy 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.

There is a floating charge, held by the bank, over the company’s assets.

The following amounts were outstanding at the reporting end date:

The following amounts were outstanding at the reporting end date:

Intercompany balances are interest free and repayable on demand.

The immediate and ultimate parent of the company is Exceed (XCD) Holdings Limited. Exceed (XCD) Holdings Limited is a company registered in Scotland and is the smallest and largest group to prepare consolidated financial statements, which includes the company's financial results.