Company No: 08141298 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	5,228		819
		5,228		819
Current assets
Debtors	4	26,061		37,940
Cash at bank and in hand		55,984		0
		82,045		37,940
Creditors: amounts falling due within one year	5	( 163,610)		( 112,328)
Net current liabilities		(81,565)		(74,388)
Total assets less current liabilities		(76,337)		(73,569)
Creditors: amounts falling due after more than one year	6	( 49,742)		( 11,825)
Provision for liabilities		( 156)		( 156)
Net liabilities		( 126,235)		( 85,550)
Capital and reserves
Called-up share capital		14,000		14,000
Profit and loss account		( 140,235 )		( 99,550 )
Total shareholders' deficit		( 126,235)		( 85,550)

For the financial year ending 31 July 2023 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of VIU Systems Limited (registered number: 08141298) were approved and authorised for issue by the Director on 08 December 2023. They were signed on its behalf by:

M Dolcezza Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

VIU Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is St Georges Court, St. Georges Road, Bristol, BS1 5UG, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £76,337. There is net £39,710 payable to related parties and the payment would not be required if deemed detrimental to the company's ability to continue as a going concern. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		4

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 August 2022	7,120		7,120
Additions	5,481		5,481
At 31 July 2023	12,601		12,601
Accumulated depreciation
At 01 August 2022	6,301		6,301
Charge for the financial year	1,072		1,072
At 31 July 2023	7,373		7,373
Net book value
At 31 July 2023	5,228		5,228
At 31 July 2022	819		819

4. Debtors

	2023		2022
	£		£
Trade debtors	16,213		21,577
Amounts owed by Group undertakings	7,851		6,716
Amounts owed by associates	542		7,827
Other debtors	1,455		1,820
	26,061		37,940

5. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans and overdrafts	14,525		6,164
Trade creditors	10,516		12,289
Amounts owed to associates	17,729		23,499
Other taxation and social security	53,558		42,355
Obligations under finance leases and hire purchase contracts	1,628		0
Other creditors	65,654		28,021
	163,610		112,328

6. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Bank loans	48,426		11,825
Obligations under finance leases and hire purchase contracts	1,316		0
	49,742		11,825

There are no amounts included above in respect of which any security has been given by the small entity, however the directors have provided a guarantee.