Company Registration No. 01956275 (England and Wales)
Binary Vision Limited
Unaudited accounts
for the year ended 31 January 2022
Binary Vision Limited
Unaudited accounts
Contents
Binary Vision Limited
Company Information
for the year ended 31 January 2022
Company Number
01956275 (England and Wales)
Registered Office
3rd Floor
23-24 Easton Street
London
WC1X 0DS
Accountants
Pearl Accounting Limited
Suite 1
116 Ballards Lane
Finchley
London
N3 2DN
Binary Vision Limited
Statement of financial position
as at 31 January 2022
Tangible assets
5,879
4,567
Cash at bank and in hand
159,163
207,990
Creditors: amounts falling due within one year
(101,273)
(163,271)
Net current assets
128,128
93,662
Called up share capital
200
200
Profit and loss account
133,807
98,029
Shareholders' funds
134,007
98,229
For the year ending 31 January 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 director acknowledges his 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 and authorised for issue on 31 October 2022 and were signed on its behalf by
Paul Norris
Director
Company Registration No. 01956275
Binary Vision Limited
Notes to the Accounts
for the year ended 31 January 2022
Binary Vision Limited is a private company, limited by shares, registered in England and Wales, registration number 01956275. The registered office is 3rd Floor, 23-24 Easton Street, London, WC1X 0DS.
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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover 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. Turnover 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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
33% written down value
Computer equipment
33% written down value
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 accounts. 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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Expenditure on research and development is written off in the year in which it is incurred.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Binary Vision Limited
Notes to the Accounts
for the year ended 31 January 2022
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 February 2021
43,570
33,968
77,538
At 31 January 2022
43,570
36,900
80,470
At 1 February 2021
43,028
29,943
72,971
Charge for the year
179
1,441
1,620
At 31 January 2022
43,207
31,384
74,591
At 31 January 2022
363
5,516
5,879
At 31 January 2021
542
4,025
4,567
Amounts falling due within one year
Trade debtors
60,733
40,946
Accrued income and prepayments
9,505
7,997
6
Creditors: amounts falling due within one year
2022
2021
Trade creditors
25,196
25,151
Taxes and social security
13,643
39,329
Proposed dividends
3,480
1,800
Other creditors
14,612
2,627
Loans from directors
595
907
Allotted, called up and fully paid:
200 Ordinary shares of £1 each
200
200
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £13,925 (2021: £11,988).
Binary Vision Limited
Notes to the Accounts
for the year ended 31 January 2022
9
Operating lease commitments
2022
2021
At 31 January 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
40,000
40,000
Later than one year and not later than five years
35,836
75,836
10
Transactions with related parties
During the year director of Binary Vision Ltd withdrew £35,558 (2021: £23,558) from the company and loaned £95 (2021: £304) to the company. The Director was voted dividends to the value of £35,150 at the year-end. As at the balance sheet date Binary Vision Limited owed £595 (2021: £907) to the director Paul Norris.
11
Average number of employees
During the year the average number of employees was 3 (2021: 3).
