|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VOICEVAULT LIMITED |
(FORMERLY BIOMETRIC SECURITY LIMITED) |
|
ABBREVIATED UNAUDITED ACCOUNTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VOICEVAULT LIMITED |
(FORMERLY BIOMETRIC SECURITY LIMITED) |
|
ABBREVIATED UNAUDITED ACCOUNTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2015 |
|
|
|
|
|
VOICEVAULT LIMITED (REGISTERED NUMBER: 05422709) |
(FORMERLY BIOMETRIC SECURITY LIMITED) |
|
|
|
|
|
|
CONTENTS OF THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Abbreviated Balance Sheet | 2 |
|
Notes to the Abbreviated Accounts | 3 |
VOICEVAULT LIMITED |
(FORMERLY BIOMETRIC SECURITY LIMITED) |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
VOICEVAULT LIMITED (REGISTERED NUMBER: 05422709) |
(FORMERLY BIOMETRIC SECURITY LIMITED) |
|
ABBREVIATED BALANCE SHEET |
31 DECEMBER 2015 |
|
2015 | 2014 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
|
|
Tangible assets | 3 |
|
|
|
|
|
CURRENT ASSETS |
Debtors |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year |
|
|
NET CURRENT LIABILITIES |
( |
) |
( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
) |
( |
) |
|
CAPITAL AND RESERVES |
Called up share capital | 4 |
|
|
Share premium |
|
|
Profit and loss account |
( |
) |
( |
) |
SHAREHOLDERS' FUNDS |
( |
) |
( |
) |
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
|
|
|
|
The financial statements were approved and authorised for issue by the Board of Directors on
|
|
|
|
|
|
|
VOICEVAULT LIMITED (REGISTERED NUMBER: 05422709) |
(FORMERLY BIOMETRIC SECURITY LIMITED) |
|
NOTES TO THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
|
1. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
The principal accounting policies of the company remain unchanged and are set out below. The |
directors have reviewed the accounting policies adopted and consider them to be the most |
appropriate. |
|
The Company is dependent on its parent company for the future funding of its working capital. |
Biometric Security Holdings Limited has agreed to support the Company and continue to fund its |
working capital requirements for the foreseeable future. If this funding was not forthcoming the |
Company would be unable to continue in business in its present form without finding an alternative |
form of short-term funding. |
|
The Company's ability to continue on a going concern basis depends on the ability of the parent entity, |
Biometric Security Holdings Limited, to support the operations of the group companies. There remains |
an uncertainty surrounding the Group's ability to secure additional forecast revenues. The Directors |
have drawn up Group forecasts under multiple scenarios in order to manage future cashflow. |
|
Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance |
with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
|
Exemption from preparing a cash flow statement |
Exemption has been taken from preparing a cash flow statement on the grounds that the company |
qualifies as a small company. |
|
Turnover |
Turnover shown in the profit and loss account represents the total amount receivable by the company |
for goods supplied and services provided during the year, excluding VAT. |
|
Revenue is recognised once delivery has occurred and all performance obligations have been |
satisfied, where persuasive evidence of an arrangement exists which provides the right to |
consideration, the fee is fixed or determinable such that it can be measured reliably and the collection |
of the amounts receivable is considered reasonably assured. |
|
Revenue in respect of software licences where the Company has no further obligations and the |
contract is non-cancellable is recognised at the time of sale. Revenue in respect of software licences, |
which are typically for a fixed term and where there are further ongoing obligations, is recognised over |
the period of the licence term. Ongoing services during the licence term typically represent verification, |
implementation, support and training services. These ongoing services are recognised as the services |
are performed and are measured at fair value. |
|
Goodwill |
Goodwill represents the excess of the cost of the acquisition over the fair value of the identifiable net |
assets acquired. Goodwill on acquisition of subsidiaries is included in intangible assets. Goodwill is |
stated at costs less any accumulated impairment losses. Goodwill is allocated to appropriate cash |
generating units (those expected to benefit from the business combination) and it is not subject to |
amortisation but is instead tested annually for impairment. |
|
The Company uses forecast cash flow and estimates of future growth to assess whether goodwill and |
other intangible fixed assets are impaired. If the results of an operation in future years are adverse to |
the estimates used for impairment testing, an impairment may be triggered at that point, or a reduction |
in the useful economic life may be required. |
VOICEVAULT LIMITED (REGISTERED NUMBER: 05422709) |
(FORMERLY BIOMETRIC SECURITY LIMITED) |
|
NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
|
1. | ACCOUNTING POLICIES - continued |
|
Tangible fixed assets |
|
|
Fixtures and fittings | - |
|
Computer equipment | - |
|
|
All fixed assets are initially recorded at cost. |
|
Deferred tax |
Deferred tax is recognised on all timing differences where the transactions or events give the company |
an obligation to pay more tax in the future, or a right to pay less tax in the future has occurred by the |
balance sheet date. Deferred tax assets are recognised when it is more likely than not that they will be |
recovered. Deferred tax is measured using rates that have been enacted or substantively enacted by |
the balance sheet date. |
|
The accumulated losses have resulted in significant tax allowable losses being built up which can be |
offset against future trading profits. At present the directors are uncertain as to whether sufficient |
profits will be realised against which to offset these losses and accordingly no deferred tax asset has |
been recognised in the financial statements. |
|
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
|
|
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
|
Operating lease agreements |
Rentals paid under operating lease are charged to the profit and loss account on a straight line bass |
over the period of the lease. |
|
Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in |
the assets of the entity after deducting all of its financial liabilities. |
|
Where the contractual terms of share capital do not have any terms meeting the definition of a |
financial liability then this is classed as an equity instrument. Dividends and distributions relating to |
equity instruments are debited direct to equity. |
VOICEVAULT LIMITED (REGISTERED NUMBER: 05422709) |
(FORMERLY BIOMETRIC SECURITY LIMITED) |
|
NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
|
2. | INTANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 January 2015 |
and 31 December 2015 |
|
AMORTISATION |
At 1 January 2015 |
and 31 December 2015 |
|
NET BOOK VALUE |
|
At 31 December 2015 |
|
At 31 December 2014 |
|
|
The goodwill relates wholly to the acquisition of VoiceVault in 2005. During 2007, a number of changes |
were made to the Group structure and the management of the business. Based on the disappointing |
performance of the Company during 2007 and the uncertainty regarding the ongoing funding of the |
Group, an impairment review was undertaken in December 2007 resulting in the full impairment of |
goodwill. |
|
3. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 January 2015 |
|
Additions |
|
At 31 December 2015 |
|
DEPRECIATION |
At 1 January 2015 |
|
Charge for year |
|
At 31 December 2015 |
|
NET BOOK VALUE |
At 31 December 2015 |
|
At 31 December 2014 |
|
|
4. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2015 | 2014 |
value: | £ | £ |
|
Ordinary Shares | 1p |
|
|
|
A Preferred Shares | 1p |
|
|
|
B Preferred Shares | 1p |
|
|
3,986 | 3,986 |
|
The Ordinary shares and the A and B Preferred shares rank pari passu in all respects. |
VOICEVAULT LIMITED (REGISTERED NUMBER: 05422709) |
(FORMERLY BIOMETRIC SECURITY LIMITED) |
|
NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2015 |
|
5. | RELATED PARTY DISCLOSURES |
|
Biometric Security Holdings Limited |
|
The holding company of Voicevault Limited |
|
|
Advances to fund working capital of £424,619 (2014: £nil) were received during the accounting period. |
Repayments of £93,113 (2014: £243,974) were made during the year. |
|
2015 | 2014 |
£ | £ |
Amount due to related party at the balance sheet date |
|
|
|
Voicevault, Inc. |
|
A USA based subsidiary of Voicevault Limited |
|
|
During the year Voicevault Limited advanced £41,688 (2014: repaid £51,349) of loans to Voicevault, |
Inc. |
|
2015 | 2014 |
£ | £ |
Amount due to related party at the balance sheet date |
|
|
|
Yarronbridge Limited |
|
A company in which Mr K Lomax is a shareholder |
|
|
During the year, Voicevault Ltd incurred no expenses relating to professional services provided by |
Yarronbridge Limited (2014: £16,091). |
|
6. | ULTIMATE CONTROLLING PARTY |
|
The ultimate parent undertaking and controlling party is Biometric Security Holdings Limited |
incorporated in England and Wales. There was no overall controlling party of Biometric Security |
Holdings Limited in the current year. |