Visibility Asset Management Limited 30/06/2019 iXBRL

Visibility Asset Management Limited 30/06/2019 iXBRL

VISIBILITY ASSET MANAGEMENT LIMITED - Company Information

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Statement of consent to prepare abridged financial statements
All of the members of Visibility Asset Management Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 30 June 2019 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: 05991738
Visibility Asset Management Limited
Unaudited abridged financial statements
30 June 2019
Visibility Asset Management Limited
Contents
Directors report
Accountants report
Abridged statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Visibility Asset Management Limited
Directors report
Year ended 30 June 2019
The directors present their report and the unaudited financial statements of the company for the year ended 30 June 2019.
Directors
The directors who served the company during the year were as follows:
Mr R C W Hartfield
Mr J Quinn
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 03 March 2020 and signed on behalf of the board by:
Mr R C W Hartfield
Director
Visibility Asset Management Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Visibility Asset Management Limited
Year ended 30 June 2019
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 June 2019 which comprise the abridged statement of comprehensive income, abridged statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
McColm Cardew Ltd
Chartered Certified Accountants
8 Main Street
Bilton
Rugby
Warwickshire
CV22 7NB
3 March 2020
Visibility Asset Management Limited
Abridged statement of comprehensive income
Year ended 30 June 2019
2019 2018
Note £ £
Gross profit 313,367 553,794
Administrative expenses ( 471,918) ( 598,751)
_______ _______
Operating loss ( 158,551) ( 44,957)
Other interest receivable and similar income 55 30
Interest payable and similar expenses ( 337) ( 330)
_______ _______
Loss before taxation 4 ( 158,833) ( 45,257)
Tax on loss - -
_______ _______
Loss for the financial year and total comprehensive income ( 158,833) ( 45,257)
_______ _______
All the activities of the company are from continuing operations.
Visibility Asset Management Limited
Abridged statement of financial position
30 June 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 7,544 12,856
Investments 6 - 1
_______ _______
7,544 12,857
Current assets
Stocks 48,227 47,768
Debtors 260,192 203,043
Cash at bank and in hand 6,417 38,717
_______ _______
314,836 289,528
Creditors: amounts falling due
within one year ( 312,714) ( 285,132)
_______ _______
Net current assets 2,122 4,396
_______ _______
Total assets less current liabilities 9,666 17,253
Creditors: amounts falling due
after more than one year ( 151,147) -
_______ _______
Net (liabilities)/assets ( 141,481) 17,253
_______ _______
Capital and reserves
Called up share capital 100 1
Profit and loss account ( 141,581) 17,252
_______ _______
Shareholders (deficit)/funds ( 141,481) 17,253
_______ _______
For the year ending 30 June 2019 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 year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 03 March 2020 , and are signed on behalf of the board by:
Mr R C W Hartfield
Director
Company registration number: 05991738
Visibility Asset Management Limited
Statement of changes in equity
Year ended 30 June 2019
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2017 1 62,509 62,510
Loss for the year ( 45,257) ( 45,257)
_______ _______ _______
Total comprehensive income for the year - ( 45,257) ( 45,257)
_______ _______ _______
At 30 June 2018 and 1 July 2018 1 17,252 17,253
Loss for the year ( 158,833) ( 158,833)
_______ _______ _______
Total comprehensive income for the year - ( 158,833) ( 158,833)
Issue of shares 99 99
_______ _______ _______
Total investments by and distributions to owners 99 - 99
_______ _______ _______
At 30 June 2019 100 ( 141,581) ( 141,481)
_______ _______ _______
Visibility Asset Management Limited
Notes to the financial statements
Year ended 30 June 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 1b Photon House, Percy Street, Leeds, LS12 1EG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Loss before taxation
Loss before taxation is stated after charging/(crediting):
2019 2018
£ £
Depreciation of tangible assets 5,312 5,813
_______ _______
5. Tangible assets
£
Cost
At 1 July 2018 and 30 June 2019 53,103
_______
Depreciation
At 1 July 2018 40,247
Charge for the year 5,312
_______
At 30 June 2019 45,559
_______
Carrying amount
At 30 June 2019 7,544
_______
At 30 June 2018 12,856
_______
6. Investments
£
Cost
At 1 July 2018 1
Disposals ( 1)
_______
At 30 June 2019 -
_______
Impairment
At 1 July 2018 and 30 June 2019 -
_______
Carrying amount
At 30 June 2019 -
_______
At 30 June 2018 1
_______