Vision Supplies Limited - Accounts to registrar (filleted) - small 18.2
Vision Supplies Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 June 2019 |
| for |
| Vision Supplies Limited |
| Vision Supplies Limited (Registered number: 04341788) |
| Contents of the Financial Statements |
| for the Year Ended 30 June 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Vision Supplies Limited |
| Company Information |
| for the Year Ended 30 June 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Sterling House |
| 1 Sheepscar Court |
| Meanwood Road |
| Leeds |
| West Yorkshire |
| LS7 2BB |
| BANKERS: |
| PO Box 959 |
| 96 Brighton Road |
| Coulsdon |
| Surrey |
| CR5 2YS |
| Vision Supplies Limited (Registered number: 04341788) |
| Balance Sheet |
| 30 June 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Share premium |
| Other reserves |
| Retained earnings |
| 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. |
| Vision Supplies Limited (Registered number: 04341788) |
| Balance Sheet - continued |
| 30 June 2019 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors on behalf by: |
| Vision Supplies Limited (Registered number: 04341788) |
| Notes to the Financial Statements |
| for the Year Ended 30 June 2019 |
| 1. | STATUTORY INFORMATION |
| Vision Supplies Limited is a |
| The company's registered number and registered office address can be found on the Company |
| Information page. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard |
| 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose |
| related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the |
| Company and the turnover can be reliably measured. Turnover is measured as the fair value of the |
| consideration received or receivable, excluding discounts, rebates, value added tax and other sales |
| taxes. |
| Tangible fixed assets |
| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation |
| and any accumulated impairment losses. Historical cost includes expenditure that is directly |
| attributable to bringing the asset to the location and condition necessary for it to be capable of |
| operating in the manner intended by management. |
| Depreciation is charged so as to allocate the cost of assets less their residual value over their |
| estimated useful lives, using the straight-lline method. |
| Depreciation is provided on the following basis: |
| Plant and machinery - 10% Straight line |
| Motor vehicles - 25% Straight line |
| Fixtures and fittings - 25% Straight line |
| Computer equipment - 25% Straight line |
| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted |
| prospectively if appropriate, or if there is an indication of a significant change since the last reporting |
| date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount |
| and are recognised in the statement of income and retained earnings. |
| Investments in subsidiaries |
| Investments in subsidiaries are measured at cost less accumulated impairment. |
| Investments in listed company shares |
| Investments in listed company shares are remeasured to market value at each balance sheet date. |
| Gains and losses on remeasurement are recognised in profit or loss for the period. |
| Vision Supplies Limited (Registered number: 04341788) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2019 |
| 3. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less |
| costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. |
| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying |
| amount is reduced to its selling price less costs to complete and sell. The impairment loss is |
| recognised immediately in profit or loss. |
| Financial instruments |
| The Company only enters into basic financial instrument transactions that result in the recognition of |
| financial assets and liabilities like trade and other debtors and creditors, loans from banks and other |
| third parties, loans to related parties and investments in non-puttable ordinary shares. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
| Income and Retained Earnings, except to the extent that it relates to items recognised in other |
| comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
| enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
| the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
| different from those in which they are recognised in financial statements. Deferred tax is measured |
| using tax rates and laws that have been enacted or substantively enacted by the year end and that |
| are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is |
| probable that they will be recovered against the reversal of deferred tax liabilities or other future |
| taxable profits. |
| Research and development |
| In the research phase of an internal project it is not possible to demonstrate that the project will |
| generate future economic benefits and hence all expenditure on research shall be recognised as an |
| expense when it is incurred. Intangible assets are recognised from the development phase of a |
| project if and only if certain specific criteria are met in order to demonstrate the asset will generate |
| probable future economic benefits and that its cost can be reliably measured. The capitalised |
| development costs are subsequently amortised on a straight line basis over their useful economic |
| lives, which range from 3 to 6 years. |
| If it is not possible to distinguish between the research phase and the development phase of an |
| internal project, the expenditure is treated as if it were all incurred in the research phase only. |
| Vision Supplies Limited (Registered number: 04341788) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2019 |
| 3. | ACCOUNTING POLICIES - continued |
| Foreign currency translation |
| Functional and presentation currency |
| The Company's functional and presentational currency is GBP. |
| Transactions and balances |
| Foreign currency transactions are translated into the functional currency using the spot exchange |
| rates at the dates of the transactions. |
| At each period end foreign currency monetary items are translated using the closing rate. |
| Non-monetary items measured at historical cost are translated using the exchange rate at the date of |
| the transaction and non-monetary items measured at fair value are measured using the exchange |
| rate when fair value was determined. |
| Operating leases: the company as lessee |
| Rentals paid under operating leases are charged to the statement of income and retained earnings on |
| a straight line basis over the lease term. |
| Benefits received and receivable as an incentive to sign an operating lease are recognised on a |
| straight line basis over the lease term, unless another systematic basis is representative of the time |
| pattern of the lessee's benefit from the use of the leased asset. |
| Leased assets: the Company as lessee |
| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed |
| assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their |
| useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases |
| are those where substantially all of the benefits and risks of ownership are assumed by the company. |
| Obligations under such agreements are included in creditors net of the finance charge allocated to |
| future periods. The finance element of the rental payment is charged to the statement of income and |
| retained earnings so as to produce a constant periodic rate of charge on the net obligation |
| outstanding in each period. |
| Pension costs and other post-retirement benefits |
| The Company operates a defined contribution plan for its employees. A defined contribution plan is a |
| pension plan under which the Company pays fixed contributions into a separate entity. Once the |
| contributions have been paid the Company has no further payment obligations. |
| The contributions are recognised as an expense in the statement of income and retained earnings |
| when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The |
| assets of the plan are held separately from the Company in independently administered funds. |
| Finance costs |
| Finance costs are charged to the statement of income and retained earnings over the term of the |
| debt using the effective interest method so that 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. |
| Interest income |
| Interest income is recognised in the statement of income and retained earnings using the effective |
| interest method. |
| Vision Supplies Limited (Registered number: 04341788) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2019 |
| 3. | ACCOUNTING POLICIES - continued |
| Borrowing costs |
| All borrowing costs are recognised in the statement of income and retained earnings in the year in |
| which they are incurred. |
| Provisions for liabilities |
| Provisions are made where an event has taken place that gives the Company a legal or constructive |
| obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate |
| can be made of the amount of the obligation. |
| Provisions are charged as an expense to the statement of income and retained earnings in the year |
| that the Company becomes aware of the obligation, and are measured at the best estimate at the |
| balance sheet date of the expenditure required to settle the obligation, taking into account relevant |
| risks and uncertainties. |
| When payments are eventually made, they are charged to the provision carried in the balance sheet. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are |
| measured initially at fair value, net of transaction costs, and are measured subsequently at amortised |
| cost using the effective interest method, less any impairment. |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty |
| on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no |
| more than three months from the date of acquisition and that are readily convertible to known |
| amounts of cash with insignificant risk of change in value. |
| Creditors |
| Short term creditors are measured at the transaction price. Other financial liabilities, including bank |
| loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at |
| amortised cost using the effective interest method. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Vision Supplies Limited (Registered number: 04341788) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2019 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 July 2018 |
| Additions |
| At 30 June 2019 |
| DEPRECIATION |
| At 1 July 2018 |
| Charge for year |
| At 30 June 2019 |
| NET BOOK VALUE |
| At 30 June 2019 |
| At 30 June 2018 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group | Listed | Unlisted |
| undertakings | investments | investments | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 July 2018 | 1,559,565 |
| Disposals | ( |
) | (565,691 | ) |
| Revaluations | ( |
) | (80,568 | ) |
| At 30 June 2019 | 913,306 |
| NET BOOK VALUE |
| At 30 June 2019 | 913,306 |
| At 30 June 2018 | 1,559,565 |
| Cost or valuation at 30 June 2019 is represented by: |
| Shares in |
| group | Listed | Unlisted |
| undertakings | investments | investments | Totals |
| £ | £ | £ | £ |
| Valuation in 2019 | - | 90,354 | - | 90,354 |
| Cost | 120,002 | 667,450 | 35,500 | 822,952 |
| 120,002 | 757,804 | 35,500 | 913,306 |
| Vision Supplies Limited (Registered number: 04341788) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2019 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Hire purchase contracts (see note 10) |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2019 | 2018 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable |
| operating leases |
| 2019 | 2018 |
| £ | £ |
| Within one year |
| 11. | PROVISIONS FOR LIABILITIES |
| 2019 | 2018 |
| £ | £ |
| Deferred tax | 58,596 | 112,651 |
| Vision Supplies Limited (Registered number: 04341788) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2019 |
| 11. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 July 2018 |
| Provided during year | ( |
) |
| Balance at 30 June 2019 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | £ | £ |
| Ordinary shares | 1 | 1,000 | 1,000 |
| A ordinary | 1 | 1,000 | 1,000 |
| 2,000 | 2,000 |
| 13. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme for the benefit of the employees of the |
| company. The assets of the scheme are administered by trustees in a fund independent from those |
| of the company. The contributions in the year amounted to £6,341 (2018: £7,607). £1,333 |
| contributions were due at the year end (2018: £860 ). |
| 14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| Included within debtors is an amount of £497,515 (2018: £223,305) due from a director. The directors |
| current account is unsecured and interest free. The maximum balance outstanding during the year |
| was £497,515. |
| 15. | RELATED PARTY DISCLOSURES |
| No transactions with related parties were undertaken as are required to be disclosed under Section |
| 1A of FRS102. |
| 16. | BASIS FOR CONSOLIDATED ACCOUNTS NOT BEING REQUIRED |
| As the parent, Vision Supplies Limited, has taken the exemption from preparing the group accounts |
| as it is a small group. |