Vision Support & Challenge (VSC) Coachin - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08469582 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

FOR

VISION SUPPORT & CHALLENGE (VSC)

COACHING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S Gaskell

Mrs S Gaskell

SECRETARY:

Mrs S Gaskell

REGISTERED OFFICE:

7a Dartmouth Road

Paignton

Devon

TQ4 5AA

REGISTERED NUMBER:

08469582 (England and Wales)

ACCOUNTANTS:

Marsland Nash Associates

Chartered Tax Advisers, Accountants

and Business Consultants

7a Dartmouth Road

Paignton

Devon

TQ4 5AA

FIXED ASSETS

Intangible assets

4

456

6,056

Tangible assets

5

911

867

1,367

6,923

CURRENT ASSETS

Debtors

6

12,348

15,444

Cash at bank and in hand

10,901

3,847

23,249

19,291

CREDITORS

Amounts falling due within one year

7

54,870

65,543

NET CURRENT LIABILITIES

(31,621

)

(46,252

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(30,254

)

(39,329

)

CREDITORS

Amounts falling due after more than one year

8

(8,581

)

(19,141

)

PROVISIONS FOR LIABILITIES

(165

)

-

NET LIABILITIES

(39,000

)

(58,470

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(39,002

)

(58,472

)

SHAREHOLDERS' FUNDS

(39,000

)

(58,470

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 31 October 2020 and were signed on its behalf by:

Mr S Gaskell - Director

Mrs S Gaskell - Director

1.	STATUTORY INFORMATION

Vision Support & Challenge (VSC) Coaching Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of seven years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Computer equipment

-

25% on cost

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern

The company meets its day to day working capital requirements through a loan provided by Mr S Gaskell and Mrs S Gaskell, Directors of the company. They will continue to support the company in this way until such times as profits are made.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2019

and 30 April 2020

40,000

AMORTISATION

At 1 May 2019

33,944

Amortisation for year

5,600

At 30 April 2020

39,544

NET BOOK VALUE

At 30 April 2020

456

At 30 April 2019

6,056

5.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 May 2019

3,218

3,890

7,108

Additions

216

-

216

At 30 April 2020

3,434

3,890

7,324

DEPRECIATION

At 1 May 2019

2,295

3,946

6,241

Charge for year

228

(56

)

172

At 30 April 2020

2,523

3,890

6,413

NET BOOK VALUE

At 30 April 2020

911

-

911

At 30 April 2019

923

(56

)

867

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

12,348

15,444

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

10,155

9,552

Trade creditors

10,015

9,191

Tax

551

-

VAT

6,061

2,092

Directors' current accounts

26,515

43,209

Accrued expenses

1,573

1,499

54,870

65,543

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 2-5 years

8,581

19,141

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2020 and 30 April 2019:

2020

2019

£

£

Mr S Gaskell and Mrs S Gaskell

Balance outstanding at start of year

(43,209

)

(53,642

)

Amounts advanced

21,779

15,213

Amounts repaid

(5,085

)

(4,780

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(26,515

)

(43,209

)

Loans are unsecured, interest free and repayable on demand.