Vision Heat Solutions Limited - Period Ending 2020-03-31

Vision Heat Solutions Limited

(Registration number: NI619266)
Balance Sheet as at 31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	400,634	453,767
Current assets
Stocks	5	18,293	17,321
Debtors	6	149,136	156,480
Cash at bank and in hand		94,981	64,371
		262,410	238,172
Creditors: Amounts falling due within one year	7	(16,167)	(10,773)
Net current assets		246,243	227,399
Net assets		646,877	681,166
Capital and reserves
Called up share capital		166	166
Share premium reserve		999,934	999,934
Capital redemption reserve		50	50
Profit and loss account		(353,273)	(318,984)
Total equity		646,877	681,166

For the financial year ending 31 March 2020 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Vision Heat Solutions Limited

(Registration number: NI619266)
Balance Sheet as at 31 March 2020

Approved and authorised by the Board on 10 December 2020 and signed on its behalf by:
 

.........................................

Mr Trevor Finlay
Director

Vision Heat Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 27-28 The Courtyard, Ballymena, County Antrim, BT42 1HL.

These financial statements were authorised for issue by the Board on 10 December 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

In preparing these financial statements, the directors have determined whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of the sale of renewable energy in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the Company’s activities.
 

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Vision Heat Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	5% straight line

Impairment of fixed assets
Fixed assets are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of the asset's fair value less costs to sell and value in use. Fixed assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses previously recognised in prior periods may no longer exist or may have decreased.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

Vision Heat Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

4	Tangible assets

	Plant and machinery £	Total £
Cost or valuation
At 1 April 2019	964,203	964,203
At 31 March 2020	964,203	964,203
Depreciation
At 1 April 2019	510,436	510,436
Charge for the year	53,133	53,133
At 31 March 2020	563,569	563,569
Carrying amount
At 31 March 2020	400,634	400,634
At 31 March 2019	453,767	453,767

5

Stocks

	2020 £	2019 £
Stocks	18,293	17,321

6

Debtors

	Note	2020 £	2019 £
Trade debtors		4,233	4,520
Amounts owed by related parties	8	100,000	100,000
Prepayments		2,410	2,301
Other debtors		42,493	49,659
		149,136	156,480

Vision Heat Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

7

Creditors

	2020 £	2019 £
Due within one year
Trade creditors	7,622	4,688
Other creditors	8,545	6,085
	16,167	10,773

8	Related party transactions

	2020  £	2019  £
Due from Vision eBusiness Ltd	85,000	85,000
Due from Kingdom Football Management Ltd	15,000	15,000
	100,000	100,000

The parties noted above are related by virtue of common control. Trevor Finlay and Tobermore Concrete Products Limited (shareholders of Vision Heat Solutions Ltd) are shareholders of and ultimately control Vision eBusiness Ltd and Kingdom Football Management Ltd.