Vision Profiles Ltd Filleted accounts for Companies House (small and micro)

Vision Profiles Ltd Filleted accounts for Companies House (small and micro)

VISION PROFILES LTD - Company Information

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44 false false false false false false false false false true false false false false false false No description of principal activity 2020-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 3704000 2020-01-01 2020-12-31 3704000 2020-12-31 3704000 2019-12-31 3704000 2019-01-01 2019-12-31 3704000 2019-12-31 3704000 core:LandBuildings core:OwnedOrFreeholdAssets 2020-01-01 2020-12-31 3704000 core:PlantMachinery 2020-01-01 2020-12-31 3704000 core:FurnitureFittings 2020-01-01 2020-12-31 3704000 bus:OrdinaryShareClass1 2020-01-01 2020-12-31 3704000 bus:OrdinaryShareClass2 2020-01-01 2020-12-31 3704000 bus:OrdinaryShareClass4 2020-01-01 2020-12-31 3704000 bus:Director2 2020-01-01 2020-12-31 3704000 core:WithinOneYear 2020-12-31 3704000 core:WithinOneYear 2019-12-31 3704000 core:LandBuildings core:OwnedOrFreeholdAssets 2019-12-31 3704000 core:PlantMachinery 2019-12-31 3704000 core:FurnitureFittings 2019-12-31 3704000 core:LandBuildings core:OwnedOrFreeholdAssets 2020-12-31 3704000 core:PlantMachinery 2020-12-31 3704000 core:FurnitureFittings 2020-12-31 3704000 core:AfterOneYear 2020-12-31 3704000 core:AfterOneYear 2019-12-31 3704000 core:ShareCapital 2020-12-31 3704000 core:ShareCapital 2019-12-31 3704000 core:CapitalRedemptionReserve 2020-12-31 3704000 core:CapitalRedemptionReserve 2019-12-31 3704000 core:RetainedEarningsAccumulatedLosses 2020-12-31 3704000 core:RetainedEarningsAccumulatedLosses 2019-12-31 3704000 core:BetweenOneFiveYears 2020-12-31 3704000 core:BetweenOneFiveYears 2019-12-31 3704000 core:LandBuildings core:OwnedOrFreeholdAssets 2019-12-31 3704000 core:PlantMachinery 2019-12-31 3704000 core:FurnitureFittings 2019-12-31 3704000 bus:Director2 2019-12-31 3704000 bus:Director2 2020-12-31 3704000 bus:Director2 2018-12-31 3704000 bus:Director2 2019-12-31 3704000 bus:Director2 2019-01-01 2019-12-31 3704000 bus:SmallEntities 2020-01-01 2020-12-31 3704000 bus:AuditExemptWithAccountantsReport 2020-01-01 2020-12-31 3704000 bus:FullAccounts 2020-01-01 2020-12-31 3704000 bus:SmallCompaniesRegimeForAccounts 2020-01-01 2020-12-31 3704000 bus:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 3704000 bus:AllOrdinaryShares 2020-12-31 3704000 bus:AllOrdinaryShares 2019-12-31 3704000 bus:OrdinaryShareClass1 2020-12-31 3704000 bus:OrdinaryShareClass1 2019-12-31 3704000 bus:OrdinaryShareClass2 2020-12-31 3704000 bus:OrdinaryShareClass2 2019-12-31 3704000 bus:OrdinaryShareClass4 2020-12-31 3704000 bus:OrdinaryShareClass4 2019-12-31 3704000 core:OfficeEquipment 2020-01-01 2020-12-31 3704000 core:OfficeEquipment 2019-12-31 3704000 core:OfficeEquipment 2020-12-31
COMPANY REGISTRATION NUMBER: 3704000
Vision Profiles Ltd
Filleted Unaudited Financial Statements
31 December 2020
Vision Profiles Ltd
Statement of Financial Position
31 December 2020
2020
2019
Note
£
£
Fixed assets
Tangible assets
5
3,210,770
3,220,134
Current assets
Stocks
1,462,425
1,884,182
Debtors
6
1,346,174
1,356,704
Cash at bank and in hand
1,142,908
691,525
------------
------------
3,951,507
3,932,411
Creditors: amounts falling due within one year
7
2,139,588
2,682,267
------------
------------
Net current assets
1,811,919
1,250,144
------------
------------
Total assets less current liabilities
5,022,689
4,470,278
Creditors: amounts falling due after more than one year
8
1,143,008
1,022,206
Provisions
Taxation including deferred tax
91,394
80,349
------------
------------
Net assets
3,788,287
3,367,723
------------
------------
Capital and reserves
Called up share capital
9
29,600
29,600
Capital redemption reserve
33,967
33,967
Profit and loss account
3,724,720
3,304,156
------------
------------
Shareholders funds
3,788,287
3,367,723
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Vision Profiles Ltd
Statement of Financial Position (continued)
31 December 2020
These financial statements were approved by the board of directors and authorised for issue on 20 April 2021 , and are signed on behalf of the board by:
Mr A.C Grady
Director
Company registration number: 3704000
Vision Profiles Ltd
Notes to the Financial Statements
Year ended 31 December 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit K, Quedgeley West Business Park, Bristol Road, Gloucestershire, GL2 4PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent 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:
Buildings
-
2% straight line
Plant and machinery
-
10% straight line
Fixtures and fittings
-
20% straight line
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 44 (2019: 50 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2020
2,915,701
1,075,714
50,814
92,863
4,135,092
Additions
–
99,419
–
37,841
137,260
Disposals
–
–
–
( 35,198)
( 35,198)
------------
------------
--------
--------
------------
At 31 December 2020
2,915,701
1,175,133
50,814
95,506
4,237,154
------------
------------
--------
--------
------------
Depreciation
At 1 January 2020
191,781
591,117
45,351
86,709
914,958
Charge for the year
36,960
94,739
1,777
13,148
146,624
Disposals
–
–
–
( 35,198)
( 35,198)
------------
------------
--------
--------
------------
At 31 December 2020
228,741
685,856
47,128
64,659
1,026,384
------------
------------
--------
--------
------------
Carrying amount
At 31 December 2020
2,686,960
489,277
3,686
30,847
3,210,770
------------
------------
--------
--------
------------
At 31 December 2019
2,723,920
484,597
5,463
6,154
3,220,134
------------
------------
--------
--------
------------
6. Debtors
2020
2019
£
£
Trade debtors
1,050,797
1,026,193
Prepayments and accrued income
30,189
49,091
Director's loan account
198,261
205,303
Other debtors
66,927
76,117
------------
------------
1,346,174
1,356,704
------------
------------
7. Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
129,198
115,978
Payments received on account
51,049
131,819
Trade creditors
957,318
1,770,727
Accruals and deferred income
16,597
23,782
Corporation tax
151,955
167,324
Social security and other taxes
823,250
466,689
Other creditors
10,221
5,948
------------
------------
2,139,588
2,682,267
------------
------------
The bank loans are secured on the company's assets.
8. Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
1,143,008
1,022,206
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £41,667 (2019: £Nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loans are secured on the company's assets.
9. Called up share capital
Issued, called up and fully paid
2020
2019
No.
£
No.
£
Ordinary 'A' shares of £ 1 each
29,400
29,400
29,400
29,400
Ordinary 'B' shares of £ 1 each
100
100
100
100
Ordinary 'D' shares of £ 1 each
100
100
100
100
--------
--------
--------
--------
29,600
29,600
29,600
29,600
--------
--------
--------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2020
2019
£
£
Not later than 1 year
63,950
65,560
Later than 1 year and not later than 5 years
47,085
75,014
---------
---------
111,035
140,574
---------
---------
11. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2020
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A.C Grady
205,303
( 7,042)
198,261
---------
-------
---------
2019
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A.C Grady
234,209
( 28,906)
205,303
---------
--------
---------
The director's loan is repayable on demand and interest is payable at HMRC's 'official rate' of interest.