Visioning Lab Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 11782223

Visioning Lab Ltd

Filleted Unaudited Financial Statements

For the year ending

31 January 2022

Visioning Lab Ltd

Statement of Financial Position

31 January 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	5	1,764	745

Current assets

Debtors	6	–	1,600
Cash at bank and in hand		28,261	3,406
		---------	-------
		28,261	5,006

Creditors: Amounts falling due within one year	7	16,883	8,117
		---------	-------
Net current assets/(liabilities)		11,378	( 3,111)
		---------	-------
Total assets less current liabilities		13,142	( 2,366)

Provisions	340	( 299)
	---------	-------
Net assets/(liabilities)	12,802	( 2,067)
	---------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	12,702	( 2,167)
	---------	-------
Shareholders funds/(deficit)	12,802	( 2,067)
	---------	-------

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 January 2022 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 .

Visioning Lab Ltd

Statement of Financial Position (continued)

31 January 2022

These financial statements were approved by the board of directors and authorised for issue on 25 October 2022 , and are signed on behalf of the board by:

Dr J Symons

Director

Company registration number: 11782223

Visioning Lab Ltd

Notes to the Financial Statements

Year ended 31 January 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Studio A, 24 Vicars Road, Manchester, M21 9GY.

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover represents the consideration received in respect of service provided during the year.

Deferred tax

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 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:

Fixtures and fittings	-	25% straight line
Equipment	-	25% 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2021: 1 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 February 2021	–	1,127	1,127
Additions	627	886	1,513
	----	-------	-------
At 31 January 2022	627	2,013	2,640
	----	-------	-------
Depreciation
At 1 February 2021	–	382	382
Charge for the year	124	370	494
	----	-------	-------
At 31 January 2022	124	752	876
	----	-------	-------
Carrying amount
At 31 January 2022	503	1,261	1,764
	----	-------	-------
At 31 January 2021	–	745	745
	----	-------	-------

6. Debtors

	2022	2021
	£	£
Trade debtors	–	1,600
	----	-------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Corporation tax	3,071	–
Social security and other taxes	302	–
Other creditors	13,510	8,117
	---------	-------
	16,883	8,117
	---------	-------

8. Related party transactions

At the balance sheet date the company owed the director £ 910 (2021:£ 7,392 ).