Vision Safety Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC267979 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 May 2021

for

Vision Safety Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S W Butler

A M Howarth

REGISTERED OFFICE:

19 Mall Park Road

Montrose

DD10 8NS

REGISTERED NUMBER:

SC267979 (Scotland)

ACCOUNTANTS:

MMG Archbold Ltd

Chartered Accountants

182 High Street

Montrose

ANGUS

DD10 8PH

BANKERS:

Bank of Scotland

PO Box 1000

Forfar

ANGUS

BX2 1LB

FIXED ASSETS

Tangible assets

4

1,300

5,573

CURRENT ASSETS

Debtors

5

9,320

13,431

Cash at bank

8,982

20

18,302

13,451

CREDITORS

Amounts falling due within one year

6

12,097

19,009

NET CURRENT ASSETS/(LIABILITIES)

6,205

(5,558

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,505

15

PROVISIONS FOR LIABILITIES

247

-

NET ASSETS

7,258

15

CAPITAL AND RESERVES

Called up share capital

7

2

2

Retained earnings

7,256

13

SHAREHOLDERS' FUNDS

7,258

15

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 July 2021 and were signed on its behalf by:

S W Butler - Director

1.	STATUTORY INFORMATION

Vision Safety Ltd is a private company, limited by shares , registered in Scotland. 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.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover and profit on ordinary activities before taxation are attributable to training and safety consultancy.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Contracts for services

Where the substance of a contract is that the contractual obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the partial performance of our contractual obligations. The amount of revenue included reflects the accrual of the right to consideration as contract activity progresses by reference to value of the work performed.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Freehold

property

Equipment

Totals

£

£

£

COST

At 1 June 2020

5,573

-

5,573

Additions

-

1,734

1,734

Disposals

(5,573

)

-

(5,573

)

At 31 May 2021

-

1,734

1,734

DEPRECIATION

Charge for year

-

434

434

At 31 May 2021

-

434

434

NET BOOK VALUE

At 31 May 2021

-

1,300

1,300

At 31 May 2020

5,573

-

5,573

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

9,320

-

Overseas taxation

-

13,431

9,320

13,431

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Corporation tax

11,138

3,969

Directors' current accounts

59

14,320

Accruals

900

720

12,097

19,009

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1

Ordinary shares

£1

1

1

1

Ordinary B class shares

£1

1

1

2

2

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2021 and 31 May 2020:

2021

2020

£

£

S W Butler

Balance outstanding at start of year

(14,320

)

(2,930

)

Amounts advanced

33,312

3,580

Amounts repaid

(19,052

)

(14,970

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(60

)

(14,320

)

9.	ULTIMATE CONTROLLING PARTY

The controlling party is S W Butler.