Vision Software Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02710980 (England and Wales)

VISION SOFTWARE SOLUTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

BR Nash

SECRETARY:

Mrs BJ Nash

REGISTERED OFFICE:

Broad House

1 The Broadway

Old Hatfield

Hertfordshire

AL9 5BG

REGISTERED NUMBER:

02710980 (England and Wales)

ACCOUNTANTS:

Jones Hunt & Keelings

Chartered Certified Accountants and

Chartered Tax Advisers

Broad House

1 The Broadway

Old Hatfield

Hertfordshire

AL9 5BG

FIXED ASSETS

Intangible assets

4

22,560

28,160

Tangible assets

5

225

148

22,785

28,308

CURRENT ASSETS

Stocks

6,200

6,200

Debtors

6

8,770

11,803

Cash at bank and in hand

6,712

5

21,682

18,008

CREDITORS

Amounts falling due within one year

7

55,710

68,785

NET CURRENT LIABILITIES

(34,028

)

(50,777

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(11,243

)

(22,469

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(11,245

)

(22,471

)

(11,243

)

(22,469

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 26 April 2022 and were signed by:

BR Nash - Director

1.	STATUTORY INFORMATION

Vision Software Solutions 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Despite the company having net liabilities at the balance sheet date, the accounts have been prepared on the going concern basis as the director has given an assurance that he will continue to provide the company with adequate financial support to enable it to settle its liabilities as and when they fall due.

Significant judgements and estimates

In preparing these financial statements, the director has exercised judgement in the following principal areas:

- In determining the depreciation rates of tangible fixed assets, which are depreciated over their useful lives, taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as past experience and expected performance are taken into account.

- In estimating the quantum of doubtful debts when collection of the full amount is no longer probable. The director's best estimate is based on the period the debt has been outstanding and the difficulties experienced and anticipated in pursuing collection.

- In assessing the net realisable value of the company's stocks. Factors taken into consideration in reaching a decision include sales in the previous year and forecasts for the coming year.

Turnover

The company provides computer software support and consultancy services. Income is recognised in these accounts evenly over the life of the support agreement or when the company is entitled to the income under the consultancy agreement, whether invoiced or not; income is recorded at the fair value of the consideration received or receivable. If the income is not invoiced during the year, the appropriate amount is included in the balance sheet as accrued income. Turnover excludes discounts, rebates, value added tax and other sales taxes.

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.

Development costs

Prior year costs incurred in respect of the development of the company's software are being written off evenly over five years.

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 etc

-

33% on cost and 15% on reducing balance

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

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.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 May 2020

and 30 April 2021

115,900

AMORTISATION

At 1 May 2020

87,740

Amortisation for year

5,600

At 30 April 2021

93,340

NET BOOK VALUE

At 30 April 2021

22,560

At 30 April 2020

28,160

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2020

18,233

Additions

149

At 30 April 2021

18,382

DEPRECIATION

At 1 May 2020

18,085

Charge for year

72

At 30 April 2021

18,157

NET BOOK VALUE

At 30 April 2021

225

At 30 April 2020

148

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

8,328

11,424

Other debtors

442

379

8,770

11,803

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

-

9,622

Trade creditors

2,745

4,701

Taxation and social security

1,755

2,052

Other creditors

51,210

52,410

55,710

68,785

8.	RELATED PARTY DISCLOSURES

During the year:

- the company paid a salary of £3,000 (2020: £3,000) to the director's wife; and

- the company borrowed £99 (2020: £11,744) from the director.

At the balance sheet date, the company owed £50,210 (2020: £50,111) to the director.

No terms have been laid down as to payment of interest or repayment of capital in respect of this loan.