Vision Software Solutions Limited - Accounts to registrar (filleted) - small 23.1.2
Vision Software Solutions Limited - Accounts to registrar (filleted) - small 23.1.2
REGISTERED NUMBER: |
VISION SOFTWARE SOLUTIONS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2022 |
VISION SOFTWARE SOLUTIONS LIMITED (REGISTERED NUMBER: 02710980) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
VISION SOFTWARE SOLUTIONS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH APRIL 2022 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants and |
Chartered Tax Advisers |
Broad House |
1 The Broadway |
Old Hatfield |
Hertfordshire |
AL9 5BG |
VISION SOFTWARE SOLUTIONS LIMITED (REGISTERED NUMBER: 02710980) |
BALANCE SHEET |
30TH APRIL 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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. |
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 |
VISION SOFTWARE SOLUTIONS LIMITED (REGISTERED NUMBER: 02710980) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2022 |
1. | STATUTORY INFORMATION |
Vision Software Solutions Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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. |
VISION SOFTWARE SOLUTIONS LIMITED (REGISTERED NUMBER: 02710980) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Basic financial liabilities |
Basic financial liabilities, which include creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
At 1st May 2021 |
and 30th April 2022 |
AMORTISATION |
At 1st May 2021 |
Amortisation for year |
At 30th April 2022 |
NET BOOK VALUE |
At 30th April 2022 |
At 30th April 2021 |
VISION SOFTWARE SOLUTIONS LIMITED (REGISTERED NUMBER: 02710980) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st May 2021 |
and 30th April 2022 |
DEPRECIATION |
At 1st May 2021 |
Charge for year |
At 30th April 2022 |
NET BOOK VALUE |
At 30th April 2022 |
At 30th April 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | RELATED PARTY DISCLOSURES |
During the year, the company paid £4,541 to the director (2021: £99 borrowed from the director). At the balance sheet date, the company owed £45,669 (2021: £50,210) to the director. |
No terms have been laid down as to payment of interest or repayment of capital in respect of this loan. |