Vision Elite Ltd - Period Ending 2016-04-30

Registration number: 08480282

Vision Elite Ltd

trading as Vision Elite Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2016
 

EK Williams
1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ

Vision Elite Ltd
trading as Vision Elite Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Vision Elite Ltd
trading as Vision Elite Limited
(Registration number: 08480282)
Abbreviated Balance Sheet at 30 April 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					3,940			5,254
Tangible fixed assets					77,179			116,171
					81,119			121,425
Current assets
Stocks					17,315			17,070
Debtors					33,467			24,020
Cash at bank and in hand					64,800			43,423
					115,582			84,513
Creditors: Amounts falling due within one year					(164,978)			(152,664)
Net current liabilities					(49,396)			(68,151)
Total assets less current liabilities					31,723			53,274
Creditors: Amounts falling due after more than one year					(97,500)			(109,057)
Net liabilities					(65,777)			(55,783)
Capital and reserves
Called up share capital		4			-			100
Profit and loss account					(65,777)			(55,883)
Shareholders' deficit					(65,777)			(55,783)

For the year ending 30 April 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Vision Elite Ltd
trading as Vision Elite Limited
(Registration number: 08480282)
Abbreviated Balance Sheet at 30 April 2016
......... continued

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 3 October 2016

.........................................
Mrs S Khurl
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Vision Elite Ltd
trading as Vision Elite Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the directors that they will continue to give financial support to the company for twelve months from the date of signing these accounts.

On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above may not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustments to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Franchise fee	20 straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	20% straight line
Fixtures and fittings	20% straight line
Professional equipment	20% straight line
Shop refit	20% straight line

Stock

Page 3

Vision Elite Ltd
trading as Vision Elite Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 May 2015		6,568			145,218			151,786
Disposals		-			(12,437)			(12,437)
At 30 April 2016		6,568			132,781			139,349
Depreciation
At 1 May 2015		1,314			29,047			30,361
Charge for the year		1,314			26,555			27,869
At 30 April 2016		2,628			55,602			58,230
Net book value
At 30 April 2016		3,940			77,179			81,119
At 30 April 2015		5,254			116,171			121,425

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years by instalments		32,057			43,615

Page 4

Vision Elite Ltd
trading as Vision Elite Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

5	Related party transactions

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mrs S Khurl
Monies owed to the director	89,907	-	84,201	-

Page 5