Vision Elite Ltd - Period Ending 2017-04-30
Vision Elite Ltd - Period Ending 2017-04-30
Registration number:
Vision Elite Ltd
for the Year Ended 30 April 2017
1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ
Vision Elite Ltd
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Vision Elite Ltd
Company Information
Director |
Mrs S K Khurl |
Company secretary |
Mr J S Khurl |
Registered office |
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Accountants |
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Page 1 |
Vision Elite Ltd
(Registration number: 08480282)
Balance Sheet as at 30 April 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
Page 2 |
Vision Elite Ltd
(Registration number: 08480282)
Balance Sheet as at 30 April 2017
For the financial year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Mrs S K Khurl
Director
Page 3 |
Vision Elite Ltd
Statement of Changes in Equity for the Year Ended 30 April 2017
Profit and loss account |
Total |
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At 1 May 2016 |
( |
( |
Loss for the year |
( |
( |
Total comprehensive income |
( |
( |
At 30 April 2017 |
( |
( |
Profit and loss account |
Total |
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At 1 May 2015 |
( |
( |
Loss for the year |
( |
( |
Total comprehensive income |
( |
( |
At 30 April 2016 |
( |
( |
Page 4 |
Vision Elite Ltd
Notes to the Financial Statements for the Year Ended 30 April 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 5 |
Vision Elite Ltd
Notes to the Financial Statements for the Year Ended 30 April 2017
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
20% straight line |
Office equipment |
20% straight line |
Professional equipment |
20% straight line |
Shop refit |
20% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Franchise fee |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 6 |
Vision Elite Ltd
Notes to the Financial Statements for the Year Ended 30 April 2017
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 7 |
Vision Elite Ltd
Notes to the Financial Statements for the Year Ended 30 April 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 May 2016 |
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At 30 April 2017 |
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Amortisation |
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At 1 May 2016 |
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Amortisation charge |
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At 30 April 2017 |
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Carrying amount |
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At 30 April 2017 |
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At 30 April 2016 |
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Tangible assets |
Shop refit |
Furniture, fittings and equipment |
Professional equipment |
Total |
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Cost or valuation |
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At 1 May 2016 |
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Additions |
- |
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- |
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At 30 April 2017 |
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Depreciation |
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At 1 May 2016 |
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Charge for the year |
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At 30 April 2017 |
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Carrying amount |
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At 30 April 2017 |
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At 30 April 2016 |
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Page 8 |
Vision Elite Ltd
Notes to the Financial Statements for the Year Ended 30 April 2017
Stocks |
2017 |
2016 |
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Other inventories |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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Page 9 |
Vision Elite Ltd
Notes to the Financial Statements for the Year Ended 30 April 2017
2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Dividends |
Related party transactions |
Transactions with directors |
2017 |
At 1 May 2016 |
Other payments made to company by director |
At 30 April 2017 |
Mrs S K Khurl |
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Monies owed to the director from the company |
89,907 |
(452) |
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2016 |
At 1 May 2015 |
Other payments made to company by director |
At 30 April 2016 |
Mrs S K Khurl |
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Monies owed to the director from the company |
84,201 |
5,706 |
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Directors' remuneration
The director's remuneration for the year was as follows:
2017 |
2016 |
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Remuneration |
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Summary of transactions with other related parties
As of 30 April 2017, £1,200 is owing to Vision Elite LTD from EKK Vision LTD
Transition to FRS 102 |
Page 10 |