Vision ICT Limited 31/01/2018 iXBRL

VISION ICT LIMITED - Company Information

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Company registration number: 03911169

Vision ICT Limited

Unaudited financial statements

31 January 2018

VISION ICT LIMITED

Contents

Directors and other information

Directors report

Accountants report

Statement of income and retained earnings

Statement of financial position

Notes to the financial statements

VISION ICT LIMITED

DIRECTORS AND OTHER INFORMATION


	Directors	N J Hillier
		D Hillier


	Secretary	N J Hillier


	Company number	03911169


	Registered office	74 Haven Road
		Exeter
		Devon
		EX2 8DP


	Business address	1 Southernhay West
		Exeter
		Devon
		EX1 1JG


	Accountants	Thomas Westcott
		26-28 Southernhay East
		Exeter
		Devon
		EX1 1NS

VISION ICT LIMITED

DIRECTORS REPORT

YEAR ENDED 31 JANUARY 2018

The directors present their report and the unaudited financial statements of the company for the year ended 31 January 2018.

Directors

The directors who served the company during the year were as follows:

N J Hillier

D Hillier

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 23 October 2018 and signed on behalf of the board by:

N J Hillier

Director

VISION ICT LIMITED

CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE

UNAUDITED STATUTORY FINANCIAL STATEMENTS OF VISION ICT LIMITED

YEAR ENDED 31 JANUARY 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vision ICT Limited for the year ended 31 January 2018 which comprise the statement of income and retained earnings, statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.

This report is made solely to the board of directors of Vision ICT Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Vision ICT Limited and state those matters that we have agreed to state to the board of directors of Vision ICT Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vision ICT Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Vision ICT Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Vision ICT Limited. You consider that Vision ICT Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Vision ICT Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Thomas Westcott

Chartered Accountants

26-28 Southernhay East

Exeter

Devon

EX1 1NS

30 October 2018

VISION ICT LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 JANUARY 2018

			2018	2017
	Note		£	£


Turnover		212,397	205,035
Cost of sales		( 62,596)	( 61,182)
		_______	_______
Gross profit		149,801	143,853

Administrative expenses		( 165,827)	( 148,859)
		_______	_______
Operating loss		( 16,026)	( 5,006)

Other interest receivable and similar income		-	1
Interest payable and similar expenses		( 452)	( 169)
		_______	_______
Loss before taxation		( 16,478)	( 5,174)

Tax on loss		641	-
		_______	_______
Loss for the financial year and total comprehensive income		( 15,837)	( 5,174)
		_______	_______

Dividends declared and paid or payable during the year		-	( 5,800)

Retained earnings at the start of the year		6,390	17,364
		_______	_______
Retained earnings at the end of the year		( 9,447)	6,390
		_______	_______

All the activities of the company are from continuing operations.

VISION ICT LIMITED

STATEMENT OF FINANCIAL POSITION

31 JANUARY 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	5	2,763		4,605
		_______		_______
			2,763		4,605

Current assets
Debtors	6	19,073		26,273
Cash at bank and in hand		13,484		8,298
		_______		_______
		32,557		34,571
Creditors: amounts falling due
within one year	7	( 38,037)		( 32,784)
		_______		_______
Net current (liabilities)/assets			( 5,480)		1,787
			_______		_______
Total assets less current liabilities			( 2,717)		6,392

Creditors: amounts falling due
after more than one year	8		( 6,728)		-
			_______		_______
Net (liabilities)/assets			( 9,445)		6,392
			_______		_______

Capital and reserves
Called up share capital			2		2
Profit and loss account	9		( 9,447)		6,390
			_______		_______
Shareholders (deficit)/funds			( 9,445)		6,392
			_______		_______

For the year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements were approved by the board of directors and authorised for issue on 23 October 2018 , and are signed on behalf of the board by:

N J Hillier

Director

Company registration number: 03911169

VISION ICT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 74 Haven Road, Exeter, Devon, EX2 8DP.

Principal activity

The principal activity of the company is project management and website development.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	40 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2017: 9 ).

5. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 February 2017	32,721	32,721
	_______	_______
Depreciation
At 1 February 2017	28,116	28,116
Charge for the year	1,842	1,842
	_______	_______
At 31 January 2018	29,958	29,958
	_______	_______
Carrying amount
At 31 January 2018	2,763	2,763
	_______	_______
At 31 January 2017	4,605	4,605
	_______	_______

6. Debtors

	2018	2017
	£	£
Trade debtors	18,957	26,092
Other debtors	116	181
	_______	_______
	19,073	26,273
	_______	_______

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Other loans	7,500	-
Trade creditors	6,579	4,215
Accruals and deferred income	1,550	2,435
Social security and other taxes	12,449	13,132
Other creditors	9,959	13,002
	_______	_______
	38,037	32,784
	_______	_______

The other loan is unsecured.

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other loans	6,728	-
	_______	_______

The other loan is unsecured.

9. Reserves

Profit and loss account:This reserve records retained earnings and accumulated losses.

10. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Later than 1 year and not later than 5 years	20,000	24,000
	_______	_______

11. Directors advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:


	Loans to / (from) directors at 1 February 2017	Loans to / (from) the directors	Balance at 31 January 2018
	£	£	£
Directors	( 7,918)	1,305	( 6,613)
	_______	_______	_______


	Loans to / (from) directors at 1 February 2016	Loans to / (from) the directors	Balance at 31 January 2017
	£	£	£
Directors	( 11,249)	3,331	( 7,918)
	_______	_______	_______

The directors have a personal guarantee in place relating to the loan advanced in the year to the company. The balance outstanding on the loan as at 31 January 2018 is £14,228.

12. Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

VISION ICT LIMITED

The following pages do not form part of the statutory accounts.