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Registration number: 11610688

Vision Board Group Ltd

Unaudited Financial Statements

for the Year Ended 31 October 2022

 

Vision Board Group Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Vision Board Group Ltd

Company Information

Director

Mrs C Dempsey

Registered office

Suite G2
Radclyffe House
66-68 Hagley Road
Birmingham
B16 8PF

Accountants

Erdingsworth Business & Tax Advisors
Unit 115-119 Fort Dunlop
Fort Parkway
Birmingham
B24 9FE

 

Vision Board Group Ltd

(Registration number: 11610688)
Balance Sheet as at 31 October 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

1,221

-

Investments

5

100

100

 

1,321

100

Current assets

 

Debtors

6

20,537

16,395

Cash at bank and in hand

 

12,846

32,358

 

33,383

48,753

Creditors: Amounts falling due within one year

7

(5,715)

(4,520)

Net current assets

 

27,668

44,233

Total assets less current liabilities

 

28,989

44,333

Creditors: Amounts falling due after more than one year

7

(39,041)

(49,800)

Net liabilities

 

(10,052)

(5,467)

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

(10,252)

(5,667)

Shareholders' deficit

 

(10,052)

(5,467)

For the financial year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 September 2023
 

 

Vision Board Group Ltd

(Registration number: 11610688)
Balance Sheet as at 31 October 2022 (continued)

.........................................
Mrs C Dempsey
Director

 

Vision Board Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Suite G2
Radclyffe House
66-68 Hagley Road
Birmingham
B16 8PF

These financial statements were authorised for issue by the director on 25 September 2023.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Office Equipment

15% Reducing Balance

 

Vision Board Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

Vision Board Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

 

Vision Board Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

Additions

1,436

1,436

At 31 October 2022

1,436

1,436

Depreciation

Charge for the year

215

215

At 31 October 2022

215

215

Carrying amount

At 31 October 2022

1,221

1,221

5

Investments

2022
£

2021
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 November 2021

100

Provision

Carrying amount

At 31 October 2022

100

At 31 October 2021

100

6

Debtors

Current

Note

2022
£

2021
£

Amounts owed by related parties

20,537

16,395

7

Creditors

Creditors: amounts falling due within one year

 

Vision Board Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

7

Creditors (continued)

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

5,187

-

Accruals and deferred income

 

528

400

Other creditors

 

-

4,120

 

5,715

4,520

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

39,041

49,800

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

200

200

200

200

         

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

38,613

49,800

Other borrowings

428

-

39,041

49,800

2022
£

2021
£

Current loans and borrowings

Bank borrowings

5,187

-