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COMPANY REGISTRATION NUMBER: 04635309
ADVANCED VISION LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2023
ADVANCED VISION LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31st JANUARY 2023
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
ADVANCED VISION LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
119,093
123,372
CURRENT ASSETS
Stocks
6
13,590
Debtors
7
69,749
71,226
Cash at bank and in hand
242,591
193,992
----------
----------
312,340
278,808
CREDITORS: amounts falling due within one year
8
23,808
19,491
----------
----------
NET CURRENT ASSETS
288,532
259,317
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
407,625
382,689
PROVISIONS
Taxation including deferred tax
58
----------
----------
NET ASSETS
407,625
382,631
----------
----------
CAPITAL AND RESERVES
Called up share capital
10
100
100
Profit and loss account
407,525
382,531
----------
----------
SHAREHOLDERS FUNDS
407,625
382,631
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st January 2023 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ADVANCED VISION LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 29 September 2023 , and are signed on behalf of the board by:
A. Dalton
Director
Company registration number: 04635309
ADVANCED VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st JANUARY 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Red House Drive, Red House Farm, Whitley Bay, Tyne & Wear, NE25 9XL.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The director considers that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's director, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. 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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and 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:
Freehold property
-
2% straight line
Equipment
-
20% straight line
Fixtures and fittings
-
20% straight line
Computer equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Debt instruments are subsequently measured at amortised cost.
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 1 (2022: 4 ).
5. TANGIBLE ASSETS
Freehold property
Equipment
Fixtures and fittings
Computer Equipment
Total
£
£
£
£
£
Cost
At 1st February 2022
198,687
21,140
13,199
2,131
235,157
Disposals
( 21,140)
( 13,199)
( 2,131)
( 36,470)
----------
---------
---------
-------
----------
At 31st January 2023
198,687
198,687
----------
---------
---------
-------
----------
Depreciation
At 1st February 2022
75,620
20,932
13,199
2,034
111,785
Charge for the year
3,974
10
4
3,988
Disposals
( 20,942)
( 13,199)
( 2,038)
( 36,179)
----------
---------
---------
-------
----------
At 31st January 2023
79,594
79,594
----------
---------
---------
-------
----------
Carrying amount
At 31st January 2023
119,093
119,093
----------
---------
---------
-------
----------
At 31st January 2022
123,067
208
97
123,372
----------
---------
---------
-------
----------
6. STOCKS
2023
2022
£
£
Consumables
13,590
----
---------
7. DEBTORS
2023
2022
£
£
Trade debtors
1,365
Other debtors
69,749
69,861
---------
---------
69,749
71,226
---------
---------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
223
5,287
Corporation tax
8,612
9,111
Social security and other taxes
1,820
535
Other creditors
13,153
4,558
---------
---------
23,808
19,491
---------
---------
9. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
58
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
58
----
----
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. RELATED PARTY TRANSACTIONS
A. Dalton is also the director and shareholder of Advanced Vision @ Tynemouth Limited. An intercompany loan account processes the transactions between Advanced Vision Limited and Advanced Vision @ Tynemouth Limited. At the year end Advanced Vision Limited was owed £69,050 (2022: £69,050) from Advanced Vision @ Tynemouth Limited and this amount is shown in year end debtors. No other transactions with related parties were undertaken such as are required to be disclosed under FRS102 Section 1A small entities.