Registered number
09008034
Vision Property Holding Limited
Accounts
31 May 2023
Vision Property Holding Limited
Registered number: 09008034
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 1,000 1,000
Current assets
Work in progress 424,051 415,931
Cash at bank and in hand 20,178 8,293
444,229 424,224
Creditors: amounts falling due within one year 4 (43,027) (16,572)
Net current assets 401,202 407,652
Net assets 402,202 408,652
Capital and reserves
Called up share capital 1 1
Share premium 999 999
Profit and loss account 401,202 407,652
Shareholder's funds 402,202 408,652
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Donnelly
Director
Approved by the board on 23 November 2023
Vision Property Holding Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. Work in progress and finished goods include labour and attributable overheads.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 June 2022 1,000
At 31 May 2023 1,000
4 Creditors: amounts falling due within one year 2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 41,841 15,492
Taxation and social security costs 106 -
Other creditors 1,080 1,080
43,027 16,572
5 Related party transactions
Vision Property Holding Limited is the holding company of Compass Land & Property Limited, registered at the same address.
6 Controlling party
The company is controlled by Mr D Donnelly sole director and shareholder of the company, as detailed in the Director's report.
7 Other information
Vision Property Holding Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Goldington Road
Bedford
MK40 3JY
Vision Property Holding Limited 09008034 false 2022-06-01 2023-05-31 2023-05-31 VT Final Accounts October 2023 release 2 Mr D Donnelly No description of principal activity 09008034 2021-06-01 2022-05-31 09008034 core:WithinOneYear 2022-05-31 09008034 core:ShareCapital 2022-05-31 09008034 core:SharePremium 2022-05-31 09008034 core:RetainedEarningsAccumulatedLosses 2022-05-31 09008034 2022-06-01 2023-05-31 09008034 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 09008034 bus:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 09008034 bus:Director40 2022-06-01 2023-05-31 09008034 1 2022-06-01 2023-05-31 09008034 2 2022-06-01 2023-05-31 09008034 countries:England 2022-06-01 2023-05-31 09008034 bus:FRS102 2022-06-01 2023-05-31 09008034 bus:FullAccounts 2022-06-01 2023-05-31 09008034 2023-05-31 09008034 core:WithinOneYear 2023-05-31 09008034 core:ShareCapital 2023-05-31 09008034 core:SharePremium 2023-05-31 09008034 core:RetainedEarningsAccumulatedLosses 2023-05-31 09008034 2022-05-31 iso4217:GBP xbrli:pure