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Registration number: 05943236

Vision Decorators Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Vision Decorators Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Vision Decorators Limited

Company Information

Director

CJ French

Company secretary

CJ French

Registered office

Unit 5
58 Broad Oaks
Attercliffe
Sheffield
South Yorkshire
S9 3HJ

 

Vision Decorators Limited

(Registration number: 05943236)
Balance Sheet as at 30 September 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

15,895

21,297

Current assets

 

Debtors

5

126,959

127,078

Cash at bank and in hand

 

40,994

40,536

 

167,953

167,614

Creditors: Amounts falling due within one year

6

(58,207)

(56,116)

Net current assets

 

109,746

111,498

Total assets less current liabilities

 

125,641

132,795

Creditors: Amounts falling due after more than one year

6

(39,538)

(49,881)

Net assets

 

86,103

82,914

Capital and reserves

 

Called up share capital

100

100

Retained earnings

86,003

82,814

Shareholders' funds

 

86,103

82,914

 

Vision Decorators Limited

(Registration number: 05943236)
Balance Sheet as at 30 September 2023

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 1 March 2024
 

.........................................
CJ French
Company secretary and director

 

Vision Decorators Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
Unit 5
58 Broad Oaks
Attercliffe
Sheffield
South Yorkshire
S9 3HJ

These financial statements were authorised for issue by the director on 1 March 2024.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Vision Decorators Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Fixtures and fittings

15% on reducing balance

Motor vehicles

25% on reducing balance

Office equipment

33% on reducing balance + 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.

 

Vision Decorators Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

Leases

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2022 - 11).

 

Vision Decorators Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

3,936

2,029

76,942

82,907

At 30 September 2023

3,936

2,029

76,942

82,907

Depreciation

At 1 October 2022

2,248

1,737

57,625

61,610

Charge for the year

280

292

4,830

5,402

At 30 September 2023

2,528

2,029

62,455

67,012

Carrying amount

At 30 September 2023

1,408

-

14,487

15,895

At 30 September 2022

1,688

292

19,317

21,297

5

Debtors

Current

2023
£

(As restated)

2022
£

Trade debtors

65,576

78,912

Prepayments

952

1,345

Other debtors

60,431

46,821

 

126,959

127,078

 

Vision Decorators Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Due within one year

 

Loans and borrowings

7

17,799

29,409

Trade creditors

 

31,024

16,590

Taxation and social security

 

4,993

5,186

Accruals and deferred income

 

1,605

1,594

Other creditors

 

2,786

3,337

 

58,207

56,116

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £2,238.84 (2022 - £2,238.84).

Creditors: amounts falling due after more than one year

Note

2023
£

(As restated)

2022
£

Due after one year

 

Loans and borrowings

7

39,538

49,881

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £4,104.34 (2022 - £6,343.18).

 

Vision Decorators Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Loans and borrowings

2023
£

(As restated)

2022
£

Non-current loans and borrowings

Bank borrowings

34,934

40,603

Hire purchase contracts

4,104

6,343

Other borrowings

500

2,935

39,538

49,881

2023
£

(As restated)

2022
£

Current loans and borrowings

Bank borrowings

5,668

5,527

Bank overdrafts

9,892

21,643

Hire purchase contracts

2,239

2,239

17,799

29,409

8

Related party transactions

Summary of transactions with other related parties

The company paid rent of £6,600 (2022: £6,600) during the year to TOC Holding Limited, a company under common control.