Company registration number 06257857 (England and Wales)
THIS IS VISION LTD (FORMALLY GROW CAFE INVESTMENTS LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
THIS IS VISION LTD (FORMALLY GROW CAFE INVESTMENTS LIMITED)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
THIS IS VISION LTD (FORMALLY GROW CAFE INVESTMENTS LIMITED)
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
37,867
Investment property
4
1,841,847
2,133,122
Investments
5
50,395
65,408
1,892,242
2,236,397
Current assets
Debtors
6
58,994
352,781
Investments
7
6,642
6,642
Cash at bank and in hand
27,030
10,359
92,666
369,782
Creditors: amounts falling due within one year
8
(1,769,997)
(2,449,229)
Net current liabilities
(1,677,331)
(2,079,447)
Total assets less current liabilities
214,911
156,950
Provisions for liabilities
-
0
(7,195)
Net assets
214,911
149,755
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
214,811
149,655
Total equity
214,911
149,755

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

THIS IS VISION LTD (FORMALLY GROW CAFE INVESTMENTS LIMITED)
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 28 February 2024
Mr C D Walton
Director
Company registration number 06257857 (England and Wales)
THIS IS VISION LTD (FORMALLY GROW CAFE INVESTMENTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information

This Is Vision Ltd (formally Grow Cafe Investments Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Mayesbrook House, Lawnswood Business Park, Redvers Close, Leeds, LS16 6QY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At 31 May 202true3 the company had net current liabilities of £1.68 million which included a loan from the director of £1.75 million which is repayable on demand. Consequently the company relies on the support of the director who has confirmed that this will continue for the foreseeable future and that he will not seek repayment in the next year. Consequently the financial statements have been prepared on a going concern basis.

1.3
Turnover

Turnover represents amounts receivable for rents.

1.4
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
25% reducing balance
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in investments are initially measured at cost and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

THIS IS VISION LTD (FORMALLY GROW CAFE INVESTMENTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

THIS IS VISION LTD (FORMALLY GROW CAFE INVESTMENTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

THIS IS VISION LTD (FORMALLY GROW CAFE INVESTMENTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 6 -
1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 June 2022
50,490
Disposals
(50,490)
At 31 May 2023
-
0
Depreciation and impairment
At 1 June 2022
12,623
Depreciation charged in the year
9,467
Eliminated in respect of disposals
(22,090)
At 31 May 2023
-
0
Carrying amount
At 31 May 2023
-
0
At 31 May 2022
37,867
4
Investment property
2023
£
Fair value
At 1 June 2022
2,133,122
Disposals
(291,275)
At 31 May 2023
1,841,847

In the Director's opinion the cost of the company's investment property is equivalent to its fair value at both 1st June 2022 and 31st May 2023.

THIS IS VISION LTD (FORMALLY GROW CAFE INVESTMENTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
4
Investment property
(Continued)
- 7 -

 

5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
50,395
65,408
Fixed asset investments not carried at market value

Unlisted investments are stated at cost less any provision for a diminution in value.

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 June 2022 & 31 May 2023
65,408
Carrying amount
At 31 May 2023
65,408
At 31 May 2022
65,408
Error! Does not agree to TB:
50,395
Difference
15,013
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
5,862
Other debtors
58,994
346,919
58,994
352,781
7
Current asset investments
2023
2022
£
£
Other investments
6,642
6,642
THIS IS VISION LTD (FORMALLY GROW CAFE INVESTMENTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
4,501
Corporation tax
20,414
19,949
Other creditors
1,749,583
2,424,779
1,769,997
2,449,229
2023-05-312022-06-01false28 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr C D Waltonfalse062578572022-06-012023-05-31062578572023-05-31062578572022-05-3106257857core:MotorVehicles2023-05-3106257857core:MotorVehicles2022-05-3106257857core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3106257857core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3106257857core:CurrentFinancialInstruments2023-05-3106257857core:CurrentFinancialInstruments2022-05-3106257857core:ShareCapital2023-05-3106257857core:ShareCapital2022-05-3106257857core:RetainedEarningsAccumulatedLosses2023-05-3106257857core:RetainedEarningsAccumulatedLosses2022-05-3106257857bus:Director12022-06-012023-05-3106257857core:MotorVehicles2022-06-012023-05-31062578572021-06-012022-05-3106257857core:MotorVehicles2022-05-31062578572022-05-3106257857core:WithinOneYear2023-05-3106257857core:WithinOneYear2022-05-3106257857bus:PrivateLimitedCompanyLtd2022-06-012023-05-3106257857bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-3106257857bus:FRS1022022-06-012023-05-3106257857bus:AuditExemptWithAccountantsReport2022-06-012023-05-3106257857bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP