Registered number
06061640
VISIONARY PROPERTIES LTD
Filleted Accounts
31 March 2023
VISIONARY PROPERTIES LTD
Registered number: 06061640
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 6,321 8,428
Current assets
Stocks 4,179,237 4,179,237
Debtors 4 141,492 200,130
Cash at bank and in hand 137,559 6,207
4,458,288 4,385,574
Creditors: amounts falling due within one year 5 (980,272) (999,926)
Net current assets 3,478,016 3,385,648
Total assets less current liabilities 3,484,337 3,394,076
Creditors: amounts falling due after more than one year 6 (2,583,685) (2,571,893)
Net assets 900,652 822,183
Capital and reserves
Called up share capital 100 100
Profit and loss account 900,552 822,083
Shareholder's funds 900,652 822,183
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.
A Brown
Director
Approved by the board on 29 March 2024
VISIONARY PROPERTIES LTD
Notes to the Accounts
for the year ended 31 March 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).
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset by reducing balance method, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment over 5 years
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 23,037 37,645 60,682
At 31 March 2023 23,037 37,645 60,682
Depreciation
At 1 April 2022 18,925 33,329 52,254
Charge for the year 1,028 1,079 2,107
At 31 March 2023 19,953 34,408 54,361
Net book value
At 31 March 2023 3,084 3,237 6,321
At 31 March 2022 4,112 4,316 8,428
4 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 112,607 173,772
Holding Deposit 28,885 26,358
141,492 200,130
5 Creditors: amounts falling due within one year 2023 2022
£ £
Director's current account 946,905 946,905
Taxation and social security costs 29,737 48,971
Other creditors 3,630 4,050
980,272 999,926
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 2,515,221 2,522,780
Other creditors 68,464 49,113
2,583,685 2,571,893
7 Other information
VISIONARY PROPERTIES LTD is a private company limited by shares and incorporated in England. Its registered office is:
52 Tulse Hill
London
SW2 2PS
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