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REGISTERED NUMBER: SC271133 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Visions (Cumnock) Limited

Visions (Cumnock) Limited (Registered number: SC271133)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Visions (Cumnock) Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mrs F Nolan
Mrs J H Jagodowski
Mrs K C Hannah
Mrs A Y W Arthur
K Russell



SECRETARY: Mrs J H Jagodowski



REGISTERED OFFICE: Auchinleck Road
Cumnock
Ayrshire
KA18 1AN



REGISTERED NUMBER: SC271133 (Scotland)



ACCOUNTANTS: WR Accountants
Bank Chambers
31 The Square
Cumnock
Ayrshire
KA18 1AT



SOLICITORS: DW Shaw
1 The Square
Cumnock
Ayrshire
KA18 1BQ

Visions (Cumnock) Limited (Registered number: SC271133)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,733 1,733
Tangible assets 5 40,837 48,319
42,570 50,052

CURRENT ASSETS
Stocks 4,385 -
Debtors 6 157,335 46,210
Cash at bank and in hand 17,749 8,734
179,469 54,944
CREDITORS
Amounts falling due within one year 7 154,233 97,415
NET CURRENT ASSETS/(LIABILITIES) 25,236 (42,471 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

67,806

7,581

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 67,706 7,481
SHAREHOLDERS' FUNDS 67,806 7,581

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Visions (Cumnock) Limited (Registered number: SC271133)

Balance Sheet - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2024 and were signed on its behalf by:




Mrs K C Hannah - Director



Mrs J H Jagodowski - Director


Visions (Cumnock) Limited (Registered number: SC271133)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Visions (Cumnock) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on the going concern basis. The operating future of the company is dependant upon continuing grant assistance for the medium and long term. At present funding has ben secured of £122,380 in the year to 31 March 2023. Going forward funding will be secured to 31 March 2024 from East Ayrshire Council.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Covid-19
Covid 19 is one of the most significant economic events for the UK, and at this date its effects are subject to unprecedented levels of uncertainty of outcomes, with the full range of possible effects unknown.
Whilst the Trustees believe that the business will not be significantly affected by the pandemic no organisation should be expected to predict the unknowable factors or all possible future implications for its business and this is particularly the case in relation to Covid 19.

Turnover
Turnover represents memberships and admissions to the facility, sale of related goods and confectionary, net of value added tax

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Property improvements4% straight line
Plant and machinery 15% reducing balance and 10% straight line
Computer equipment 33 1/3 straight line
Fixtures, furniture and equipment 15% reducing balance and 10% straight line

A review of impairment is carried out at each reporting date. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Visions (Cumnock) Limited (Registered number: SC271133)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Stocks
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it os probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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

Pension costs and other post retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

Visions (Cumnock) Limited (Registered number: SC271133)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022
and 31 March 2023 2,600
AMORTISATION
At 1 April 2022
and 31 March 2023 867
NET BOOK VALUE
At 31 March 2023 1,733
At 31 March 2022 1,733

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 5,522 192,434 197,956
DEPRECIATION
At 1 April 2022 1,945 147,692 149,637
Charge for year 221 7,371 7,592
Eliminated on disposal (110 ) - (110 )
At 31 March 2023 2,056 155,063 157,119
NET BOOK VALUE
At 31 March 2023 3,466 37,371 40,837
At 31 March 2022 3,577 44,742 48,319

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 7,633 6,643
Amounts owed by group undertakings 476 7,957
Other debtors 149,226 31,610
157,335 46,210

Visions (Cumnock) Limited (Registered number: SC271133)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 137,993 79,057
Taxation and social security 4,878 8,780
Other creditors 11,362 9,578
154,233 97,415

8. RELATED PARTY DISCLOSURES

The company paid £Nil (£Nil : 2022) to its parent company, Cumnock and District Leisure Group, in respect of the lease of the leisure facilities for the year to 31 March 2023.

A donation of £Nil (2022 £22,640) was received from the Cumnock & District Leisure Group to assist with running costs of the facility/purchase of new assets

At the year end there were amounts outstanding to Cumnock and District Leisure Group of £476 (2022: £7,957)

9. ULTIMATE CONTROLLING PARTY

Cumnock and District Leisure Group is regarded by the directors as being the company's ultimate controlling party.

10. FUTURE FUNDING

A funding agreement is currently in place between the company and East Ayrshire Council for the year ended 31 March 2023. East Ayrshire Council have put forward a proposal to fund the company to 31 March 2024. The future of the company beyond that date will be dependant upon further funding agreements being reached and the level of self sufficiency attained. The directors are hopeful that future funding will be forthcoming for the following years.