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REGISTERED NUMBER: 01562332 (England and Wales)















Family Vision Limited

Unaudited Financial Statements for the Year Ended 31 December 2023






Family Vision Limited (Registered number: 01562332)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Family Vision Limited

Company Information
for the Year Ended 31 December 2023







Directors: R Hopkins
D J Martin
C L Monk
J R Phillips
D G Phillips
A M Wilkins
H Phillips





Registered office: 93 Commercial St
Tredegar
Gwent
NP22 3DN





Registered number: 01562332 (England and Wales)





Accountants: Haines Watts Wales LLP
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

Family Vision Limited (Registered number: 01562332)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 44,991 54,739
Investments 6 1,390 1,390
46,381 56,129

Current assets
Stocks 125,232 135,946
Debtors 7 6,380,399 6,379,373
Cash at bank 64,423 38,135
6,570,054 6,553,454
Creditors
Amounts falling due within one year 8 (88,361 ) (111,232 )
Net current assets 6,481,693 6,442,222
Total assets less current liabilities 6,528,074 6,498,351

Creditors
Amounts falling due after more than one
year

9

(39,890

)

(35,222

)
Net assets 6,488,184 6,463,129

Capital and reserves
Called up share capital 12 1,000 1,000
Retained earnings 6,487,184 6,462,129
Shareholders' funds 6,488,184 6,463,129

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 4 April 2024 and were signed on its behalf by:




R Hopkins - Director


Family Vision Limited (Registered number: 01562332)

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

1. Statutory information

Family Vision Limited is a private company, limited by shares , registered in England and Wales. 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.

Preparation of consolidated financial statements
The company's ultimate parent undertaking is Family Finance Limited, it includes this company in its consolidated financial statements. The consolidated financial statements of Family Finance Limited are available to the public and may be obtained from the company's registered address; 93 Commercial Street, Tredegar, Gwent.

Critical accounting judgements and key sources of estimation uncertainty
Critical accounting judgements in applying the Company's accounting policies and key sources of estimation uncertainty.There are no judgements made by the directors, in the application of the accounting policies that have significant effect on the financial statements or significant areas of estimation uncertainty that may cause material adjustments to the carrying values of assets or liabilities within the next financial year within the Company's accounts.

Turnover
Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers during the year. Income is recognised when substantially all of the risks and rewards of ownership have passed to the customer, generally being at the point of sale.

Income relating to maintenance of goods sold is treated as deferred income and released to the profit and loss account over the period of the maintenance obligation.

Interest receivable
Interest is received on the intercompany balance. Interest is recognised when it accrues using the effective interest method.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - Straight line over 10 years
Motor vehicles - Straight line over 4 years
Computer equipment - Straight line over 3 to 5 years

The company's policy is to capitalise individual assets over £2,400.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is based on the weighted average principle and includes expenditure incurred in acquiring the stocks and costs incurred in bringing them to their existing location and condition.

Stock is assessed at each reporting date by management to determine whether there is objective evidence that it is impaired. Stock is impaired if objective evidence indicated that a loss event has occurred after the initial recognition of the asset and that the loss event had a negative effect on the estimated future cash flow of that asset that can be estimated reliably.


Family Vision Limited (Registered number: 01562332)

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

2. Accounting policies - continued
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
A defined contribution plan is a post-employment benefit plan under which the company pays fixed into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

Going concern
As at 31 December 2023, the company had net current assets of £6,481,693, net assets of £6,488,184 and reported a profit before tax for the year then ended of £32,724. The directors have prepared the financial statements on a going concern basis which they consider to be appropriate for the following reasons.

The directors have prepared cashflow forecasts for a period of at least 12 months from the date of approval of these financial statements, which indicate that, taking account of the ongoing impact of the Cost-of-Living crisis and a severe plausible downside, the company will have sufficient funds to meet its liabilities as they fall due for that period.

Retail sales, similar to trends seen across the UK, suffered as a result of the Cost-of-Living crisis. During the financial period, the business has undertaken further investment in improving its marketing strategy, as well as continuing the expansion of the range of products available to customers. Albeit turnover shrank 23.8% compared to the prior year, the business has seen, and is still seeing at the date of this report, increasing levels of website traffic and enquiries for new business. The business expects that the current difficult economic conditions will remain prevalent during the majority of the next financial period. However, with an ever-growing customer reach, the business expects to, at a minimum, sustain the level of turnover the next financial period.

The company participates in the group's centralised treasury arrangements and so shares banking arrangements with its parent, Family Finance Limited. In addition, the company has a receivable balance due from Family Finance Limited of £6,353,111. Family Finance Limited has indicated its ongoing intention to make these funds available for draw down as are needed by the company for the period covered by the forecasts. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although at the date of approval of these financial statements, they have no reason to believe that it will not do so.

3. Employees and directors

The average number of employees during the year was 9 (2022 - 12 ) .

Family Vision Limited (Registered number: 01562332)

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

4. Intangible fixed assets
Computer
software
£   
Cost
At 1 January 2023
and 31 December 2023 34,602
Amortisation
At 1 January 2023
and 31 December 2023 34,602
Net book value
At 31 December 2023 -
At 31 December 2022 -

5. Tangible fixed assets
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Cost
At 1 January 2023 19,147 56,451 18,417 94,015
Additions - - 5,700 5,700
At 31 December 2023 19,147 56,451 24,117 99,715
Depreciation
At 1 January 2023 5,112 22,346 11,818 39,276
Charge for year 1,914 10,696 2,838 15,448
At 31 December 2023 7,026 33,042 14,656 54,724
Net book value
At 31 December 2023 12,121 23,409 9,461 44,991
At 31 December 2022 14,035 34,105 6,599 54,739

6. Fixed asset investments
Shares in
group
undertakings
£   
Cost
At 1 January 2023
and 31 December 2023 1,390
Net book value
At 31 December 2023 1,390
At 31 December 2022 1,390

7. Debtors: amounts falling due within one year
2023 2022
£    £   
Amounts owed by group undertakings 6,353,111 6,354,416
Other debtors 1,292 1,259
Deferred tax asset 4,364 3,296
Prepayments 21,632 20,402
6,380,399 6,379,373

Family Vision Limited (Registered number: 01562332)

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

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Hire purchase contracts (see note 10) 11,770 28,226
Trade creditors 51,353 8,765
Tax 8,737 8,897
Social security and other taxes 6,148 9,290
Accrued expenses 10,353 56,054
88,361 111,232

9. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Hire purchase contracts (see note 10) 4,668 -
Accruals and deferred income 35,222 35,222
39,890 35,222

10. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 11,770 28,226
Between one and five years 4,668 -
16,438 28,226

Non-cancellable operating leases
2023 2022
£    £   
Within one year 48,214 41,854
Between one and five years 172,321 152,000
In more than five years 160,000 190,000
380,535 383,854

11. Deferred tax
£   
Balance at 1 January 2023 (3,296 )
Credit to Income Statement during year (1,068 )
Balance at 31 December 2023 (4,364 )

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary 1 1,000 1,000

13. Pension commitments

The company operates a defined contribution pension scheme for certain employees of the company. The assets of the scheme are held separately from those of the company. Contributions to the scheme are determined by the directors. Contributions to the scheme for the year were £4,160 (2022: £6,079).

Family Vision Limited (Registered number: 01562332)

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

14. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, the company participated in the following transactions with related parties:

Party Relationship Transaction 2023 202
£ £
Family Finance Executive
Pension Scheme
Group Pension Scheme Property Rentals payable 40,000 38,000

15. Ultimate controlling party

The ultimate controlling party is J R Phillips.