14 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 41,269 4,772 14,085 31,956 33,169 7,564 14,086 26,647 5,309 8,100 xbrli:pure xbrli:shares iso4217:GBP 07676200 2023-01-01 2023-12-31 07676200 2023-12-31 07676200 2022-12-31 07676200 2022-01-01 2022-12-31 07676200 2022-12-31 07676200 2021-12-31 07676200 core:PlantMachinery 2023-01-01 2023-12-31 07676200 core:MotorVehicles 2023-01-01 2023-12-31 07676200 bus:RegisteredOffice 2023-01-01 2023-12-31 07676200 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 07676200 bus:Director5 2023-01-01 2023-12-31 07676200 core:PlantMachinery 2022-12-31 07676200 core:PlantMachinery 2023-12-31 07676200 core:WithinOneYear 2023-12-31 07676200 core:WithinOneYear 2022-12-31 07676200 core:ShareCapital 2023-12-31 07676200 core:ShareCapital 2022-12-31 07676200 core:CapitalRedemptionReserve 2023-12-31 07676200 core:CapitalRedemptionReserve 2022-12-31 07676200 core:RetainedEarningsAccumulatedLosses 2023-12-31 07676200 core:RetainedEarningsAccumulatedLosses 2022-12-31 07676200 core:PlantMachinery 2022-12-31 07676200 bus:SmallEntities 2023-01-01 2023-12-31 07676200 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07676200 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07676200 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07676200 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 07676200
LOCUM VISION LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
LOCUM VISION LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3 to 6
LOCUM VISION LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
H J Sutherland
Registered office
Hersham Farm House
Hersham Farm Business Park
Longcross Road, Longcross
Chertsey
Surrey
United Kingdom
KT16 0DN
Accountants
TC BSG Valentine Limited
Chartered Accountants
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
LOCUM VISION LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
5,309
8,100
CURRENT ASSETS
Debtors
6
2,354,875
2,839,571
CREDITORS: amounts falling due within one year
7
2,253,895
2,814,533
------------
------------
NET CURRENT ASSETS
100,980
25,038
---------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
106,289
33,138
---------
--------
NET ASSETS
106,289
33,138
---------
--------
CAPITAL AND RESERVES
Called up share capital
12
12
Capital redemption reserve
88
88
Profit and loss account
106,189
33,038
---------
--------
SHAREHOLDERS FUNDS
106,289
33,138
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
H J Sutherland
Director
Company registration number: 07676200
LOCUM VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hersham Farm House, Hersham Farm Business Park, Longcross Road, Longcross, Chertsey, Surrey, KT16 0DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
Motor Vehicles
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 21 ).
5. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 January 2023
41,269
41,269
Additions
4,772
4,772
Disposals
( 14,085)
( 14,085)
--------
--------
At 31 December 2023
31,956
31,956
--------
--------
Depreciation
At 1 January 2023
33,169
33,169
Charge for the year
7,564
7,564
Disposals
( 14,086)
( 14,086)
--------
--------
At 31 December 2023
26,647
26,647
--------
--------
Carrying amount
At 31 December 2023
5,309
5,309
--------
--------
At 31 December 2022
8,100
8,100
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
2,329,852
2,838,188
Other debtors
25,023
1,383
------------
------------
2,354,875
2,839,571
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,540,319
1,989,466
Trade creditors
28,693
21,108
Corporation tax
27,904
95,014
Social security and other taxes
92,657
172,138
Other creditors
564,322
536,807
------------
------------
2,253,895
2,814,533
------------
------------