Visionacre Limited 01583487 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of property dealers. Digita Accounts Production Advanced 6.30.9574.0 true true 01583487 2023-04-01 2024-03-31 01583487 2024-03-31 01583487 bus:OrdinaryShareClass1 2024-03-31 01583487 core:CurrentFinancialInstruments 2024-03-31 01583487 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01583487 bus:SmallEntities 2023-04-01 2024-03-31 01583487 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01583487 bus:FilletedAccounts 2023-04-01 2024-03-31 01583487 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01583487 bus:RegisteredOffice 2023-04-01 2024-03-31 01583487 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 01583487 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 01583487 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01583487 countries:EnglandWales 2023-04-01 2024-03-31 01583487 2023-03-31 01583487 2022-04-01 2023-03-31 01583487 2023-03-31 01583487 bus:OrdinaryShareClass1 2023-03-31 01583487 core:CurrentFinancialInstruments 2023-03-31 01583487 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01583487

Visionacre Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Visionacre Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Visionacre Limited

(Registration number: 01583487)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

201,316

201,316

Current assets

 

Debtors

5

299,091

284,745

Cash at bank and in hand

 

108,523

21,378

 

407,614

306,123

Creditors: Amounts falling due within one year

6

(194,239)

(112,395)

Net current assets

 

213,375

193,728

Net assets

 

414,691

395,044

Capital and reserves

 

Called up share capital

7

20

20

Profit and loss account

414,671

395,024

Shareholders' funds

 

414,691

395,044

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 August 2024 and signed on its behalf by:
 

.........................................
D J Birn
Company secretary and director

 

Visionacre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Northwood Lodge Oak Hill Park
London
NW3 7LL

These financial statements were authorised for issue by the Board on 7 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling, which is the functional currency of the company. Monetary amounts in the financial statements are rounded to the nearest Pound (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Revenue represents rent receivable and is recognised when rent is due.

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Visionacre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Visionacre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Investment properties

2024
£

At 1 April

201,316

At 31 March

201,316

The investment property was acquired at the open market value in 2015 and the directors do not consider there to be any material changes in the market value at 31 March 2024.

5

Debtors

Current

2024
£

2023
£

Other debtors

299,091

284,745

 

299,091

284,745

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

4,609

5,398

Accruals and deferred income

2,700

2,400

Other creditors

186,930

104,597

194,239

112,395

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

20

20

20

20

       

8

Related party transactions

Included in other creditors is an amount of £44,369 (2023 - £64,089) due to the directors of the company. This loan is provided interest free and is unsecured. There are no formal terms or conditions regarding its repayment.