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Registration number: 11907837

Vision Develop Ltd

Unaudited Financial Statements

for the Year Ended 30 March 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Vision Develop Ltd

Statement of Financial Position as at 30 March 2024

Note

2024
£

2023
£

Current assets

 

Debtors

5

92,537

94,138

Cash at bank and in hand

 

812

1,186

 

93,349

95,324

Creditors: Amounts falling due within one year

6

(113,551)

(110,982)

Net liabilities

 

(20,202)

(15,658)

Capital and reserves

 

Called up share capital

120

120

Retained earnings

(20,322)

(15,778)

Shareholders' deficit

 

(20,202)

(15,658)

For the financial year ending 30 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 9 August 2024 and signed on its behalf by:
 

.........................................

Mr A R Court

Director

Company registration number: 11907837

 

Vision Develop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 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:
c/o Brebners
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of property development.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a loss for the year ended 30 March 2024 and had net liabilities at that date amounting to £20,202.

The company has few fixed overheads and funds its development activities with loans from certain shareholders and a related undertaking to whom a combined amount of £110,101 was due at 30 March 2024. Both have confirmed that they will continue to provide support and not call for repayment until the company has sufficient working capital.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from property development services provided in the ordinary course of the company's activities. Turnover is shown net of sales, returns, rebates and discounts.

The company recognises revenue based upon the contractual stage of completion.

 

Vision Develop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

Tax

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

3 years straight line

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.

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 during the year, was 0 (2023 - 0).

 

Vision Develop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 31 March 2023

2,735

2,735

At 30 March 2024

2,735

2,735

Depreciation

At 31 March 2023

2,735

2,735

At 30 March 2024

2,735

2,735

Carrying amount

At 30 March 2024

-

-

5

Debtors

2024
£

2023
£

Trade debtors

62,250

62,250

Other debtors

30,287

31,888

92,537

94,138

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

-

181

Accruals and deferred income

1,250

2,500

Other creditors

112,301

108,301

113,551

110,982