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Registration number: 08587970

DV Vision Limited

Annual Report and Unaudited Financial Statements

for the Period from 24 December 2021 to 31 December 2022

 

DV Vision Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

DV Vision Limited

Company Information

Director

Mr P S Brimble

Registered office

2530 Aztec West
Aztec West
Almondsbury
Bristol
BS32 4TD

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

DV Vision Limited

(Registration number: 08587970)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

3

1,170

1,560

Tangible assets

4

19,136

22,413

 

20,306

23,973

Current assets

 

Stocks

5

6,644

7,588

Debtors

6

41,011

66,269

Cash at bank and in hand

 

6,130

3,866

 

53,785

77,723

Creditors: Amounts falling due within one year

7

(96,853)

(79,917)

Net current liabilities

 

(43,068)

(2,194)

Total assets less current liabilities

 

(22,762)

21,779

Creditors: Amounts falling due after more than one year

7

(11,916)

(14,539)

Net (liabilities)/assets

 

(34,678)

7,240

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

(35,678)

6,240

Shareholders' (deficit)/funds

 

(34,678)

7,240

For the financial period ending 31 December 2022 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 accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

DV Vision Limited

(Registration number: 08587970)
Balance Sheet as at 31 December 2022

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 August 2024
 

.........................................
Mr P S Brimble
Director

 

DV Vision Limited

Notes to the Unaudited Financial Statements for the Period from 24 December 2021 to 31 December 2022

1

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.

Revenue recognition

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 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 income 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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

DV Vision Limited

Notes to the Unaudited Financial Statements for the Period from 24 December 2021 to 31 December 2022

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

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% 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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

DV Vision Limited

Notes to the Unaudited Financial Statements for the Period from 24 December 2021 to 31 December 2022

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 3 (2021 - 3).

 

DV Vision Limited

Notes to the Unaudited Financial Statements for the Period from 24 December 2021 to 31 December 2022

3

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 24 December 2021

3,900

3,900

At 31 December 2022

3,900

3,900

Amortisation

At 24 December 2021

2,340

2,340

Amortisation charge

390

390

At 31 December 2022

2,730

2,730

Carrying amount

At 31 December 2022

1,170

1,170

At 23 December 2021

1,560

1,560

 

DV Vision Limited

Notes to the Unaudited Financial Statements for the Period from 24 December 2021 to 31 December 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 24 December 2021

738

25,999

2,287

29,024

Additions

762

-

157

919

At 31 December 2022

1,500

25,999

2,444

29,943

Depreciation

At 24 December 2021

184

4,730

1,697

6,611

Charge for the period

329

3,679

188

4,196

At 31 December 2022

513

8,409

1,885

10,807

Carrying amount

At 31 December 2022

987

17,590

559

19,136

At 23 December 2021

554

21,269

590

22,413

5

Stocks

2022
£

2021
£

Other inventories

6,644

7,588

6

Debtors

2022
£

2021
£

Trade debtors

22,348

25,216

Prepayments

643

683

Other debtors

18,020

40,370

41,011

66,269

 

DV Vision Limited

Notes to the Unaudited Financial Statements for the Period from 24 December 2021 to 31 December 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

2,861

2,861

Trade creditors

 

5,734

20,084

Taxation and social security

 

80,694

50,736

Accruals and deferred income

 

5,100

2,000

Other creditors

 

2,464

4,236

 

96,853

79,917

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

11,916

14,539

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary £1 shares of £1 each

1,000

1,000

1,000

1,000

         
 

DV Vision Limited

Notes to the Unaudited Financial Statements for the Period from 24 December 2021 to 31 December 2022

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Finance lease liabilities

11,916

14,539

2022
£

2021
£

Current loans and borrowings

Finance lease liabilities

2,861

2,861

10

Related party transactions

Loans to related parties

2022

Key management
£

Total
£

At start of period

31,750

31,750

Advanced

14,770

14,770

Repaid

(37,117)

(37,117)

At end of period

9,403

9,403

2021

Key management
£

Total
£

At start of period

40,026

40,026

Advanced

5,836

5,836

Repaid

(14,112)

(14,112)

At end of period

31,750

31,750