Company registration number 03694037 (England and Wales)
VISION TECHNIQUES (GROUP) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
VISION TECHNIQUES (GROUP) LIMITED
COMPANY INFORMATION
Directors
Mr D Smith
(Appointed 8 February 2024)
Miss S Taylor
(Appointed 8 February 2024)
Company number
03694037
Registered office
Phoenix House
Phoenix Park
Blakewater Road
Blackburn
BB1 5SJ
Accountants
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Bankers
Lloyds Bank Plc
Church Street
Blackburn
Lancashire
BB2 1JQ
VISION TECHNIQUES (GROUP) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
VISION TECHNIQUES (GROUP) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
30 April 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Investments
3
50,078
50,078
Current assets
Debtors
5
2,661,872
2,381,201
Cash at bank and in hand
1,867
1,867
2,663,739
2,383,068
Creditors: amounts falling due within one year
6
(2,082,423)
(2,183,450)
Net current assets
581,316
199,618
Net assets
631,394
249,696
Capital and reserves
Called up share capital
7
50,000
50,000
Profit and loss reserves
581,394
199,696
Total equity
631,394
249,696

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
Miss S Taylor
Director
Company registration number 03694037 (England and Wales)
VISION TECHNIQUES (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Vision Techniques (Group) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Phoenix House, Phoenix Park, Blakewater Road, Blackburn, BB1 5SJ.

1.1
Reporting period

The company has changed its accounting period end by extending the current period by four months creating a 16 month period. The current period has been extended in order to align it with that of its holding company. The comparative amounts are for a year and as such may not be comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.3
Going concern

Vision Techniques (Group) Limited has no independent source of income and is solely reliant upon the financial support of its 100% owned subsidiary, Vision Techniques (UK) Limited. The company and its subsidiary have the same directors and control and the trades of the two companies are dependent on each other. The subsidiary has provided finance for the company and the directors have confirmed that this will continue. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

VISION TECHNIQUES (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

VISION TECHNIQUES (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was 2 (2022 - 2).

2024
2022
Number
Number
Total
2
2
3
Fixed asset investments
2024
2022
£
£
Shares in group undertakings and participating interests
50,078
50,078
4
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Indirect
Reverse Aid Techniques Limited
1
Dormant
Ordinary
100.00
0
Side Vision Limited
1
Dormant
Ordinary
100.00
0
Vehicle Sensor Vision Techniques Limited
1
Dormant
Ordinary
100.00
0
Vision Techniques (CCTV) Limited
1
Dormant
Ordinary
70.00
0
Vision Techniques (International) Limited
1
Dormant
Ordinary
100.00
0
Vision Techniques (UK) Limited
1
Sales of vehicle reversing systems and CCTV systems
Ordinary
100.00
0
Registered Office addresses:
1
Phoenix House, Phoenix Park, Blakewater Road, Blackburn BB1 5SJ
5
Debtors
2024
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,114,238
-
0
Other debtors
547,634
2,381,201
2,661,872
2,381,201
VISION TECHNIQUES (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2022
£
£
Amounts owed to group undertakings
1,895,131
1,856,347
Taxation and social security
187,292
327,103
2,082,423
2,183,450

The company has given fixed and floating charges which cover all the property and undertaking of the company. The charges are given as security for outstanding loans of the holding company, VT Group Holdings Limited, which are £1,558,215 at the period end. There is no comparative for the prior year.

7
Called up share capital
2024
2022
£
£
Ordinary share capital
Issued and fully paid
50,000 Ordinary shares of £1 each
50,000
50,000
50,000
50,000
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