Company registration number 02310700 (England and Wales)
VISION TECHNIQUES (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
VISION TECHNIQUES (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
VISION TECHNIQUES (UK) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
30 April 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,816
9,603
Tangible assets
4
195,521
133,950
205,337
143,553
Current assets
Stocks
1,101,854
990,898
Debtors
5
2,789,844
2,637,821
Cash at bank and in hand
74,566
596,826
3,966,264
4,225,545
Creditors: amounts falling due within one year
6
(1,161,730)
(1,549,191)
Net current assets
2,804,534
2,676,354
Total assets less current liabilities
3,009,871
2,819,907
Creditors: amounts falling due after more than one year
7
(74,747)
(333,280)
Provisions for liabilities
8
(100,000)
(100,000)
Net assets
2,835,124
2,386,627
Capital and reserves
Called up share capital
9
50,000
50,000
Profit and loss reserves
2,785,124
2,336,627
Total equity
2,835,124
2,386,627
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.
VISION TECHNIQUES (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
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 02310700 (England and Wales)
VISION TECHNIQUES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Vision Techniques (UK) 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
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.
1.2
Going concern
The company finances its operations by means of a bank overdraft facilitytrue and a debt finance facility. The directors are not aware of any reason why the facilities will not be maintained at their current level. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.
1.3
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 ultimate holding company. The comparative amounts are for a year and as such may not be comparable.
1.4
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents
33.3% straight line
1.7
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
VISION TECHNIQUES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% Straight line basis
Fixtures, fittings & equipment
15% - 33.3% Straight line basis
Motor vehicles
12.5% - 25% Straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.9
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.10
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.
1.11
Financial instruments
The company has applied 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.
VISION TECHNIQUES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.12
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.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted. The company’s provision for deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.14
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.15
Warranty costs
All costs incurred in meeting the company's obligations under items sold with warranty are charged to the profit and loss account as incurred. In addition a provision is made in respect of the best estimate of costs likely to be incurred in respect of warranties sold up to the balance sheet date which have not yet been the subject of a claim under the terms of sale.
1.16
Extended warranty sales
Revenue from the sale of extended warranties is released to the profit and loss account on a straight line basis over the period covered by the extended warranty.
VISION TECHNIQUES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
2022
Number
Number
Total
33
39
3
Intangible fixed assets
Other
£
Cost
At 1 January 2023
61,909
Additions
9,416
At 30 April 2024
71,325
Amortisation and impairment
At 1 January 2023
52,306
Amortisation charged for the Period
9,203
At 30 April 2024
61,509
Carrying amount
At 30 April 2024
9,816
At 31 December 2022
9,603
VISION TECHNIQUES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
1,326,829
Additions
191,322
Disposals
(75,988)
At 30 April 2024
1,442,163
Depreciation and impairment
At 1 January 2023
1,192,879
Depreciation charged in the Period
87,232
Eliminated in respect of disposals
(33,469)
At 30 April 2024
1,246,642
Carrying amount
At 30 April 2024
195,521
At 31 December 2022
133,950
The net book value of assets acquired under hire purchase contracts is £161,164 (2022: £78,537). Depreciation charged in the period on these assets is £63,345 (2022: £12,929).
5
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
850,008
758,043
Amounts owed by group undertakings
1,904,729
1,856,341
Other debtors
35,107
23,437
2,789,844
2,637,821
6
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans and overdrafts
264,822
732,219
Trade creditors
100,358
163,320
Taxation and social security
535,566
461,189
Other creditors
260,984
192,463
1,161,730
1,549,191
VISION TECHNIQUES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
6
Creditors: amounts falling due within one year
(Continued)
- 8 -
Included within bank loans and overdrafts is an amount owing in respect of the debt factoring facility of £264,822 (2022: £632,219). The debt factoring creditor is secured by a fixed and floating charge over the company's assets.
The directors have provided a personal guarantee to the debt factoring provider in the amount of £50,000.
Obligations under hire purchase contracts of £55,880 (2022 - £20,625) are included in other creditors and are secured upon the assets to which they relate.
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 ultimate holding company, VT Group Holdings Limited, which are £1,558,215 at the period end. There is no comparative for the prior year.
7
Creditors: amounts falling due after more than one year
2024
2022
Notes
£
£
Bank loans and overdrafts
287,500
Obligations under finance leases
74,747
45,780
74,747
333,280
Obligations under hire purchase contracts of £74,747 (2022 - £45,870) are included in other creditors and are secured upon the assets to which they relate.
8
Provisions for liabilities
2024
2022
£
£
Warranty and rectification reserve
100,000
100,000
9
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