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Registered number: 02479238









VISION PARK MANAGEMENT LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2023






































Whitings LLP
Chartered Accountants
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY

 
VISION PARK MANAGEMENT LIMITED
 
 
COMPANY INFORMATION


Directors
R Coote 
I W Gatiss 




Company secretary
HS Secretarial Limited



Registered number
02479238



Registered office
50/60 Station Road

Cambridge

CB1 2JH




Independent auditors
Whitings LLP

Greenwood House

Greenwood Court

Skyliner Way

Bury St Edmunds

Suffolk

IP32 7GY




Bankers
Barclays Bank PLC
9-11 St Andrew's Street

Cambridge

CB2 3AA





 
VISION PARK MANAGEMENT LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Statement of Cash Flows
11
Analysis of Net Debt
12
Notes to the Financial Statements
13 - 24


 
VISION PARK MANAGEMENT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 24 DECEMBER 2023

Business review
 
The principal activity of the company is the management of Vision Park, a business park in Cambridge, and there have been no changes in the year.
The company incurs costs relating to the maintenance and upkeep of the buildings and recharges this to the tenants by way of a service charge, therefore recognising neither a profit or loss before tax in the accounts.

Principal risks and uncertainties
 
The principal risk to the company is for a freeholder (who are all shareholders in the company) being unable to meet the recharge of costs under the service charge agreement. However, this is not the case in the current financial year and is not deemed to be a significant risk going forward.

Financial key performance indicators
 
The key performance indicator for the company is turnover comprising the service charge income and that this covers the expenditure incurred during the year.

Directors' statement of compliance with duty to promote the success of the Company
 
The directors' are committed to the long term success of the Company in accordance with section 172 of the Companies Act 2006. The directors consider the needs and priorities of the company's stakeholders and this is factored into decisions made by the Board and includes engagement with stakeholders where appropriate and proportionate.


This report was approved by the board and signed on its behalf.



R Coote
Director

Date: 4 October 2024

Page 1

 
VISION PARK MANAGEMENT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 24 DECEMBER 2023

The directors present their report and the financial statements for the year ended 24 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £31,250 (2022 - £NIL).

The directors do not propose the payment of a dividend.

Directors

The directors who served during the year were:

R Coote 
I W Gatiss 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 2

 
VISION PARK MANAGEMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 24 DECEMBER 2023

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditors, Whitings LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





R Coote
Director

Date: 4 October 2024

Page 3

 
VISION PARK MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VISION PARK MANAGEMENT LIMITED
 

Opinion


We have audited the financial statements of Vision Park Management Limited (the 'Company') for the year ended 24 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 24 December 2023 and of its result for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
VISION PARK MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VISION PARK MANAGEMENT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
VISION PARK MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VISION PARK MANAGEMENT LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Enquiry of management about any known or suspected instances of non-compliance with laws and regulations, and fraud;
Enquiry of management around actual and potential litigation and claims;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Challenging assumptions and judgements made by management in their significant accounting estimates; and 
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the course of normal business.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 6

 
VISION PARK MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VISION PARK MANAGEMENT LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jaimie King (Senior Statutory Auditor)
  
for and on behalf of
Whitings LLP
 
Statutory Auditor
  
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY

4 October 2024
Page 7

 
VISION PARK MANAGEMENT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 24 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
176,080
140,913

Gross profit
  
176,080
140,913

Administrative expenses
  
(184,135)
(149,752)

Other operating income
 5 
6,390
8,520

Operating loss
  
(1,665)
(319)

Interest receivable and similar income
 8 
1,665
319

Profit before tax
  
-
-

Tax on profit
 9 
31,250
-

Profit for the financial year
  
31,250
-

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

The notes on pages 13 to 24 form part of these financial statements.

Page 8

 
VISION PARK MANAGEMENT LIMITED
REGISTERED NUMBER: 02479238

STATEMENT OF FINANCIAL POSITION
AS AT 24 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
3
125,002

Investment property
 11 
85,200
85,200

  
85,203
210,202

Current assets
  

Debtors: amounts falling due within one year
 12 
41,468
20,608

Cash at bank and in hand
 13 
4,430
100,225

  
45,898
120,833

Creditors: amounts falling due within one year
 14 
(45,798)
(120,733)

Net current assets
  
 
 
100
 
 
100

Total assets less current liabilities
  
85,303
210,302

Provisions for liabilities
  

Deferred tax
 16 
(21,301)
(52,551)

  
 
 
(21,301)
 
 
(52,551)

Net assets
  
64,002
157,751


Capital and reserves
  

Called up share capital 
 17 
100
100

Revaluation reserve
 18 
63,902
157,651

Profit and loss account
 18 
-
-

  
64,002
157,751


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



R Coote
Director

Date: 4 October 2024

The notes on pages 13 to 24 form part of these financial statements.

Page 9

 
VISION PARK MANAGEMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 24 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 25 December 2021
100
157,651
-
157,751

Profit/(Loss) for the year
-
-
-
-



At 25 December 2022
100
157,651
-
157,751



Profit for the year
-
-
31,250
31,250

Movements on revaluation - note 10
-
(124,999)
-
(124,999)

Transfer to revaluation reserve
-
-
(31,250)
(31,250)

Transfer from profit and loss account
-
31,250
-
31,250


At 24 December 2023
100
63,902
-
64,002


The notes on pages 13 to 24 form part of these financial statements.

Page 10

 
VISION PARK MANAGEMENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 24 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
31,250
-

Adjustments for:

Interest received
(1,665)
(319)

Taxation charge
(31,250)
-

(Increase)/decrease in debtors
(20,860)
15,396

(Decrease)/increase in creditors
(74,935)
24,214

Net cash generated from operating activities

(97,460)
39,291


Cash flows from investing activities

Interest received
1,665
319

Net cash from investing activities

1,665
319


Net (decrease)/increase in cash and cash equivalents
(95,795)
39,610

Cash and cash equivalents at beginning of year
100,225
60,615

Cash and cash equivalents at the end of year
4,430
100,225


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,430
100,225

4,430
100,225


The notes on pages 13 to 24 form part of these financial statements.

Page 11

 
VISION PARK MANAGEMENT LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 24 DECEMBER 2023




At 25 December 2022
Cash flows
At 24 December 2023
£

£

£

Cash at bank and in hand

100,225

(95,795)

4,430


The notes on pages 13 to 24 form part of these financial statements.

Page 12

 
VISION PARK MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2023

1.


General information

Vision Park Management Limited is a private company, limited by shares and incorporated in England and Wales. The registered office is 50/60 Station Road, Cambridge, CB1 2JH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 13

 
VISION PARK MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
100% straight line
Other fixed assets
-
NIL

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

The statue was previously stated at directors' valuation, in conjunction with the insurance replacement value. In view of the nature of the asset no depreciation had been charged. The directors have assessed this policy and are now holding this at cost. Further details can be found in note 10.

 
2.4

Investment property

Investment property is carried at fair value determined annually by the directors. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 14

 
VISION PARK MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 15

 
VISION PARK MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 16

 
VISION PARK MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are addressed below.
Investment properties
Investment properties are valued annually by the directors. There is, however, an inevitable degree of judgment involved in that each property is unique and the value can only ultimately be reliably tested in the market itself.


4.


Turnover

The whole of the turnover is attributable to the company's principal activity.

All turnover arose within the United Kingdom.

Page 17

 
VISION PARK MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Net rents receivable
6,390
8,520


COVID-19 related rent concessions of £2,130 (2022 - £NIL) were granted during the year.


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
3,100
2,150

Fees payable to the Company's auditors and their associates in respect of:

All non-audit services not included above
900
850


7.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).






8.


Interest receivable

2023
2022
£
£


Bank interest receivable
1,665
319

Page 18

 
VISION PARK MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2023

9.


Taxation


2023
2022
£
£

Current tax


Current tax on profits for the year
-
-

Deferred tax


Movements in deferred tax on revaluation - note 10
(31,250)
-

Total deferred tax
(31,250)
-


Taxation on (loss)/profit on ordinary activities
(31,250)
-

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 19-25% (2022 - 19%).



Factors that may affect future tax charges

The main rate of UK corporation tax increased from 19% to a rate between 19% and 25% with effect from 1 April 2023. The deferred tax liability reflects these rates.

Page 19

 
VISION PARK MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2023

10.


Tangible fixed assets





Plant and machinery
Other fixed assets
Total

£
£
£



Cost or valuation


At 25 December 2022
74,465
125,000
199,465


Revaluations
-
(124,999)
(124,999)



At 24 December 2023

74,465
1
74,466



Depreciation


At 25 December 2022
74,463
-
74,463



At 24 December 2023

74,463
-
74,463



Net book value



At 24 December 2023
2
1
3



At 24 December 2022
2
125,000
125,002

Other fixed assets consists of a statue, previously held at fair value determined by the directors. The directors consider that a reliable measure of fair value is no longer available and therefore, in line with FRS102, they will hold the asset under the cost model. Adjustments have been made in the current period to reverse net accumulated revaluation gains and related deferred tax provisions from fixed assets and the revaluation reserve.

Page 20

 
VISION PARK MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2023

11.


Investment property


Freehold investment property

£



Valuation


At 25 December 2022
85,200



At 24 December 2023
85,200

The 2023 valuations were made by the directors, on an open market value for existing use basis.

The investment property and some plant and machinery were acquired from the previous managers of the business park in July 1994 for a consideration of £Nil and at that date a nominal value of £1 was introduced for each asset category to formally record the existence of the assets. Subsequently the property was revalued to its current carrying amount. 
The directors are of the opinion that the open market value of the investment property is not significantly different from that of the current carrying value. A formal valuation has not been carried out.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1
1


12.


Debtors

2023
2022
£
£


Trade debtors
3,582
5,046

Other debtors
15,783
11,765

Prepayments and accrued income
22,103
3,797

41,468
20,608


Page 21

 
VISION PARK MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2023

13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,430
100,225



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
30,344
87,972

Accruals and deferred income
15,454
32,761

45,798
120,733



15.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
89,630
185,425

Financial assets that are debt instruments measured at amortised cost
19,365
16,811

108,995
202,236


Financial liabilities


Financial liabilities measured at amortised cost
(45,798)
(120,733)


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand and investment property.


Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors.


Financial liabilities measured at amortised cost comprise of trade creditors and accruals.

Page 22

 
VISION PARK MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2023

16.


Deferred taxation




2023
2022


£

£






At beginning of year
52,551
52,551


Charged to profit or loss
(31,250)
-



At end of year
21,301
52,551

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revalued assets
21,301
52,551


The net deferred tax expected to reverse next year is £nil (2022 - £nil) relating to the reversal of timing differences on tangible fixed assets.


17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


Page 23

 
VISION PARK MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2023

18.


Reserves

Revaluation reserve

The revaluation reserve includes all current and prior period revaluations net of deferred tax.

Profit and loss account

The profit and loss account represents accumulated historic profits and losses.


19.


Operating leases - lessor

At 24 December 2023, total future minimum lease payments receivable under non-cancellable operating leases are as follows:

2023
2022
£
£


Not later than 1 year
8,520
8,520

Later than 1 year and not later than 5 years
10,649
19,169

19,169
27,689


20.


Related party transactions

In the current and comparative year, the turnover of the company has been generated from managing properties occupied by its shareholders.
Included in administrative expenses are management and accounting services charged by Bidwells LLP of £33,538 (2022 - £30,180). Both directors are partners of Bidwells LLP.


21.


Controlling party

The company is under the control of its directors. The ultimate parent and controlling party is Royal London Mutual Insurance Society Limited.

 
Page 24