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Registered number: 09414382
Vision Windscreens Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Paul Monaghan Chartered Accountant
ICAEW
18 Hartshill Close
Uxbridge
Middlesex
UB10 9LH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09414382
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 139,612 88,016
139,612 88,016
CURRENT ASSETS
Debtors 5 91,614 78,182
Cash at bank and in hand 85,192 103,564
176,806 181,746
Creditors: Amounts Falling Due Within One Year 6 (88,869 ) (116,548 )
NET CURRENT ASSETS (LIABILITIES) 87,937 65,198
TOTAL ASSETS LESS CURRENT LIABILITIES 227,549 153,214
Creditors: Amounts Falling Due After More Than One Year 7 (31,667 ) (23,488 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (33,507 ) (21,124 )
NET ASSETS 162,375 108,602
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 162,374 108,601
SHAREHOLDERS' FUNDS 162,375 108,602
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Richard Drew
Director
24 September 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Vision Windscreens Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09414382 . The registered office is UNIT M, BROOKSIDE NURSERY, 7B CHURCH ROAD, SWALLOWFIELD, READING, RG7 1TH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
The turnover shown in the profit and loss account represents revenue earned from automotive windscreen installation during the period, excluding VAT. Revenue is recognised when the client approves work done for invoicing.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 5 years
Motor Vehicles 5 years
Computer Equipment 5 years
2.4. Leasing and Hire Purchase Contracts
Assets obtained finance leases are capitalised as tangible fixed assets and are depreciated over their estimated useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Service Delivery 6 6
6 6
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 21,039 132,864 4,566 158,469
Additions 10,995 71,635 3,965 86,595
As at 31 January 2024 32,034 204,499 8,531 245,064
Depreciation
As at 1 February 2023 11,385 58,749 319 70,453
Provided during the period 4,637 28,864 1,498 34,999
As at 31 January 2024 16,022 87,613 1,817 105,452
Net Book Value
As at 31 January 2024 16,012 116,886 6,714 139,612
As at 1 February 2023 9,654 74,115 4,247 88,016
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 91,614 78,182
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 6,711 -
Trade creditors 28,787 24,778
Bank loans and overdrafts 8,079 7,879
Corporation tax 16,465 25,385
Other taxes and social security - 5,049
VAT 26,172 26,543
Other creditors 1,987 5,782
Accruals and deferred income 642 642
Director's loan account 26 20,490
88,869 116,548
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 18,456 2,198
Bank loans 13,211 21,290
31,667 23,488
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,711 -
Later than one year and not later than five years 18,456 2,198
25,167 2,198
25,167 2,198
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr Richard Drew 29,750 40,530
Page 5
Page 6
11. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 42,500 57,900
12. Ultimate Controlling Party
The company's ultimate controlling party is Richard Drew by virtue of his ownership of 70% of the issued share capital in the company.
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