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Registration number: 08345917

S W Visick Ltd

Annual Report and Unaudited Financial Statements Year Ended 31 January 2024

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Chartered Accountants

 

S W Visick Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

S W Visick Ltd

Company Information

Director

Mrs S J Visick

Company secretary

Mr J G Willis

Registered office

Tara
Duns Tew Road
Hempton
Oxon
OX15 0RA

Accountants

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
S W Visick Ltdfor the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of S W Visick Ltd for the year ended 31 January 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of S W Visick Ltd, as a body, in accordance with the terms of our engagement letter dated 5 June 2019. Our work has been undertaken solely to prepare for your approval the accounts of S W Visick Ltd and state those matters that we have agreed to state to the Board of Directors of S W Visick Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S W Visick Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that S W Visick Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of S W Visick Ltd. You consider that S W Visick Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of S W Visick Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

31 October 2024

 

S W Visick Ltd

(Registration number: 08345917)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

389

Other financial assets

5

-

260

 

-

649

Current assets

 

Debtors

6

30,269

51,063

Cash at bank and in hand

 

2,728

17,704

 

32,997

68,767

Creditors: Amounts falling due within one year

7

(18,962)

(22,987)

Net current assets

 

14,035

45,780

Total assets less current liabilities

 

14,035

46,429

Creditors: Amounts falling due after more than one year

7

(13,495)

(22,499)

Net assets

 

540

23,930

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

538

23,928

Shareholders' funds

 

540

23,930

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

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 31 October 2024
 



Mrs S J Visick
Director

 

S W Visick Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Tara
Duns Tew Road
Hempton
Oxon
OX15 0RA

2

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 current 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.

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:

 

S W Visick Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

Asset class

Depreciation method and rate

Office equipment

25% straight line basis

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

S W Visick Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

2,064

2,064

At 31 January 2024

2,064

2,064

Depreciation

At 1 February 2023

1,675

1,675

Charge for the year

389

389

At 31 January 2024

2,064

2,064

Carrying amount

At 31 January 2024

-

-

At 31 January 2023

389

389

5

Other financial assets (current and non-current)

Financial assets at fair value
£

Total
£

Non-current financial assets

Cost or valuation

At 1 February 2023

260

260

Additions

786

786

Disposals

(1,046)

(1,046)

At 31 January 2024

-

-

Impairment

Carrying amount

At 31 January 2024

-

-

6

Debtors

Current

2024
£

2023
£

Prepayments

169

-

Other debtors

30,100

51,063

 

30,269

51,063

 

S W Visick Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

9,001

9,000

Trade creditors

 

1,308

1,603

Other creditors

 

8,653

12,384

 

18,962

22,987

Due after one year

 

Loans and borrowings

9

13,495

22,499

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

13,495

22,499

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,495

22,499

Current loans and borrowings

2024
£

2023
£

Other borrowings

9,001

9,000

10

Dividends

2024

2023

£

£

Interim dividend of £25,000.00 (2023 - £25,000.00) per ordinary share

50,000

50,000

 

 
 

S W Visick Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

11

Related party transactions

Transactions with the director

2024

At 1 February 2023
£

Repayments by director
£

Other payments made to company by director
£

At 31 January 2024
£

Mrs S J Visick

(48,994)

97,630

(78,026)

(29,390)

-

-

-

-

(48,994)

97,630

(78,026)

(29,390)

2023

At 1 February 2022
£

Repayments by director
£

Other payments made to company by director
£

At 31 January 2023
£

Mrs S J Visick

(51,127)

97,111

(94,978)

(48,994)

-

-

-

-

(51,127)

97,111

(94,978)

(48,994)

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,096

9,050