Registered number: 05863468 | ||||||||
FOR THE YEAR ENDED 30/06/2024 | ||||||||
Visionworks AV Limited | ||||||||
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 30/06/2024 | ||||||||
DIRECTORS | ||||||||
REGISTERED OFFICE | ||||||||
COMPANY DETAILS | ||||||||
Private company limited by shares registered in EW - England and Wales, registered number 05863468 | ||||||||
Visionworks AV Limited | ||||||||
ACCOUNTS | ||||||||
FOR THEYEARENDED30/06/2024 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - |
Visionworks AV Limited | ||||||||
BALANCE SHEET AT | ||||||||||
2024 | 2023 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 2 | |||||||||
CURRENT ASSETS | ||||||||||
Stock | ||||||||||
Debtors | 4 | |||||||||
Cash at bank and in hand | ||||||||||
282,058 | 317,386 | |||||||||
CREDITORS: Amounts falling due within one year | 5 | |||||||||
NET CURRENT ASSETS | 257,798 | |||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||||||
CREDITORS: Amounts falling due after more than one year | 6 | 20,717 | 31,365 | |||||||
NET ASSETS | ||||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | 8 | |||||||||
Profit and loss account | 196,125 | 233,926 | ||||||||
SHAREHOLDERS' FUNDS | ||||||||||
Approved by the board on | ||||||||||
............................. | ||||||||||
Director | ||||||||||
Visionworks AV Limited | ||||||||
NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 30/06/2024 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting | ||||||||
The accounts have been prepared under the historical cost convention. | ||||||||
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 . |
1b. Going Concern | ||||||||
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
1c. Depreciation | ||||||||
Short Leasehold Properties | straight line 12% | |||||||
Fixtures and Fittings | straight line 10% | |||||||
Equipment | straight line 10% |
1d. Stocks | ||||||||
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. | ||||||||
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
1e. Pension Costs | ||||||||
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year. |
1f. Taxation | ||||||||
Taxation represents the sum of tax currently payable and deferred tax. 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 all 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. 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. 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. |
Visionworks AV Limited | ||||||||
1g. Leases | ||||||||
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term. |
2. TANGIBLE FIXED ASSETS | ||||||||
Short Leasehold Properties | Fixtures And Fittings | Equipment | ||||||
Total | ||||||||
£ | £ | £ | £ | |||||
Cost | ||||||||
At 01/07/2023 | 12,678 | 14,000 | 8,074 | 34,752 | ||||
At 30/06/2024 | 12,678 | 14,000 | 8,074 | 34,752 | ||||
Depreciation | ||||||||
At 01/07/2023 | 12,232 | 13,926 | 1,001 | 27,159 | ||||
For the year | 210 | 74 | 646 | 930 | ||||
At 30/06/2024 | 12,442 | 14,000 | 1,647 | 28,089 | ||||
Net Book Amounts | ||||||||
At 30/06/2024 | 236 | - | 6,427 | 6,663 | ||||
At 30/06/2023 | 446 | 74 | 7,073 | 7,593 | ||||
3. STOCK | 2024 | 2023 | ||||
£ | £ | |||||
Stock comprises: | ||||||
Stock | ||||||
4. DEBTORS | 2024 | 2023 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Trade debtors | 48,202 | 35,453 | ||||||
VAT | - | 8,467 | ||||||
Prepayments | 3,064 | 3,410 | ||||||
51,266 | 47,330 | |||||||
Visionworks AV Limited | ||||||||
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
UK corporation tax | - | 12,668 | ||||||
VAT | 6,302 | - | ||||||
PAYE control | 4,292 | 4,708 | ||||||
NIC control | 1,058 | 1,900 | ||||||
Trade creditors | 30,030 | 37,103 | ||||||
Other creditors | 269 | 270 | ||||||
Pension schemes | - | 439 | ||||||
Deferred income | 29,828 | 2,500 | ||||||
71,779 | 59,588 | |||||||
6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
Loans >1yr | 20,717 | 31,365 | ||||||
20,717 | 31,365 | |||||||
A loan of £50,000 was received as part of the UK Government's Bounce Back Loan Scheme, is repayable by September 2026 and interest bearing at 2.5% per annum from September 2021. As at 30 June 2024, an amount of £20,717 was outstanding (2023: £31,365). | ||||||||
7. EMPLOYEES | ||||||
2024 | 2023 | |||||
No. | No. | |||||
Average number of employees | 2 | |||||
8. SHARE CAPITAL | 2024 | 2023 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
100 | 100 | |||||||
100 | 100 | |||||||
Visionworks AV Limited | ||||||||
9. OTHER FINANCIAL COMMITMENTS | ||||||||
At 30/06/2024 the company was committed to making the following payments under non-cancellable operating leases: | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
Operating Leases which expire: | ||||||||
Within two to five years | 72,000 | 108,000 | ||||||
10. CONTROLLING PARTY | ||||||||
The ultimate controlling party is A Jackson, a director and shareholder of the company. | ||||||||