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Registered Number: 06294762
England and Wales

 

 

 

VISION CONTRACTS LTD


Abridged Accounts
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 2024
In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the accounts of Vision Contracts Ltd for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.

This report is made solely to the member of Vision Contracts Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Vision Contracts Ltd and state those matters that we have agreed to state to the Board of Vision Contracts Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants and as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vision Contracts Ltd and its members as a body for our work or for this report.

It is your duty to ensure that Vision Contracts 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 Vision Contracts Ltd. You consider that Vision Contracts 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 Vision Contracts 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.



....................................................
Allazo Ltd
2 Claridge Court
Lower Kings Road
Berkhamsted
Hertfordshire
HP4 2AF
20 December 2024
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 1,190,180    468,223 
1,190,180    468,223 
Current assets      
Debtors: amounts falling due within one year 3,487,716    2,873,694 
Cash at bank and in hand 709,830    570,340 
4,197,546    3,444,034 
Creditors: amount falling due within one year (667,214)   (667,899)
Net current assets 3,530,332    2,776,135 
 
Total assets less current liabilities 4,720,512    3,244,358 
Provisions for liabilities (173,587)   (67,047)
Net assets 4,546,925    3,177,311 
 

Capital and reserves
     
Called up share capital 4 102    102 
Profit and loss account 4,546,823    3,177,209 
Shareholders' funds 4,546,925    3,177,311 
 


For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 20 December 2024 and were signed on its behalf by:


-------------------------------
Jack Connare
Director
2
General Information
Vision Contracts Ltd is a private company, limited by shares, registered in England and Wales, registration number 06294762, registration address 2 Claridge Court,, Lower Kings Road, Berkhamsted, Berkhamsted, HP4 2AF. The trading address of the company is Searches Farm, Searches Lane, Bedmond, Hertfordshire, WD5 0SB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover includes revenue earned from the rendering of service, the policies adopted are as follows:


Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably. 
Government grants
The company recognises government support grants as other income, accrued for the period of eligibility. Government grants relate to the Job Retention Scheme which is designed to safeguard employment due to pressures imposed by the Covid-19 pandemic.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable or refundable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. 
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.

Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Significant Judgements and Estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The management believes that there are no specific significant judgements which warrant disclosure other than the general policies listed. 
2.

Average number of employees

Average number of employees during the year was 10 (2023 : 7).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 July 2023 21,946    713,857    12,529    12,950    761,282 
Additions   1,353,289      8,623    1,361,912 
Disposals   (449,909)       (449,909)
At 30 June 2024 21,946    1,617,237    12,529    21,573    1,673,285 
Depreciation
At 01 July 2023 15,063    266,277    8,031    3,688    293,059 
Charge for year 1,721    389,410    1,125    4,471    396,727 
On disposals   (206,681)       (206,681)
At 30 June 2024 16,784    449,006    9,156    8,159    483,105 
Net book values
Closing balance as at 30 June 2024 5,162    1,168,231    3,373    13,414    1,190,180 
Opening balance as at 01 July 2023 6,883    447,580    4,498    9,262    468,223 


4.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
50 Ordinary shares of £1.00 each 50    50 
25 Ordinary A shares of £1.00 each 25    25 
25 Ordinary B shares of £1.00 each 25    25 
100    100 

5.

Related parties

The directors owed £661,172 (2023; £295,440) to the company by way of a short term, interest bearing loan.  The loan incurred section 455 in the period as it was not repaid in sufficient time. 
3