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Registration number: 06531536

Vision Glass Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Vision Glass Limited

Contents

Company Information

1

Income Statement

2

Statement of Comprehensive Income

3

Statement of Financial Position

4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 10

 

Vision Glass Limited

Company Information

Directors

Mrs SR Kotecha

Mrs AM Kotecha

Mr MD Kotecha

Mr RD Kotecha

Company secretary

Mrs SR Kotecha

Registered office

5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

Accountants

Sterling Associates
Chartered Certified Accountants
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

 

Vision Glass Limited

Income Statement for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

686,493

521,414

Gross profit

 

686,493

521,414

Administrative expenses

 

(135,137)

(63,474)

Operating profit

 

551,356

457,940

Other interest receivable and similar income

 

6,000

810

Interest payable and similar expenses

 

(339,460)

(319,604)

   

(333,460)

(318,794)

Profit before tax

217,896

139,146

Tax on profit

 

(52,670)

(24,878)

Profit for the financial year

 

165,226

114,268

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Vision Glass Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

165,226

114,268

Total comprehensive income for the year

165,226

114,268

 

Vision Glass Limited

(Registration number: 06531536)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

6,298,560

5,120,499

Investments

5

1

1

 

6,298,561

5,120,500

Current assets

 

Stocks

6

2,121,944

2,121,944

Debtors

7

28,062

136,722

Cash at bank and in hand

 

310,524

165,561

 

2,460,530

2,424,227

Creditors: Amounts falling due within one year

8

(8,731,094)

(6,931,956)

Net current liabilities

 

(6,270,564)

(4,507,729)

Net assets

 

27,997

612,771

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

27,995

612,769

Shareholders' funds

 

27,997

612,771

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 14 March 2025 and signed on its behalf by:
 

.........................................
Mr RD Kotecha
Director

 

Vision Glass Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

2

612,769

612,771

Profit for the year

-

165,226

165,226

Dividends

-

(750,000)

(750,000)

At 31 March 2024

2

27,995

27,997

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

2

498,501

498,503

Profit for the year

-

114,268

114,268

At 31 March 2023

2

612,769

612,771

 

Vision Glass Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN
England

These financial statements were authorised for issue by the Board on 14 March 2025.

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Vision Glass Limited

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

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Vision Glass Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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 directors) during the year, was 4 (2023 - 4).

4

Investment properties

2024
£

At 1 April

5,120,499

Additions

1,178,061

At 31 March

6,298,560

There has been no valuation of investment property by an independent valuer.

 

Vision Glass Limited

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

5

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 April 2023

1

Provision

Carrying amount

At 31 March 2024

1

At 31 March 2023

1

6

Stocks

2024
£

2023
£

Other inventories

2,121,944

2,121,944

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,578

-

Amounts owed by related parties

23,022

23,022

Prepayments

 

87

113,700

Other debtors

 

3,375

-

   

28,062

136,722

 

Vision Glass Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

500

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8,452,631

6,704,276

Taxation and social security

 

56,508

27,599

Accruals and deferred income

 

118,472

99,660

Other creditors

 

102,983

100,421

 

8,731,094

6,931,956

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

10

Parent and ultimate parent undertaking

The company's immediate parent is Niemans Holdings Limited, incorporated in England and Wales.

 The ultimate controlling party is not a single party.