Registered number
06102463
Vision Teaching Limited
Filleted Accounts
31 August 2024
Vision Teaching Limited
Registered number: 06102463
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,151,104 2,121,856
Current assets
Debtors 4 2,481,142 2,292,004
Cash at bank and in hand 886,029 727,884
3,367,171 3,019,888
Creditors: amounts falling due within one year 5 (659,618) (443,238)
Net current assets 2,707,553 2,576,650
Total assets less current liabilities 4,858,657 4,698,506
Creditors: amounts falling due after more than one year 6 (1,226,652) (1,197,363)
Provisions for liabilities (30,347) (23,035)
Net assets 3,601,658 3,478,108
Capital and reserves
Called up share capital 200 200
Share premium 9,999 9,999
Capital redemption reserve 1 1
Profit and loss account 3,591,458 3,467,908
Shareholders' funds 3,601,658 3,478,108
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Craig Sanders
Director
Approved by the board on 13 May 2025
Vision Teaching Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings not depreciated
Leasehold land and buildings not depreciated
Plant and machinery 25% reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 39 50
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 2,070,000 199,440 - 2,269,440
Additions - 974 55,310 56,284
At 31 August 2024 2,070,000 200,414 55,310 2,325,724
Depreciation
At 1 September 2023 - 147,584 - 147,584
Charge for the year - 13,208 13,828 27,036
At 31 August 2024 - 160,792 13,828 174,620
Net book value
At 31 August 2024 2,070,000 39,622 41,482 2,151,104
At 31 August 2023 2,070,000 51,856 - 2,121,856
Freehold land and buildings: 2024 2023
£ £
Historical cost 2,017,357 2,017,357
Cumulative depreciation based on historical cost - -
2,017,357 2,017,357
All investment properties were revalued in March 2024 by Taylor Chartered Surveyors in accordance with the RICS Valuation - Professional Strandards. The directors consider that there will have been no material change in valuation between 31 August 24 and March 2024.
4 Debtors 2024 2023
£ £
Trade debtors 727,362 614,515
Loan 1,671,000 1,568,983
Prepayments 71,176 79,184
Directors' loan accounts - 20,941
Other debtors 11,604 8,381
2,481,142 2,292,004
The loan of £1,671,000 (2023: £1,568,983) is owed by VT Property Services Ltd, a company of which Daniel Leigh and Craig Sanders are also directors. Interest is charged at 2% per annum.
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 28,052 21,498
Obligations under finance lease and hire purchase contracts 6,671 -
Trade creditors 108,644 42,550
Taxation and social security costs 440,590 320,724
Accruals 68,411 52,071
Other creditors 7,250 6,395
659,618 443,238
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,188,129 1,197,363
Obligations under finance lease and hire purchase contracts 38,523 -
1,226,652 1,197,363
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 1,025,733 1,101,228
Secured bank loans 1,216,181 1,218,861
Bank loans are secured by a charge against the properties which are loaned against, along with personal guarantees from the directors capped at £50,000 per director per property.
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 713,746 136,125
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Craig Sanders
Loan 1 1,600 - (1,600) -
Daniel Leigh
Loan 1 25,702 - (25,702) -
27,302 - (27,302) -
Loans to directors have interest charged at the Official Rate where the loan exceeds £10,000 at any time.
10 Other information
Vision Teaching Limited is a private company limited by shares and incorporated in England. Its registered office is:
25 Old Broad Street
Level 19c
Tower 42
London
EC2N 1HQ
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