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Registration number: 08191237

Vision Wealth Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Vision Wealth Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Vision Wealth Limited

(Registration number: 08191237)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

47,175

63,248

Investment property

5

726,031

586,255

 

773,206

649,503

Current assets

 

Debtors

6

4,231

4,435

Cash at bank and in hand

 

186,015

234,826

 

190,246

239,261

Creditors: Amounts falling due within one year

7

(92,885)

(43,994)

Net current assets

 

97,361

195,267

Net assets

 

870,567

844,770

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

870,367

844,570

Shareholders' funds

 

870,567

844,770

For the financial year ending 31 August 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 his 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 and 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 27 February 2025
 

.........................................
Mr P Williamson
Director

 

Vision Wealth Limited

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

1

General information

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

The address of its registered office is:
123a Locks Road
Locks Heath
Southampton
Hampshire
SO31 6LJ
England

The principal place of business is:
Office 7, Sarisbury Building
180a Bridge Road
Sarisbury Green
Southampton
Hampshire
SO31 7EH

These financial statements were authorised for issue by the director on 27 February 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.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the provision of services in the ordinary course of the company’s activities.

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 Wealth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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.

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:

Asset class

Depreciation method and rate

Fixtures and fittings

Straight line 20%

Office equipment

Straight line 25%

Motor vehicles

Straight line 25%

Other asset investments

Other asset investments is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. Changes in fair value are recognised in profit or loss.

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 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.

 

Vision Wealth Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

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

 

Vision Wealth Limited

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

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

9,505

9,333

62,190

81,028

Additions

-

1,948

-

1,948

Disposals

-

(1,230)

-

(1,230)

At 31 August 2024

9,505

10,051

62,190

81,746

Depreciation

At 1 September 2023

6,463

7,430

3,887

17,780

Charge for the year

1,217

1,258

15,547

18,022

Eliminated on disposal

-

(1,231)

-

(1,231)

At 31 August 2024

7,680

7,457

19,434

34,571

Carrying amount

At 31 August 2024

1,825

2,594

42,756

47,175

At 31 August 2023

3,042

1,903

58,303

63,248

5

Other asset investments

2024
£

At 1 September

586,255

Additions

139,776

At 31 August

726,031

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,331

1,067

Prepayments

700

683

Other debtors

2,200

2,685

 

4,231

4,435

 

Vision Wealth Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

68,113

18,912

Accruals and deferred income

990

1,299

Other creditors

23,782

23,783

92,885

43,994

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

100

100

100

100

200

200

200

200