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Registration number: 07875981

The Vision Network - Creative Services Ltd.

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

The Vision Network - Creative Services Ltd.

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

The Vision Network - Creative Services Ltd.

(Registration number: 07875981)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,749

3,495

Current assets

 

Debtors

5

38,350

146,179

Cash at bank and in hand

 

350,575

307,872

 

388,925

454,051

Creditors: Amounts falling due within one year

6

(61,744)

(72,461)

Net current assets

 

327,181

381,590

Total assets less current liabilities

 

330,930

385,085

Provisions for liabilities

(937)

(874)

Net assets

 

329,993

384,211

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

329,991

384,209

Shareholders' funds

 

329,993

384,211

For the financial year ending 31 December 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 13 June 2025 and signed on its behalf by:
 

.........................................
Mr W B Nicholson
Director

 

The Vision Network - Creative Services Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY, United Kingdom.

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 financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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 and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

The Vision Network - Creative Services Ltd.

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

Tangible assets

Tangible assets are stated in the statement of financial position 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, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fittings, fixtures and equipment

25% reducing balance

Office equipment

25% reducing balance

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

The Vision Network - Creative Services Ltd.

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

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2024

5,908

4,584

10,492

Additions

-

1,599

1,599

Disposals

(949)

-

(949)

At 31 December 2024

4,959

6,183

11,142

Depreciation

At 1 January 2024

4,506

2,491

6,997

Charge for the year

327

923

1,250

Eliminated on disposal

(854)

-

(854)

At 31 December 2024

3,979

3,414

7,393

Carrying amount

At 31 December 2024

980

2,769

3,749

At 31 December 2023

1,402

2,093

3,495

5

Debtors

2024
£

2023
£

Trade debtors

30,297

140,853

Other debtors

2,948

2,948

Prepayments

5,105

2,378

38,350

146,179

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

4,036

2,429

Taxation and social security

52,182

59,798

Accruals and deferred income

5,100

6,267

Other creditors

426

3,967

61,744

72,461

 

The Vision Network - Creative Services Ltd.

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

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £7,350 (2023 - £7,000).