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Registered number: 13894977
CHILD OF VISION LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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CHILD OF VISION LIMITED
COMPANY INFORMATION
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CHILD OF VISION LIMITED
CONTENTS
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Notes to the Financial Statements
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CHILD OF VISION LIMITED
REGISTERED NUMBER: 13894977
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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CHILD OF VISION LIMITED
REGISTERED NUMBER: 13894977
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 7 form part of these financial statements.
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CHILD OF VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Child of Vision Limited is a private company, limited by shares, incorporated in England and Wales with registration number 13894977. The registered office is 10 Norwich Street, London, United Kingdom, EC4A 1BD.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company expects the continued support of the director, who has confirmed that he will provide such financial support as is necessary for the company to meet its liabilities as they fall due and continue in operation for a period of at least twelve months from the date of signing of the financial statements of the company.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The main revenue of the company is rental income receivable from the subsidiary company, Heritage Classic Cars Limited. Rental income is paid monthly in advance and is recognised as revenue over the rental period to which it relates.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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CHILD OF VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Associates and joint ventures
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Associates and Joint Ventures are held at cost less impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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CHILD OF VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The average monthly number of employees, including directors, during the year was 1 (2023 - 1).
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Investments in subsidiary companies
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Investments in associates
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The company owns 100% of the share capital of Heritage Classic Cars Limited. The company also owns approximately 30% of the shares in EGV (Holdings) Limited.
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Long term leasehold investment property
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The directors consider £800,000 to be the fair value of the investment property as at 31 December 2024.
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CHILD OF VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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Included within debtors £980,238 (2023 - £934,387) due from Heritage Classic Cars Limited. The original loan amount was £1,000,000, an incremental borrowing rate of 4.8% has been applied in calculating the present value of this receivable, with the difference between the book value and fair value of the loan being recognised as an investment in the subsidiary company. The loan is unsecured, interest free and repayable on demand after 23 May 2025.
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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CHILD OF VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Allotted, called up and fully paid
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5 (2023 - 5) Ordinary shares of £1.00 each
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Related party transactions
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Included within other creditors (note 7) is an amount of £2,950,333 (2023 - £2,862,833) due to the director of the company. This amount is unsecured, interest free and repayable on demand.
Included within other creditors (note 7) is an amount of £1,050,000 (2023 - £1,050,000 (note 8)) due to the director of the company. The loan is unsecured, interest free and repayable on 23 May 2025.
In addition, an amount due to M Burke of £1,000,000 (2023 - £1,000,000 (note 8)) is also included in other creditors (note 7), this amount is unsecured, with an interest rate of 4.8% and is repayable on 29 September 2025.
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