Company registration number 8865138 (England and Wales)
VISION TANK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
VISION TANK LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
VISION TANK LTD
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
11,546
11,248
Current assets
Stocks
1,865
2,560
Debtors
5
39,197
37,443
Cash at bank and in hand
8,537
20,571
49,599
60,574
Creditors: amounts falling due within one year
6
(32,760)
(39,075)
Net current assets
16,839
21,499
Total assets less current liabilities
28,385
32,747
Creditors: amounts falling due after more than one year
7
(12,056)
(17,011)
Provisions for liabilities
(2,194)
(2,137)
Net assets
14,135
13,599
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
12,250
12,250
Profit and loss reserves
885
349
Total equity
14,135
13,599
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
VISION TANK LTD
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 March 2023 and are signed on its behalf by:
Mr M P Jeffrey
Mr N Skelton
Director
Director
Company Registration No. 8865138
VISION TANK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
Vision Tank Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Office 19b, St Augustines Business Centre, 125 Canterbury Road, Westgate On Sea, Kent, England, CT8 8NL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on cost
Computers
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
VISION TANK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2022 and 31 January 2023
12,500
Amortisation and impairment
At 1 February 2022 and 31 January 2023
12,500
Carrying amount
At 31 January 2023
At 31 January 2022
VISION TANK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
4
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 February 2022
11,608
30,550
42,158
Additions
2,524
3,514
6,038
At 31 January 2023
14,132
34,064
48,196
Depreciation and impairment
At 1 February 2022
7,990
22,920
30,910
Depreciation charged in the year
1,586
4,154
5,740
At 31 January 2023
9,576
27,074
36,650
Carrying amount
At 31 January 2023
4,556
6,990
11,546
At 31 January 2022
3,618
7,630
11,248
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
27,642
28,582
Other debtors
11,555
8,861
39,197
37,443
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,955
4,833
Trade creditors
1,200
2,399
Corporation tax
14,896
14,945
Other taxation and social security
8,211
12,767
Other creditors
2,873
3,451
Accruals and deferred income
625
680
32,760
39,075
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
12,056
17,011