VISION_XS_LIMITED - Accounts

VISION XS LIMITED - Company Information

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Company Registration No. 03242106 (England and Wales)

VISION XS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016

VISION XS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

VISION XS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 AUGUST 2016

- 1 -

2016

2015

Notes

Fixed assets

Intangible assets

79,113

103,936

Tangible assets

20,578

27,604

99,691

131,540

Current assets

Debtors

126,426

290,318

Cash at bank and in hand

138

6,919

126,564

297,237

Creditors: amounts falling due within one year

(44,304)

(68,958)

Net current assets

82,260

228,279

Total assets less current liabilities

181,951

359,819

Creditors: amounts falling due after more than one year

(15,552)

(20,940)

166,399

338,879

Capital and reserves

Called up share capital

174,012

Share premium account

375,468

Profit and loss account

(383,081)

(210,601)

Shareholders' funds

166,399

338,879

VISION XS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 AUGUST 2016

- 2 -

For the financial year ended 31 August 2016 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 financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 30 May 2017

Mr A Sefton

Director

Company Registration No. 03242106

VISION XS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the director is satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

25% straight line

Fixtures, fittings & equipment

25% straight line

Motor vehicles

25% reducing balance

1.6

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

VISION XS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2016

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 September 2015 & at 31 August 2016

248,228

74,210

322,438

Depreciation

At 1 September 2015

144,292

46,606

190,898

Charge for the year

24,823

7,026

31,849

At 31 August 2016

169,115

53,632

222,747

Net book value

At 31 August 2016

79,113

20,578

99,691

At 31 August 2015

103,936

27,604

131,540

Share capital

2016

2015

Allotted, called up and fully paid

174,012 Ordinary shares of £1 each

174,012