Company Registration No. 10203127 (England and Wales)
ONE VISION LABORATORY LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2017
PAGES FOR FILING WITH REGISTRAR
ONE VISION LABORATORY LIMITED
COMPANY INFORMATION
Directors
Ms R Heron
(Appointed 27 May 2016)
Mr L McGee
(Appointed 27 May 2016)
Company number
10203127
Registered office
5 Shadwell Walk
Leeds
West Yorkshire
LS17 6EQ
Accountants
Hentons
Northgate
118 North Street
Leeds
West Yorkshire
LS2 7PN
Business address
5 Shadwell Walk
Leeds
West Yorkshire
LS17 6EQ
ONE VISION LABORATORY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ONE VISION LABORATORY LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2017
31 January 2017
- 1 -
2017
Notes
£
£
Fixed assets
Tangible assets
3
12,537
Current assets
Stocks
11,376
Debtors
4
32,645
Cash at bank and in hand
403
44,424
Creditors: amounts falling due within one year
5
(38,751)
Net current assets
5,673
Total assets less current liabilities
18,210
Creditors: amounts falling due after more than one year
6
(9,597)
Provisions for liabilities
7
(2,507)
Net assets
6,106
Capital and reserves
Called up share capital
8
1,000
Profit and loss reserves
5,106
Total equity
6,106
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
ONE VISION LABORATORY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2017
31 January 2017
- 2 -
For the financial Period ended 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Directors' responsibilities:
-
• The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476;
-
• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 7 September 2017 and are signed on its behalf by:
Ms R Heron
Director
Company Registration No. 10203127
ONE VISION LABORATORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2017
- 3 -
1
Accounting policies
Company information
One Vision Laboratory Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5 Shadwell Walk, Leeds, West Yorkshire, LS17 6EQ.
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 on 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.
These financial statements for the Period ended 31 January 2017
are the
first
financial statements of One Vision Laboratory Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was . The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
.
1.3
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
25% reducing balance
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
.
1.4
Impairment of fixed assets
At each reporting end date, the
company
reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss
.
ONE VISION LABORATORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2017
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
ONE VISION LABORATORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2017
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities, including trade and other payables, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2017
Number
Total
2
ONE VISION LABORATORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2017
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 27 May 2016
-
Additions
13,995
At 31 January 2017
13,995
Depreciation and impairment
At 27 May 2016
-
Depreciation charged in the Period
1,458
At 31 January 2017
1,458
Carrying amount
At 31 January 2017
12,537
4
Debtors
2017
Amounts falling due within one year:
£
Trade debtors
29,147
Amounts due from group undertakings
460
Other debtors
3,038
32,645
5
Creditors: amounts falling due within one year
2017
£
Trade creditors
29,501
Other creditors
9,250
38,751
6
Creditors: amounts falling due after more than one year
2017
£
Other creditors
9,597
ONE VISION LABORATORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2017
- 7 -
7
Provisions for liabilities
2017
£
Deferred tax liabilities
2,507
2,507
8
Called up share capital
2017
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
9
Related party transactions
No guarantees have been given or received.
10
Parent company
The ultimate parent company is One Vision Holdings Limited.