2022-08-012023-07-312023-07-31false12096765FIRESTONE VIDEO 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FIRESTONE VIDEO LTD

Registered Number
12096765
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2023

FIRESTONE VIDEO LTD
Company Information
for the year from 1 August 2022 to 31 July 2023

Directors

SMITH, Benjamin James Martin
WALKER, Liam James

Registered Address

15 Riverside Studios Amethyst Road
Newcastle Business Park
Newcastle Upon Tyne
NE4 7YL

Registered Number

12096765 (England and Wales)
FIRESTONE VIDEO LTD
Statement of Financial Position
31 July 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets56,5309,161
6,5309,161
Current assets
Debtors65,1502,350
Cash at bank and on hand1,2701,737
6,4204,087
Creditors amounts falling due within one year7(5,751)(4,669)
Net current assets (liabilities)669(582)
Total assets less current liabilities7,1998,579
Creditors amounts falling due after one year8(7,050)(8,449)
Net assets149130
Capital and reserves
Called up share capital100100
Profit and loss account4930
Shareholders' funds149130
The financial statements were approved and authorised for issue by the Board of Directors on 25 August 2023, and are signed on its behalf by:
SMITH, Benjamin James Martin
Director
WALKER, Liam James
Director

Registered Company No. 12096765
FIRESTONE VIDEO LTD
Notes to the Financial Statements
for the year ended 31 July 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment4
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
4.Employee information

20232022
Average number of employees during the year33
5.Property, plant and equipment

Total

£
Cost or valuation
At 01 August 2214,419
Additions1,196
At 31 July 2315,615
Depreciation and impairment
At 01 August 225,257
Charge for year3,828
At 31 July 239,085
Net book value
At 31 July 236,530
At 31 July 229,161
6.Debtors

2023

2022

££
Trade debtors / trade receivables1,1571,287
Prepayments and accrued income190207
Amounts owed by associates and joint ventures / participating interests (Non-current)3,803856
Total5,1502,350
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
7.Creditors within one year

2023

2022

££
Taxation and social security5,6654,593
Accrued liabilities and deferred income8676
Total5,7514,669
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts5,8347,593
Amounts owed to related parties1,216856
Total7,0508,449