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Registered number: 08939524










VISUALAB MEDIA LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
VISUALAB MEDIA LIMITED
REGISTERED NUMBER: 08939524

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
33,087
33,011

  
33,087
33,011

Current assets
  

Debtors: amounts falling due within one year
 5 
35,882
36,120

Cash at bank and in hand
 6 
81,627
59,073

  
117,509
95,193

Creditors: amounts falling due within one year
 7 
(39,337)
(27,038)

Net current assets
  
 
 
78,172
 
 
68,155

Total assets less current liabilities
  
111,259
101,166

Creditors: amounts falling due after more than one year
 8 
(36,250)
(41,250)

  

Net assets
  
75,009
59,916


Capital and reserves
  

Called up share capital 
 10 
400
100

Profit and loss account
  
74,609
59,816

  
75,009
59,916


Page 1

 
VISUALAB MEDIA LIMITED
REGISTERED NUMBER: 08939524
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors consider 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 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.

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 statement of income and retained earnings 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 on 4 October 2023.




M C Cole
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
VISUALAB MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Visualab Media Limited is a company domiciled in the UK.  The Company registered number is 08939524 and the registered office address is The Dairy, Manor Courtyard, Aston Sandford, Bucks HP17 8JB

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

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 following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
VISUALAB MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

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 reporting date in the countries where the Company operates and generates income.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Office equipment
-
33% Straight Line
Other fixed assets
-
10% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

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.

Page 4

 
VISUALAB MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

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.

 
2.12

Creditors

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.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
VISUALAB MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Office equipment
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 April 2022
49,786
22,883
72,669


Additions
10,044
-
10,044


Disposals
(5,231)
-
(5,231)



At 31 March 2023

54,599
22,883
77,482



Depreciation


At 1 April 2022
38,323
1,335
39,658


Charge for the year on owned assets
7,680
2,288
9,968


Disposals
(5,231)
-
(5,231)



At 31 March 2023

40,772
3,623
44,395



Net book value



At 31 March 2023
13,827
19,260
33,087



At 31 March 2022
11,463
21,548
33,011


5.


Debtors

2023
2022
£
£


Trade debtors
29,880
35,850

Other debtors
3,465
-

Prepayments and accrued income
2,537
270

35,882
36,120


Page 6

 
VISUALAB MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
81,627
59,073

81,627
59,073



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
5,000
5,000

Other taxation and social security
31,757
20,198

Other creditors
1,780
1,040

Accruals and deferred income
800
800

39,337
27,038



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
36,250
41,250

36,250
41,250


Page 7

 
VISUALAB MEDIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
5,000
5,000


5,000
5,000

Amounts falling due 1-2 years

Bank loans
5,000
5,000


5,000
5,000

Amounts falling due 2-5 years

Bank loans
20,000
20,000


20,000
20,000

Amounts falling due after more than 5 years

Bank loans
11,250
16,250

11,250
16,250

41,250
46,250



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



80 (2022 - 80) Ordinary A shares of £1.00 each
80
80
20 (2022 - 20) Ordinary B shares of £1.00 each
20
20
240 (2022 - ) Ordinary C shares of £1.00 each
240
-
60 (2022 - ) Ordinary D shares of £1.00 each
60
-

400

100


During the year, 240 new ordinary C shares and 60 new ordinary D shares were issued, each with a £1 nominal value.

 
Page 8