Company registration number 05959310 (England and Wales)
IAN MURPHY VISUAL EFFECTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
IAN MURPHY VISUAL EFFECTS LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 6
IAN MURPHY VISUAL EFFECTS LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr I Murphy
Company number
05959310
Registered office
88 Hill Village Road
Sutton Coldfield
West Midlands
United Kingdom
B75 5BE
Accountants
Haslehursts Limited
88 Hill Village Road
Four Oaks
Sutton Coldfield
West Midlands
B75 5BE
IAN MURPHY VISUAL EFFECTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 2 -
30 June 2022
31 December 2020
Notes
£
£
£
£
Fixed assets
Tangible assets
5
312
626
Current assets
Debtors
6
3,310
6,077
Cash at bank and in hand
4,328
2,012
7,638
8,089
Creditors: amounts falling due within one year
7
(6,211)
(8,504)
Net current assets/(liabilities)
1,427
(415)
Net assets
1,739
211
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,639
111
Total equity
1,739
211

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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 and signed by the director and authorised for issue on 20 November 2023
Mr I Murphy
Director
Company registration number 05959310 (England and Wales)
IAN MURPHY VISUAL EFFECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
- 3 -
1
Accounting policies
Company information

Ian Murphy Visual Effects Limited is a private company limited by shares incorporated in England and Wales. The registered office is 88 Hill Village Road, Sutton Coldfield, West Midlands, United Kingdom, B75 5BE.

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 have been prepared under the historical cost convention.

1.2
Going concern

The accounts are prepared on the going concern basis on the assumption that the company's creditors, in particular the company's director, continue to provide financial support to the company.true

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates. value added tax and other sales taxes.

1.4
Intangible fixed assets - goodwill

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

1.5
Tangible fixed assets

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:

Fixtures and fittings
20% on cost
Computer equipment
33% on cost
1.6
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.

IAN MURPHY VISUAL EFFECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
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 Period was:

2022
2020
Number
Number
Total
1
1
3
Taxation
2022
2020
£
£
Current tax
UK corporation tax on profits for the current period
1,183
2,760
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2021 and 30 June 2022
15,000
Amortisation and impairment
At 1 January 2021 and 30 June 2022
15,000
Carrying amount
At 30 June 2022
-
0
At 31 December 2020
-
0
IAN MURPHY VISUAL EFFECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 5 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021 and 30 June 2022
10,159
Depreciation and impairment
At 1 January 2021
9,533
Depreciation charged in the Period
314
At 30 June 2022
9,847
Carrying amount
At 30 June 2022
312
At 31 December 2020
626
6
Debtors
2022
2020
Amounts falling due within one year:
£
£
Trade debtors
3,310
1,900
Other debtors
-
0
4,177
3,310
6,077
7
Creditors: amounts falling due within one year
2022
2020
£
£
Corporation tax
5,394
6,944
Other taxation and social security
-
0
9
Other creditors
817
1,551
6,211
8,504
8
Called up share capital
2022
2020
2022
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
IAN MURPHY VISUAL EFFECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 6 -
9
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
-
4,178
(4,181)
(3)
4,178
(4,181)
(3)
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