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REGISTERED NUMBER: 09416835 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 MARCH 2022 TO 31 MARCH 2023

FOR

VMISTUDIO LTD

VMISTUDIO LTD (REGISTERED NUMBER: 09416835)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MARCH 2022 TO 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VMISTUDIO LTD

COMPANY INFORMATION
FOR THE PERIOD 1 MARCH 2022 TO 31 MARCH 2023







DIRECTORS: N A Byrne
F J Byrne





REGISTERED OFFICE: 54 Thorpe Road
Norwich
Norfolk
NR1 1RY





REGISTERED NUMBER: 09416835 (England and Wales)






VMISTUDIO LTD (REGISTERED NUMBER: 09416835)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 105,478 11,487
Investments 5 16 16
105,494 11,503

CURRENT ASSETS
Stocks 3,278 2,288
Debtors 6 696,893 496,946
Cash at bank and in hand 544,490 354,514
1,244,661 853,748
CREDITORS
Amounts falling due within one year 7 248,526 280,487
NET CURRENT ASSETS 996,135 573,261
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,101,629

584,764

CREDITORS
Amounts falling due after more than one
year

8

(28,333

)

(39,167

)

PROVISIONS FOR LIABILITIES (25,089 ) (977 )
NET ASSETS 1,048,207 544,620

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,048,205 544,618
1,048,207 544,620

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

VMISTUDIO LTD (REGISTERED NUMBER: 09416835)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2023 and were signed on its behalf by:




F J Byrne - Director



N A Byrne - Director


VMISTUDIO LTD (REGISTERED NUMBER: 09416835)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MARCH 2022 TO 31 MARCH 2023

1. STATUTORY INFORMATION

VMIStudio Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have considered the company's position at the time of signing the financial statements. After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

Turnover
Turnover is measured at 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
Turnover 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.

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.

Depreciation is provided on the following basis:

Computer equipment - 25% reducing balance

Depreciation is not charged on property and improvements to property as the directors are of the opinion that the property is maintained to a standard whereby the estimated residual value exceeds the cost.

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 the Statement of Income and retained earnings.

Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

VMISTUDIO LTD (REGISTERED NUMBER: 09416835)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MARCH 2022 TO 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Stocks
Cost is calculated using the first in, first out method.

Debtors
Short term debtors are measured at transaction price, less any impairment.

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.

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.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 AND DIRECTORS

The average number of employees during the period was 24 (2022 - 18 ) .

VMISTUDIO LTD (REGISTERED NUMBER: 09416835)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MARCH 2022 TO 31 MARCH 2023

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 March 2022 90,791
Additions 129,150
At 31 March 2023 219,941
DEPRECIATION
At 1 March 2022 79,304
Charge for period 35,159
At 31 March 2023 114,463
NET BOOK VALUE
At 31 March 2023 105,478
At 28 February 2022 11,487

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2022
and 31 March 2023 16
NET BOOK VALUE
At 31 March 2023 16
At 28 February 2022 16

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 325,272 273,168
Amounts owed by group undertakings 15,513 15,278
Other debtors 356,108 208,500
696,893 496,946

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 30,205 35,425
Taxation and social security 196,623 187,281
Other creditors 11,698 47,781
248,526 280,487

VMISTUDIO LTD (REGISTERED NUMBER: 09416835)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MARCH 2022 TO 31 MARCH 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 28,333 39,167

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 7,301 13,650

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 March 2023 and the year ended 28 February 2022:

2023 2022
£    £   
N A Byrne
Balance outstanding at start of period 79,547 -
Amounts advanced 192,131 79,547
Amounts repaid (79,547 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 192,131 79,547

F J Byrne
Balance outstanding at start of period 117,360 24,588
Amounts advanced 118,208 117,360
Amounts repaid (117,360 ) (24,588 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 118,208 117,360

The above advance is unsecured and repayable on demand. Interest has been charged.

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.