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Registered number: 05087944
Visual Talent Limited
Unaudited Financial Statements
For The Year Ended 30 April 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05087944
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 6 32,854 28,818
32,854 28,818
CURRENT ASSETS
Debtors 7 871,583 803,287
Cash at bank and in hand 472,063 422,020
1,343,646 1,225,307
Creditors: Amounts Falling Due Within One Year 8 (804,134 ) (887,633 )
NET CURRENT ASSETS (LIABILITIES) 539,512 337,674
TOTAL ASSETS LESS CURRENT LIABILITIES 572,366 366,492
Creditors: Amounts Falling Due After More Than One Year 9 (23,333 ) (33,333 )
NET ASSETS 549,033 333,159
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Share premium account 99,525 99,525
Profit and Loss Account 448,508 232,634
SHAREHOLDERS' FUNDS 549,033 333,159
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For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr John Eastaff
Director
24/04/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Visual Talent Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05087944 . The registered office is Network House, Third Avenue, Globe Park, Marlow, Buckinghamshire, SL7 1LY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are website development. It is amortised to the profit and loss account over its estimated economic life of 3 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Office Equipment 15% Reducing balance
Computer Equipment 15% Reducing balance
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 12 8
Sales, marketing and distribution 6 6
18 14
4. Prior Period Adjustment
The accounts have been restated to adjust for the incorrect accounting treatment of Licence fee income in prior periods. The effect of the adjustment is to reduce income and profits in the year ended 30 April 2022 by £166,667.
5. Intangible Assets
Intellectual Property
£
Cost
As at 1 May 2022 45,621
As at 30 April 2023 45,621
Amortisation
As at 1 May 2022 45,621
As at 30 April 2023 45,621
6. Tangible Assets
Office Equipment Computer Equipment Total
£ £ £
Cost
As at 1 May 2022 23,179 52,737 75,916
Additions 2,919 6,139 9,058
As at 30 April 2023 26,098 58,876 84,974
Depreciation
As at 1 May 2022 17,772 29,326 47,098
Provided during the period 1,013 4,009 5,022
As at 30 April 2023 18,785 33,335 52,120
Net Book Value
As at 30 April 2023 7,313 25,541 32,854
As at 1 May 2022 5,407 23,411 28,818
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7. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors 402,050 396,816
Prepayments and accrued income 29,896 103,192
Other debtors 21,323 164
453,269 500,172
Due after more than one year
Other debtors 74,231 74,231
Directors loan account 344,083 228,884
418,314 303,115
871,583 803,287
8. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 164,297 92,782
Bank loans and overdrafts 10,000 10,000
Corporation tax 10,366 125,869
Other taxes and social security 31,296 22,144
VAT 93,463 120,010
Other creditors 3,566 3,467
Accruals and deferred income 491,146 513,361
804,134 887,633
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
£ £
Bank loans 23,333 33,333
23,333 33,333
10. Share Capital
2023 2022
as restated
Allotted, called up and fully paid £ £
1,000 Ordinary Shares of £ 1.000 each 1,000 1,000
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11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2022 Amounts advanced Amounts repaid Amounts written off As at 30 April 2023
£ £ £ £ £
Mr Huw Gwyther 228,884 115,199 - - 344,083
The above loan is unsecured, interest payable at the rate of 2.5% per annum and repayable on or before 30 April 2024.
12. Ultimate Controlling Party
The company's ultimate controlling party is Mr P D Jones CBE by virtue of his ownership of Alda Capital Ltd which owns 51% of the issued share capital in the company.
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