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REGISTERED NUMBER: 13480670 (England and Wales)










Unaudited Financial Statements for the Year Ended 30 June 2024

for

VIRTUAL STUDIO LIMITED

VIRTUAL STUDIO LIMITED (REGISTERED NUMBER: 13480670)

Contents of the Financial Statements
for the Year Ended 30 June 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VIRTUAL STUDIO LIMITED

Company Information
for the Year Ended 30 June 2024







DIRECTORS: G D Rowsell
Mrs L V Rowsell





REGISTERED OFFICE: 11 Elizabeth Gardens
Hixon
Stafford
Staffordshire
ST18 0QX





REGISTERED NUMBER: 13480670 (England and Wales)





ACCOUNTANTS: CHEADLES
Chartered Accountants
Telegraph House
59 Wolverhampton Road
Stafford
Staffordshire
ST17 4AW

VIRTUAL STUDIO LIMITED (REGISTERED NUMBER: 13480670)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 76,699 99,725

CURRENT ASSETS
Debtors 5 2,393 8,376
Cash at bank 46,330 20,575
48,723 28,951
CREDITORS
Amounts falling due within one year 6 56,265 46,859
NET CURRENT LIABILITIES (7,542 ) (17,908 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

69,157

81,817

CREDITORS
Amounts falling due after more than one year 7 (31,259 ) (37,122 )

PROVISIONS FOR LIABILITIES (15,018 ) (18,948 )
NET ASSETS 22,880 25,747

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 22,680 25,547
SHAREHOLDERS' FUNDS 22,880 25,747

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





G D Rowsell - Director


VIRTUAL STUDIO LIMITED (REGISTERED NUMBER: 13480670)

Notes to the Financial Statements
for the Year Ended 30 June 2024


1. STATUTORY INFORMATION

Virtual Studio Limited 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.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for the assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - not provided
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 year 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

VIRTUAL STUDIO LIMITED (REGISTERED NUMBER: 13480670)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2023 1,200 265 22,102
Additions - - -
At 30 June 2024 1,200 265 22,102
DEPRECIATION
At 1 July 2023 - 116 194
Charge for year - 37 4,381
At 30 June 2024 - 153 4,575
NET BOOK VALUE
At 30 June 2024 1,200 112 17,527
At 30 June 2023 1,200 149 21,908

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 72,868 5,589 102,024
Additions - 651 651
At 30 June 2024 72,868 6,240 102,675
DEPRECIATION
At 1 July 2023 200 1,789 2,299
Charge for year 18,167 1,092 23,677
At 30 June 2024 18,367 2,881 25,976
NET BOOK VALUE
At 30 June 2024 54,501 3,359 76,699
At 30 June 2023 72,668 3,800 99,725

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 1,092 -
Other debtors 1,301 8,376
2,393 8,376

VIRTUAL STUDIO LIMITED (REGISTERED NUMBER: 13480670)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts - 30
Hire purchase contracts 4,920 3,975
Trade creditors 1 96
Taxation and social security 8,811 -
Other creditors 42,533 42,758
56,265 46,859

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts 31,259 37,122

8. ULTIMATE CONTROLLING PARTY

The company is controlled by its directors who, together, own 100% of the share capital.