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Company registration number: 09904795
Fifth Wall VFX Limited
Unaudited filleted financial statements
31 December 2023
Fifth Wall VFX Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Fifth Wall VFX Limited
Directors and other information
Directors Mr David Child
Mr James Knopp
Company number 09904795
Registered office Brewmaster House Suite 1
The Maltings
St Albans
AL1 3HT
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Fifth Wall VFX Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Fifth Wall VFX Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fifth Wall VFX Limited for the year ended 31 December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Fifth Wall VFX Limited, as a body, in accordance with the terms of our engagement letter dated 20 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Fifth Wall VFX Limited and state those matters that we have agreed to state to the board of directors of Fifth Wall VFX Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fifth Wall VFX Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Fifth Wall VFX Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fifth Wall VFX Limited. You consider that Fifth Wall VFX Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Fifth Wall VFX Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
26 September 2024
Fifth Wall VFX Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 5,678 7,902
_______ _______
5,678 7,902
Current assets
Debtors 6 68,174 24,483
Cash at bank and in hand 58,378 80,576
_______ _______
126,552 105,059
Creditors: amounts falling due
within one year 7 ( 21,143) ( 20,399)
_______ _______
Net current assets 105,409 84,660
_______ _______
Total assets less current liabilities 111,087 92,562
Creditors: amounts falling due
after more than one year 8 ( 17,276) ( 25,254)
_______ _______
Net assets 93,811 67,308
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 93,809 67,306
_______ _______
Shareholders funds 93,811 67,308
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Mr David Child Mr James Knopp
Director Director
Company registration number: 09904795
Fifth Wall VFX Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brewmaster House Suite 1, The Maltings, St Albans, AL1 3HT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment - Straight line over 3 years
Computer equipment - Straight line over 3 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised retrospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 3 ).
5. Tangible assets
Fixtures, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 January 2023 2,835 37,511 40,346
Additions 2,161 1,758 3,919
_______ _______ _______
At 31 December 2023 4,996 39,269 44,265
_______ _______ _______
Depreciation
At 1 January 2023 1,767 30,677 32,444
Charge for the year 1,119 5,024 6,143
_______ _______ _______
At 31 December 2023 2,886 35,701 38,587
_______ _______ _______
Carrying amount
At 31 December 2023 2,110 3,568 5,678
_______ _______ _______
At 31 December 2022 1,068 6,834 7,902
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 62,922 19,380
Other debtors 5,252 5,103
_______ _______
68,174 24,483
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 7,978 9,702
Trade creditors 401 -
Social security and other taxes 9,504 7,663
Other creditors 3,260 3,034
_______ _______
21,143 20,399
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 17,276 25,254
_______ _______