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COMPANY REGISTRATION NUMBER: 05054677
V2 STUDIOS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 February 2024
V2 STUDIOS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 29th FEBRUARY 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
V2 STUDIOS LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
6,060
6,800
Tangible assets
6
697,584
676,985
---------
---------
703,644
683,785
Current assets
Stocks
30,000
30,000
Debtors
7
637,612
265,759
Investments
8
369,806
216,669
Cash at bank and in hand
1,374,130
1,268,208
------------
------------
2,411,548
1,780,636
Creditors: amounts falling due within one year
9
386,502
286,265
------------
------------
Net current assets
2,025,046
1,494,371
------------
------------
Total assets less current liabilities
2,728,690
2,178,156
Creditors: amounts falling due after more than one year
10
132,345
160,841
Provisions
Taxation including deferred tax
22,496
11,836
------------
------------
Net assets
2,573,849
2,005,479
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,573,749
2,005,379
------------
------------
Shareholders funds
2,573,849
2,005,479
------------
------------
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.
V2 STUDIOS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
For the year ending 29th February 2024 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 were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
Mr C.J. Vernall
Director
Company registration number: 05054677
V2 STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29th FEBRUARY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Albion Parade, Wall Heath, Kingswinford, West Midlands, DY6 0NP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(i) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(ii) Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(iii) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(iv) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, 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.
(v) Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
(vi) Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
(vii) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
Website
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(viii) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(ix) 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:
Freehold property
-
2% straight line
Computer equipment
-
25% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
20% reducing balance
(x) Impairment of fixed assets
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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
(xi) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(xii) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(xiii) 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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 12 ).
5. Intangible assets
Goodwill
Website
Total
£
£
£
Cost
At 1st March 2023
6,500
8,500
15,000
Additions
1,200
1,200
-------
-------
--------
At 29th February 2024
6,500
9,700
16,200
-------
-------
--------
Amortisation
At 1st March 2023
6,500
1,700
8,200
Charge for the year
1,940
1,940
-------
-------
--------
At 29th February 2024
6,500
3,640
10,140
-------
-------
--------
Carrying amount
At 29th February 2024
6,060
6,060
-------
-------
--------
At 28th February 2023
6,800
6,800
-------
-------
--------
6. Tangible assets
Land and buildings
Computer Equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1st March 2023
675,782
118,470
169,317
963,569
Additions
11,495
10,861
53,315
75,671
Disposals
( 9,935)
( 12,683)
( 22,618)
---------
---------
---------
--------
------------
At 29th February 2024
675,782
120,030
167,495
53,315
1,016,622
---------
---------
---------
--------
------------
Depreciation
At 1st March 2023
65,195
81,775
139,614
286,584
Charge for the year
6,758
17,988
8,558
10,663
43,967
Disposals
( 5,162)
( 6,351)
( 11,513)
---------
---------
---------
--------
------------
At 29th February 2024
71,953
94,601
141,821
10,663
319,038
---------
---------
---------
--------
------------
Carrying amount
At 29th February 2024
603,829
25,429
25,674
42,652
697,584
---------
---------
---------
--------
------------
At 28th February 2023
610,587
36,695
29,703
676,985
---------
---------
---------
--------
------------
The company's leasehold premises were independently valued 4th November 2021 and an indicative market value of £995,000 was determined.
7. Debtors
2024
2023
£
£
Trade debtors
580,531
206,607
Other debtors
57,081
59,152
---------
---------
637,612
265,759
---------
---------
8. Investments
2024
2023
£
£
Listed investments
369,806
216,669
---------
---------
Unlisted investments relates to a 0.15% stake (2022 - 0.15%) in The Good Box Labs Co Ltd, a private limited company, which was previously valued at cost (£15,000). The Good Box Labs Co Ltd entered administration on 28th June 2022. Although the period of administration ended on 26th January 2023 the directors still consider it unlikely that any value will be realised from this investment and the investment has been written off. This investment is currently estimated to be worth £Nil (2023 - £Nil).
The company has investments held in various publicly listed unit trust funds. The value of these investments as at the year end date is shown above. The current market value of these investments on 13th September 2024 - being the last practicable date before the accounts were signed - was £396,145.
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
43,734
40,597
Trade creditors
32,526
49,795
Corporation tax
244,200
144,819
Social security and other taxes
57,741
42,947
Other creditors
8,301
8,107
---------
---------
386,502
286,265
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
132,345
160,841
---------
---------
11. Transactions with directors
A total of £210,000 (2023 - £270,000) was paid to the directors by way of dividends on their equity shares.
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Vitamin - A Life Less Ordinary Ltd
( 15,000)
15,000
15,000
Future Natural Ltd
3,196
2,846
--------
----
--------
--------
Vitamin - A Life Less Ordinary Limited is wholly owned and operated by Messrs. C.J. and A.R. Vernall. The transactions entered into were for the supply of marketing and support services and were paid in full by the year end. Future Natural Limited is wholly owned by Messrs. C.J. and A.R. Vernall, but is not currently trading. The loan balances outstanding have no fixed repayment date and are interest free.