Company Registration No. 15093510 (England and Wales)
THE VFX HOUSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
THE VFX HOUSE LIMITED
CONTENTS
Page
Company information
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
THE VFX HOUSE LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
Notes
£
£
Fixed assets
Tangible assets
3
74,089
Current assets
Debtors
4
10,837
Cash at bank and in hand
89,667
100,504
Creditors: amounts falling due within one year
5
(59,023)
Net current assets
41,481
Net assets
115,570
Capital and reserves
Called up share capital
3
Profit and loss reserves
115,567
Total equity
115,570
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE VFX HOUSE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 November 2024 and are signed on its behalf by:
Mr P M Bebb
Director
Company registration number 15093510 (England and Wales)
THE VFX HOUSE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 24 August 2023
-
Year ended 31 August 2024:
Profit and total comprehensive income
-
183,267
183,267
Issue of share capital
3
-
3
Dividends
-
(67,700)
(67,700)
Balance at 31 August 2024
3
115,567
115,570
THE VFX HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information
The VFX House Limited is a private company limited by shares incorporated in England and Wales. The registered office is Old Red Lion, Millers Lane, Hornton, Banbury, Oxfordshire, England, OX15 6BS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance
Computers
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
THE VFX HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
THE VFX HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
Number
Total
2
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 24 August 2023
Additions
74,636
5,692
80,328
At 31 August 2024
74,636
5,692
80,328
Depreciation and impairment
At 24 August 2023
Depreciation charged in the year
4,983
1,256
6,239
At 31 August 2024
4,983
1,256
6,239
Carrying amount
At 31 August 2024
69,653
4,436
74,089
4
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
9,350
Other debtors
1,487
10,837
THE VFX HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
£
Taxation and social security
54,407
Other creditors
4,616
59,023