Company registration number 07167058 (England and Wales)
BREWERY VISUAL EFFECTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
BREWERY VISUAL EFFECTS LIMITED
COMPANY INFORMATION
Director
Mr M D Knapton
Company number
07167058
Registered office
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
Accountants
Carpenter Box
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
BREWERY VISUAL EFFECTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
BREWERY VISUAL EFFECTS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BREWERY VISUAL EFFECTS LIMITED FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Brewery Visual Effects Limited for the year ended 29 February 2024 which comprise, the balance sheet and the 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of Brewery Visual Effects Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Brewery Visual Effects Limited and state those matters that we have agreed to state to the board of directors of Brewery Visual Effects 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 Brewery Visual Effects Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Brewery Visual Effects 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 Brewery Visual Effects Limited. You consider that Brewery Visual Effects 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 Brewery Visual Effects 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.
Carpenter Box
11 November 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
BREWERY VISUAL EFFECTS LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
72,492
58,750
Current assets
Debtors
4
82,204
150,221
Cash at bank and in hand
210,892
88,226
293,096
238,447
Creditors: amounts falling due within one year
5
(91,320)
(117,905)
Net current assets
201,776
120,542
Total assets less current liabilities
274,268
179,292
Provisions for liabilities
(9,700)
(11,200)
Net assets
264,568
168,092
Capital and reserves
Called up share capital
6
4
4
Profit and loss reserves
264,564
168,088
Total equity
264,568
168,092
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 financial statements were approved and signed by the director and authorised for issue on 11 November 2024
Mr M D Knapton
Director
Company registration number 07167058 (England and Wales)
BREWERY VISUAL EFFECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Brewery Visual Effects Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.
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. 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 services provided in
the normal course of business and is shown net of VAT.
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:
Plant and equipment
25% per annum on a diminishing balance basis
Fixtures and fittings
25% per annum on a diminishing balance basis
Computer equipment
25% per annum on a diminishing balance basis
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.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
BREWERY VISUAL EFFECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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.
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.
1.8
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.
2
Employees
The average monthly number of persons employed by the company during the year was 6 (2023 - 5).
BREWERY VISUAL EFFECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 March 2023
12,235
122,256
134,491
Additions
13,396
19,458
32,854
Disposals
(200)
(200)
At 29 February 2024
13,396
12,035
141,714
167,145
Depreciation and impairment
At 1 March 2023
8,638
67,103
75,741
Depreciation charged in the year
3,349
857
14,735
18,941
Eliminated in respect of disposals
(29)
(29)
At 29 February 2024
3,349
9,466
81,838
94,653
Carrying amount
At 29 February 2024
10,047
2,569
59,876
72,492
At 28 February 2023
3,597
55,153
58,750
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
111,262
Other debtors
82,204
38,959
82,204
150,221
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
25,707
19,357
Taxation and social security
61,788
23,265
Other creditors
3,825
75,283
91,320
117,905
BREWERY VISUAL EFFECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4
4
4
4
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
55,000
25,000