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Registration number: 11351256

Dupe VFX Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Dupe VFX Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Dupe VFX Limited

Company Information

Director

Mr J Harris

Registered office

The Print House
18-22 Ashwin Street
London
E8 3DL

Accountants

JTTF Accountants Ltd
19 Lillian Road
London
SW13 9JG

 

Dupe VFX Limited

(Registration number: 11351256)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

35,833

68,303

Tangible assets

5

250,202

436,095

Investments

6

100

100

 

286,135

504,498

Current assets

 

Debtors

7

143,893

239,324

Cash at bank and in hand

 

107,604

703,065

 

251,497

942,389

Creditors: Amounts falling due within one year

8

(916,474)

(1,765,828)

Net current liabilities

 

(664,977)

(823,439)

Total assets less current liabilities

 

(378,842)

(318,941)

Creditors: Amounts falling due after more than one year

8

(253,663)

(347,828)

Net liabilities

 

(632,505)

(666,769)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(632,605)

(666,869)

Shareholders' deficit

 

(632,505)

(666,769)

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Dupe VFX Limited

(Registration number: 11351256)
Balance Sheet as at 31 May 2024

Approved and authorised by the director on 10 January 2025
 

.........................................
Mr J Harris
Director

 

Dupe VFX Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Print House
18-22 Ashwin Street
London
E8 3DL

These financial statements were authorised for issue by the director on 10 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Dupe VFX Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

20% straight-line method

Fixtures and fittings

20% straight-line method

Computer equipment

33.33% straight-line method

Motor Vehicles

20% straight-line method

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software

33.33% straight-line method

 

Dupe VFX Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Dupe VFX Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 25 (2023 - 36).

 

Dupe VFX Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 June 2023

75,000

134,341

209,341

At 31 May 2024

75,000

134,341

209,341

Amortisation

At 1 June 2023

75,000

66,038

141,038

Amortisation charge

-

32,470

32,470

At 31 May 2024

75,000

98,508

173,508

Carrying amount

At 31 May 2024

-

35,833

35,833

At 31 May 2023

-

68,303

68,303

5

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

151,086

753,067

71,822

975,975

Additions

1,606

17,140

-

18,746

Disposals

-

(1,475)

-

(1,475)

At 31 May 2024

152,692

768,732

71,822

993,246

Depreciation

At 1 June 2023

29,498

480,456

29,926

539,880

Charge for the year

24,523

164,343

14,364

203,230

Eliminated on disposal

-

(66)

-

(66)

At 31 May 2024

54,021

644,733

44,290

743,044

Carrying amount

At 31 May 2024

98,671

123,999

27,532

250,202

At 31 May 2023

121,588

272,611

41,896

436,095

 

Dupe VFX Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Included within the net book value of land and buildings above is £98,671 (2023 - £121,588) in respect of short leasehold land and buildings.
 

6

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

7

Debtors

Current

2024
£

2023
£

Trade debtors

-

68,123

Prepayments

91,420

36,791

Other debtors

52,473

134,410

 

143,893

239,324

 

Dupe VFX Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

148,098

156,293

Trade creditors

 

235,350

213,980

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

38,489

-

Taxation and social security

 

374,925

664,250

Accruals and deferred income

 

115,765

726,071

Other creditors

 

3,847

5,234

 

916,474

1,765,828

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

253,663

347,828

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

182,126

213,500

Hire purchase contracts

71,537

134,328

253,663

347,828

 

Dupe VFX Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Current loans and borrowings

2024
£

2023
£

Bank borrowings

44,000

44,000

Hire purchase contracts

104,098

112,293

148,098

156,293

11

Related party transactions

Summary of transactions with subsidiaries

At May 31, 2024 the company owed £38,489 to a subsidiary company, DUPE VFX West Coast Ltd.