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REGISTERED NUMBER: 08121657 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

VIDEOLOFT LIMITED

VIDEOLOFT LIMITED (REGISTERED NUMBER: 08121657)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VIDEOLOFT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: P A Coombs
M D Fischer
D I Germain
T R Pearson
A Rostom
J L West
L J Worrell
K S Chohan





REGISTERED OFFICE: 18c Croft Drive
Milton
Abingdon
Oxfordshire
OX14 4RP





REGISTERED NUMBER: 08121657 (England and Wales)





ACCOUNTANTS: Galloways Accounting
First Floor
Ridgeland House
15 Carfax
Horsham
West Sussex
RH12 1DY

VIDEOLOFT LIMITED (REGISTERED NUMBER: 08121657)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 13,654 16,098
Tangible assets 5 26,540 24,594
40,194 40,692

CURRENT ASSETS
Stocks 71,283 85,916
Debtors 6 602,148 390,036
Cash at bank 111,968 279,373
785,399 755,325
CREDITORS
Amounts falling due within one year 7 1,883,673 1,060,487
NET CURRENT LIABILITIES (1,098,274 ) (305,162 )
TOTAL ASSETS LESS CURRENT LIABILITIES (1,058,080 ) (264,470 )

CREDITORS
Amounts falling due after more than one year 8 2,087,343 2,044,717
NET LIABILITIES (3,145,423 ) (2,309,187 )

CAPITAL AND RESERVES
Called up share capital 10 23,964 23,964
Share premium 3,118,700 3,118,700
Retained earnings (6,288,087 ) (5,451,851 )
SHAREHOLDERS' FUNDS (3,145,423 ) (2,309,187 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:




J L West - Director


VIDEOLOFT LIMITED (REGISTERED NUMBER: 08121657)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Videoloft Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of goods
Revenue from the sale of goods is recognised when the Company has transferred the significant risks and rewards of ownership to the buyer; the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be reliably measured; it is probable that the Company will receive the consideration due under the transaction; and the costs incurred or to be incurred in respect of the transaction can be reliably measured.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when the amount of revenue can be reliably measured; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be reliably measured; and the costs incurred and the costs to complete the contract can be reliably measured.

Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The directors believe that the financial statements have been prepared appropriately on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 15 ) .

VIDEOLOFT LIMITED (REGISTERED NUMBER: 08121657)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 July 2023
and 30 June 2024 20,966
AMORTISATION
At 1 July 2023 4,868
Amortisation for year 2,444
At 30 June 2024 7,312
NET BOOK VALUE
At 30 June 2024 13,654
At 30 June 2023 16,098

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 July 2023 111,838
Additions 21,280
At 30 June 2024 133,118
DEPRECIATION
At 1 July 2023 87,244
Charge for year 19,334
At 30 June 2024 106,578
NET BOOK VALUE
At 30 June 2024 26,540
At 30 June 2023 24,594

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 410,350 222,797
Other debtors 124,784 115,098
Prepayments and accrued income 67,014 52,141
602,148 390,036

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade creditors 137,362 17,086
Social security and other taxes 27,666 26,447
Other creditors 1,642,632 968,435
Accrued expenses 76,013 48,519
1,883,673 1,060,487

VIDEOLOFT LIMITED (REGISTERED NUMBER: 08121657)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Preference shares - 2-5 years 942,300 471,150
Pref shares more 5 yrs instal 1,145,043 1,573,567
2,087,343 2,044,717

Amounts falling due in more than five years:

Repayable by instalments
Pref shares more 5 yrs instal 1,145,043 1,573,567

The £1 preference shares carry a dividend of 10% payable in two instalments on 31 December 2028 and 30 June 2028. The shares are redeemable in five equal annual instalments, starting from 11 April 2028, at a price of £2.25 for every £1 preference share. The finance charge relating to the preferences shares of £42,627 (2023: £81,306) has been recognised in the profit or loss account.

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.6.24 30.6.23
£    £   
Within one year 30,220 7,188
Between one and five years 7,555 -
37,775 7,188

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
239,636 Ordinary £0.10 23,964 23,964

11. RELATED PARTY DISCLOSURES

Within other creditors are amounts owed to the directors totalling £1,110,000 (2023: £675,000). The loans are interest free and were converted into Ordinary shares during the period 12 July 2024 to 31 July 2024.

12. POST BALANCE SHEET EVENTS

Within other creditors are director and investor loans totalling £1,200,000. These loans were converted into Ordinary shares during the period 12 July 2024 to 31 July 2024.