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Registered number: 13721617









V STUDIOS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 NOVEMBER 2023

 
V STUDIOS LIMITED
REGISTERED NUMBER: 13721617

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,702,276
1,770,475

  
1,702,276
1,770,475

Current assets
  

Debtors: amounts falling due within one year
 5 
84,824
864,253

Cash at bank and in hand
 6 
523
63,622

  
85,347
927,875

Creditors: amounts falling due within one year
 7 
(519,943)
(1,612,028)

Net current liabilities
  
 
 
(434,596)
 
 
(684,153)

Total assets less current liabilities
  
1,267,680
1,086,322

Creditors: amounts falling due after more than one year
 8 
(3,470,000)
(1,800,000)

  

Net liabilities
  
(2,202,320)
(713,678)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(2,202,420)
(713,778)

  
(2,202,320)
(713,678)


Page 1

 
V STUDIOS LIMITED
REGISTERED NUMBER: 13721617
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C Greenhill
Director

Date: 26 February 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
V STUDIOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

1.


General information

V Studios Limited is a private company limited by shares and incorporated in England and Wales. The registered office is  3-4 Portland Mews, London, England, W1F 8JF. 
The financial statements are presented in Sterling, which is the functional currency of the Company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The company is dependent on the directors and shareholders for financial support, which the director is confident will continue for a period of at least another 12 months following the approval of these financial statements.
As at 30 November 2023, the company had net liabilities of £2,202,320. The directors and shareholders have indicated their present intention to provide adequate finance to enable the company to continue in operational existence, and on this basis the director considers it appropriate to prepare the financial statements on the going concern basis.
The financial statements do not reflect any adjustments that would result from a withdrawal of financial support by the director and shareholder.

 
2.3

Revenue

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 as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

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 all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
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 measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
V STUDIOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
Reducing balance
Plant and machinery
-
25%
Reducing balance
Computer equipment
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the period was 3 (2022: 2).

Page 4

 
V STUDIOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 December 2022
279,918
1,569,102
1,849,020


Additions
241,877
131,591
373,468



At 30 November 2023

521,795
1,700,693
2,222,488



Depreciation


At 1 December 2022
12,247
66,299
78,546


Charge for the period on owned assets
38,655
403,011
441,666



At 30 November 2023

50,902
469,310
520,212



Net book value



At 30 November 2023
470,893
1,231,383
1,702,276



At 30 November 2022
267,671
1,502,804
1,770,475

Page 5

 
V STUDIOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
74,796
454,358

Other debtors
10,028
356,027

Prepayments and accrued income
-
53,868

84,824
864,253



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
523
63,622

523
63,622



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
74,670
1,607,799

Amounts owed to group undertakings
164,843
-

Other creditors
35,000
2,729

Accruals and deferred income
245,430
1,500

519,943
1,612,028



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
3,470,000
1,800,000

3,470,000
1,800,000


Page 6

 
V STUDIOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


 
Page 7