Silverfin false false 30/09/2024 01/10/2023 30/09/2024 Z Belasicova 08/04/2022 O M Mclean 14/05/2024 08/04/2022 A Moulineau 08/04/2022 13 March 2025 The principal activity of the company during the financial period was an independent creative VFX studio. 14035928 2024-09-30 14035928 bus:Director1 2024-09-30 14035928 bus:Director2 2024-09-30 14035928 bus:Director3 2024-09-30 14035928 2023-09-30 14035928 core:CurrentFinancialInstruments 2024-09-30 14035928 core:CurrentFinancialInstruments 2023-09-30 14035928 core:ShareCapital 2024-09-30 14035928 core:ShareCapital 2023-09-30 14035928 core:RetainedEarningsAccumulatedLosses 2024-09-30 14035928 core:RetainedEarningsAccumulatedLosses 2023-09-30 14035928 core:ComputerEquipment 2023-09-30 14035928 core:ComputerEquipment 2024-09-30 14035928 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2024-09-30 14035928 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2023-09-30 14035928 2022-04-07 14035928 bus:OrdinaryShareClass1 2024-09-30 14035928 2023-10-01 2024-09-30 14035928 bus:FilletedAccounts 2023-10-01 2024-09-30 14035928 bus:SmallEntities 2023-10-01 2024-09-30 14035928 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 14035928 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 14035928 bus:Director1 2023-10-01 2024-09-30 14035928 bus:Director2 2023-10-01 2024-09-30 14035928 bus:Director3 2023-10-01 2024-09-30 14035928 core:ComputerEquipment core:TopRangeValue 2023-10-01 2024-09-30 14035928 2022-04-08 2023-09-30 14035928 core:ComputerEquipment 2023-10-01 2024-09-30 14035928 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 14035928 bus:OrdinaryShareClass1 2022-04-08 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 14035928 (England and Wales)

LIGHT VISUAL EFFECTS LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

LIGHT VISUAL EFFECTS LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

LIGHT VISUAL EFFECTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
LIGHT VISUAL EFFECTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 30.09.2024 30.09.2023
£ £
Fixed assets
Tangible assets 3 0 6,320
0 6,320
Current assets
Debtors 4 47,817 34,816
Cash at bank and in hand 78,970 5,153
126,787 39,969
Creditors: amounts falling due within one year 5 ( 116,370) ( 33,532)
Net current assets 10,417 6,437
Total assets less current liabilities 10,417 12,757
Provision for liabilities 6 0 ( 1,109)
Net assets 10,417 11,648
Capital and reserves
Called-up share capital 7 1,000 1,000
Profit and loss account 9,417 10,648
Total shareholder's funds 10,417 11,648

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of LIGHT Visual Effects Limited (registered number: 14035928) were approved and authorised for issue by the Board of Directors on 13 March 2025. They were signed on its behalf by:

Z Belasicova
Director
LIGHT VISUAL EFFECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
LIGHT VISUAL EFFECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

LIGHT Visual Effects Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5th Floor 167-169 Great Portland Street, London, W1W 5PF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The reporting period length for the previous year was more than 12 months as this was the first period of accounts from the date of incorporation to 30 September 2023. Therefore, the figures are not entirely comparable.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Year ended
30.09.2024
Period from
08.04.2022 to
30.09.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 5

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 October 2023 8,645 8,645
Disposals ( 8,645) ( 8,645)
At 30 September 2024 0 0
Accumulated depreciation
At 01 October 2023 2,325 2,325
Charge for the financial year 480 480
Disposals ( 2,805) ( 2,805)
At 30 September 2024 0 0
Net book value
At 30 September 2024 0 0
At 30 September 2023 6,320 6,320

4. Debtors

30.09.2024 30.09.2023
£ £
Trade debtors 0 34,816
Accrued income 47,817 0
47,817 34,816

5. Creditors: amounts falling due within one year

30.09.2024 30.09.2023
£ £
Trade creditors 54,185 9,827
Amounts owed to fellow subsidiaries 0 138
Accruals 9,360 3,000
Corporation tax 989 1,210
Other taxation and social security 49,949 18,023
Other creditors 1,887 1,334
116,370 33,532

6. Deferred tax

30.09.2024 30.09.2023
£ £
At the beginning of financial year/period ( 1,109) 0
Credited/(charged) to the Statement of Income and Retained Earnings 1,109 ( 1,109)
At the end of financial year/period 0 ( 1,109)

7. Called-up share capital

30.09.2024 30.09.2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

8. Financial commitments

Commitments

30.09.2024 30.09.2023
£ £
Total future minimum lease payments under non-cancellable operating lease 0 9,600

9. Related party transactions

Other related party transactions

As a wholly owned subsidiary undertaking of the parent company, the company has taken advantage of the exemption from disclosing transactions with other members of the group. No other related party transactions have occurred during the year that are required to be reported in accordance with FRS 102 1A.

10. Ultimate controlling party

Parent Company:

SAS Backlight
15 Rue Margareth
17200 Royan
France