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Company No: 03677539 (England and Wales)

EXTREME VIDEO LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

EXTREME VIDEO LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

EXTREME VIDEO LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
EXTREME VIDEO LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Intangible assets 3 660 1,956
Tangible assets 4 635,355 636,712
636,015 638,668
Current assets
Stocks 55,849 35,000
Debtors 5 1,456,226 1,330,070
Cash at bank and in hand 6 27,818 21,071
1,539,893 1,386,141
Creditors: amounts falling due within one year 7 ( 2,072,514) ( 2,024,896)
Net current liabilities (532,621) (638,755)
Total assets less current liabilities 103,394 (87)
Creditors: amounts falling due after more than one year 8 ( 127,775) ( 124,579)
Net liabilities ( 24,381) ( 124,666)
Capital and reserves
Called-up share capital 9 2 2
Revaluation reserve 12,116 16,155
Profit and loss account ( 36,499 ) ( 140,823 )
Total shareholder's deficit ( 24,381) ( 124,666)

For the financial year ending 31 March 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 Extreme Video Limited (registered number: 03677539) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Mr Jonathan Thursby
Director

25 March 2025

EXTREME VIDEO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
EXTREME VIDEO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

Extreme Video 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 112-114 Magdalen Street, Norwich, NR3 1JD, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill not amortised
Website costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 % reducing balance
Plant and machinery 25 % reducing balance
Vehicles 4 years straight line
Fixtures and fittings 15 % reducing balance
Office equipment 25 % reducing balance
Other property, plant and equipment 10 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.

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.

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 Income Statement as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

2. Employees

Year ended
31.03.2024
Period from
01.10.2021 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 18 14

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 April 2023 24,207 6,478 30,685
At 31 March 2024 24,207 6,478 30,685
Accumulated amortisation
At 01 April 2023 24,207 4,522 28,729
Charge for the financial year 0 1,296 1,296
At 31 March 2024 24,207 5,818 30,025
Net book value
At 31 March 2024 0 660 660
At 31 March 2023 0 1,956 1,956

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Other property, plant
and equipment
Total
£ £ £ £ £ £ £
Cost
At 01 April 2023 39,795 1,696,364 60,162 64,379 57,342 310,009 2,228,051
Additions 2,209 37,220 0 0 0 5,691 45,120
Disposals 0 ( 481,074) 0 0 0 0 ( 481,074)
Transfers 0 ( 565,566) 0 0 0 565,566 0
At 31 March 2024 42,004 686,944 60,162 64,379 57,342 881,266 1,792,097
Accumulated depreciation
At 01 April 2023 23,509 1,270,784 33,351 14,801 49,759 199,135 1,591,339
Charge for the financial year 4,005 41,138 15,040 10,646 2,750 133,797 207,376
Disposals 0 ( 481,074) 0 0 0 0 ( 481,074)
Transfers 0 ( 437,153) 0 0 0 437,153 0
Re-state depreciation rate 0 0 0 0 0 ( 160,899) ( 160,899)
At 31 March 2024 27,514 393,695 48,391 25,447 52,509 609,186 1,156,742
Net book value
At 31 March 2024 14,490 293,249 11,771 38,932 4,833 272,080 635,355
At 31 March 2023 16,286 425,580 26,811 49,578 7,583 110,874 636,712

5. Debtors

31.03.2024 31.03.2023
£ £
Trade debtors 37,517 37,119
Amounts owed by associates 1,342,646 1,228,718
Prepayments and accrued income 62,837 64,233
S455 13,226 0
1,456,226 1,330,070

6. Cash and cash equivalents

31.03.2024 31.03.2023
£ £
Cash at bank and in hand 27,818 21,071
Less: Bank overdrafts ( 53,262) ( 66,223)
(25,444) (45,152)

7. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Bank loans and overdrafts 63,748 76,169
Trade creditors 158,502 259,809
Amounts owed to directors 1,188,147 1,192,942
Other loans 126,000 94,764
Accruals and deferred income 20,011 30,711
Taxation and social security 178,971 118,817
Obligations under finance leases and hire purchase contracts 40,636 69,312
Other creditors 296,499 182,372
2,072,514 2,024,896

8. Creditors: amounts falling due after more than one year

31.03.2024 31.03.2023
£ £
Bank loans 11,953 0
Other loans 13,020 22,422
Obligations under finance leases and hire purchase contracts 102,802 102,157
127,775 124,579

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each (31.03.2023: - shares of £ 1.00 each) 2 2

Revaluation reserve

The surplus or deficit arising on the valuation of the Epic assets adjusted for the depreciation on the revalued amount as a transfer between the profit and loss which is debited or credited to the revaluation reserve.

10. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

31.03.2024 31.03.2023
£ £
Contributions to the scheme 9,920 16,778

11. Related party transactions

Transactions with the entity's directors

31.03.2024 31.03.2023
£ £
Owed by J J R Thursby (Director) 154,499 (36,375)