Registered number
10981591
Visual Digital Ltd
Filleted Accounts
30 September 2024
Visual Digital Ltd
Registered number: 10981591
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Non-current assets
Intangible assets 3 23,800 27,200
Tangible assets 4 1,255 1,674
Debtors falling due after more than one year 5 7,214 7,705
32,269 36,579
Current assets
Debtors 6 30,298 30,795
Cash at bank and in hand 11,875 1,527
42,173 32,322
Creditors: amounts falling due within one year 7 (58,052) (65,368)
Net current liabilities (15,879) (33,046)
Total assets less current liabilities 16,390 3,533
Creditors: amounts falling due after more than one year 8 (16,166) (2,667)
Provisions for liabilities (238) (318)
Net (liabilities)/assets (14) 548
Capital and reserves
Called up share capital 100 100
Profit and loss account (114) 448
Shareholder's funds (14) 548
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sean Russell
Director
Approved by the board on 24 April 2025
Visual Digital Ltd
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery etc 25% Reducing Balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2023 34,000
At 30 September 2024 34,000
Amortisation
At 1 October 2023 6,800
Provided during the year 3,400
At 30 September 2024 10,200
Net book value
At 30 September 2024 23,800
At 30 September 2023 27,200
Goodwill is being written off in equal annual instalments over 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 5,107
At 30 September 2024 5,107
Depreciation
At 1 October 2023 3,433
Charge for the year 419
At 30 September 2024 3,852
Net book value
At 30 September 2024 1,255
At 30 September 2023 1,674
5 Debtors falling due after more than one year 2024 2023
£ £
Corporation tax recoverable 7,214 7,705
7,214 7,705
6 Debtors 2024 2023
£ £
Trade debtors 8,061 7,539
Corporation tax recoverable due within one year 491 -
Director's loan account - Sean Russell 21,746 23,256
30,298 30,795
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,960 1,600
Taxation and social security costs 19,940 30,440
Other creditors 33,152 33,328
58,052 65,368
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 16,166 2,667
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Sean Russell 23,256 - (1,510) 21,746
23,256 - (1,510) 21,746
The director’s loan is unsecured, does not carry interest, and is repayable on demand.
10 Related party transactions
At the balance sheet date, an amount of £21,746 (2023: £23,256) was owed by a director to the company. The loan is unsecured, interest-free, and repayable on demand.
11 Corporation Tax Recoverable
A balance of £7,705 (2023: £7,705) is recoverable from HMRC under Section 455 of the Corporation Tax Act 2010, relating to loans to directors. Of this amount, £491 is expected to be recoverable within 12 months of the balance sheet date, with the remaining balance expected to be recoverable after more than 12 months.
12 Going Concern
The financial statements have been prepared on a going concern basis. At the balance sheet date, the company was owed £21,746 by a director. In prior periods, this loan gave rise to a corporation tax charge of £7,705 under Section 455 of the Corporation Tax Act 2010. This amount is recognised as a recoverable debtor from HMRC. The director has confirmed their intention to repay the loan in full and is actively working towards clearing the balance as soon as possible. The repayment of the loan will enable the company to recover the associated Section 455 tax. The directors have reviewed the company’s cash flow projections and, taking these factors into account, consider the going concern basis of preparation to be appropriate.
13 Other information
Visual Digital Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Portsmouth Guildhall
Guildhall Square
Portsmouth
PO1 2AB
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