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COMPANY REGISTRATION NUMBER: 04945962
Feature Effects Ltd
Filleted Unaudited Financial Statements
31 October 2024
Feature Effects Ltd
Financial Statements
Year ended 31 October 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Feature Effects Ltd
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
498,399
515,062
Current assets
Stocks
3,200
3,570
Debtors
6
54,883
69,789
Cash at bank and in hand
98,890
153,307
----------
----------
156,973
226,666
Creditors: amounts falling due within one year
7
78,217
71,142
----------
----------
Net current assets
78,756
155,524
----------
----------
Total assets less current liabilities
577,155
670,586
Creditors: amounts falling due after more than one year
8
7,033
17,365
Provisions
Taxation including deferred tax
128,766
128,766
----------
----------
Net assets
441,356
524,455
----------
----------
Capital and reserves
Called up share capital
9
500
500
Profit and loss account
440,856
523,955
----------
----------
Shareholders funds
441,356
524,455
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Feature Effects Ltd
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 11 July 2025 , and are signed on behalf of the board by:
Mr P G Corbould
Director
Company registration number: 04945962
Feature Effects Ltd
Notes to the Financial Statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Printing House, 66 Lower Road, Harrow, HA2 0DH, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and Fittings
-
25% straight line
Motor Vehicles
-
25% straight line
Equipment and Plant
-
25% reducing balance
Office Building
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 3 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment and Plant
Office building
Total
£
£
£
£
£
Cost
At 1 November 2023
1,515
178,647
786,529
8,540
975,231
Additions
153,530
153,530
Disposals
( 658)
( 104,689)
( 105,347)
-------
----------
----------
-------
------------
At 31 October 2024
857
178,647
835,370
8,540
1,023,414
-------
----------
----------
-------
------------
Depreciation
At 1 November 2023
675
88,802
362,152
8,540
460,169
Charge for the year
214
24,006
118,511
142,731
Disposals
( 657)
( 77,228)
( 77,885)
-------
----------
----------
-------
------------
At 31 October 2024
232
112,808
403,435
8,540
525,015
-------
----------
----------
-------
------------
Carrying amount
At 31 October 2024
625
65,839
431,935
498,399
-------
----------
----------
-------
------------
At 31 October 2023
840
89,845
424,377
515,062
-------
----------
----------
-------
------------
6. Debtors
2024
2023
£
£
Trade debtors
33,264
22,573
Prepayments and accrued income
14,339
10,643
Other debtors
7,280
36,573
--------
--------
54,883
69,789
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,332
10,077
Trade creditors
6,134
1,159
Accruals and deferred income
3,750
3,750
Corporation tax
34,742
37,650
Social security and other taxes
21,008
2,988
Obligations under finance leases and hire purchase contracts
14,061
Director loan accounts
454
13
Other creditors
1,797
1,444
--------
--------
78,217
71,142
--------
--------
The hire purchase agreements are secured on the assets to which they relate. The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,033
17,365
-------
--------
The hire purchase agreements are secured on the assets to which they relate. The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares 'A' shares of £ 1 each
100
100
100
100
Ordinary shares 'B' shares of £ 1 each
100
100
100
100
Ordinary shares 'C' shares of £ 1 each
100
100
100
100
Ordinary shares 'D' shares of £ 1 each
100
100
100
100
Ordinary shares 'E' shares of £ 1 each
100
100
100
100
----
----
----
----
500
500
500
500
----
----
----
----
The shares rank pari passu in all respects except that the Ordinary 'B', 'C', 'D' and 'E' shares have no voting rights and no rights to participate in a winding up of the company.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
59,583
18,000
Later than 1 year and not later than 5 years
5,417
72,000
Later than 5 years
79,500
--------
----------
65,000
169,500
--------
----------
11.Related party transactions
Transactions with related parties undertaken, such as are required to be disclosed under FRS102, were as follows:
20242023
££
Balances owed by/(to):
Other related parties613,540
------------
The amounts owed by related parties are in respect of short term interest free loans.