V2 Studios Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05054677

V2 STUDIOS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 February 2025

V2 STUDIOS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 28th FEBRUARY 2025

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 8

V2 STUDIOS LIMITED

STATEMENT OF FINANCIAL POSITION

28 February 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Intangible assets	5	4,120	6,060
Tangible assets	6	687,124	697,584
		---------	---------
		691,244	703,644

Current assets

Stocks		15,000	30,000
Debtors	7	380,187	637,612
Investments	8	596,351	369,806
Cash at bank and in hand		1,535,228	1,374,130
		------------	------------
		2,526,766	2,411,548

Creditors: amounts falling due within one year	9	295,842		386,502
		------------		------------
Net current assets			2,230,924		2,025,046
			------------		------------
Total assets less current liabilities			2,922,168		2,728,690

Creditors: amounts falling due after more than one year	10		101,679		132,345

Provisions

Taxation including deferred tax	21,301	22,496
	------------	------------
Net assets	2,799,188	2,573,849
	------------	------------

V2 STUDIOS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

28 February 2025

	2025		2024
Note	£	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	2,799,088	2,573,749
	------------	------------
Shareholders funds	2,799,188	2,573,849
	------------	------------

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 comprehensive income has not been delivered.

For the year ending 28th February 2025 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 .

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

Mr C.J. Vernall

Director

Company registration number: 05054677

V2 STUDIOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 28th FEBRUARY 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Enville Road, Wall Heath, Kingswinford, West Midlands, DY6 0JT.

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

(i) 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.

(ii) Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(iii) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

(iv) 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.

(v) Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

(vi) Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

(vii) Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	10% straight line
Website	-	25% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

(viii) 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

(ix) 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:

Freehold property	-	2% straight line
Computer equipment	-	25% straight line
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	20% reducing balance

(x) 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

(xi) 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.

(xii) 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.

(xiii) 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 12 (2024: 12 ).

5. Intangible assets

	Goodwill	Website	Total
	£	£	£
Cost
At 1st March 2024 and 28th February 2025	6,500	9,700	16,200
	-------	-------	--------
Amortisation
At 1st March 2024	6,500	3,640	10,140
Charge for the year	–	1,940	1,940
	-------	-------	--------
At 28th February 2025	6,500	5,580	12,080
	-------	-------	--------
Carrying amount
At 28th February 2025	–	4,120	4,120
	-------	-------	--------
At 29th February 2024	–	6,060	6,060
	-------	-------	--------

6. Tangible assets

	Land and buildings	Computer Equipment	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1st March 2024	675,782	120,030	167,495	53,315	1,016,622
Additions	1,775	26,866	4,036	–	32,677
	---------	---------	---------	--------	------------
At 28th February 2025	677,557	146,896	171,531	53,315	1,049,299
	---------	---------	---------	--------	------------
Depreciation
At 1st March 2024	71,953	94,601	141,821	10,663	319,038
Charge for the year	6,775	20,404	7,428	8,530	43,137
	---------	---------	---------	--------	------------
At 28th February 2025	78,728	115,005	149,249	19,193	362,175
	---------	---------	---------	--------	------------
Carrying amount
At 28th February 2025	598,829	31,891	22,282	34,122	687,124
	---------	---------	---------	--------	------------
At 29th February 2024	603,829	25,429	25,674	42,652	697,584
	---------	---------	---------	--------	------------

The company's leasehold premises were independently valued in November 2021 and an indicative market value of £995,000 was determined.

7. Debtors

	2025	2024
	£	£
Trade debtors	310,603	580,531
Other debtors	69,584	57,081
	---------	---------
	380,187	637,612
	---------	---------

8. Investments

	2025	2024
	£	£
Listed investments	596,351	369,806
	---------	---------

Unlisted investments relates to a 0.0011% stake (2024 - 0.0015%) in The Good Box Co Labs Ltd, a private limited company, which was previously valued at cost (£15,000). The Good Box Co Labs Ltd entered administration on 28th June 2022. Although the period of administration ended on 26th January 2023 the directors still consider it unlikely that any value will be realised from this investment and the investment has been written off. This investment is currently estimated to be worth £Nil (2024 - £Nil).

The company has investments held in various publicly listed and traded unit trust funds. The value of these investments as at the year end date is shown above. The current market value of these investments on 26th September 2025 - being the last practicable date before the accounts were signed - was £647,920.

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	43,734	43,734
Trade creditors	38,727	32,526
Corporation tax	176,124	244,200
Social security and other taxes	28,221	57,741
Other creditors	9,036	8,301
	---------	---------
	295,842	386,502
	---------	---------

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

	2025	2024
	£	£
Bank loans and overdrafts	101,679	132,345
	---------	---------

11. Employee ownership trust

During the year, the company made contributions of £14,860 (2024 - £nil) to the EOT. The obligation to make future payments of the deferred consideration lies with the Trust and so the liability for future payments has not been recognised by the company.

12. Transactions with directors

A total of £310,000 (2024 - £210,000) was paid to the directors by way of dividends on their equity shares.

13. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2025	2024	2025	2024
	£	£	£	£
Vitamin - A Life Less Ordinary Ltd	( 10,000)	( 15,000)	15,000	15,000
Future Natural Ltd	–	–	3,571	3,196
	--------	--------	--------	--------

Vitamin - A Life Less Ordinary Limited is wholly owned and operated by Messrs. C.J. and A.R. Vernall. The transactions entered into were for the supply of marketing and support services and were paid in full by the year end. Future Natural Limited is wholly owned by Messrs. C.J. and A.R. Vernall, but is not currently trading. The loan balances outstanding have no fixed repayment date and are interest free.