Revolution VFX Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08380875 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

REVOLUTION VFX LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

Chartered Certified Accountants' Report

7

FIXED ASSETS

Intangible assets

4

2,000

3,000

Tangible assets

5

11,935

13,222

13,935

16,222

CURRENT ASSETS

Debtors: amounts falling due within one year

6

733

8,383

Cash at bank

87,956

121,068

88,689

129,451

CREDITORS

Amounts falling due within one year

7

62,165

94,106

NET CURRENT ASSETS

26,524

35,345

TOTAL ASSETS LESS CURRENT LIABILITIES

40,459

51,567

PROVISIONS FOR LIABILITIES

2,268

2,513

NET ASSETS

38,191

49,054

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

38,188

49,051

SHAREHOLDERS' FUNDS

38,191

49,054

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 July 2021 and were signed on its behalf by:

Paul D Norris - Director

1.	STATUTORY INFORMATION

Revolution VFX Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

08380875

Registered office:

Sovereign House

22 Shelley Road

WORTHING

West Sussex

BN11 1TU

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

10,000

AMORTISATION

At 1 April 2020

7,000

Charge for year

1,000

At 31 March 2021

8,000

NET BOOK VALUE

At 31 March 2021

2,000

At 31 March 2020

3,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2020

24,420

670

7,476

32,566

Additions

2,586

-

103

2,689

At 31 March 2021

27,006

670

7,579

35,255

DEPRECIATION

At 1 April 2020

14,725

582

4,037

19,344

Charge for year

3,070

21

885

3,976

At 31 March 2021

17,795

603

4,922

23,320

NET BOOK VALUE

At 31 March 2021

9,211

67

2,657

11,935

At 31 March 2020

9,695

88

3,439

13,222

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

-

8,000

Other debtors

733

383

733

8,383

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

-

1,124

Taxation and social security

11,464

23,380

Other creditors

50,701

69,602

62,165

94,106

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2021 and 31 March 2020:

2021

2020

£

£

Paul D Norris

Balance outstanding at start of year

-

(8,962

)

Amounts advanced

16,386

8,962

Amounts repaid

(16,386

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

K A Norris

Balance outstanding at start of year

-

(11,247

)

Amounts advanced

3,300

11,247

Amounts repaid

(3,300

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Revolution VFX Limited for the year ended 31 March 2021 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Revolution VFX Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Revolution VFX Limited and state those matters that we have agreed to state to the Board of Directors of Revolution VFX Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Revolution VFX Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Revolution VFX Limited. You consider that Revolution VFX Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Revolution VFX Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Monetaire Accountants

Sovereign House

22 Shelley Road

Worthing

West Sussex

BN11 1TU

14 July 2021