EUROPEAN VIDEO LIMITED
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Notes to the Accounts |
for the year ended 30 September 2019
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1 |
Accounting policies |
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Basis of preparation |
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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).
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Turnover |
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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.
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Tangible fixed assets |
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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:
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Freehold buildings |
over 50 years |
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Leasehold land and buildings |
15% per annum on cost |
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Plant and machinery |
33.33% per annum on cost |
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Fixtures, fittings, tools and equipment |
25% per annum on cost |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate.
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2 |
Employees |
2019 |
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2018 |
Number |
Number |
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Average number of persons employed by the company |
4 |
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4 |
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3 |
Tangible fixed assets |
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Fixtures, fittings & equipment |
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Computer equipment |
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Motor vehicles |
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Total |
£ |
£ |
£ |
£ |
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Cost |
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At 1 October 2018 |
311,015 |
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32,245 |
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10,713 |
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353,973 |
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Additions |
3,926 |
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4,042 |
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3,771 |
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11,739 |
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Disposals |
- |
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(1,880) |
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- |
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(1,880) |
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At 30 September 2019 |
314,941 |
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34,407 |
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14,484 |
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363,832 |
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Depreciation |
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At 1 October 2018 |
241,521 |
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26,900 |
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9,598 |
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278,019 |
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Charge for the year |
32,454 |
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3,312 |
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1,135 |
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36,901 |
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On disposals |
- |
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(1,061) |
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- |
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(1,061) |
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At 30 September 2019 |
273,975 |
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29,151 |
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10,733 |
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313,859 |
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Net book value |
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At 30 September 2019 |
40,966 |
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5,256 |
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3,751 |
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49,973 |
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At 30 September 2018 |
69,494 |
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5,345 |
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1,115 |
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75,954 |
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4 |
Debtors |
2019 |
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2018 |
£ |
£ |
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Trade debtors |
110,069 |
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56,241 |
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Other debtors |
6,830 |
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7,642 |
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116,899 |
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63,883 |
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5 |
Creditors: amounts falling due within one year |
2019 |
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2018 |
£ |
£ |
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Trade creditors |
39,147 |
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22,282 |
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Taxation and social security costs |
19,005 |
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43,436 |
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Other creditors |
47,001 |
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63,381 |
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105,153 |
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129,099 |
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6 |
Other information |
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EUROPEAN VIDEO LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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8 WING YIP BUSINESS CENTRE |
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395 EDGWARE ROAD |
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LONDON |
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NW2 6LN |