REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 |
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VIDEOLOFT LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 |
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FOR |
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VIDEOLOFT LIMITED |
VIDEOLOFT LIMITED (REGISTERED NUMBER: 08121657) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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VIDEOLOFT LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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First Floor |
Ridgeland House |
15 Carfax |
Horsham |
West Sussex |
RH12 1DY |
VIDEOLOFT LIMITED (REGISTERED NUMBER: 08121657) |
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BALANCE SHEET |
30 JUNE 2022 |
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30.6.22 | 30.6.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
VIDEOLOFT LIMITED (REGISTERED NUMBER: 08121657) |
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BALANCE SHEET - continued |
30 JUNE 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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VIDEOLOFT LIMITED (REGISTERED NUMBER: 08121657) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2022 |
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1. | STATUTORY INFORMATION |
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Videoloft Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Sale of goods |
Revenue from the sale of goods is recognised when the Company has transferred the significant risks and rewards of ownership to the buyer; the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be reliably measured; it is probable that the Company will receive the consideration due under the transaction; and the costs incurred or to be incurred in respect of the transaction can be reliably measured. |
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Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when the amount of revenue can be reliably measured; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be reliably measured; and the costs incurred and the costs to complete the contract can be reliably measured. |
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Intangible assets |
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. |
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Tangible fixed assets |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Operating leases |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
The directors believe that the financial statements have been prepared appropriately on a going concern basis. |
VIDEOLOFT LIMITED (REGISTERED NUMBER: 08121657) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2022 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
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COST |
At 1 July 2021 |
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Additions |
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At 30 June 2022 |
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AMORTISATION |
At 1 July 2021 |
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Amortisation for year | ( |
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At 30 June 2022 |
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NET BOOK VALUE |
At 30 June 2022 |
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At 30 June 2021 |
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5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 July 2021 |
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Additions |
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Disposals | ( |
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At 30 June 2022 |
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DEPRECIATION |
At 1 July 2021 |
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Charge for year |
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At 30 June 2022 |
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NET BOOK VALUE |
At 30 June 2022 |
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At 30 June 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.22 | 30.6.21 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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VIDEOLOFT LIMITED (REGISTERED NUMBER: 08121657) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2022 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.22 | 30.6.21 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.6.22 | 30.6.21 |
£ | £ |
Preference shares | 1,963,411 | 1,834,480 |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Preference shares | 1,963,411 | 1,834,480 |
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The £1 preference shares carry a dividend of 10% payable in two equal annual instalments starting from 11 April 2028 onwards. The shares are redeemable in five equal annual instalments, starting from 11 April 2028, at a price of £2.25 for every £1 preference share. The finance charge relating to the preferences shares for £128,930 (2021: £120,464) has been recognised in the profit or loss account. |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.22 | 30.6.21 |
£ | £ |
Within one year |
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Between one and five years |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.22 | 30.6.21 |
value: | £ | £ |
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Ordinary | £1 | 15,229 | 15,160 |
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11. | RELATED PARTY DISCLOSURES |
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Within other creditors are amounts due to the directors at the year-end for a total of £1,666,609 (2021: £951,599). The loans are interest free. |