Visual Advantage International Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04519750 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2018

for

Visual Advantage International Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A J Hamilton

C M A Davis

SECRETARY:

A J Hamilton

REGISTERED OFFICE:

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

REGISTERED NUMBER:

04519750 (England and Wales)

ACCOUNTANTS:

Dunkley's

Chartered Accountants

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

4,108

-

4,108

-

CURRENT ASSETS

Debtors

6

30,720

21,423

Cash at bank

26,686

26,409

57,406

47,832

CREDITORS

Amounts falling due within one year

7

43,305

30,352

NET CURRENT ASSETS

14,101

17,480

TOTAL ASSETS LESS CURRENT LIABILITIES

18,209

17,480

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

18,109

17,380

SHAREHOLDERS' FUNDS

18,209

17,480

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 29 May 2019 and were signed on its behalf by:

A J Hamilton - Director

1.	STATUTORY INFORMATION

Visual Advantage International Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

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.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Intangible fixed assets

Depreciation is provided at the following annual rate.

Patent & Licences - 10% on cost

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33.33% on cost

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 September 2017

and 31 August 2018

640

AMORTISATION

At 1 September 2017

and 31 August 2018

640

NET BOOK VALUE

At 31 August 2018

-

At 31 August 2017

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 September 2017

252

39,106

39,358

Additions

-

4,482

4,482

Disposals

-

(25,925

)

(25,925

)

At 31 August 2018

252

17,663

17,915

DEPRECIATION

At 1 September 2017

252

39,106

39,358

Charge for year

-

374

374

Eliminated on disposal

-

(25,925

)

(25,925

)

At 31 August 2018

252

13,555

13,807

NET BOOK VALUE

At 31 August 2018

-

4,108

4,108

At 31 August 2017

-

-

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Trade debtors

29,100

19,400

VAT

377

480

Prepayments

1,243

1,543

30,720

21,423

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Trade creditors

1,403

6,648

Tax

29,467

19,934

Other creditors

8,214

-

Directors' current accounts

993

2,665

Accrued expenses

3,228

1,105

43,305

30,352

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.18

31.8.17

value:

£

£

50

Ordinary 'A'

£1

50

50

50

Ordinary 'B'

£1

50

50

100

100

9.

RESERVES

Retained

earnings

£

At 1 September 2017

17,380

Profit for the year

129,729

Dividends

(129,000

)

At 31 August 2018

18,109

10.	RELATED PARTY DISCLOSURES

During the year the directors received £129,000 in dividends.

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors, by virtue of them owning 100% of the issued ordinary shares.