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 2020

for

Visual Advantage International Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

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

3,554

2,776

3,554

2,776

CURRENT ASSETS

Debtors

6

27,397

13,910

Cash at bank

54,533

60,494

81,930

74,404

CREDITORS

Amounts falling due within one year

7

54,141

45,166

NET CURRENT ASSETS

27,789

29,238

TOTAL ASSETS LESS CURRENT LIABILITIES

31,343

32,014

PROVISIONS FOR LIABILITIES

675

527

NET ASSETS

30,668

31,487

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

30,568

31,387

SHAREHOLDERS' FUNDS

30,668

31,487

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 May 2021 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 fixed assets

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

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 September 2019

and 31 August 2020

640

AMORTISATION

At 1 September 2019

and 31 August 2020

640

NET BOOK VALUE

At 31 August 2020

-

At 31 August 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 September 2019

252

15,255

15,507

Additions

-

2,926

2,926

Disposals

(252

)

-

(252

)

At 31 August 2020

-

18,181

18,181

DEPRECIATION

At 1 September 2019

252

12,479

12,731

Charge for year

-

2,148

2,148

Eliminated on disposal

(252

)

-

(252

)

At 31 August 2020

-

14,627

14,627

NET BOOK VALUE

At 31 August 2020

-

3,554

3,554

At 31 August 2019

-

2,776

2,776

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Trade debtors

25,820

12,085

VAT

334

582

Prepayments

1,243

1,243

27,397

13,910

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Tax

30,623

28,548

Directors' current accounts

22,115

15,268

Accrued expenses

1,403

1,350

54,141

45,166

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.20

31.8.19

value:

£

£

50

Ordinary 'A'

£1

50

50

50

Ordinary 'B'

£1

50

50

100

100

9.

RESERVES

Retained

earnings

£

At 1 September 2019

31,387

Profit for the year

131,181

Dividends

(132,000

)

At 31 August 2020

30,568

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 Income Statement 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 Visual Advantage International Limited for the year ended 31 August 2020 which comprise the Income Statement, Balance Sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Visual Advantage International 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 Visual Advantage International Limited and state those matters that we have agreed to state to the Board of Directors of Visual Advantage International Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Visual Advantage International Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Visual Advantage International 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 Visual Advantage International Limited. You consider that Visual Advantage International 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 Visual Advantage International 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.

Dunkley's

Chartered Accountants

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

26 May 2021