2 false false false false false false false false false true false false false false false false No description of principal activity 2020-07-01 Sage Accounts Production Advanced 2020 - FRS102_2019 61,740 51,633 1,502 985 129 1,114 388 517 xbrli:pure xbrli:shares iso4217:GBP 09637319 2020-07-01 2021-06-30 09637319 2021-06-30 09637319 2020-06-30 09637319 2019-07-01 2020-06-30 09637319 2020-06-30 09637319 core:PlantMachinery 2020-07-01 2021-06-30 09637319 bus:RegisteredOffice 2020-07-01 2021-06-30 09637319 bus:LeadAgentIfApplicable 2020-07-01 2021-06-30 09637319 bus:Director1 2020-07-01 2021-06-30 09637319 core:PlantMachinery 2020-06-30 09637319 core:PlantMachinery 2021-06-30 09637319 core:WithinOneYear 2021-06-30 09637319 core:WithinOneYear 2020-06-30 09637319 core:RetainedEarningsAccumulatedLosses 2020-07-01 2021-06-30 09637319 core:RetainedEarningsAccumulatedLosses 2019-07-01 2020-06-30 09637319 core:RetainedEarningsAccumulatedLosses 2020-06-30 09637319 core:RetainedEarningsAccumulatedLosses 2019-06-30 09637319 core:RetainedEarningsAccumulatedLosses 2021-06-30 09637319 core:RetainedEarningsAccumulatedLosses 2020-06-30 09637319 core:ShareCapital 2021-06-30 09637319 core:ShareCapital 2020-06-30 09637319 core:PlantMachinery 2020-06-30 09637319 bus:Director1 2020-06-30 09637319 bus:Director1 2021-06-30 09637319 bus:Director1 2019-06-30 09637319 bus:Director1 2020-06-30 09637319 bus:Director1 2019-07-01 2020-06-30 09637319 bus:SmallEntities 2020-07-01 2021-06-30 09637319 bus:AuditExempt-NoAccountantsReport 2020-07-01 2021-06-30 09637319 bus:FullAccounts 2020-07-01 2021-06-30 09637319 bus:SmallCompaniesRegimeForAccounts 2020-07-01 2021-06-30 09637319 bus:PrivateLimitedCompanyLtd 2020-07-01 2021-06-30 09637319 core:EntitiesControlledByKeyManagementPersonnel 2020-07-01 2021-06-30
COMPANY REGISTRATION NUMBER: 09637319
1Image 4U Ltd
Unaudited Financial Statements
30 June 2021
1Image 4U Ltd
Financial Statements
Year ended 30 June 2021
Contents
Page
Officers and professional advisers
1
Director's report
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
5
1Image 4U Ltd
Officers and Professional Advisers
Director
Mr G Hedges
Registered office
165 Ambleside Road
Lightwater
Surrey
GU18 5UN
Accountants
McNaught & Co
Chartered accountants
189 Wokingham Road
Reading
RG6 1LT
Bankers
Card One Banking
PO Box 3634
Chester
CH1 9NL
1Image 4U Ltd
Director's Report
Year ended 30 June 2021
The director presents his report and the unaudited financial statements of the company for the year ended 30 June 2021 .
Director
The director who served the company during the year was as follows:
Mr G Hedges
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 15 August 2022 and signed on behalf of the board by:
Mr G Hedges
Director
Registered office:
165 Ambleside Road
Lightwater
Surrey
GU18 5UN
1Image 4U Ltd
Statement of Income and Retained Earnings
Year ended 30 June 2021
2021
2020
Note
£
£
Turnover
122,332
117,038
Cost of sales
4,985
3,528
---------
---------
Gross profit
117,347
113,510
Administrative expenses
36,802
32,026
Other operating income
3,298
2,601
---------
---------
Operating profit
83,843
84,085
Other interest receivable and similar income
6
7
Interest payable and similar expenses
1,497
1,196
---------
---------
Profit before taxation
5
82,352
82,896
Tax on profit
20,612
31,263
--------
--------
Profit for the financial year and total comprehensive income
61,740
51,633
--------
--------
Dividends paid and payable
( 49,800)
( 16,000)
Retained earnings at the start of the year
132,965
97,332
---------
---------
Retained earnings at the end of the year
144,905
132,965
---------
---------
All the activities of the company are from continuing operations.
1Image 4U Ltd
Statement of Financial Position
30 June 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
6
388
517
Current assets
Stocks
2,997
1,378
Debtors
7
222,830
209,294
Cash at bank and in hand
30,651
9,604
---------
---------
256,478
220,276
Creditors: amounts falling due within one year
8
111,959
87,826
---------
---------
Net current assets
144,519
132,450
---------
---------
Total assets less current liabilities
144,907
132,967
---------
---------
Net assets
144,907
132,967
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
144,905
132,965
---------
---------
Shareholders funds
144,907
132,967
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 15 August 2022 , and are signed on behalf of the board by:
Mr G Hedges
Director
Company registration number: 09637319
1Image 4U Ltd
Notes to the Financial Statements
Year ended 30 June 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 165 Ambleside Road, Lightwater, Surrey, GU18 5UN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2021
2020
£
£
Depreciation of tangible assets
129
173
----
----
6. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 July 2020 and 30 June 2021
1,502
1,502
-------
-------
Depreciation
At 1 July 2020
985
985
Charge for the year
129
129
-------
-------
At 30 June 2021
1,114
1,114
-------
-------
Carrying amount
At 30 June 2021
388
388
-------
-------
At 30 June 2020
517
517
-------
-------
7. Debtors
2021
2020
£
£
Trade debtors
2,375
1,613
Other debtors
220,455
207,681
---------
---------
222,830
209,294
---------
---------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
1,832
1,412
Corporation tax
94,281
72,164
Social security and other taxes
13,603
12,869
Other creditors - pension control
39
Other creditors
2,204
1,381
---------
--------
111,959
87,826
---------
--------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr G Hedges
207,681
29,768
( 16,994)
220,455
---------
--------
--------
---------
2020
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr G Hedges
164,074
60,110
( 16,503)
207,681
---------
--------
--------
---------
10. Related party transactions
The company was under the control of Mr and Mrs Hedges throughout the current and previous year. Mr Hedges is the managing director. Mr Hedges owed the company £220,455 at 30th June 2021 (£207,681 at 30th June 2020) No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for small companies.