Registered number
06758611
Image Design / Northern Editions Limited
Unaudited Filleted Accounts
31 December 2021
Image Design / Northern Editions Limited
Registered number: 06758611
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Intangible assets 3 40,000 40,000
Tangible assets 4 31,187 42,562
71,187 82,562
Current assets
Stocks 68,721 153,349
Debtors 5 574,164 638,631
Cash at bank and in hand 1,622,557 1,374,565
2,265,442 2,166,545
Creditors: amounts falling due within one year 6 (219,248) (270,804)
Net current assets 2,046,194 1,895,741
Total assets less current liabilities 2,117,381 1,978,303
Net assets 2,117,381 1,978,303
Capital and reserves
Called up share capital 2 2
Profit and loss account 2,117,379 1,978,301
Shareholders' funds 2,117,381 1,978,303
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J T Pope
Director
Approved by the board on 17 May 2022
Image Design / Northern Editions Limited
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
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:
Motor vehicles over 4 years
Stocks
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 7 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2021 40,000
At 31 December 2021 40,000
Amortisation
At 1 January 2021 -
At 31 December 2021 -
Net book value
At 31 December 2021 40,000
At 31 December 2020 40,000
Goodwill is not being written off because the directors do not believe it's value is deteriorating.
4 Tangible fixed assets
Motor vehicles
£
Cost
At 1 January 2021 72,464
Additions 25,458
Disposals (24,705)
At 31 December 2021 73,217
Depreciation
At 1 January 2021 29,902
Charge for the year 18,304
On disposals (6,176)
At 31 December 2021 42,030
Net book value
At 31 December 2021 31,187
At 31 December 2020 42,562
5 Debtors 2021 2020
£ £
Trade debtors 482,569 534,102
Director loan account - J T Pope - 99,424
Director loan account - D L Pope 86,489 -
Other debtors 5,106 5,105
574,164 638,631
The director loan account for D L Pope will be repaid to the company in full in September 2022.
6 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 121,355 117,362
Corporation tax 54,151 64,182
Other taxes and social security costs 34,634 60,472
Other creditors 9,108 28,788
219,248 270,804
7 Other information
Image Design / Northern Editions Limited is a private company limited by shares and incorporated in England. Its registered office is:
102 Hammerain House
Hookstone Avenue
Harrogate
HG2 8ER
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