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REGISTERED NUMBER: 03189310 (England and Wales)





















IMAGE I.T. LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023






IMAGE I.T. LIMITED (REGISTERED NUMBER: 03189310)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


IMAGE I.T. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTOR: G M Hill





REGISTERED OFFICE: 22-24 Harborough Road
Kingsthorpe
Northampton
NN2 7AZ





REGISTERED NUMBER: 03189310 (England and Wales)





ACCOUNTANTS: Phipps Henson McAllister
Chartered Accountants
22-24 Harborough Road
Kingsthorpe
Northampton
NN2 7AZ

IMAGE I.T. LIMITED (REGISTERED NUMBER: 03189310)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 90,625 55,463

CURRENT ASSETS
Stocks 12,000 7,750
Debtors 5 26,923 29,696
Cash at bank and in hand 65,329 58,324
104,252 95,770
CREDITORS
Amounts falling due within one year 6 159,694 114,196
NET CURRENT LIABILITIES (55,442 ) (18,426 )
TOTAL ASSETS LESS CURRENT LIABILITIES 35,183 37,037

PROVISIONS FOR LIABILITIES 17,124 10,422
NET ASSETS 18,059 26,615

CAPITAL AND RESERVES
Called up share capital 7 902 902
Share premium 8,100 8,100
Retained earnings 9,057 17,613
SHAREHOLDERS' FUNDS 18,059 26,615

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

IMAGE I.T. LIMITED (REGISTERED NUMBER: 03189310)

BALANCE SHEET - continued
30 JUNE 2023


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 October 2023 and were signed by:





G M Hill - Director


IMAGE I.T. LIMITED (REGISTERED NUMBER: 03189310)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. STATUTORY INFORMATION

Image I.T. 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Motor vehicles - 25% on cost
Office and computer equipment - 33.33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


IMAGE I.T. LIMITED (REGISTERED NUMBER: 03189310)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. ACCOUNTING POLICIES - continued
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.

Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

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.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

IMAGE I.T. LIMITED (REGISTERED NUMBER: 03189310)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


4. TANGIBLE FIXED ASSETS
Office
and
Plant and Motor computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2022 84,825 41,795 42,017 168,637
Additions 68,277 - - 68,277
At 30 June 2023 153,102 41,795 42,017 236,914
DEPRECIATION
At 1 July 2022 65,321 14,087 33,766 113,174
Charge for year 20,797 10,448 1,870 33,115
At 30 June 2023 86,118 24,535 35,636 146,289
NET BOOK VALUE
At 30 June 2023 66,984 17,260 6,381 90,625
At 30 June 2022 19,504 27,708 8,251 55,463

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 26,743 29,523
Prepayments 180 173
26,923 29,696

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 30,480 40,117
Hire purchase contracts 77,750 25,075
Trade creditors 34,800 26,991
Corporation tax 2,088 8,741
PAYE/NI 766 (919 )
VAT 3,469 8,053
Other creditors 5,973 1,533
Directors' current accounts 168 297
Accruals and deferred income 4,200 4,308
159,694 114,196

IMAGE I.T. LIMITED (REGISTERED NUMBER: 03189310)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
902 Ordinary £1 902 902