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REGISTERED NUMBER: 01277417 (England and Wales)

















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

TIMAGE & CO. LIMITED

TIMAGE & CO. LIMITED (REGISTERED NUMBER: 01277417)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TIMAGE & CO. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mrs C Lanza-Edwards
M Lanza
O G Lanza





REGISTERED OFFICE: Lakes Road
Braintree
Essex
CM7 2SG





REGISTERED NUMBER: 01277417 (England and Wales)





ACCOUNTANTS: TC Group
7 Kings Court
Newcomen Way
Colchester
Essex
CO4 9RA

TIMAGE & CO. LIMITED (REGISTERED NUMBER: 01277417)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 47,666 52,408

CURRENT ASSETS
Stocks 1,377,519 1,204,941
Debtors 5 2,992,781 2,245,588
Cash at bank and in hand 2,140,882 1,991,408
6,511,182 5,441,937
CREDITORS
Amounts falling due within one year 6 1,306,770 917,613
NET CURRENT ASSETS 5,204,412 4,524,324
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,252,078

4,576,732

PROVISIONS FOR LIABILITIES 6,601 9,784
NET ASSETS 5,245,477 4,566,948

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 5,245,377 4,566,848
SHAREHOLDERS' FUNDS 5,245,477 4,566,948

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 13 November 2023 and were signed on its behalf by:



Mrs C Lanza-Edwards - Director



O G Lanza - Director


TIMAGE & CO. LIMITED (REGISTERED NUMBER: 01277417)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Timage & Co. 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.

Sales are recognised when goods are despatched to the customer.

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 - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% 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.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Derivatives

Derivatives, including forward exchange contracts, are not basic financial instruments.

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate.

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.

TIMAGE & CO. LIMITED (REGISTERED NUMBER: 01277417)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

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 10 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 27,679 33,048 83,954 144,681
Additions 8,248 - 9,041 17,289
Disposals (2,465 ) - (4,135 ) (6,600 )
At 31 March 2023 33,462 33,048 88,860 155,370
DEPRECIATION
At 1 April 2022 9,997 8,262 74,014 92,273
Charge for year 4,816 8,262 8,953 22,031
Eliminated on disposal (2,465 ) - (4,135 ) (6,600 )
At 31 March 2023 12,348 16,524 78,832 107,704
NET BOOK VALUE
At 31 March 2023 21,114 16,524 10,028 47,666
At 31 March 2022 17,682 24,786 9,940 52,408

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,979,348 2,228,069
Prepayments 13,433 17,519
2,992,781 2,245,588

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 475,394 246,387
Taxation and social security 795,740 623,607
Other creditors 35,636 47,619
1,306,770 917,613

TIMAGE & CO. LIMITED (REGISTERED NUMBER: 01277417)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. FINANCIAL INSTRUMENTS

Derivative financial instruments - Forward contracts

The company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 March 2023 the outstanding contracts all mature within seven months the year end. The company is committed to buy €1,036,363 and pay a fixed sterling amount of £913,570. .

The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key inputs used in valuing derivatives are the forward exchange rates for GBP:EUR. The fair value of the forward foreign currency contract liabilities included in other creditors is £2,321 (2022: £19,782).

8. RELATED PARTY DISCLOSURES

The company paid dividends of £1,000,000 (2022: £2,0000,000) to Mr & Mrs Lanza, who are the parents of the directors of the company.

The company rents its premises from the directors. There is no lease in place and rent charged in the year was £45,000 (2022: £45,000).