0 false false false false false false false false false false true false false false true true false true true No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 10,000 2,500 500 3,000 7,000 7,500 50 50 50 xbrli:pure xbrli:shares iso4217:GBP 10815890 2022-07-01 2023-06-30 10815890 2023-06-30 10815890 2022-06-30 10815890 2021-07-01 2022-06-30 10815890 2022-06-30 10815890 2021-06-30 10815890 core:NetGoodwill 2022-07-01 2023-06-30 10815890 bus:RegisteredOffice 2022-07-01 2023-06-30 10815890 bus:Director1 2022-07-01 2023-06-30 10815890 bus:Director2 2022-07-01 2023-06-30 10815890 core:NetGoodwill 2022-06-30 10815890 core:NetGoodwill 2023-06-30 10815890 core:WithinOneYear 2023-06-30 10815890 core:WithinOneYear 2022-06-30 10815890 core:ShareCapital 2023-06-30 10815890 core:ShareCapital 2022-06-30 10815890 core:SharePremium 2023-06-30 10815890 core:SharePremium 2022-06-30 10815890 core:RetainedEarningsAccumulatedLosses 2023-06-30 10815890 core:RetainedEarningsAccumulatedLosses 2022-06-30 10815890 core:NetGoodwill 2022-06-30 10815890 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 10815890 core:Non-currentFinancialInstruments 2023-06-30 10815890 core:Non-currentFinancialInstruments 2022-06-30 10815890 bus:SmallEntities 2022-07-01 2023-06-30 10815890 bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 10815890 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 10815890 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 10815890 bus:FullAccounts 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: 10815890
BGIL IMAGE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2023
BGIL IMAGE LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
BGIL IMAGE LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr B Gilmour
Mr W Gilmour
Registered office
Lynton House
7-12 Tavistock Square
London
UK
WC1H 9BQ
BGIL IMAGE LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Intangible assets
4
7,000
7,500
Investments
5
50
50
-------
-------
7,050
7,550
CURRENT ASSETS
Debtors
6
221,391
443,517
Cash at bank and in hand
147,080
12,201
---------
---------
368,471
455,718
CREDITORS: amounts falling due within one year
7
( 16,055)
( 101,338)
---------
---------
NET CURRENT ASSETS
352,416
354,380
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
359,466
361,930
---------
---------
NET ASSETS
359,466
361,930
---------
---------
CAPITAL AND RESERVES
Called up share capital
101
101
Share premium account
9,999
9,999
Profit and loss account
349,366
351,830
---------
---------
SHAREHOLDERS FUNDS
359,466
361,930
---------
---------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
BGIL IMAGE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 14 March 2024 , and are signed on behalf of the board by:
Mr W Gilmour
Director
Company registration number: 10815890
BGIL IMAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ, UK.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Intangible assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
10,000
--------
Amortisation
At 1 July 2022
2,500
Charge for the year
500
--------
At 30 June 2023
3,000
--------
Carrying amount
At 30 June 2023
7,000
--------
At 30 June 2022
7,500
--------
5. Investments
Shares in participating interests
£
Cost
At 1 July 2022 and 30 June 2023
50
----
Impairment
At 1 July 2022 and 30 June 2023
----
Carrying amount
At 30 June 2023
50
----
At 30 June 2022
50
----
6. Debtors
2023
2022
£
£
Trade debtors
2
217,971
Amounts owed by group undertakings and undertakings in which the company has a participating interest
220,820
216,560
Other debtors
569
8,986
---------
---------
221,391
443,517
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
52,314
Corporation tax
32,969
Other creditors
16,055
16,055
--------
---------
16,055
101,338
--------
---------
8. Directors' advances, credits and guarantees
As at the balance sheet date an amount of £14,555 was owing by the company to the director.