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COMPANY REGISTRATION NUMBER: 11119749
Imagination Works Limited
Filleted Unaudited Financial Statements
31 March 2024
Imagination Works Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,647
1,427
Current assets
Debtors
6
11,068
3,550
Cash at bank and in hand
19,874
5,285
--------
-------
30,942
8,835
Creditors: amounts falling due within one year
7
19,978
15,468
--------
--------
Net current assets/(liabilities)
10,964
( 6,633)
--------
-------
Total assets less current liabilities
12,611
( 5,206)
--------
-------
Net assets/(liabilities)
12,611
( 5,206)
--------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
12,511
( 5,306)
--------
-------
Shareholders funds/(deficit)
12,611
( 5,206)
--------
-------
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 31 March 2024 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Imagination Works Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 1 May 2024 , and are signed on behalf of the board by:
Mrs L E Davies
Director
Company registration number: 11119749
Imagination Works Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 16 Hafod Alyn, Mold, CH7 1RF.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
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 and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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:
Fixtures and fittings
-
25% reducing balance
Equipment
-
33% straight line
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2023
2,576
5,477
8,053
Additions
1,199
1,199
Disposals
( 454)
( 1,194)
( 1,648)
-------
-------
-------
At 31 March 2024
2,122
5,482
7,604
-------
-------
-------
Depreciation
At 1 April 2023
1,278
5,348
6,626
Charge for the year
260
464
724
Disposals
( 199)
( 1,194)
( 1,393)
-------
-------
-------
At 31 March 2024
1,339
4,618
5,957
-------
-------
-------
Carrying amount
At 31 March 2024
783
864
1,647
-------
-------
-------
At 31 March 2023
1,298
129
1,427
-------
-------
-------
6. Debtors
2024
2023
£
£
Trade debtors
10,918
3,400
Other debtors
150
150
--------
-------
11,068
3,550
--------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
6,049
5,617
Other creditors
13,929
9,851
--------
--------
19,978
15,468
--------
--------
8. Director's advances, credits and guarantees
The director operates a current account with the company. At the start of the period the amount owed by the director was £1,759 (2023 £1,520 owed to the director) and at the end of the period the amount owed by the company to the director was £2,041 (2023 £1,759 owed to the director). The loan is interest free and repayable on demand.