Company Registration No. 4277587 (England and Wales)
IMAGINE INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
IMAGINE INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
S E Weston
I W McNab
S A M McNab
G F Weston
Company number
4277587
Registered office
9 Bonhill Street
London
EC2A 4DJ
Accountants
Begbies
9 Bonhill Street
London
EC2A 4DJ
Business address
Oak Grove
Brill Road
Horton-Cum-Studley
Oxford
OX33 1BU
Property manager
Hicks Baker
John Adams House
29 Castle Street
Reading
RG1 7SB
IMAGINE INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
IMAGINE INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
3,200,000
3,200,000
Current assets
Debtors
5
67,416
984
Cash at bank and in hand
22,791
74,540
90,207
75,524
Creditors: amounts falling due within one year
6
(118,955)
(108,615)
Net current liabilities
(28,748)
(33,091)
Total assets less current liabilities
3,171,252
3,166,909
Provisions for liabilities
7
(400,000)
(400,000)
Net assets
2,771,252
2,766,909
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss reserves
8
2,769,252
2,764,909
Total equity
2,771,252
2,766,909

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 16 July 2024 and are signed on its behalf by:
S E Weston
S A M McNab
Director
Director
Company registration number 4277587 (England and Wales)
IMAGINE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Imagine Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Bonhill Street, London, EC2A 4DJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

 

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less any impairment.

 

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.

 

Basic financial Liabilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

IMAGINE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees
The company has no employees other than the directors.
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
3,200,000

The valuation of the investment property was made by the directors on an open market value basis by reference to market evidence of transaction prices for similar properties.

The original cost of the property was £973,582.

IMAGINE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
66,432
-
0
Other debtors
984
984
67,416
984
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
50,542
39,312
Other taxation and social security
9,763
10,653
Deferred income
56,250
56,250
Other creditors
2,400
2,400
118,955
108,615
7
Provision for liabilities/deferred taxation
The deferred tax liabilities are in respect of:
2023
2022
Revaluation of investment property
400,000
400,000
8
Profit and loss account

The profit and loss reserves includes £1,826,418 (2022 £1,826,418) which arises from the revaluation of the investment property and is not distributable as dividends.

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