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Registration number: 09425394

The Image Industry Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

The Image Industry Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

The Image Industry Ltd

Company Information

Directors

Mr J Dobson

Mr D J Cox

Mrs F J Cox

Mrs JL Dobson

Registered office

2 Western Street
Barnsley
South Yorkshire
S70 2BP

Accountants

Cameron Alexander Accountants Ltd
Chartered Certified Accountants
2 Western Street
Barnsley
South Yorkshire
S70 2BP

 

The Image Industry Ltd

(Registration number: 09425394)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

95,337

96,845

Current assets

 

Stocks

4

4,000

4,000

Debtors

5

37,474

53,825

Cash at bank and in hand

 

113,607

36,426

 

155,081

94,251

Creditors: Amounts falling due within one year

6

(120,617)

(66,110)

Net current assets

 

34,464

28,141

Total assets less current liabilities

 

129,801

124,986

Creditors: Amounts falling due after more than one year

6

(16,800)

(24,000)

Provisions for liabilities

(16,652)

(14,841)

Net assets

 

96,349

86,145

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

96,249

86,045

Shareholders' funds

 

96,349

86,145

For the financial year ending 29 February 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

 

The Image Industry Ltd

(Registration number: 09425394)
Balance Sheet as at 29 February 2024

.........................................
Mr D J Cox
Director

   
     
 

The Image Industry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

The Image Industry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery etc

- 25% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leasing and hire purchase contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

The Image Industry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 9).

3

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

19,592

168,166

187,758

Additions

29,442

-

29,442

At 29 February 2024

49,034

168,166

217,200

Depreciation

At 1 March 2023

13,693

77,220

90,913

Charge for the year

8,213

22,737

30,950

At 29 February 2024

21,906

99,957

121,863

Carrying amount

At 29 February 2024

27,128

68,209

95,337

At 28 February 2023

5,899

90,946

96,845

 

The Image Industry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Stocks

2024
£

2023
£

Other inventories

4,000

4,000

5

Debtors

Current

2024
£

2023
£

Trade debtors

5,219

8,288

Prepayments

1,500

1,333

Other debtors

30,755

44,204

 

37,474

53,825

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

91,686

20,657

Trade creditors

 

161

2,267

Taxation and social security

 

20,276

24,494

Accruals and deferred income

 

7,693

17,866

Other creditors

 

801

826

 

120,617

66,110

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

16,800

24,000

 

The Image Industry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

16,800

24,000

2024
£

2023
£

Current loans and borrowings

Bank borrowings

9,600

9,600

Other borrowings

82,086

11,057

91,686

20,657

9

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

At 29 February 2024
£

Mr J Dobson

No interest is charged on the loan and there is no fixed date of repayment

(7,200)

(7,200)

-

-

 

(7,200)

(7,200)

   

Mrs JL Dobson

No interest is charged on the loan and there is no fixed date of repayment

(7,200)

(7,200)

-

-

 

(7,200)

(7,200)