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Company registration number: 06131439
(England and Wales)
GARDEN WORLD IMAGES LIMITED
Filleted financial statements
for the year ended
31 December 2023
GARDEN WORLD IMAGES LIMITED
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
GARDEN WORLD IMAGES LIMITED
Directors and other information
Directors Mr T N McGlinchey (Resigned 25 April 2023)
Mr J Verweij (Resigned 31 January 2024)
Mr C Roggeband (Appointed 1 February 2024)
Secretary Mr C Roggeband
Company number 06131439
Registered office Floramedia UK, Axis Two
Brunel Way, Severalls Business Park
Colchester
Essex
CO4 9QX
Business address Floramedia UK, Axis Two
Brunel Way
Severalls Business Park
Colchester
CO4 9QX
Auditor Griffin Chapman
4 & 5 The Cedars
Apex 12,Old Ipswich Road
Colchester
Essex
CO7 7QR
Bankers Barclays Bank
Leicester
LE87 2BB
Solicitors Ellisons Solicitors
Headgate Court
Head Street
Colchester
CO1 1NP
GARDEN WORLD IMAGES LIMITED
Directors responsibilities statement
Year ended 31 December 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently; and
- make judgments and accounting estimates that are reasonable and prudent.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
GARDEN WORLD IMAGES LIMITED
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 11,793 15,371
_______ _______
11,793 15,371
Current assets
Debtors 6 72,485 42,741
Cash at bank and in hand 182 10,742
_______ _______
72,667 53,483
Creditors: amounts falling due
within one year 7 ( 50,674) ( 50,310)
_______ _______
Net current assets 21,993 3,173
_______ _______
Total assets less current liabilities 33,786 18,544
_______ _______
Net assets 33,786 18,544
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 32,786 17,544
_______ _______
Shareholders funds 33,786 18,544
_______ _______
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.
These financial statements were approved by the board of directors and authorised for issue on 13 August 2024 , and are signed on behalf of the board by:
Mr C Roggeband
Director
Company registration number: 06131439
GARDEN WORLD IMAGES LIMITED
Notes to the financial statements
Year ended 31 December 2023
1. General information
The priniciple activity of the company is image rights management and licensing .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 as a result of not being considered to be a going concern, through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has confirmed the intention to close the company, therefore the company is not a going concern and the accounts have been prepared on a break-up basis. Assets are therefore written down to a recoverable amount and any additional potential liabilities are recognised as a result.
Consolidation
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 401 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is not established under the law of any part of the United Kingdom.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Website - 33 % straight line
Fittings fixtures and equipment - 20 % straight line
Photographic collection - 5 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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.
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 or 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 3 ).
5. Tangible assets
Image Library Fixtures, fittings and equipment Website Total
£ £ £ £
Cost
At 1 January 2023 63,697 26,638 12,635 102,970
Disposals - ( 26,638) - ( 26,638)
_______ _______ _______ _______
At 31 December 2023 63,697 - 12,635 76,332
_______ _______ _______ _______
Depreciation
At 1 January 2023 48,719 26,245 12,635 87,599
Charge for the year 3,185 295 - 3,480
Disposals - ( 26,540) - ( 26,540)
_______ _______ _______ _______
At 31 December 2023 51,904 - 12,635 64,539
_______ _______ _______ _______
Carrying amount
At 31 December 2023 11,793 - - 11,793
_______ _______ _______ _______
At 31 December 2022 14,978 393 - 15,371
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 58,061 12,995
Amounts owed by group undertakings and undertakings in which the company has a participating interest 8,780 20,300
Other debtors 5,644 9,446
_______ _______
72,485 42,741
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 24,216 14,321
Amounts owed to group undertakings and undertakings in which the company has a participating interest 13,182 -
Social security and other taxes 4,031 4,510
Other creditors 9,245 31,479
_______ _______
50,674 50,310
_______ _______
8. Events after the end of the reporting period
The director has confirmed that the intention is to close the company within the next 12 months. Therefore the company is not a going concern and the accounts have been prepared on a break-up basis.
9. Summary audit opinion
The auditor's report dated 13 August 2024 was unqualified, however, the auditor drew attention to the following by way of emphasis.
We draw attention to Note 3 of the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 3. Our opinion is not modified in respect of this matter.
The senior statutory auditor was Daniel Aldworth for and on behalf of Griffin Chapman
10. Related party transactions
During the year the company purchased the licence to use photographs to the value of £85 (2022: £1,068) from an individual who was a director for part of the year. These photographs were purchased on a normal trading basis.During the year expenses have been re-charged at cost to a company controlled by an individual who was a director for part of the year.Sales invoices during the year total £682 (2022: £28,132) and purchase invoices during the year total £nil (2022: £11,400). There is a debtor balance due at the year end of £ 6,500 (2022: £ 46,539 ).
11. Controlling party
The company's immediate controlling party and parent undertaking is Floramedia Nederland BV , a corporation organised and existing under the laws of the Netherlands.Floramedia Group BV, a corporation organised and existing under the laws of the Netherlands has a 100% interest in Floramedia Nederland BV.CCL Industries Inc obtained during the year the 96% interest in Floramedia Group BV previously held by HAL Investments BV.CCL Industries is a public international investment company based in Toronto Canada and traded on the Canadian stock exchange.The directors regard the company as being under the ultimate control of CCL Industries Inc.