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REGISTERED NUMBER: SC310891 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

INSTANT IMAGES LIMITED

INSTANT IMAGES LIMITED (REGISTERED NUMBER: SC310891)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


INSTANT IMAGES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Diana Myers
Leigh Myers



REGISTERED OFFICE: 4d Auchingramont Road
Hamilton
ML3 6JT



BUSINESS ADDRESS: 7a Lilybank Street
Hamilton
ML3 6NN



REGISTERED NUMBER: SC310891 (Scotland)



ACCOUNTANTS: William Duncan (UK) Limited
Chartered Accountants
4d Auchingramont Road
Hamilton
ML3 6JT



BANKERS: Virgin Money
135 Almada Street
Hamilton
ML3 0EX

INSTANT IMAGES LIMITED (REGISTERED NUMBER: SC310891)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 43 439
43 439

CURRENT ASSETS
Debtors 6 30,990 27,641
Cash at bank 28,583 32,977
59,573 60,618
CREDITORS
Amounts falling due within one year 7 17,493 20,849
NET CURRENT ASSETS 42,080 39,769
TOTAL ASSETS LESS CURRENT
LIABILITIES

42,123

40,208

CREDITORS
Amounts falling due after more than one
year

8

41,107

38,818
NET ASSETS 1,016 1,390

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 916 1,290
SHAREHOLDERS' FUNDS 1,016 1,390

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

INSTANT IMAGES LIMITED (REGISTERED NUMBER: SC310891)

STATEMENT OF FINANCIAL POSITION - continued
30 NOVEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2024 and were signed on its behalf by:





Diana Myers - Director


INSTANT IMAGES LIMITED (REGISTERED NUMBER: SC310891)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

Instant Images Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services
Turnover from the rendering of services, namely the provision of photography services, is recognised by reference to the stage of completion of the service at the statement of financial position date.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Photography equipment - 20% on cost
Computer equipment - 33% on cost

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the income statement.

INSTANT IMAGES LIMITED (REGISTERED NUMBER: SC310891)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised as follows:

(i) Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment.

(ii) Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the statement of financial position.

(iii) Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Provision for liabilities
The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

3. AVERAGE NUMBER OF EMPLOYEES

The average number of employees during the year was 3 (2022 - 3 ) .

INSTANT IMAGES LIMITED (REGISTERED NUMBER: SC310891)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 30,000
AMORTISATION
At 1 December 2022
and 30 November 2023 30,000
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 -

5. TANGIBLE FIXED ASSETS
Photography Computer
equipment equipment Totals
£    £    £   
COST
At 1 December 2022
and 30 November 2023 12,032 11,403 23,435
DEPRECIATION
At 1 December 2022 12,016 10,980 22,996
Charge for year - 396 396
At 30 November 2023 12,016 11,376 23,392
NET BOOK VALUE
At 30 November 2023 16 27 43
At 30 November 2022 16 423 439

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Directors' loan 30,990 27,641

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 2,706 6,000
Corporation tax 6,963 12,972
PAYE and NIC 94 187
VAT 6,027 -
Accrued charges 1,703 1,690
17,493 20,849

INSTANT IMAGES LIMITED (REGISTERED NUMBER: SC310891)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Bank loans 41,107 38,818

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:

30.11.23 30.11.22
£    £   
Leigh Myers and Diana Myers
Balance outstanding at start of year 27,641 14,330
Amounts advanced 3,349 13,311
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 30,990 27,641

The above amount which is due from the directors, is interest free and has no fixed repayment terms.