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COMPANY REGISTRATION NUMBER: SC408617
Imajica Brand Evolution Limited
Filleted Unaudited Financial Statements
31 December 2023
Imajica Brand Evolution Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Imajica Brand Evolution Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
7
70,104
97,557
Current assets
Debtors
8
33,691
26,136
Cash at bank and in hand
63,416
100,513
--------
---------
97,107
126,649
Creditors: amounts falling due within one year
9
46,612
48,245
--------
---------
Net current assets
50,495
78,404
---------
---------
Total assets less current liabilities
120,599
175,961
Creditors: amounts falling due after more than one year
10
101,729
111,362
Provisions
13,320
18,536
---------
---------
Net assets
5,550
46,063
---------
---------
Capital and reserves
Called up share capital
13
2
2
Profit and loss account
5,548
46,061
-------
--------
Shareholders funds
5,550
46,063
-------
--------
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 December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Imajica Brand Evolution Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 22 August 2024 , and are signed on behalf of the board by:
Mr J. A. Riley
Director
Company registration number: SC408617
Imajica Brand Evolution Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 10 Albyn Place, Aberdeen, AB10 1YH.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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 goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
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:
Motor vehicles
-
25% reducing balance
Office Equipment
-
33% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 as a finance cost 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 4 (2022: 4 ).
5. Tax on loss
Major components of tax (income)/expense
2023
2022
£
£
Current tax:
UK current tax income
( 27,056)
Adjustments in respect of prior periods
( 34,492)
--------
----
Total current tax
( 61,548)
--------
----
Deferred tax:
Origination and reversal of timing differences
( 5,216)
18,536
--------
--------
Tax on loss
( 66,764)
18,536
--------
--------
6. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
5,000
-------
Amortisation
At 1 January 2023 and 31 December 2023
5,000
-------
Carrying amount
At 31 December 2023
-------
At 31 December 2022
-------
7. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 January 2023
91,982
42,127
134,109
Additions
568
568
--------
--------
---------
At 31 December 2023
91,982
42,695
134,677
--------
--------
---------
Depreciation
At 1 January 2023
36,552
36,552
Charge for the year
22,996
5,025
28,021
--------
--------
---------
At 31 December 2023
22,996
41,577
64,573
--------
--------
---------
Carrying amount
At 31 December 2023
68,986
1,118
70,104
--------
--------
---------
At 31 December 2022
91,982
5,575
97,557
--------
--------
---------
8. Debtors
2023
2022
£
£
Trade debtors
6,635
21,636
Other debtors
27,056
4,500
--------
--------
33,691
26,136
--------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,355
5,077
Trade creditors
298
10,887
Social security and other taxes
13,831
9,759
Other creditors
28,128
22,522
--------
--------
46,612
48,245
--------
--------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
35,275
38,697
Other creditors
66,454
72,665
---------
---------
101,729
111,362
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £16,482 (2022:£18,389) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
6,212
5,606
Later than 1 year and not later than 5 years
66,454
72,665
--------
--------
72,666
78,271
--------
--------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
13,320
18,536
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
13,320
18,536
--------
--------
13. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.01 each
200
2
200
2
----
----
----
----
14. Related party transactions
There were no transactions with related parties during the year.