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Registration number: 7740177

Image Project Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

image-name
 

Image Project Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Image Project Solutions Ltd

Company Information

Director

N Wain

Registered office

Unit 1 Low Mills
Phoenix Business Centre
Low Mill Road
Ripon
HG4 1NS

Accountants

TyneRede Accountancy Ltd
Chartered Certified Accountant
Lloyds Bank House
Bellingham
Hexham
Northumberland
NE48 2AZ

 

Image Project Solutions Ltd

(Registration number: 7740177)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,322

22,150

Current assets

 

Stocks

5

30,000

70,000

Debtors

6

282,612

360,847

Cash at bank and in hand

 

27,500

26,747

 

340,112

457,594

Creditors: Amounts falling due within one year

7

(209,132)

(197,818)

Net current assets

 

130,980

259,776

Total assets less current liabilities

 

132,302

281,926

Creditors: Amounts falling due after more than one year

7

(147,562)

(282,624)

Net liabilities

 

(15,260)

(698)

Capital and reserves

 

Called up share capital

8

74

74

Capital redemption reserve

26

26

Retained earnings

(15,360)

(798)

Shareholders' deficit

 

(15,260)

(698)

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 August 2024
 

 

Image Project Solutions Ltd

(Registration number: 7740177)
Balance Sheet as at 30 November 2023

.........................................
N Wain
Director

 

Image Project Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1 Low Mills
Phoenix Business Centre
Low Mill Road
Ripon
HG4 1NS
England

These financial statements were authorised for issue by the director on 23 August 2024.

2

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 current 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.

 

Image Project Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

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 equipment

25% straight line basis

Health and safety equipment

25% straight line basis

Office equipment

25% straight line basis

Motor vehicles

25% straight line basis

Furniture and fittings

25% straight line basis

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Image Project Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 6).

4

tangible assets

Office and health and safety equipment
 £

Motor vehicles
 £

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 December 2022

13,114

96,484

361

109,959

Additions

695

-

-

695

At 30 November 2023

13,809

96,484

361

110,654

Depreciation

At 1 December 2022

11,811

75,637

361

87,809

Charge for the year

676

20,847

-

21,523

At 30 November 2023

12,487

96,484

361

109,332

Carrying amount

At 30 November 2023

1,322

-

-

1,322

At 30 November 2022

1,303

20,847

-

22,150

5

Stocks

2023
£

2022
£

Work in progress

25,000

50,000

Other inventories

5,000

20,000

30,000

70,000

 

Image Project Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

debtors

Current

2023
£

2022
£

Trade debtors

261,295

295,763

Prepayments

3,143

36,000

Other debtors

18,174

29,084

 

282,612

360,847

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

125,261

92,884

Trade creditors

 

57,540

79,685

Taxation and social security

 

17,245

20,164

Accruals and deferred income

 

5,589

2,200

Other creditors

 

3,497

2,885

 

209,132

197,818

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

147,562

282,624

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

74

74

74

74

       
 

Image Project Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

147,562

238,217

Hire purchase contracts

-

44,407

147,562

282,624

Current loans and borrowings

2023
£

2022
£

Bank borrowings

80,892

80,891

Hire purchase contracts

44,369

11,993

125,261

92,884

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £14,040 (2022 - £28,080).

11

Related party transactions

Transactions with the director

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

191

85

(1,000)

(724)

 

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

(89)

2,280

(2,000)

191

 

Image Project Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

 

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,596

8,628