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Registered number: 3674033
Images Galleries Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 3674033
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 64,055 63,240
64,055 63,240
CURRENT ASSETS
Stocks 6 354,284 247,600
Debtors 7 8,153 10,136
Cash at bank and in hand 587,160 592,998
949,597 850,734
Creditors: Amounts Falling Due Within One Year 8 (609,982 ) (530,454 )
NET CURRENT ASSETS (LIABILITIES) 339,615 320,280
TOTAL ASSETS LESS CURRENT LIABILITIES 403,670 383,520
Creditors: Amounts Falling Due After More Than One Year 9 (10,424 ) (20,849 )
NET ASSETS 393,246 362,671
CAPITAL AND RESERVES
Called up share capital 11 300 300
Profit and Loss Account 392,946 362,371
SHAREHOLDERS' FUNDS 393,246 362,671
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Tracey Morris
Director
28/08/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Images Galleries Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 3674033 . The registered office is The Hollies, Low Street, East Drayton, near Retford, Notts, DN22 0LN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
The Directors consider that the market value of the Freehold Land and Buildings is significantly higher that the Net Book carrying value shown by the historic value.
Freehold Straight line over 25 years
Leasehold 10% straight line
Motor Vehicles 25% Straight Line
Fixtures & Fittings 25% Straight Line
Computer Equipment 25% Straight Line
2.5. 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 the 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 profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2022: 16)
15 16
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2022 14,582
As at 30 November 2023 14,582
Amortisation
As at 1 December 2022 14,582
As at 30 November 2023 14,582
Net Book Value
As at 30 November 2023 -
As at 1 December 2022 -
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5. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 December 2022 76,901 99,294 12,850 189,045
Additions - 31,490 563 32,053
As at 30 November 2023 76,901 130,784 13,413 221,098
Depreciation
As at 1 December 2022 45,071 74,645 6,089 125,805
Provided during the period 4,489 23,398 3,351 31,238
As at 30 November 2023 49,560 98,043 9,440 157,043
Net Book Value
As at 30 November 2023 27,341 32,741 3,973 64,055
As at 1 December 2022 31,830 24,649 6,761 63,240
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
6. Stocks
2023 2022
£ £
Stock 354,284 247,600
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 3,400 6,641
Prepayments and accrued income 4,753 4,495
Other debtors - (1,000 )
8,153 10,136
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 10,425 10,425
Trade creditors 526,875 425,152
Corporation tax 27,372 18,528
Other taxes and social security 6,800 6,435
VAT 23,074 34,781
Other creditors 4,450 24,632
Other creditors (1) (473 ) (473 )
Accruals and deferred income 11,104 10,614
Directors' loan accounts 355 360
609,982 530,454
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 10,424 20,849
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 10,425 10,425
Later than one year and not later than five years 10,424 20,849
20,849 31,274
20,849 31,274
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 300 300
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