Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 03275941 Mr Carlo Griggs Mr Jonathan Sykes iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03275941 2022-12-31 03275941 2023-12-31 03275941 2023-01-01 2023-12-31 03275941 frs-core:CurrentFinancialInstruments 2023-12-31 03275941 frs-core:Non-currentFinancialInstruments 2023-12-31 03275941 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 03275941 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03275941 frs-core:MotorVehicles 2023-12-31 03275941 frs-core:MotorVehicles 2023-01-01 2023-12-31 03275941 frs-core:MotorVehicles 2022-12-31 03275941 frs-core:PlantMachinery 2023-12-31 03275941 frs-core:PlantMachinery 2023-01-01 2023-12-31 03275941 frs-core:PlantMachinery 2022-12-31 03275941 frs-core:RevaluationReserve 2023-01-01 2023-12-31 03275941 frs-core:RevaluationReserve 2022-12-31 03275941 frs-core:RevaluationReserve 2023-12-31 03275941 frs-core:SharePremium 2023-12-31 03275941 frs-core:ShareCapital 2023-12-31 03275941 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 03275941 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03275941 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 03275941 frs-bus:SmallEntities 2023-01-01 2023-12-31 03275941 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03275941 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03275941 frs-core:ListedExchangeTraded 2023-12-31 03275941 frs-core:ListedExchangeTraded 2022-12-31 03275941 frs-core:CostValuation frs-core:ListedExchangeTraded 2022-12-31 03275941 frs-core:CostValuation frs-core:ListedExchangeTraded 2023-12-31 03275941 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2022-12-31 03275941 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2023-12-31 03275941 frs-bus:Director1 2023-01-01 2023-12-31 03275941 frs-bus:Director2 2023-01-01 2023-12-31 03275941 frs-countries:EnglandWales 2023-01-01 2023-12-31 03275941 2021-12-31 03275941 2022-12-31 03275941 2022-01-01 2022-12-31 03275941 frs-core:CurrentFinancialInstruments 2022-12-31 03275941 frs-core:Non-currentFinancialInstruments 2022-12-31 03275941 frs-core:RevaluationReserve 2022-12-31 03275941 frs-core:SharePremium 2022-12-31 03275941 frs-core:ShareCapital 2022-12-31 03275941 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 03275941
I.M.G. DISTRIBUTION LIMITED
Unaudited Financial Statements
For The Year Ended 31 December 2023
LJT Accountancy Services
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 03275941
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,306 80,420
Investments 5 201,489 201,489
202,795 281,909
CURRENT ASSETS
Debtors 6 146,785 161,135
Cash at bank and in hand 17,971 34,007
164,756 195,142
Creditors: Amounts Falling Due Within One Year 7 (147,012 ) (178,684 )
NET CURRENT ASSETS (LIABILITIES) 17,744 16,458
TOTAL ASSETS LESS CURRENT LIABILITIES 220,539 298,367
Creditors: Amounts Falling Due After More Than One Year 8 (159,260 ) (86,971 )
NET ASSETS 61,279 211,396
CAPITAL AND RESERVES
Called up share capital 9 2,000 2,000
Share premium account 12,950 12,950
Revaluation reserve 10 (912,871 ) (758,327 )
Profit and Loss Account 959,200 954,773
SHAREHOLDERS' FUNDS 61,279 211,396
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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.
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
Mr Carlo Griggs
Director
20 September 2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
I.M.G. DISTRIBUTION LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 03275941 . The registered office is 124 Church Way, Pagham, Bognor Regis, West Sussex, PO21 4RA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Freehold 0%
Leasehold 0%
Plant & Machinery 25% & 15% reducing balance, 3 years straight line
Motor Vehicles 25% reducing balance
2.4. 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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2.5. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial Instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fell group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.6. Foreign Currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
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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
The average monthly number of persons (including directors) employed by the company during the year was  3 (2022: 4)
3 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 January 2023 45,029 88,333 133,362
Additions 4,374 - 4,374
Disposals (29,650 ) (88,333 ) (117,983 )
As at 31 December 2023 19,753 - 19,753
Depreciation
As at 1 January 2023 38,220 14,722 52,942
Provided during the period 928 15,734 16,662
Disposals (20,701 ) (30,456 ) (51,157 )
As at 31 December 2023 18,447 - 18,447
...CONTINUED
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Net Book Value
As at 31 December 2023 1,306 - 1,306
As at 1 January 2023 6,809 73,611 80,420
5. Investments
Listed
£
Cost
As at 1 January 2023 201,489
As at 31 December 2023 201,489
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 201,489
As at 1 January 2023 201,489
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 146,685 161,135
Deferred tax current asset 100 -
146,785 161,135
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 53,826 93,124
Bank loans and overdrafts 85,461 69,381
Corporation tax 204 3,009
Other taxes and social security 655 2,737
VAT 3,302 7,373
Other creditors 3,564 3,060
147,012 178,684
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8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 23,379 11,731
Other creditors 97,829 75,240
Accruals and deferred income 38,052 -
159,260 86,971
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2,000 2,000
10. Reserves
Revaluation Reserve
£
As at 1 January 2023 (758,327 )
Net investment property revaluation reserve (154,544 )
As at 31 December 2023 (912,871 )
11.
Directors' transactions
At the year end, the director, Mr. C Griggs, was owed by the company £97,829.07 (2022:£75,240.42).
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