1 January 2023 v2024.26.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBPNI6194482023-01-012023-12-31NI6194482023-12-31NI6194482022-12-31NI619448core:WithinOneYear2023-12-31NI619448core:WithinOneYear2022-12-31NI619448core:ShareCapital2023-12-31NI619448core:ShareCapital2022-12-31NI619448core:RetainedEarningsAccumulatedLosses2023-12-31NI619448core:RetainedEarningsAccumulatedLosses2022-12-31NI619448bus:Director12023-01-012023-12-31NI619448bus:Director22023-01-012023-12-31NI619448bus:RegisteredOffice2023-01-012023-12-31NI6194482022-01-012022-12-31NI619448core:CostValuation2023-01-01NI619448core:CostValuation2023-12-31NI619448countries:NorthernIreland2023-01-012023-12-31NI619448bus:AuditExempt-NoAccountantsReport2023-01-012023-12-31NI619448bus:PrivateLimitedCompanyLtd2023-01-012023-12-31NI619448bus:SmallEntities2023-01-012023-12-31NI619448bus:FullAccounts2023-01-012023-12-31
Company registration number:
NI619448
IMG Developments Ltd
Unaudited Filleted Financial Statements for the year ended
31 December 2023
IMG Developments Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of IMG Developments Ltd
Year ended
31 December 2023
As described on the statement of financial position, the Board of Directors of
IMG Developments Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 December 2023
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
IMG Developments Ltd
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Investments 5
4,750,000
 
4,750,000
 
Current assets    
Debtors 6
32,858
 
28,060
 
Cash at bank and in hand
241,136
 
186,982
 
273,994
 
215,042
 
Creditors: amounts falling due within one year 7
(2,650,606
)
(2,816,550
)
Net current liabilities
(2,376,612
)
(2,601,508
)
Total assets less current liabilities 2,373,388   2,148,492  
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
2,373,288
 
2,148,392
 
Shareholders funds
2,373,388
 
2,148,492
 
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.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
30 June 2024
, and are signed on behalf of the board by:
Andrew Agnew
Philip Agnew
DirectorDirector
Company registration number:
NI619448
IMG Developments Ltd
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in Northern Ireland. The address of the registered office is
Upper Floors
,
336 Lisburn Road
,
Belfast
,
BT9 6GH
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

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.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2022:
2.00
).

5 Investments

Other investments other than loans
£
Cost  
At
1 January 2023
4,750,000
 
At
31 December 2023
4,750,000
 
Impairment  
At
1 January 2023
and
31 December 2023
-  
Carrying amount  
At
31 December 2023
4,750,000
 
At 31 December 2022
4,750,000
 
Other Investments other than Loans relates wholly to Investment Property

6 Debtors

20232022
££
Trade debtors
32,858
 
28,060
 

7 Creditors: amounts falling due within one year

20232022
££
Trade creditors
9,538
  -  
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,500,000
 
2,700,000
 
Taxation and social security
104,594
 
80,076
 
Other creditors
36,474
 
36,474
 
2,650,606
 
2,816,550
 
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

8 Controlling party

There is not considered to be an ultimate controlling party due to an equal shareholding in the ultimate parent undertaking.