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 02445043 Mrs G Hardicker Mr H Sharron Mr M Cumella Ms J Goodman iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02445043 2022-12-31 02445043 2023-12-31 02445043 2023-01-01 2023-12-31 02445043 frs-core:CurrentFinancialInstruments 2023-12-31 02445043 frs-core:Non-currentFinancialInstruments 2023-12-31 02445043 frs-core:ComputerEquipment 2023-12-31 02445043 frs-core:ComputerEquipment 2023-01-01 2023-12-31 02445043 frs-core:ComputerEquipment 2022-12-31 02445043 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 02445043 frs-core:FurnitureFittings 2023-12-31 02445043 frs-core:FurnitureFittings 2023-01-01 2023-12-31 02445043 frs-core:FurnitureFittings 2022-12-31 02445043 frs-core:NetGoodwill 2023-12-31 02445043 frs-core:NetGoodwill 2023-01-01 2023-12-31 02445043 frs-core:NetGoodwill 2022-12-31 02445043 frs-core:OtherResidualIntangibleAssets 2023-12-31 02445043 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 02445043 frs-core:OtherResidualIntangibleAssets 2022-12-31 02445043 frs-core:SharePremium 2023-12-31 02445043 frs-core:ShareCapital 2023-12-31 02445043 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 02445043 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02445043 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 02445043 frs-bus:SmallEntities 2023-01-01 2023-12-31 02445043 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02445043 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02445043 frs-bus:Director1 2023-01-01 2023-12-31 02445043 frs-bus:Director1 2022-12-31 02445043 frs-bus:Director1 2023-12-31 02445043 frs-bus:Director2 2023-01-01 2023-12-31 02445043 frs-bus:Director2 2022-12-31 02445043 frs-bus:Director2 2023-12-31 02445043 frs-bus:Director3 2023-01-01 2023-12-31 02445043 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 02445043 frs-countries:EnglandWales 2023-01-01 2023-12-31 02445043 2021-12-31 02445043 2022-12-31 02445043 2022-01-01 2022-12-31 02445043 frs-core:CurrentFinancialInstruments 2022-12-31 02445043 frs-core:Non-currentFinancialInstruments 2022-12-31 02445043 frs-core:SharePremium 2022-12-31 02445043 frs-core:ShareCapital 2022-12-31 02445043 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 02445043
Imaginative Minds Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02445043
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 141,054 209,503
Tangible Assets 5 35,828 34,432
176,882 243,935
CURRENT ASSETS
Stocks 6 98,021 57,839
Debtors 7 153,121 141,446
Cash at bank and in hand 105,629 249,772
356,771 449,057
Creditors: Amounts Falling Due Within One Year 8 (232,891 ) (371,560 )
NET CURRENT ASSETS (LIABILITIES) 123,880 77,497
TOTAL ASSETS LESS CURRENT LIABILITIES 300,762 321,432
Creditors: Amounts Falling Due After More Than One Year 9 (123,079 ) (166,564 )
NET ASSETS 177,683 154,868
CAPITAL AND RESERVES
Called up share capital 10 28 28
Share premium account 253,489 253,489
Profit and Loss Account (75,834 ) (98,649 )
SHAREHOLDERS' FUNDS 177,683 154,868
Page 1
Page 2
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 H Sharron
Director
26/09/2024
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
Imaginative Minds Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02445043 . The registered office is 4 Emmanuel Court, Reddicroft, Sutton Coldfield, West Midlands, B73 6AZ.
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 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.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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 20 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Publishing titles. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.5. 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:
Fixtures & Fittings 20% straight line
Computer Equipment 25% straight line
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.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. 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 years 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 assets reflect 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.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 4)
6 4
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 January 2023 14,356 470,660 485,016
As at 31 December 2023 14,356 470,660 485,016
Amortisation
As at 1 January 2023 14,356 261,157 275,513
Provided during the period - 20,972 20,972
Impairment losses - 47,477 47,477
As at 31 December 2023 14,356 329,606 343,962
Net Book Value
As at 31 December 2023 - 141,054 141,054
As at 1 January 2023 - 209,503 209,503
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Page 5
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 51,373 103,232 154,605
Additions 2,612 1,080 3,692
As at 31 December 2023 53,985 104,312 158,297
Depreciation
As at 1 January 2023 51,373 68,800 120,173
Provided during the period 134 2,162 2,296
As at 31 December 2023 51,507 70,962 122,469
Net Book Value
As at 31 December 2023 2,478 33,350 35,828
As at 1 January 2023 - 34,432 34,432
6. Stocks
2023 2022
£ £
Finished goods 49,140 57,839
Work in progress 48,881 -
98,021 57,839
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 52,181 63,165
Prepayments and accrued income 10,306 33,002
Other debtors 2,031 884
Corporation tax recoverable assets 10,834 -
Other taxes and social security - 1,377
Directors' loan accounts 32,102 -
Amounts owed by associates 45,667 43,018
153,121 141,446
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 28,532 4,061
Bank loans and overdrafts 20,880 35,190
Corporation tax 21,999 14,302
Other taxes and social security 1,078 -
VAT 15,422 53,962
Other creditors 97,888 113,008
Accruals and deferred income 13,976 297
Directors' loan accounts 6,636 41,486
Amounts owed to joint ventures 26,480 109,254
232,891 371,560
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 18,758 34,379
Other creditors 104,321 132,185
123,079 166,564
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 28 28
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mrs Gabrielle Hardicker (6,636 ) - - - (6,636 )
Mr Howard Sharron (34,850 ) 67,258 (307 ) - 32,101
The above loan is unsecured, interest free and repayable on demand.
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