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Registered number: 07309919
Rock Solid Images International Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Passman Leonard Associates Limited
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 07309919
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,321 4,430
Investments 5 21,665 -
24,986 4,430
CURRENT ASSETS
Debtors 6 21,436 42,352
Cash at bank and in hand 30 820
21,466 43,172
Creditors: Amounts Falling Due Within One Year 7 (25,310 ) (31,338 )
NET CURRENT ASSETS (LIABILITIES) (3,844 ) 11,834
TOTAL ASSETS LESS CURRENT LIABILITIES 21,142 16,264
Creditors: Amounts Falling Due After More Than One Year 8 (3,316 ) (3,316 )
NET ASSETS 17,826 12,948
CAPITAL AND RESERVES
Called up share capital 1 1
Profit and Loss Account 17,825 12,947
SHAREHOLDERS' FUNDS 17,826 12,948
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 S Baird
Director
30 September 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2022 1 933 934
Profit for the year and total comprehensive income - 26,014 26,014
Dividends paid - (14,000) (14,000)
As at 31 December 2022 and 1 January 2023 1 12,947 12,948
Profit for the year and total comprehensive income - 4,878 4,878
As at 31 December 2023 1 17,825 17,826
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Rock Solid Images International Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07309919 . The registered office is Bentinck House, Bentinck Road, West Drayton, Middlesex, UB7 7RQ.
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 form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form 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. 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:
Plant & Machinery 10% & 14% straight line
2.4. 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.
Page 4
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3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2023 2022
Office and administration 2 2
2 2
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 January 2023 14,912
As at 31 December 2023 14,912
Depreciation
As at 1 January 2023 10,482
Provided during the period 1,109
As at 31 December 2023 11,591
Net Book Value
As at 31 December 2023 3,321
As at 1 January 2023 4,430
5. Investments
Other
£
Cost
As at 1 January 2023 -
Additions 21,665
As at 31 December 2023 21,665
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 21,665
As at 1 January 2023 -
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6. Debtors
2023 2022
£ £
Due within one year
Corporation tax recoverable assets 11,892 222
Director's loan account 7,984 40,570
Amounts owed by other participating interests 1,560 1,560
21,436 42,352
Included in the amountd owed by other participating interests is an amount of £1,560 (2022 - £1,560) owed by Seadragon Technical Services Limited, company incorporated and registered in the United Kingdom, in which Mr S. Baird is a director and shareholder.
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax - 6,478
VAT 21,610 21,610
Other creditors 2,350 1,900
Accruals 1,350 1,350
25,310 31,338
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Amounts owed to related parties 3,316 3,316
Included in amounts owed to related parties is £3,316 (2022 - £3,316) owed to Rock Solid Images Inc, a company registered and incorporated in USA. 
9. 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
£ £ £ £ £
Mr Stephen Baird 40,570 1,976 34,562 - 7,984
Page 6