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Registered number: 04716359
The Image Corporation (Signs) Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Hilary Adams Ltd
158 High Street
Herne Bay
Kent
CT6 5NP
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 04716359
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 360 67
360 67
CURRENT ASSETS
Stocks 6 888 1,080
Debtors 7 18,783 40,118
Cash at bank and in hand 15,750 1,140
35,421 42,338
Creditors: Amounts Falling Due Within One Year 8 (18,414 ) (21,670 )
NET CURRENT ASSETS (LIABILITIES) 17,007 20,668
TOTAL ASSETS LESS CURRENT LIABILITIES 17,367 20,735
Creditors: Amounts Falling Due After More Than One Year 9 (5,133 ) (10,267 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (90 ) (17 )
NET ASSETS 12,144 10,451
CAPITAL AND RESERVES
Called up share capital 10 4 4
Income Statement 12,140 10,447
SHAREHOLDERS' FUNDS 12,144 10,451
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For the year ending 31 March 2024 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 Income Statement.
On behalf of the board
Douglas Baulf
Director
31 October 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
The Image Corporation (Signs) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04716359 . The registered office is 158 High Street, Herne Bay, CT6 5NW.
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.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of unincorporated businesses and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 20 years.
2.4. 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 20% on cost
Fixtures & Fittings 20% on cost
Computer Equipment 33% on cost
2.5. 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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2.6. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 58,068
As at 31 March 2024 58,068
Amortisation
As at 1 April 2023 58,068
As at 31 March 2024 58,068
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
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5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 13,035 8,379 26,795 48,209
Additions - - 465 465
As at 31 March 2024 13,035 8,379 27,260 48,674
Depreciation
As at 1 April 2023 12,968 8,379 26,795 48,142
Provided during the period 17 - 155 172
As at 31 March 2024 12,985 8,379 26,950 48,314
Net Book Value
As at 31 March 2024 50 - 310 360
As at 1 April 2023 67 - - 67
6. Stocks
2024 2023
£ £
Stock of Materials 888 1,080
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,256 4,155
Other debtors 1,370 -
Amounts owed by group undertakings - 16,887
4,626 21,042
Due after more than one year
Corporation tax recoverable assets 4,076 4,076
Directors loan account 10,081 15,000
14,157 19,076
18,783 40,118
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 802 1,204
Bank loans and overdrafts 2,800 2,800
Corporation tax 8,628 10,867
Other taxes and social security 47 44
VAT 1,848 3,771
Accruals and deferred income 631 526
Director's loan account - 2,458
Amounts owed to group undertakings 3,658 -
18,414 21,670
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 5,133 10,267
10. Share Capital
2024 2023
Allotted, called up but not fully paid £ £
4 Ordinary Shares of £ 1.00 each 4 4
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to a director:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Douglas Baulf 12,542 10,330 (12,790 ) - 10,081
The above loan is unsecured, has an initial interest free period and a fixed rate of interest applies.
12. Related Party Transactions
As at the balance sheet date, the company owed £3,658 to (2023 - owed £16,887 by) a company under common control.       
13. Ultimate Controlling Party
The company's ultimate controlling party is Douglas Baulf by virtue of his ownership of 100% of the issued share capital in the company.
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