Company registration number 10378631 (England and Wales)
CE IMAGE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CE IMAGE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CE IMAGE LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,287
5,001
Tangible assets
4
4,465
6,900
8,752
11,901
Current assets
Debtors
5
338,844
343,124
Cash at bank and in hand
22,057
11,991
360,901
355,115
Creditors: amounts falling due within one year
6
(13,784)
(33,012)
Net current assets
347,117
322,103
Total assets less current liabilities
355,869
334,004
Provisions for liabilities
(1,116)
(1,725)
Net assets
354,753
332,279
Capital and reserves
Called up share capital
7
200
200
Share premium account
9,900
9,900
Profit and loss reserves
344,653
322,179
Total equity
354,753
332,279
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 13 November 2024
Mr C J Ewels
Director
Company Registration No. 10378631
CE IMAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
CE Image Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, United Kingdom, NP20 2DW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for promotional services provided. Turnover represents the value of goods and services provided in the normal course of business excluding VAT.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 14 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Sports equipment
20% on cost
Computers
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
CE IMAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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 instrument.
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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
CE IMAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
10,000
Amortisation and impairment
At 1 October 2023
4,999
Amortisation charged for the year
714
At 30 September 2024
5,713
Carrying amount
At 30 September 2024
4,287
At 30 September 2023
5,001
4
Tangible fixed assets
Sports equipment
Computers
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
11,423
3,182
14,605
Depreciation and impairment
At 1 October 2023
4,673
3,032
7,705
Depreciation charged in the year
2,285
150
2,435
At 30 September 2024
6,958
3,182
10,140
Carrying amount
At 30 September 2024
4,465
4,465
At 30 September 2023
6,750
150
6,900
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,124
124
Amounts owed by group undertakings
213,720
213,000
223,844
213,124
CE IMAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
5
Debtors
(Continued)
- 5 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
115,000
130,000
Total debtors
338,844
343,124
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
6,337
10,976
Other creditors
7,447
22,036
13,784
33,012
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
200
200
200
200
8
Parent company
The parent company is CE Image Holdings Limited, whose registered office is Bradbury House, Mission Court, Newport, NP20 2DW
9
Related party transactions
The company has an existing loan with CE Image Property Limited, a company within the same group. At the year end the amount owed to CE Image Limited was £213,000 (2023: £213,000). This amount is included in debtors amounts falling due within one year.
10
Directors' transactions
The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn directors fees. At the year end, the total amount outstanding to the director was £5,817 (2023: £20,486), this amount being included in creditors: amounts falling due within one year.