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REGISTERED NUMBER: 05288501 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Image Foundry Studios Limited

Image Foundry Studios Limited (Registered number: 05288501)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Image Foundry Studios Limited (Registered number: 05288501)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 7,174 9,791
7,174 9,791

CURRENT ASSETS
Stocks 16,000 25,000
Debtors 6 190,147 148,059
Cash at bank 106,330 225,666
312,477 398,725
CREDITORS
Amounts falling due within one year 7 (108,433 ) (100,224 )
NET CURRENT ASSETS 204,044 298,501
TOTAL ASSETS LESS CURRENT LIABILITIES 211,218 308,292

CREDITORS
Amounts falling due after more than one
year

8

(49,413

)

(90,939

)
NET ASSETS 161,805 217,353

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 161,803 217,351
SHAREHOLDERS' FUNDS 161,805 217,353

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Image Foundry Studios Limited (Registered number: 05288501)

Balance Sheet - continued
31 March 2024


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2024 and were signed on its behalf by:





Mr A Kapoor - Director


Image Foundry Studios Limited (Registered number: 05288501)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Image Foundry Studios Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05288501

Registered office: Westminster House
10 Westminster Road
Macclesfield
Cheshire
SK10 1BX

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts.

When the outcome of a transaction can be estimated reliably, turnover from services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to finalisation of work completed.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, has been amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Image Foundry Studios Limited (Registered number: 05288501)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 200,000
AMORTISATION
At 1 April 2023
and 31 March 2024 200,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

Image Foundry Studios Limited (Registered number: 05288501)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 987 44,772 45,759
Additions - 3,123 3,123
Disposals - (31,271 ) (31,271 )
At 31 March 2024 987 16,624 17,611
DEPRECIATION
At 1 April 2023 197 35,771 35,968
Charge for year 198 5,542 5,740
Eliminated on disposal - (31,271 ) (31,271 )
At 31 March 2024 395 10,042 10,437
NET BOOK VALUE
At 31 March 2024 592 6,582 7,174
At 31 March 2023 790 9,001 9,791

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Computer
equipment
£   
COST
At 1 April 2023
and 31 March 2024 10,941
DEPRECIATION
At 1 April 2023 3,647
Charge for year 3,647
At 31 March 2024 7,294
NET BOOK VALUE
At 31 March 2024 3,647
At 31 March 2023 7,294

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 79,443 131,734
Other debtors 110,704 16,325
190,147 148,059

Image Foundry Studios Limited (Registered number: 05288501)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 42,984 38,200
Hire purchase contracts (see note 9) 3,326 3,326
Trade creditors 26,554 5,858
Taxation and social security 28,214 45,750
Other creditors 7,355 7,090
108,433 100,224

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 47,750 85,950
Hire purchase contracts (see note 9) 1,663 4,989
49,413 90,939

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 3,326 3,326
Between one and five years 1,663 4,989
4,989 8,315

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 1,369 1,369

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
Mr A Kapoor
Balance outstanding at start of year 4,867 -
Amounts advanced 5,330 4,867
Amounts repaid (4,867 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,330 4,867

Image Foundry Studios Limited (Registered number: 05288501)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr Anand Kapoor
Balance outstanding at start of year 3,645 6,339
Amounts repaid - (2,694 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,645 3,645