Registered number
03007467
Proimage Limited
Filleted Accounts
29 February 2024
Proimage Limited
Registered number: 03007467
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 404,256 410,971
Investments 4 516,354 532,101
920,610 943,072
Current assets
Stocks 139,083 160,349
Debtors 5 303,140 140,002
Cash at bank and in hand 41,963 55,370
484,186 355,721
Creditors: amounts falling due within one year 6 (365,026) (394,426)
Net current assets/(liabilities) 119,160 (38,705)
Total assets less current liabilities 1,039,770 904,367
Creditors: amounts falling due after more than one year 7 (182,792) (34,480)
Provisions for liabilities (5,050) (2,382)
Net assets 851,928 867,505
Capital and reserves
Called up share capital 105,000 105,000
Profit and loss account 746,928 762,505
Shareholders' funds 851,928 867,505
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr K S Bansal
Director
Approved by the board on 29 November 2024
Proimage Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts 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 accounts are prepared in sterling, which is the functional currency of the company. Monetary amounts in these accounts are rounded to the nearest £.

The accounts have been prepared under the historical cost convention.
Turnover
Turnover represents the value of all goods and services despatched prior to the year end, after trade discounts and exclusive of Value Added Tax.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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:
Freehold buildings over 50 years
Short leasehold 3% straight line
Fixtures, fittings & equipments 10% straight line
Motor vehicles 25% straight line/Valuation
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any direct attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
The 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 net profit as reported in the income statement 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 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 income statement, 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Short leasehold Fixtures, fittings & equipments Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 394,218 204,484 329,814 928,516
Disposals - - (30,098) (30,098)
Transfers - 11,184 - 11,184
At 29 February 2024 394,218 215,668 299,716 909,602
Depreciation
At 1 March 2023 136,996 180,535 200,014 517,545
Charge for the year 11,827 6,072 - 17,899
On disposals - - (30,098) (30,098)
At 29 February 2024 148,823 186,607 169,916 505,346
Net book value
At 29 February 2024 245,395 29,061 129,800 404,256
At 28 February 2023 257,222 23,949 129,800 410,971
4 Investment property
Total
£
Fair Value
At 1 March 2023 532,101
Transfers (11,184)
Disposals (4,563)
At 29 February 2024 516,354
In the directors opinion the carrying value of investment property is equivalent to fair value.
5 Debtors 2024 2023
£ £
Trade debtors 64,660 112,890
Other debtors 238,480 27,112
303,140 140,002
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,411 6,626
Trade creditors 57,959 65,636
Taxation and social security costs 14,238 96,981
Other creditors 287,418 225,183
365,026 394,426
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 29,459 34,480
Other creditors 153,333 -
182,792 34,480
8 Loans 2024 2023
£ £
Creditors include:
Secured other creditors 193,333 -
The loan of £193,333 with Proimage SSAS included in other creditors is secured by way of a first charge over two investment properties owned by Proimage Limited.
9 Related party transactions
At 29 February 2024 company owed £235,861 to the directors (2023: £190,033). No interest has
been charged to the company in respect of this loan which is repayable on demand and classified in creditors due within one year.
10 Other information
Proimage Limited is a private company limited by shares and incorporated in England. Its registered office is:
12 Kingsbarn Close
Preston
PR2 9LZ
Proimage Limited 03007467 false 2023-03-01 2024-02-29 2024-02-29 VT Final Accounts July 2024 Mr K S Bansal No description of principal activity 03007467 2022-03-01 2023-02-28 03007467 core:WithinOneYear 2023-02-28 03007467 core:AfterOneYear 2023-02-28 03007467 core:ShareCapital 2023-02-28 03007467 core:RetainedEarningsAccumulatedLosses 2023-02-28 03007467 2023-03-01 2024-02-29 03007467 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03007467 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 03007467 bus:Director40 2023-03-01 2024-02-29 03007467 1 2023-03-01 2024-02-29 03007467 2 2023-03-01 2024-02-29 03007467 core:LandBuildings 2023-03-01 2024-02-29 03007467 core:PlantMachinery 2023-03-01 2024-02-29 03007467 core:Vehicles 2023-03-01 2024-02-29 03007467 countries:England 2023-03-01 2024-02-29 03007467 bus:FRS102 2023-03-01 2024-02-29 03007467 bus:FilletedAccounts 2023-03-01 2024-02-29 03007467 2024-02-29 03007467 core:WithinOneYear 2024-02-29 03007467 core:AfterOneYear 2024-02-29 03007467 core:ShareCapital 2024-02-29 03007467 core:RetainedEarningsAccumulatedLosses 2024-02-29 03007467 core:LandBuildings 2024-02-29 03007467 core:PlantMachinery 2024-02-29 03007467 core:Vehicles 2024-02-29 03007467 core:RevaluationsIncreaseDecreaseInInvestments 2024-02-29 03007467 core:DisposalsRepaymentsInvestments 2024-02-29 03007467 2023-02-28 03007467 core:LandBuildings 2023-02-28 03007467 core:PlantMachinery 2023-02-28 03007467 core:Vehicles 2023-02-28 iso4217:GBP xbrli:pure