Registered number
SC348036
Instant Image (Perth) Limited
Filleted Accounts
30 September 2024
Instant Image (Perth) Limited
Registered number: SC348036
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 - -
Current assets
Stocks 1,150 1,150
Debtors 5 38,674 26,088
Cash at bank and in hand 27,854 39,081
67,678 66,319
Creditors: amounts falling due within one year 6 (42,574) (40,332)
Net current assets 25,104 25,987
Net assets 25,104 25,987
Capital and reserves
Called up share capital 100 100
Profit and loss account 25,004 25,887
Shareholders' funds 25,104 25,987
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.
G Robertson
Director
Approved by the board on 2 December 2024
Instant Image (Perth) Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2023 30,000
At 30 September 2024 30,000
Amortisation
At 1 October 2023 30,000
At 30 September 2024 30,000
Net book value
At 30 September 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 98,600
At 30 September 2024 98,600
Depreciation
At 1 October 2023 98,600
At 30 September 2024 98,600
Net book value
At 30 September 2024 -
At 30 September 2023 -
5 Debtors 2024 2023
£ £
Trade debtors 37,429 24,843
Other debtors 1,245 1,245
38,674 26,088
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 9,248 8,479
Corporation tax 6,273 7,573
Other taxes and social security costs 7,161 4,388
Other creditors 19,892 19,892
42,574 40,332
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