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Registration number: 06503805

Sportfolio Images Limited

trading as Monster Pictures

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Sportfolio Images Limited

trading as Monster Pictures

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

Sportfolio Images Limited

trading as Monster Pictures

(Registration number: 06503805)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,998

5,031

Current assets

 

Debtors

5

2,988

1,466

Cash at bank and in hand

 

13,619

10,411

 

16,607

11,877

Creditors: Amounts falling due within one year

6.1

(11,303)

(6,051)

Net current assets

 

5,304

5,826

Total assets less current liabilities

 

13,302

10,857

Creditors: Amounts falling due after more than one year

(4,602)

(6,737)

Provisions for liabilities

(1,520)

(956)

Accruals and deferred income

 

(1,053)

(1,048)

Net assets

 

6,127

2,116

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

5,127

1,116

Shareholders' funds

 

6,127

2,116

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Sportfolio Images Limited

trading as Monster Pictures

(Registration number: 06503805)
Abridged Balance Sheet as at 31 March 2024

Approved and authorised by the director on 1 November 2024
 

.........................................

H Boylan

Director

 

Sportfolio Images Limited

trading as Monster Pictures

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
31 York Road
Stamford
Lincolnshire
PE9 1LL

These financial statements were authorised for issue by the director on 1 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover consists of the sales value, excluding VAT, of work in the period under contracts to supply services to third parties. It includes the relevant proportion of contract value for performance up to the period end.

Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

 

Sportfolio Images Limited

trading as Monster Pictures

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

straight line over 3 years

Office equipment

25% on reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Sportfolio Images Limited

trading as Monster Pictures

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

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

2,127

21,438

23,565

Additions

1,458

7,192

8,650

At 31 March 2024

3,585

28,630

32,215

Depreciation

At 1 April 2023

533

18,001

18,534

Charge for the year

763

4,920

5,683

At 31 March 2024

1,296

22,921

24,217

Carrying amount

At 31 March 2024

2,289

5,709

7,998

At 31 March 2023

1,594

3,437

5,031

5

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

6

Creditors

Creditors: amounts falling due within one year

Loans and borrowings include unsecured business bank loans.