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COMPANY REGISTRATION NUMBER: 07481139
Fluent Image Limited
Filleted Unaudited Accounts
31 January 2025
Fluent Image Limited
Statement of Financial Position
31 January 2025
31 Jan 25
31 Mar 24
Note
£
£
£
Fixed assets
Tangible assets
5
52,798
55,197
Current assets
Debtors
6
113,830
90,346
Cash at bank and in hand
40,931
37,793
---------
---------
154,761
128,139
Creditors: amounts falling due within one year
7
( 33,712)
( 40,067)
---------
---------
Net current assets
121,049
88,072
---------
---------
Total assets less current liabilities
173,847
143,269
Creditors: amounts falling due after more than one year
8
( 612,916)
( 392,280)
---------
---------
Net liabilities
( 439,069)
( 249,011)
---------
---------
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss account
10
( 440,069)
( 250,011)
---------
---------
Shareholders deficit
( 439,069)
( 249,011)
---------
---------
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 January 2025 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 period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .
Fluent Image Limited
Statement of Financial Position (continued)
31 January 2025
These accounts were approved by the board of directors and authorised for issue on 13 March 2025 , and are signed on behalf of the board by:
J Ferguy
Director
Company registration number: 07481139
Fluent Image Limited
Notes to the Accounts
Period from 1 April 2024 to 31 January 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ.
2. Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the director the company is a going concern as it has the financial resources from which to meet its ongoing trading obligations. Accordingly, the accounts are prepared on the going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
5 years straight line
Fixtures and fittings
-
5 years straight line
Computer and office equipment
-
5 years straight line
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 4 (2024: 4 ).
5. Tangible assets
Leasehold improvements
Fixtures and fittings
Computer and office equipment
Total
£
£
£
£
Cost
At 1 April 2024
9,521
13,855
532,502
555,878
Additions
16,208
16,208
-------
--------
---------
---------
At 31 January 2025
9,521
13,855
548,710
572,086
-------
--------
---------
---------
Depreciation
At 1 April 2024
3,225
12,685
484,771
500,681
Charge for the period
1,587
270
16,750
18,607
-------
--------
---------
---------
At 31 January 2025
4,812
12,955
501,521
519,288
-------
--------
---------
---------
Carrying amount
At 31 January 2025
4,709
900
47,189
52,798
-------
--------
---------
---------
At 31 March 2024
6,296
1,170
47,731
55,197
-------
--------
---------
---------
6. Debtors
31 Jan 25
31 Mar 24
£
£
Trade debtors
24,925
2,400
Other debtors
88,905
87,946
---------
--------
113,830
90,346
---------
--------
7. Creditors: amounts falling due within one year
31 Jan 25
31 Mar 24
£
£
Trade creditors
16,360
14,016
Social security and other taxes
9,959
8,434
Other creditors
7,393
17,617
--------
--------
33,712
40,067
--------
--------
8. Creditors: amounts falling due after more than one year
31 Jan 25
31 Mar 24
£
£
Bank loans and overdrafts
31,667
31,667
Directors current account
581,249
360,613
---------
---------
612,916
392,280
---------
---------
The company received a bank loan in June 2020 which attracts a fixed interest charge of 2.5% per annum and is repayable by instalments, commencing July 2021, over a 6 year term. The loan has now been converted to interest only.
9. Called up share capital
Issued, called up and fully paid
31 Jan 25
31 Mar 24
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
10. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Director's advances, credits and guarantees
At the balance sheet date the company was indebted to the directors in respect of a short to medium term advance totalling £581,249 (March 2024: £360,613). The loan is interest free with no specific repayment terms, other than the director has confirmed that repayment will not be required within one year of the balance sheet date.
12. Related party transactions
The company was under the control of J Ferguy throughout the period, being the majority shareholder of the company. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.