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COMPANY REGISTRATION NUMBER: 06887633
Imagineear Limited
Filleted Unaudited Financial Statements
31 December 2024
Imagineear Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Imagineear Limited
Officers and Professional Advisers
The board of directors
Mr A Nugée
Mr Z Kushnir
C C Thompson
D M Sherratt
Registered office
727-729 High Road
London
N12 0BP
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
Imagineear Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Imagineear Limited
Year ended 31 December 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Complete Accounting Solutions Chartered Certified Accountants
727-729 High Road London N12 0BP
Imagineear Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
836,604
734,328
Tangible assets
6
1,132,552
984,463
Investments
7
15,717
15,366
------------
------------
1,984,873
1,734,157
Current assets
Debtors
8
732,507
506,621
Cash at bank and in hand
701,699
161,866
------------
---------
1,434,206
668,487
Creditors: amounts falling due within one year
9
( 1,991,053)
( 644,634)
------------
---------
Net current (liabilities)/assets
( 556,847)
23,853
------------
------------
Total assets less current liabilities
1,428,026
1,758,010
Creditors: amounts falling due after more than one year
10
( 52,839)
( 764,195)
------------
------------
Net assets
1,375,187
993,815
------------
------------
Capital and reserves
Called up share capital
11
2,749
2,554
Share premium account
1,321,810
1,109,505
Profit and loss account
50,628
( 118,244)
------------
------------
Shareholders funds
1,375,187
993,815
------------
------------
These financial statements 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 comprehensive income has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Imagineear Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 16 April 2025 , and are signed on behalf of the board by:
Mr A Nugée
Director
Company registration number: 06887633
Imagineear Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 727-729 High Road, London, N12 0BP.
2. Statement of compliance
These financial statements 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 financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity .
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
No significant judgements have had to be made by the directors in preparing these financial statements .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax.
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 .
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
Development costs
-
25% straight line
Capitalised software
-
20% straight line
Client LT contract
-
50% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Equipment
-
33% straight line
Fixtures & Fittings
-
20% straight line
Office Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 60 (2023: 54 ).
5. Intangible assets
Goodwill
Development costs
Capitalised software
Client LT contract
Total
£
£
£
£
£
Cost
At 1 January 2024
81,322
306,609
1,129,199
47,415
1,564,545
Additions
300,570
113,850
414,420
Disposals
( 81,322)
( 306,609)
( 170,146)
( 558,077)
--------
---------
------------
---------
------------
At 31 December 2024
1,259,623
161,265
1,420,888
--------
---------
------------
---------
------------
Amortisation
At 1 January 2024
81,322
306,609
435,329
6,957
830,217
Charge for the year
258,731
40,813
299,544
Disposals
( 81,322)
( 306,609)
( 157,546)
( 545,477)
--------
---------
------------
---------
------------
At 31 December 2024
536,514
47,770
584,284
--------
---------
------------
---------
------------
Carrying amount
At 31 December 2024
723,109
113,495
836,604
--------
---------
------------
---------
------------
At 31 December 2023
693,870
40,458
734,328
--------
---------
------------
---------
------------
6. Tangible assets
Equipment
Fixtures and fittings
Office Equipment
Total
£
£
£
£
Cost
At 1 January 2024
4,707,654
22,148
75,375
4,805,177
Additions
677,099
164
22,116
699,379
Disposals
( 106,612)
( 106,612)
------------
--------
--------
------------
At 31 December 2024
5,278,141
22,312
97,491
5,397,944
------------
--------
--------
------------
Depreciation
At 1 January 2024
3,749,114
14,594
57,006
3,820,714
Charge for the year
430,714
3,124
10,840
444,678
------------
--------
--------
------------
At 31 December 2024
4,179,828
17,718
67,846
4,265,392
------------
--------
--------
------------
Carrying amount
At 31 December 2024
1,098,313
4,594
29,645
1,132,552
------------
--------
--------
------------
At 31 December 2023
958,540
7,554
18,369
984,463
------------
--------
--------
------------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2024
15,366
Additions
351
--------
At 31 December 2024
15,717
--------
Impairment
At 1 January 2024 and 31 December 2024
--------
Carrying amount
At 31 December 2024
15,717
--------
At 31 December 2023
15,366
--------
The company owns 100% of the issued share capital of the companies listed below:
- ImagineEar Benelux B.V., incorporated in The Netherlands- ImagineEar Limited S.R.L., incorporated in Romania
8. Debtors
2024
2023
£
£
Trade debtors
515,220
282,529
Amounts owed by group undertakings and undertakings in which the company has a participating interest
47,443
175,552
Other debtors
169,844
48,540
---------
---------
732,507
506,621
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
284,584
150,402
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,183,491
Social security and other taxes
192,177
141,748
Other creditors
330,801
352,484
------------
---------
1,991,053
644,634
------------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Social security and other taxes
52,839
85,839
Other creditors
678,356
--------
---------
52,839
764,195
--------
---------
11. Called up share capital
During the year, the company issued 195,000 Ordinary shares of £0.001 each for a total consideration of £212,500.
12. Comparatives
In 2024, the directors decided to reclassify depreciation costs of £328,560 from costs of sale to administrative expenses to better reflect the nature of the cost. Therefore, to be consistent with this treatment, the comparative figure has been adjusted to match. There is no effect on the overall profit/loss made in 2023 after this adjustment.
13. Controlling party
The company is under the control of its immediate parent company, Imagineear Group Limited. In the opinion of the directors, there is no ultimate controlling party .