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Home Image (Midlands) Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
Mayfair Financial Services t/a MS Accounting Serv
AFA MIPA
232 Thornbridge Ave
Great Barr
Birmingham
WM
B42 2AL
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07740242
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 216,668 216,668
Tangible Assets 5 314,471 315,947
531,139 532,615
CURRENT ASSETS
Stocks 6 501,402 400,195
Debtors 7 77,278 107,107
Cash at bank and in hand 44,854 66,760
623,534 574,062
Creditors: Amounts Falling Due Within One Year 8 (622,544 ) (516,730 )
NET CURRENT ASSETS (LIABILITIES) 990 57,332
TOTAL ASSETS LESS CURRENT LIABILITIES 532,129 589,947
Creditors: Amounts Falling Due After More Than One Year 9 (344,947 ) (382,130 )
NET ASSETS 187,182 207,817
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 187,082 207,717
SHAREHOLDERS' FUNDS 187,182 207,817
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Abid Raza
Director
26/12/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Home Image (Midlands) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07740242 . The registered office is 299-303 Coventry Road, Small Heath, Birmingham, B10 0RA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold .
Leasehold .
Plant & Machinery 15% reduce balance
Motor Vehicles .
Fixtures & Fittings 15% reduce balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 21 (2023: 22)
21 22
4. Intangible Assets
Goodwill
£
Cost
As at 1 September 2023 250,000
As at 31 August 2024 250,000
Amortisation
As at 1 September 2023 33,332
As at 31 August 2024 33,332
Net Book Value
As at 31 August 2024 216,668
As at 1 September 2023 216,668
5. Tangible Assets
Land & Property
Freehold Leasehold Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 September 2023 230,000 101,925 64,468 396,393
As at 31 August 2024 230,000 101,925 64,468 396,393
Depreciation
As at 1 September 2023 - 25,818 54,628 80,446
Provided during the period - - 1,476 1,476
As at 31 August 2024 - 25,818 56,104 81,922
Net Book Value
As at 31 August 2024 230,000 76,107 8,364 314,471
As at 1 September 2023 230,000 76,107 9,840 315,947
6. Stocks
2024 2023
£ £
Finished goods 501,402 400,195
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 77,278 107,107
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 550,182 452,219
Bank loans and overdrafts 2,454 -
Corporation tax 32,559 20,729
Other taxes and social security 3,530 1,683
VAT 27,819 39,099
Other creditors 4,500 -
Accruals and deferred income 1,500 3,000
622,544 516,730
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 115,000 150,000
Directors loan account 229,947 232,130
344,947 382,130
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 90,000 90,000
Page 5