SC337583falseretail sale via mail order2023-08-012024-07-31http://www.companieshouse.gov.uk/2023-07-31http://www.companieshouse.gov.uk/cd:CompanySecretary12023-08-012024-07-31http://www.companieshouse.gov.uk/pt:ShareCapital2023-07-31http://www.companieshouse.gov.uk/cd:Director12023-08-012024-07-31http://www.companieshouse.gov.uk/pt:ShareCapital2024-07-31http://www.companieshouse.gov.uk/cd:OrdinaryShareClass12023-08-012024-07-31http://www.companieshouse.gov.uk/cd:RegisteredOffice2023-08-012024-07-31http://www.companieshouse.gov.uk/pt:PatentsTrademarksLicencesConcessionsSimilar2024-07-31http://www.companieshouse.gov.uk/pt:NetGoodwill2024-07-31http://www.companieshouse.gov.uk/cd:AuditExemptWithAccountantsReport2023-08-012024-07-31http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2024-07-31http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2023-07-31http://www.companieshouse.gov.uk/2023-08-012024-07-31http://www.companieshouse.gov.uk/2023-07-31http://www.companieshouse.gov.uk/cd:FRS1022023-08-012024-07-31http://www.companieshouse.gov.uk/2024-07-31http://www.companieshouse.gov.uk/cd:FullAccounts2023-08-012024-07-31http://www.companieshouse.gov.uk/cd:PrivateLimitedCompanyLtd2023-08-012024-07-31iso4217:GBPxbrli:sharesxbrli:pure
Registered number: SC337583

Imagin Products Ltd

FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

Prepared By:
Cunningham Grant
Chartered Accountants
Unit G6, The Granary Business Centre
Coal Road, Cupar
Fife
KY15 5YQ

Imagin Products Ltd

FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
DIRECTORS
Sarah Legge
SECRETARY
Emma Jane Legge
REGISTERED OFFICE
9 Midfield Drive
Dunnikier Business Park
Kirkcaldy
Fife
KY1 3LW
COMPANY DETAILS
Private company limited by shares registered in SC - Scotland, registered number SC337583
ACCOUNTANTS
Cunningham Grant
Chartered Accountants
Unit G6, The Granary Business Centre
Coal Road, Cupar
Fife
KY15 5YQ

Imagin Products Ltd

FINANCIAL STATEMENTS
FOR THEYEARENDED31 JULY 2024
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-

Imagin Products Ltd

BALANCE SHEET AT 31 July 2024
20242023
Notes££
FIXED ASSETS
Tangible assets433,05836,305
Investment Assets520,00020,000
53,05856,305
CURRENT ASSETS
Stock21,08316,627
Debtors625,14129,340
Cash at bank and in hand59,32841,474
105,55287,441
CREDITORS: Amounts falling due within one year794,89177,763
NET CURRENT ASSETS10,6619,678
TOTAL ASSETS LESS CURRENT LIABILITIES63,71965,983
CREDITORS: Amounts falling due after more than one year83,81815,380
PROVISIONS FOR LIABILITIES AND CHARGES6,2816,367
NET ASSETS53,62044,236
CAPITAL AND RESERVES
Called up share capital911
Profit and loss account53,61944,235
SHAREHOLDERS' FUNDS53,62044,236
For the year ending 31 July 2024 the company was entitled to exemption 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 directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 28 April 2025 and signed on their behalf by
.............................
Sarah Legge
Director

Imagin Products Ltd

NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2024
1. ACCOUNTING POLICIES
1a. General Information Basis Of Accounting
The company is limited by shares and incorporated in Scotland. The address of the registered office is given in the company information on page 1 of these financial statements.
The financial statements have been prepared in accordance with Financial Reporting Standard FRS 102 including Section 1A Small Entities, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. There were no material departures from that standard.
The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise shown.
1b. Turnover
Turnover represents the amounts receivable arising from the supply of goods net of VAT and trade discounts.
Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1c. Intangibles
Intangible assets comprise goodwill. These are initially recognised at cost and amortised on a straight line basis over their useful life, which is considered to be 10 years.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of the intangible asset, the amortisation is revised prospectively to reflect the new estimates.
1d. Tangible Fixed Assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation has been provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Equipmentreducing balance20%
Motor Carsreducing balance20%
1e. Investments
Investments in shares are included at cost less impairment.

Imagin Products Ltd

1f. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
1g. Cash And Cash Equivalents
Cash and cash equivalents are basic financial instruments which include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1h. Financial Instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1i. Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or pastreporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enactedor substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current andprevious periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differencesbetween taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of incomeand expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelievedtax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against thereversal 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 balance sheet datethat are expected to apply to the reversal of timing differences. Deferred tax on revalued, non-depreciable tangible fixed assets andinvestment properties is measured using the rates and allowances that apply to the sale of the asset.

Imagin Products Ltd

1j. Employee Benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
1k. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.
1l. Government Grants
Revenue grants are recognised in profit and loss in the year in which they are received. Capital grants received are treated as deferred credits and credited to profit and loss account over the estimated useful life of the relevant fixed assets.
1m. Critical Accounting Estimates And Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2. EMPLOYEES
20242023
No.No.
Average number of employees810
3. INTANGIBLE FIXED ASSETS
Purchased
PatentsGoodwillTotal
£££
Cost
At 1 August 20238,43315,55023,983
At 31 July 20248,43315,55023,983
Depreciation
At 1 August 20238,43315,55023,983
At 31 July 20248,43315,55023,983
Net Book Amounts
At 31 July 2024---

Imagin Products Ltd

4. TANGIBLE FIXED ASSETS
Plant and
Machinery Etc.Total
££
Cost
At 1 August 2023167,555167,555
Additions5,8345,834
Disposals(31,523)(31,523)
At 31 July 2024141,866141,866
Depreciation
At 1 August 2023131,250131,250
Disposals(31,523)(31,523)
For the year9,0819,081
At 31 July 2024108,808108,808
Net Book Amounts
At 31 July 202433,05833,058
At 31 July 202336,30536,305
5. FINANCIAL ASSETS
Other
InvestmentsTotal
££
Cost
At 1 August 202320,00020,000
At 31 July 202420,00020,000
Amortisation
Net Book Amounts
At 31 July 202420,00020,000
At 31 July 202320,00020,000
6. DEBTORS 20242023
££
Amounts falling due within one year:
Trade debtors22,13625,574
Other debtors3,0053,766
25,14129,340

Imagin Products Ltd

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20242023
££
Bank loans and overdrafts11,27711,146
Trade creditors34,96225,007
Taxation and social security14,84014,264
Other creditors33,81227,346
94,89177,763
8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20242023
££
Bank loans and overdrafts3,81815,380
3,81815,380
Included in other creditors are:
9. SHARE CAPITAL 20242023
££
Allotted, issued and fully paid:
1 Class 1 shares of £1 each11
11
10. OTHER FINANCIAL COMMITMENTS
At 31 July 2024 the company was committed to making the following payments under non-cancellable operating leases:
20242023
££
Operating leases22,0005,250

Imagin Products Ltd

11. RELATED PARTY TRANSACTIONS
Included in other creditors is an interest free loan from the director of £31,602 (2023 - £25,207). There is no fixed repayment date.