1 April 2024 v2025.56.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP041844012024-04-012025-03-31041844012025-03-31041844012024-03-3104184401core:WithinOneYear2025-03-3104184401core:WithinOneYear2024-03-3104184401core:ShareCapital2025-03-3104184401core:ShareCapital2024-03-3104184401core:OtherReservesSubtotal2025-03-3104184401core:OtherReservesSubtotal2024-03-3104184401core:RetainedEarningsAccumulatedLosses2025-03-3104184401core:RetainedEarningsAccumulatedLosses2024-03-3104184401bus:Director12024-04-012025-03-3104184401bus:RegisteredOffice2024-04-012025-03-3104184401core:FurnitureFittings2024-04-012025-03-3104184401core:MotorVehicles2024-04-012025-03-31041844012023-04-012024-03-3104184401core:LandBuildings2024-04-0104184401core:PlantMachinery2024-04-01041844012024-04-0104184401core:PlantMachinery2024-04-012025-03-3104184401core:LandBuildings2024-04-012025-03-3104184401core:LandBuildings2025-03-3104184401core:PlantMachinery2025-03-3104184401core:LandBuildings2024-03-3104184401core:PlantMachinery2024-03-310418440112024-04-012025-03-3104184401countries:EnglandWales2024-04-012025-03-3104184401bus:AuditExemptWithAccountantsReport2024-04-012025-03-3104184401bus:PrivateLimitedCompanyLtd2024-04-012025-03-3104184401bus:SmallEntities2024-04-012025-03-3104184401bus:FullAccounts2024-04-012025-03-31
Company registration number:
04184401
Imagine Inflatables Ltd
Unaudited Filleted Financial Statements for the year ended
31 March 2025
Imagine Inflatables Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Imagine Inflatables Ltd
Year ended
31 March 2025
As described on the statement of financial position, the Board of Directors of
Imagine Inflatables Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 March 2025
, which comprise the income statement, statement of total comprehensive income, statement of financial position, statement of changes in equity and 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 unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Paul Beech and Company Ltd
Certified Public Accountants
6 The Terrace
Rugby Road
Lutterworth
Leicestershire
LE17 4BW
United Kingdom
Date:
22 August 2025
Imagine Inflatables Ltd
Statement of Financial Position
31 March 2025
20252024
Note££
Fixed assets    
Tangible assets 5
385,199
 
369,165
 
Current assets    
Stocks
2,750
 
2,750
 
Debtors 6
31,384
 
109,860
 
Cash at bank and in hand
35,417
 
105,729
 
69,551
 
218,339
 
Creditors: amounts falling due within one year 7
(102,649
)
(41,813
)
Net current (liabilities)/assets
(33,098
)
176,526
 
Total assets less current liabilities 352,101   545,691  
Provisions for liabilities
(19,929
)
(16,175
)
Net assets
332,172
 
529,516
 
Capital and reserves    
Called up share capital
110
 
110
 
Other reserves
76,995
 
61,195
 
Profit and loss account
255,067
 
468,211
 
Shareholders funds
332,172
 
529,516
 
For the year ending
31 March 2025
, 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.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
22 August 2025
, and are signed on behalf of the board by:
D Proietti Tocca
Director
Company registration number:
04184401
Imagine Inflatables Ltd
Notes to the Financial Statements
Year ended
31 March 2025

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Manor Court
,
Lutterworth Road
,
Bitteswell
,
Leicestershire
,
LE17 4RX
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
20% straight line
Motor vehicles
25% reducing balance

Investment properties

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows:
Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost.
All other financial instruments, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which they are paid.

4 Average number of employees

The average number of persons employed by the company during the year was
4
(2024:
5
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost or valuation      
At
1 April 2024
355,000
 
93,222
 
448,222
 
Additions -  
616
 
616
 
Disposals -  
(4,458
)
(4,458
)
Revaluations
20,000
  -  
20,000
 
At
31 March 2025
375,000
 
89,380
 
464,380
 
Depreciation      
At
1 April 2024
-  
79,057
 
79,057
 
Charge -  
3,876
 
3,876
 
Disposals -  
(3,752
)
(3,752
)
At
31 March 2025
-  
79,181
 
79,181
 
Carrying amount      
At
31 March 2025
375,000
 
10,199
 
385,199
 
At 31 March 2024
355,000
 
14,165
 
369,165
 

Tangible assets held at valuation

In respect of tangible assets held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
Land and buildingsLand and buildings
20252024
££
Aggregate historical cost 277,538   277,538  
Carrying amount 277,538   277,538  
The Investment property was valued by the company director, D Proietti Tocca on 31st March 2025.

Investment property

Included in land and buildings are the following amounts in relation to investment properties:
2025
£
Carrying amount at
1 April 2024
355,000.00
 
Additions
20,000
 
Carrying amount at
31 March 2025
375,000
 

6 Debtors

20252024
££
Trade debtors
12,996
 
103,497
 
Other debtors
18,388
 
6,363
 
31,384
 
109,860
 

7 Creditors: amounts falling due within one year

20252024
££
Trade creditors
6,050
 
9,782
 
Taxation and social security
6,349
 
19,629
 
Other creditors
90,250
 
12,402
 
102,649
 
41,813
 

8 Fair value reserve

Included within other reserves is the fair value reserve as follows:
20252024
££
At start of year 61,195   36,014  
Reclassification from fair reserve to profit and loss account 15,800   25,181  
At end of year 76,995   61,195  

9 Directors' advances, credit and guarantees

During the year the directors entered into the following total interest free advances and credits with the company:
2025
Balance b/f £(7,215)
Advances £11,007
Balance c/f £3,792
2024
Balance b/f £3,849
(Credits) £(11,064)
Balance c/f £(7,215)