REGISTERED NUMBER: 04451325 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Imagineer Systems Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J-P Smith

B Yamnitsky

REGISTERED OFFICE:

The Surrey Technology Centre

40 Occam Road

Guildford

Surrey

GU2 7YG

REGISTERED NUMBER:

04451325 (England and Wales)

ACCOUNTANTS:

Butt Miller

Chartered Accountants

1 Minster Court

Tuscam Way

Camberley

Surrey

GU15 3YY

FIXED ASSETS

Intangible assets

4

-

889

Tangible assets

5

11,206

5,034

11,206

5,923

CURRENT ASSETS

Debtors

6

7,284,968

6,742,190

Cash at bank

962,219

569,504

8,247,187

7,311,694

CREDITORS

Amounts falling due within one year

7

(2,260,243

)

(2,210,530

)

NET CURRENT ASSETS

5,986,944

5,101,164

TOTAL ASSETS LESS CURRENT LIABILITIES

5,998,150

5,107,087

PROVISIONS FOR LIABILITIES

(1,975

)

(250

)

NET ASSETS

5,996,175

5,106,837

CAPITAL AND RESERVES

Called up share capital

15,610

15,610

Share premium

1,304,585

1,304,585

Retained earnings

4,675,980

3,786,642

SHAREHOLDERS' FUNDS

5,996,175

5,106,837

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2025 and were signed on its behalf by:

J-P Smith - Director

1.	STATUTORY INFORMATION

Imagineer Systems Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Patents and licences

Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 10 years.

Website

The web site is valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over its estimated useful life of 3 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33.33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases

Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

Pension costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 January 2024

and 31 December 2024

20,738

AMORTISATION

At 1 January 2024

19,849

Amortisation for year

889

At 31 December 2024

20,738

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

889

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2024

37,841

Additions

14,278

At 31 December 2024

52,119

DEPRECIATION

At 1 January 2024

32,807

Charge for year

8,106

At 31 December 2024

40,913

NET BOOK VALUE

At 31 December 2024

11,206

At 31 December 2023

5,034

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

133,959

218,399

Amounts owed by group undertakings

7,108,630

6,482,754

Other debtors

1,506

1,506

Prepayments and accrued income

40,873

39,531

7,284,968

6,742,190

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

44,332

47,437

Tax

13,183

15,187

VAT

86,204

101,333

Accruals and deferred income

2,116,524

2,046,573

2,260,243

2,210,530

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

1,307

9,277

Between one and five years

-

1,307

1,307

10,584

9.	ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent company is Artel Software Inc. T/As Boris FX, a company incorporated in the U.S.A.

10.	SECURED DEBTS

The company's bank accounts are secured by fixed and floating charges over the company's assets dated 5 November 2007 in favour of HSBC.