Registered number
09098192
Manchester Imaging Limited
Unaudited Filleted Accounts
31 December 2024
Manchester Imaging Limited
Registered number: 09098192
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 36,102 51,822
Tangible assets 4 2,795 1,841
38,897 53,663
Current assets
Debtors 5 81,554 110,105
Cash at bank and in hand 64,536 89,157
146,090 199,262
Creditors: amounts falling due within one year 6 (49,974) (121,865)
Net current assets 96,116 77,397
Total assets less current liabilities 135,013 131,060
Creditors: amounts falling due after more than one year 7 (83,691) -
Net assets 51,322 131,060
Capital and reserves
Called up share capital 410 410
Share premium 2,863,416 2,863,416
Profit and loss account (2,812,504) (2,732,766)
Shareholders' funds 51,322 131,060
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A G Travers
Director
Approved by the board on 7 May 2025
Manchester Imaging Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Going concern
The directors have prepared forecasts for a minimum of 12 months. Based on these cash flow forecasts, the company is projected to maintain a positive cash position throughout the next 12 months without requiring external investment or financing. On this basis the directors have assessed the company as a going concern at the signing date of these financial statements.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Intellectual Property 10% straight line basis.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computers 33% straight line
Share based payments
The company has granted share options under the Enterprise Management Incentive Scheme ("EMI") and an 'unapproved' option scheme. No consideration is payable for the grant of an option and options are not transferrable or assignable. Cash consideration is paid to the company by the employee at the point that the share options are exercised. The price paid for share options by employees is determined at the time of the grant and is normally the nominal share price of £0.01. An option is normally exercised between the 1st and 10th anniversaries of the grant. All options normally lapse if the option holder ceases to be employed by the group, though at the discretion of the company and depending upon the circumstances in which the employment has ended, some individuals may be permitted to retain options after they leave employment.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Intellectual property
Cost
At 1 January 2024 160,083
At 31 December 2024 160,083
Amortisation
At 1 January 2024 108,261
Provided during the year 15,720
At 31 December 2024 123,981
Net book value
At 31 December 2024 36,102
At 31 December 2023 51,822
4 Tangible fixed assets
Computers
£
Cost
At 1 January 2024 24,795
Additions 2,330
At 31 December 2024 27,125
Depreciation
At 1 January 2024 22,954
Charge for the year 1,376
At 31 December 2024 24,330
Net book value
At 31 December 2024 2,795
At 31 December 2023 1,841
5 Debtors 2024 2023
£ £
Trade debtors 32,956 44,637
Corporation tax recoverable 48,598 65,468
81,554 110,105
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 8,661 93,556
Taxation and social security costs 21,193 12,539
Accruals 16,065 12,650
Other creditors 4,055 3,120
49,974 121,865
7 Creditors: amounts falling due after one year 2024 2023
£ £
Trade creditors 83,691 -
8 Called up share capital 2024 2023 2024 2023
Number Number £ £
Ordinary share capital issued
and fully paid
Ordinary shares of 1p each 11,052 11,052 110 110
A Ordinary shares of 1p each 8,652 8,652 87 87
B Ordinary shares of 1p each 7,526 7,526 75 75
A1 Ordinary shares of 1p each 10,750 10,750 108 108
B1 Ordinary shares of 1p each 2,416 2,416 24 24
C1 Ordinary shares of 1p each 630 630 6 6
41,026 41,026 410 410
9 Other information
Manchester Imaging Limited is a private company limited by shares and incorporated in England. Its registered office is:
C/O Nexus Solicitors
Carlton House
16-18 Albert Square
Manchester
M2 5PE
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