1 January 2024 false Taxfiler 2024.6 SC192338 business:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC192338 2023-12-31 SC192338 2024-01-01 2024-12-31 SC192338 business:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 SC192338 business:FilletedAccounts 2024-01-01 2024-12-31 SC192338 2024-12-31 SC192338 2023-12-31 SC192338 core:WithinOneYear 2024-12-31 SC192338 core:WithinOneYear 2023-12-31 SC192338 core:ShareCapital core:PreviouslyStatedAmount 2024-12-31 SC192338 core:ShareCapital core:PreviouslyStatedAmount 2023-12-31 SC192338 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2024-12-31 SC192338 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2023-12-31 SC192338 core:PreviouslyStatedAmount 2024-12-31 SC192338 core:PreviouslyStatedAmount 2023-12-31 SC192338 business:SmallEntities 2024-01-01 2024-12-31 SC192338 business:Director1 2024-01-01 2024-12-31 SC192338 countries:Scotland 2024-01-01 2024-12-31 SC192338 business:RegisteredOffice 2024-01-01 2024-12-31 SC192338 core:PlantMachinery 2024-01-01 2024-12-31 SC192338 core:MotorVehicles 2024-01-01 2024-12-31 SC192338 core:FurnitureFittings 2024-01-01 2024-12-31 SC192338 core:ComputerEquipment 2024-01-01 2024-12-31 SC192338 core:PlantMachinery 2023-12-31 SC192338 core:MotorVehicles 2023-12-31 SC192338 core:FurnitureFittings 2023-12-31 SC192338 core:ComputerEquipment 2023-12-31 SC192338 core:PlantMachinery 2024-12-31 SC192338 core:MotorVehicles 2024-12-31 SC192338 core:FurnitureFittings 2024-12-31 SC192338 core:ComputerEquipment 2024-12-31 SC192338 business:Director1 1 2024-01-01 2024-12-31 SC192338 business:Director1 1 2023-12-31 SC192338 business:Director1 1 2024-12-31 SC192338 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company Registration No. SC192338 (Scotland)
Image HQ Limited Unaudited accounts for the year ended 31 December 2024
Image HQ Limited Statement of financial position as at 31 December 2024
2024
2023
Notes
£
£
Fixed assets
Tangible assets
4
14,524
29,046
Current assets
Debtors
5
4,881
51
Cash at bank and in hand
80,748
61,263
85,629
61,314
Creditors: amounts falling due within one year
6
(19,150)
(7,421)
Net current assets
66,479
53,893
Net assets
81,003
82,939
Capital and reserves
Called up share capital
5
5
Profit and loss account
80,998
82,934
Shareholders' funds
81,003
82,939
For the year ending 31 December 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 September 2025 and were signed on its behalf by
Adeyinka Majekodunmi Director Company Registration No. SC192338
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Image HQ Limited Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
Image HQ Limited is a private company, limited by shares, registered in Scotland, registration number SC192338. The registered office is 15a Balgownie Road, Bridge of Don, Aberdeenhire, AB23 8JN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
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. 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. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
Motor vehicles
25% straight line
Fixtures & fittings
25% straight line
Computer equipment
25% straight line
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Image HQ Limited Notes to the Accounts for the year ended 31 December 2024
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.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
£
£
£
£
£
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2024
11,358
58,090
839
10,799
81,086
At 31 December 2024
11,358
58,090
839
10,799
81,086
Depreciation
At 1 January 2024
11,358
29,044
839
10,799
52,040
Charge for the year
-
14,522
-
-
14,522
At 31 December 2024
11,358
43,566
839
10,799
66,562
Net book value
At 31 December 2024
-
14,524
-
-
14,524
At 31 December 2023
-
29,046
-
-
29,046
5
Debtors
2024
2023
£
£
Amounts falling due within one year
Trade debtors
4,881
51
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Image HQ Limited Notes to the Accounts for the year ended 31 December 2024
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
13,755
1,364
Trade creditors
294
308
Taxes and social security
891
267
Other creditors
1,327
337
Loans from directors
1,988
4,290
Accruals
895
855
19,150
7,421
7
Loans to directors
Brought Forward
Advance/ credit
Repaid
Carried Forward
£
£
£
£
Adeyinka Majekodunmi
Director loan
4,290
1,988
4,290
1,988
4,290
1,988
4,290
1,988
The above loan is unsecured, interest free and repayable on demand.
8
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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