Company registration number 02325450 (England and Wales)
IMAGEFARM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
IMAGEFARM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
IMAGEFARM LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,227,129
5,271,285
Current assets
Stocks
291,302
276,817
Debtors
4
271,872
302,483
Cash at bank and in hand
742,178
528,125
1,305,352
1,107,425
Creditors: amounts falling due within one year
5
(268,891)
(258,344)
Net current assets
1,036,461
849,081
Total assets less current liabilities
6,263,590
6,120,366
Creditors: amounts falling due after more than one year
6
(1,465,269)
(1,515,852)
Provisions for liabilities
(15,209)
(23,703)
Net assets
4,783,112
4,580,811
Capital and reserves
Called up share capital
1,780,000
1,780,000
Revaluation reserve
3,682,317
3,673,823
Profit and loss reserves
(679,205)
(873,012)
Total equity
4,783,112
4,580,811

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

IMAGEFARM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 18 September 2025
Mr Y Rassam
Director
Company Registration No. 02325450
IMAGEFARM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2023
1,780,000
2,941,637
(1,150,640)
3,570,997
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
1,009,814
1,009,814
Transfers
-
732,186
(732,186)
-
Balance at 31 March 2024
1,780,000
3,673,823
(873,012)
4,580,811
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
202,301
202,301
Transfers
-
8,494
(8,494)
-
Balance at 31 March 2025
1,780,000
3,682,317
(679,205)
4,783,112
Other reserves include all current year and prior years revaluation gains and losses on freehold property net of deferred taxation. This reserve is non distributable.
IMAGEFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
1
Accounting policies
Company information

Imagefarm Limited is a private company limited by shares incorporated in England and Wales. The registered office is 175 Brent Crescent, London, NW10 7XR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern
The financial statements have been prepared on a going concern basis, which assumes that the company will continue to be in existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's director and shareholder. The financial statements do not include any adjustments that would result from withdrawal of the continued support.true
1.3
Turnover

Turnover is recognised at the fair value of the consideration received for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off to the income statement in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses provided for in 2024.

Depreciation 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:

Land and buildings Freehold
Nil
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
20% reducing balance
Computer equipment
20% reducing balance
Motor vehicles
25% reducing balance
IMAGEFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -

No depreciation is charged on freehold property because the directors consider that the economic life and residual value of the property is such that the depreciation charge and accumulated depreciation would be immaterial. The company has a policy and practice of regular maintenance and repair of freehold property and the residual value of the property is regularly reviewed in order to identify any impairment which would be charged to the profit and loss account. No impairment was identified during the review conducted as at 31 March 202 4.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in the income statement or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in the income statement.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Cost is determined on a first in first out basis.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and 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.

IMAGEFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

IMAGEFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 7 -
1.12
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
27
29
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2024
5,000,000
3,161,101
8,161,101
Additions
-
0
639
639
Disposals
-
0
(65,698)
(65,698)
At 31 March 2025
5,000,000
3,096,042
8,096,042
Depreciation and impairment
At 1 April 2024
-
0
2,889,816
2,889,816
Depreciation charged in the year
-
0
42,516
42,516
Eliminated in respect of disposals
-
0
(63,419)
(63,419)
At 31 March 2025
-
0
2,868,913
2,868,913
Carrying amount
At 31 March 2025
5,000,000
227,129
5,227,129
At 31 March 2024
5,000,000
271,285
5,271,285

The freehold land and buildings were valued to fair v alue by the director of the company.

The historical cost of the revalued assets is £1,302,474 (202 4: £1,302,474).

IMAGEFARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
248,387
281,689
Other debtors
23,485
20,794
271,872
302,483
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans (see Note 8)
10,049
9,748
Trade creditors
154,612
129,310
Taxation and social security
12,433
12,529
Other creditors
91,797
106,757
268,891
258,344

6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
334,856
395,170
Other creditors
1,130,413
1,120,682
1,465,269
1,515,852

Within bank loans and overdrafts is a bank loan of £325,000 (2024: £375,000). This bank loan is secured by a first legal charge over the freehold land and buildings of the company. The loan is repayable on 1 October 2026 and interest is charged at a rate of 4.15% above Libor and rolled over every three months.

Also within bank loans and overdrafts is a bounce back loan with a balance of £19,905 (2024: £29,918) at the year end which is included within creditor s due within one year £10,049 (2024: £9,74 8) and £9,856 (2024: £2 0,170) after one year. This is a loan which has a final repayment date of 8 February 2027 and is subject to 2.5% interest per annum.

Other creditors represent a director's loan that is interest free and there is no fixed date for repayment.

7
Related party transactions

At the balance sheet date the company owed its director £1,165,228 (202 4: £1,2 00,043) which is included within creditor s due within one year £34,815 (2024: £79,361) and £1,130,413 (2024: £1,120,682) after one year. The loan is interest free and there is no fixed date for repayment.

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