REGISTERED NUMBER: 03520870 (England and Wales)

Strategic Report, Report of the Director and

Audited Financial Statements for the Year Ended 30 April 2025

for

Image Creation Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

9

Balance Sheet

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

14

DIRECTOR:

A Kipping

SECRETARY:

Mrs D Kipping

REGISTERED OFFICE:

Unit 5 -6 Kingsmill Park London Road

Loudwater

High Wycombe

HP10 9UB

REGISTERED NUMBER:

03520870 (England and Wales)

AUDITORS:

Kirk Rice LLP

The Courtyard

High Street

Ascot

Berkshire

SL5 7HP

The director presents his strategic report for the year ended 30 April 2025.

REVIEW OF BUSINESS

Image Creation is a multi-disciplined Employee Owner Trust (EOT)

This means our employees are shareholders. They all share in the success or failure of the business and therefore all buy into being as efficient as possible. I would like to think this is quite unique in the sector and does provide us with an invested, committed workforce that I hope will be able to continue add value to our clients across all work streams.

10 years after becoming an EOT our staff are recognized as fantastic assets and the reason why Image Creation's growth occurs.

Our aim is to be a single solution to our clients, in order that they we can offer an efficient project delivery. Covering everything from groundwork, internal fit outs, electrical engineering and fire compliance work, our typical work includes schools and colleges, social housing and high end pharmaceutical lab fit outs. We provide an end-to-end solution, adding value to our clients across all work streams.

PRINCIPAL RISKS AND UNCERTAINTIES

The business is growing and expanding . Sustained growth highlights areas of potential risk. It is important this year Image Creation's leadership team are agile in the way business is complete and identify any weak areas that become exposed and act quickly.

To meet our continued expansion, recruitment will be a key area for 25/26.

DEVELOPMENT AND PERFORMANCE

The EOT model has created an invested, committed workforce in a service sector that defines itself by high standards, competitive pricing but most importantly delivery.

Financially, Image Creation is producing excellent profit based on collective efficiencies within the work force. Gross profit increased in the year by 13% and our profit before tax 44%.

We hold significant cash reserves which will enable us to fund the future growth of the business.

ON BEHALF OF THE BOARD:

A Kipping - Director

29 September 2025

The director presents his report with the financial statements of the company for the year ended 30 April 2025.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of commercial refurbishments and fire safety compliance in commercial and educational properties.

DIVIDENDS

No dividends will be distributed for the year ended 30 April 2025.

RESEARCH AND DEVELOPMENT

As government pushes the Green agenda, many projects are BREEAM excellent and require cutting edge technological solutions. Our R & D is being utilized to provide energy solutions in tighter spaces, using multiple differing sources combined to achieve efficiencies for the client and the environment. We feel that especially around the congested London region and Educational Campuses requiring growth but thwarted with available space, this will provide solutions that sets Image Creation aside and continues our growth.

FUTURE DEVELOPMENTS

As we move into the 25/26 year Image Creation will look to fill key positions noted previously. As MD it will be my responsibility to support our teams by providing the resources and knowledge to ensure we can adapt to the needs of our clients.

Having already bought freehold property for the business to work from, we will look to expand and purchase the 2 remaining units on our site. This will provide expansion space and additional parking. Image are committed to efficiency and our solar provides power to 20% of our fleet. The property growth and additional parking will mean we will set target to get this closer to 60%.

Image will now look to sub divide collective responsibilities down from groups of staff to better release the productivity of the staff with their individual skill sets.

Training and development is key and the use of AI will feature in the next 12 months to stay technologically ahead of our competition and deliver solutions quicker for our clients.

DIRECTOR

A Kipping held office during the whole of the period from 1 May 2024 to the date of this report.

MEDIUM-SIZED COMPANIES EXEMPTION

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Kirk Rice LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A Kipping - Director

29 September 2025

Opinion

We have audited the financial statements of Image Creation Limited (the 'company') for the year ended 30 April 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 April 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our audit approach was developed by obtaining an understanding of the company’s activities, the key functions undertaken on behalf of the Board by management and by service organisations, and the overall control environment. Based on this understanding we assessed those aspects of the company’s transactions and balances which were most likely to give rise to a material misstatement and were most susceptible to irregularities including fraud or error. Specifically, we identified what we considered to be key audit risks and planned our audit approach accordingly.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with Companies Act 2006, IFRS, and regulations which affect the company’s products.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with Companies Act 2006, IFRS, and regulations which affect the company’s products.

We focused on laws and regulations that could give rise to a material misstatement in the company financial statements. Our tests included, but were not limited to:

- Agreement of the financial statements disclosures to underlying supporting documentation;

- Enquiries of management;

- Considering the effectiveness of control environment in monitoring compliance with laws and regulations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Beet (Senior Statutory Auditor)

for and on behalf of Kirk Rice LLP

The Courtyard

High Street

Ascot

Berkshire

SL5 7HP

30 September 2025

TURNOVER

4

15,189,699

14,835,523

Cost of sales

8,472,557

8,865,906

GROSS PROFIT

6,717,142

5,969,617

Administrative expenses

4,384,348

4,305,276

2,332,794

1,664,341

Other operating income

5

2,050

70

OPERATING PROFIT

7

2,334,844

1,664,411

Interest receivable and similar income

8

60,898

9,550

2,395,742

1,673,961

Interest payable and similar expenses

9

42,382

43,154

PROFIT BEFORE TAXATION

2,353,360

1,630,807

Tax on profit

10

605,952

415,721

PROFIT FOR THE FINANCIAL YEAR

1,747,408

1,215,086

Retained earnings at beginning of year

4,161,648

2,946,562

RETAINED EARNINGS AT END OF YEAR

5,909,056

4,161,648

FIXED ASSETS

Tangible assets

12

1,514,041

1,161,994

CURRENT ASSETS

Stocks

13

173,682

-

Debtors

14

2,424,928

1,519,269

Cash at bank

5,332,129

4,906,240

7,930,739

6,425,509

CREDITORS

Amounts falling due within one year

15

3,298,438

3,327,126

NET CURRENT ASSETS

4,632,301

3,098,383

TOTAL ASSETS LESS CURRENT LIABILITIES

6,146,342

4,260,377

CREDITORS

Amounts falling due after more than one year

16

(79,062

)

(98,629

)

PROVISIONS FOR LIABILITIES

18

(158,124

)

-

NET ASSETS

5,909,156

4,161,748

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

20

5,909,056

4,161,648

SHAREHOLDERS' FUNDS

5,909,156

4,161,748

The financial statements were approved by the director and authorised for issue on 29 September 2025 and were signed by:

A Kipping - Director

Cash flows from operating activities

Cash generated from operations

1

1,188,584

2,933,501

Interest paid

(36,644

)

(37,560

)

Interest element of hire purchase payments paid

(5,738

)

(5,594

)

Tax paid

(289,183

)

143,536

Net cash from operating activities

857,019

3,033,883

Cash flows from investing activities

Purchase of tangible fixed assets

(472,259

)

(31,520

)

Sale of tangible fixed assets

-

2,961

Interest received

60,898

9,550

Net cash from investing activities

(411,361

)

(19,009

)

Cash flows from financing activities

Capital repayments in year

(19,769

)

(20,169

)

Net cash from financing activities

(19,769

)

(20,169

)

Increase in cash and cash equivalents

425,889

2,994,705

Cash and cash equivalents at beginning of year

2

4,906,240

1,911,535

Cash and cash equivalents at end of year

2

5,332,129

4,906,240

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.4.25

30.4.24

as

restated

£

£

Profit before taxation

2,353,360

1,630,807

Depreciation charges

120,212

54,270

Profit on disposal of fixed assets

-

(2,961

)

Finance costs

42,382

43,154

Finance income

(60,898

)

(9,550

)

2,455,056

1,715,720

Increase in stocks

(173,682

)

-

(Increase)/decrease in trade and other debtors

(905,659

)

271,137

(Decrease)/increase in trade and other creditors

(187,131

)

946,644

Cash generated from operations

1,188,584

2,933,501

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2025

30.4.25

1.5.24

£

£

Cash and cash equivalents

5,332,129

4,906,240

Year ended 30 April 2024

30.4.24

1.5.23

as restated

£

£

Cash and cash equivalents

4,906,240

1,911,535

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.24

Cash flow

At 30.4.25

£

£

£

Net cash

Cash at bank

4,906,240

425,889

5,332,129

4,906,240

425,889

5,332,129

Debt

Finance leases

(118,397

)

19,769

(98,628

)

(118,397

)

19,769

(98,628

)

Total

4,787,843

445,658

5,233,501

1.	STATUTORY INFORMATION

Image Creation Limited 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.	STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Critical accounting judgements

The vans operated by the company are held on leases. It is the director's opinion that the leases are operating leases and the lease costs have therefore been included in the profit and loss account for the year.

Turnover and other income

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from project work is recognized by reference to the stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably, turnover is recognized only to the extent of the expenses recognized that are recoverable.

Construction contracts

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognized by reference to the stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably, contract costs are recognized as an expense in the period in which they are incurred and contract turnover is recognized to the extent of costs incurred that it is probable will be recoverable.

Interest Income

Interest income is recognized when received.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

5% on cost

Plant and machinery

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Stocks

Stock, materials and consumables are valued at the lower of cost and net realizable value, after making due allowance for obsolete and slow moving items.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 instrument.

Financial instruments are recognized 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 amount presented in the financial statements, when there is a largely enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realize 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 amortized 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 amortized.

Basic Financial Liabilities

Basic financial liabilities, including creditors and bank loans are classified as debt and initially recognized at transaction price unless the arrangement constitutes a financing transaction, where the debt is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortized.

Debt instruments are subsequently carried at amortized cost, using the effective rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 recognized initially at transaction price and subsequently measured at amortized cost using the effective interest method.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Employee benefits and pension costs

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

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

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

The company operates a defined benefit contribution scheme. Contributions payable to the company's pension scheme are charged to the profit and loss in the period to which they relate.

Going concern

At the time of approving the financial statements the directors review cash flow forecasts and ensure that sufficient funds are available to give a reasonable expectation that the company has adequate resources to continue in operations existence for the foreseeable future. This the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

4.

TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

30.4.25

30.4.24

as

restated

£

£

General Construction

5,468,291

5,340,788

Electrical works

5,316,395

5,192,433

Roofing

1,518,970

1,483,553

Other Projects

2,886,043

2,818,749

15,189,699

14,835,523

An analysis of turnover by geographical market is given below:

30.4.25

30.4.24

as

restated

£

£

United Kingdom

15,189,699

14,835,523

15,189,699

14,835,523

5.	OTHER OPERATING INCOME

30.4.25

30.4.24

as

restated

£

£

Sundry receipts

2,050

70

6.	EMPLOYEES AND DIRECTORS

30.4.25

30.4.24

as

restated

£

£

Wages and salaries

3,002,356

2,776,770

Social security costs

244,352

289,788

Other pension costs

171,844

371,344

3,418,552

3,437,902

The average number of employees during the year was as follows:

30.4.25

30.4.24

as

restated

Electrical staff

22

20

Fabric staff

20

20

42

40

30.4.25

30.4.24

as

restated

£

£

Director's remuneration

207,164

273,282

Information regarding the highest paid director is as follows:

30.4.25

30.4.24

as

restated

£

£

Emoluments etc

207,164

273,282

7.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.4.25

30.4.24

as

restated

£

£

Hire of plant and machinery

137,162

129,114

Other operating leases

163,707

154,867

Depreciation - owned assets

77,776

10,747

Depreciation - assets on hire purchase contracts

42,436

42,436

Profit on disposal of fixed assets

-

(2,961

)

Auditors' remuneration

18,000

-

8.

INTEREST RECEIVABLE AND SIMILAR INCOME

30.4.25

30.4.24

as

restated

£

£

Deposit account interest

60,898

9,550

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.4.25

30.4.24

as

restated

£

£

Other interest

36,644

37,560

Hire purchase interest

5,738

5,594

42,382

43,154

10.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

30.4.25

30.4.24

as

restated

£

£

Current tax:

UK corporation tax

447,828

415,721

Deferred tax

158,124

-

Tax on profit

605,952

415,721

UK corporation tax has been charged at 25% .