REGISTERED NUMBER: 03428451 (England and Wales)

ABRIDGED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

NK IMAGE LIMITED

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr N Knight

Mrs C Knight

SECRETARY:

Mrs C Knight

REGISTERED OFFICE:

16 Arlington Road

Richmond

Surrey

TW10 7BY

REGISTERED NUMBER:

03428451 (England and Wales)

FIXED ASSETS

Intangible assets

4

100

170

Property, plant and equipment

5

7,082

2,602

Investments

6

99

99

7,281

2,871

CURRENT ASSETS

Debtors

10,999,902

10,574,349

Cash at bank and in hand

132,423

218,571

11,132,325

10,792,920

CREDITORS

Amounts falling due within one year

896,823

216,145

NET CURRENT ASSETS

10,235,502

10,576,775

TOTAL ASSETS LESS CURRENT LIABILITIES

10,242,783

10,579,646

CAPITAL AND RESERVES

Called up share capital

849

849

Retained earnings

10,241,934

10,578,797

SHAREHOLDERS' FUNDS

10,242,783

10,579,646

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2025 and were signed on its behalf by:

Mr N Knight - Director

1.	STATUTORY INFORMATION

NK Image 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.	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.

Preparation of consolidated financial statements

The financial statements contain information about NK Image Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Revenue from a contract to provide services is recognised in the period in which services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

(a) the amount of revenue can be measured reliably;

(b) it is probable that the economic benefits associated with the transaction will flow to the company;

(c) the stage of completion of the contract at the end of the reporting period can be measured reliably; and

(d) the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business, has been fully written off in earlier years.

Intellectual property

Intellectual property assets are initially measured at cost. After initial recognition, intellectual property assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intellectual property assets are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Short leasehold

-

in accordance with the property

Furniture & office equipment

-

25% on reducing balance

Photographic equipment

-

25% on reducing balance

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Pension costs and other post-retirement benefits

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

Leasing

Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis

over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2024 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2024

and 31 March 2025

6,700

AMORTISATION

At 1 April 2024

6,530

Amortisation for year

70

At 31 March 2025

6,600

NET BOOK VALUE

At 31 March 2025

100

At 31 March 2024

170

5.	PROPERTY, PLANT AND EQUIPMENT

Totals

£

COST

At 1 April 2024

301,597

Additions

7,311

At 31 March 2025

308,908

DEPRECIATION

At 1 April 2024

298,995

Charge for year

2,831

At 31 March 2025

301,826

NET BOOK VALUE

At 31 March 2025

7,082

At 31 March 2024

2,602

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 April 2024

and 31 March 2025

99

NET BOOK VALUE

At 31 March 2025

99

At 31 March 2024

99

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Show Studio Limited

Registered office: 16 Arlington Road, Richmond, Surrey, TW10 7BY.

Nature of business: Art gallery and fashion website and retailer

%

Class of shares:

holding

Ordinary

99.00

31.3.25

31.3.24

£

£

Aggregate capital and reserves

(10,999,617

)

(10,190,805

)

Loss for the year

(808,812

)

(982,556

)

Investments in subsidiary undertakings are recognised at cost.

7.	LEASING AGREEMENTS

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

31.3.25

31.3.24

£

£

Within one year

60,555

80,374

Between one and five years

-

60,555

60,555

140,929

8.	RELATED PARTY DISCLOSURES

Debtors include a loan advanced to the subsidiary company, Show Studio Limited of £10,890,586 (2024 - £10,285,151). The subsidiary is controlled by the director Mr N Knight.

Debtors also included a loan made by Nick Knight Photography Limited £Nil (2024 - £432), a company controlled by the director, Mr N Knight.

Creditors included a loan made by Liberte Productions Limited to NK Image Ltd of £500,000 (2024 - £Nil), a company controlled by the directors, Mr N Knight and Mrs C Knight.

The loans are interest free, unsecured and repayable on demand.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr N Knight.