Split Image Limited - Filleted accounts


SPLIT IMAGE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025

































Company Registration Number: 03777662

SPLIT IMAGE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025


CONTENTS									PAGES



Company information									1

Balance sheet									2 to 3

Notes to the financial statements									4 to 8

SPLIT IMAGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2025


DIRECTORS

P A Uddin
T A Stone


SECRETARY

The company does not have an appointed secretary


REGISTERED OFFICE

6 Wrights Lane
London
W8 6TA


COMPANY REGISTRATION NUMBER

03777662 England and Wales

SPLIT IMAGE LIMITED

BALANCE SHEET
AS AT 31 MARCH 2025


	Notes	2025		2024
		£		£

FIXED ASSETS
Tangible assets	5		31,190		74,152

CURRENT ASSETS
Debtors	6	47,896		161,351
Cash at bank and in hand		41,745		18,224


		89,641		179,575

CREDITORS: Amounts falling due within one year	7	141,414		161,424
CREDITORS: Amounts falling due within one year


NET CURRENT (LIABILITIES) / ASSETS			(51,773)		18,151


TOTAL ASSETS LESS CURRENT LIABILITIES			(20,583)		92,303

CREDITORS: Amounts falling due after more than one year	8		5,370		33,827
CREDITORS: Amounts falling due after more than one year

Provisions for liabilities and charges			7,798		12,606


NET (LIABILITIES) / ASSETS			(33,751)		45,870


CAPITAL AND RESERVES
Called up share capital			2		2
Distributable profit and loss account			(33,753)		45,868


SHAREHOLDER'S (DEFICIT) / FUNDS			(33,751)		45,870

SPLIT IMAGE LIMITED

BALANCE SHEET
AS AT 31 MARCH 2025


These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

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.

As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.


Signed on behalf of the board of directors




T A Stone						P A Uddin
Director						Director

Date approved by the board: 20 November 2025

SPLIT IMAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025


1	GENERAL INFORMATION

	Split Image Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:

	6 Wrights Lane
	London
	W8 6TA

	The financial statements are presented in Sterling, which is the functional currency of the company.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	Basis of preparation of financial statements

	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.

	Going concern

	The accounts have been drawn up on the going concern basis. The company owes its bank £15,743 in the form of a bank loan. The company is therefore dependent upon the continued support of the bank. The directors do not consider the support of the bank likely to be withdrawn.

	If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.


	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of photographic services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.

	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

SPLIT IMAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025


2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rates so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.

	Plant and machinery					Reducing balance basis at 10% per annum
	Fittings, fixtures and equipment					Reducing balance basis at 10% per annum
	Motor vehicles					Reducing balance basis at 25% per annum
	Leasehold improvements					Reducing balance basis at 10% per annum

	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.

	Financial Instruments

	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.


	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.

	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.

SPLIT IMAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025


2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors

	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.

	Leases

	Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.

	Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.

	Taxation

	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.

	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.

	Deferred tax is measured using 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.

	Current and deferred tax assets and liabilities are not discounted.

	Pensions

	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.

3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	The directors have made key assumptions in determining the recoverable value of tangible fixed assets when undertaking an impairment review.

SPLIT IMAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025


4	EMPLOYEES

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

						2025	2024
	Average number of employees					3	4


5	TANGIBLE ASSETS
		Plant and machinery	Fittings, fixtures and equipment		Motor vehicles	Leasehold improvements	Total
		£		£	£	£	£
	Cost
	At 1 April 2024	120,700		27,194	28,361	18,271	194,526

	Additions	421		-	-	-	421

	Disposals	-		(8,250)	(28,361)	-	(36,611)


	At 31 March 2025	121,121		18,944	-	18,271	158,336


	Accumulated depreciation and impairments
	At 1 April 2024	87,343		14,826	7,090	11,115	120,374

	Charge for year	3,371		581	3,989	716	8,657

	Impairment	1,611		2,834	-	6,440	10,885

	Disposals	-		(1,691)	(11,079)	-	(12,770)


	At 31 March 2025	92,325		16,550	-	18,271	127,146


	Net book value
	At 1 April 2024	33,357		12,368	21,271	7,156	74,152


	At 31 March 2025	28,796		2,394	-	-	31,190


6	DEBTORS
						2025	2024
						£	£
	Trade debtors					1,080	140,541
	Prepayments and accrued income					42,002	3,928
	Other debtors					4,814	16,882


						47,896	161,351

SPLIT IMAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025


7	CREDITORS: Amounts falling due within one year
			2025	2024
			£	£
	Bank loans and overdrafts		10,373	10,118
	Trade creditors		33,665	49,258
	Taxation and social security		-	32,151
	Hire purchase contracts and finance leases		-	4,774
	Accruals and deferred income		97,376	65,123


			141,414	161,424


8	CREDITORS: Amounts falling due after more than one year
			2025	2024
			£	£
	Bank loans and overdrafts		5,370	15,715
	Hire purchase contracts and finance leases		-	18,112


			5,370	33,827

9	CONTINGENCIES AND COMMITMENTS

	Other Commitments

	Amounts falling due under operating leases:		2025	2024
			£	£
	In less than one year		1,667	15,000


10	RELATED PARTY TRANSACTIONS

	The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:

	Re:Act Marketing Group Ltd	Ultimate parent
	Re:Act Marketing Ltd	Group company