TIC Imaging Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08589086 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

FOR

TIC IMAGING LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

A A Kleanthous

SECRETARY:

M Patel

REGISTERED OFFICE:

1 Kings Avenue

London

N21 3NA

REGISTERED NUMBER:

08589086 (England and Wales)

INDEPENDENT AUDITORS:

AGK Partners

Chartered Accountants & Statutory Auditors

1 Kings Avenue

London

N21 3NA

FIXED ASSETS

Property, plant and equipment

4

13,432

86,746

CURRENT ASSETS

Debtors

5

1,476,524

692,694

Cash at bank

217,849

40,343

1,694,373

733,037

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

6

1,976,093

761,437

NET CURRENT LIABILITIES

(281,720

)

(28,400

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(268,288

)

58,346

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(268,388

)

58,246

(268,288

)

58,346

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

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

The financial statements were approved by the director on 27 March 2020 and were signed by:

A A Kleanthous - Director

1.	GENERAL INFORMATION

TIC Imaging 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.

The director has a reasonable expectation that the Company has adequate resources to continue in operational

existence for the foreseeable future. The director regards the foreseeable future as no less than twelve months

following the publication of its annual financial statements. The director has considered the company's balance

sheet position as at the year end, its working capital forecasts, the current COVID19 crisis and projections,

taking account of reasonably possible changes in trading performance and the current state of its operating

market, and are satisfied that the company's financial position is improving and will enable the company to

remain in operational existence. In addition, the director and shareholder has agreed to provide continuing

financial support as and when required to enable the company to continue in operational existence.

Consequently, the director considers it to be appropriate to prepare the financial statements on the going

concern basis.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that

are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that period

or in the period of the revision and future periods where the revision affects both current and future

periods.

There are no significant judgements or estimates involved in the preparation of the 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 is recognised when services are rendered to the customers.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and

the revenue can be reliably measured.

Property, plant and equipment

Property, plant and equipment under the cost model are stated at historical cost less accumulated depreciation

and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to

bringing the asset to the location and condition necessary for it to be capable of operating in the manner

intended by management.

Depreciation is provided on the following basis:

Plant and machinery - 10% straight line basis

Fixtures and fittings - 25% straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are

recognised in profit or loss.

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 debtors and creditors and loans to related parties.

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

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the

effective interest method, less any impairment.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of not more than 3 months..

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair

value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest

method.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors,are

measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to

be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position

when there is an 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.

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 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.

Operating leasing commitments

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as

operating leases. Payments made under operating leases are charged to profit or loss 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 (2018 - 3 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 July 2018

84,570

12,510

97,080

Disposals

(77,985

)

-

(77,985

)

At 30 June 2019

6,585

12,510

19,095

DEPRECIATION

At 1 July 2018

8,457

1,877

10,334

Charge for year

6,094

3,127

9,221

Eliminated on disposal

(13,892

)

-

(13,892

)

At 30 June 2019

659

5,004

5,663

NET BOOK VALUE

At 30 June 2019

5,926

7,506

13,432

At 30 June 2018

76,113

10,633

86,746

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

2,980

239,430

Amounts owed by group undertakings

554,051

452,000

Other debtors

919,493

1,264

1,476,524

692,694

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

1,039

-

Trade creditors

957,221

101,382

Amounts owed to group undertakings

701,837

414,388

Taxation and social security

34,814

20,891

Other creditors

281,182

224,776

1,976,093

761,437

7.	LEASING AGREEMENTS

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

2019

2018

£

£

Within one year

150,000

120,000

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Marcus (Senior Statutory Auditor)

for and on behalf of AGK Partners

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Amount due to group undertakings are non-interest bearing repayable on demand.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A A Kleanthous.

The immediate parent company is the Imaging Centre Holdings Limited. The ultimate parent company is Double

A Group Limited.