Image Analysis Limited - Accounts to registrar (filleted) - small 18.2
Image Analysis Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2019 |
for |
IMAGE ANALYSIS LIMITED |
IMAGE ANALYSIS LIMITED (REGISTERED NUMBER: 06286687) |
Contents of the Financial Statements |
for the year ended 31 December 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
IMAGE ANALYSIS LIMITED |
Company Information |
for the year ended 31 December 2019 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants |
Statutory Auditor |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
IMAGE ANALYSIS LIMITED (REGISTERED NUMBER: 06286687) |
Balance Sheet |
31 December 2019 |
2019 | 2018 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 10 |
Share premium |
Share based payment reserve |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on signed on its behalf by: |
IMAGE ANALYSIS LIMITED (REGISTERED NUMBER: 06286687) |
Notes to the Financial Statements |
for the year ended 31 December 2019 |
1. | Statutory information |
Image Analysis Limited is a |
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 |
Going concern |
The financial statements have been prepared on a going concern basis. The directors have considered the |
relevant information including the annual budget, and in response to Covid-19, have considered the company's |
available resources and ability to adapt to changes in its operating environment by scaling back its operations |
as necessary for the company to continue to operate for the foreseeable future. Based on these assessments, |
given the measures that could be undertaken to mitigate the current adverse conditions, and the current |
resources available, the Directors have concluded that they can continue to adopt the going concern basis in |
preparing the annual report and accounts. |
Preparation of consolidated financial statements |
The financial statements contain information about Image Analysis 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. |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires |
management to make estimates and judgement that affect the reported amounts of assets and liabilities as well |
as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of |
revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out |
by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as |
possible, there remains a risk that the policy does not match the useful life of the assets. |
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is |
carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are |
as accurate as possible, there remains a risk that the provisions do not match the level of debts which |
ultimately prove to be uncollectable. |
Turnover |
Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Revenue for licence fees sold is recognised over the period of the licence agreement. |
Revenue from the rendering of services is measured by reference to the stage of completion of the service |
transaction at the end of the reporting period provided the outcome can be estimated reliably. |
IMAGE ANALYSIS LIMITED (REGISTERED NUMBER: 06286687) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
2. | Accounting policies - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, |
net of depreciation and any impairment losses. |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds |
and the carrying value of the asset, and is credited or charged to the profit and loss account. |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable |
assurance that the grant conditions will be met and the grants will be received. |
A grant that specifies performance conditions is recognised in income when the performance conditions are |
met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are |
received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a |
party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial |
recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the |
effective interest rate method. A provision is established when there is objective evidence that the company will |
not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank |
and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the |
substance of the contractual arrangements entered into and the definitions of a financial liability and an equity |
instrument. |
Taxation |
Taxation for the year comprises current. Tax is recognised in the Profit and Loss Account, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
Current 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. |
Foreign currencies |
Transactions in currencies other than pound sterling are recorded at the rates of exchange prevailing at the date |
of the transaction. At each reporting end date, monetary assets and liabilities that are denominated in foreign |
currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on |
translation are included in the operating result for the period. |
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. |
IMAGE ANALYSIS LIMITED (REGISTERED NUMBER: 06286687) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
2. | Accounting policies - continued |
Share based payments |
For equity-settled share based payment transactions, the company measures the goods or services received, |
and the corresponding increase in equity, directly, at the fair value of the goods or services received, unless |
that fair value cannot be estimated reliably. |
The cost of equity-settled transactions with employees is measured by reference to the fair value of the equity |
instruments granted at the date at which they are granted and is recognised as an expense over the vesting |
period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value |
is determined by using an appropriate pricing model. In valuing equity-settled transactions, no account is taken |
of any vesting conditions, other than conditions linked to the price of the shares of the company (market |
conditions) and non vesting conditions. No expense is recognised for awards that do not ultimately vest. |
Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any |
cost not yet recognised in the profit and loss account for the award is expensed immediately. Any |
compensation paid up to the fair value of the award at the cancellation or settlement date is deducted from |
equity, with any excess over fair value expensed in the profit and loss account. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Auditors' remuneration |
Fees payable to the company's auditors for the audit of the company's financial statements total £6,750 (2018: |
£7,000). |
5. | Tangible fixed assets |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
Cost |
At 1 January 2019 |
Additions |
At 31 December 2019 |
Depreciation |
At 1 January 2019 |
Charge for year |
At 31 December 2019 |
Net book value |
At 31 December 2019 |
At 31 December 2018 |
IMAGE ANALYSIS LIMITED (REGISTERED NUMBER: 06286687) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
6. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 January 2019 |
and 31 December 2019 |
Net book value |
At 31 December 2019 |
At 31 December 2018 |
7. | Debtors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Taxation and social security |
VAT |
Prepayments |
8. | Creditors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
Ordinary | 0.01 | 17,054 | 17,054 |
11. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
IMAGE ANALYSIS LIMITED (REGISTERED NUMBER: 06286687) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
12. | Related party disclosures |
Included in other creditors is a loan from a director of the company totalling £Nil (2018: £27,188). The loan was |
interest free and repayable on demand. |
13. | Post balance sheet events |
After the balance sheet date the company's operations have been impacted by the Covid-19 outbreak and |
associated government action (including social distancing measures) which started in March 2020. The impact |
of these disruptions have been considered as part of the Directors review of the Going Concern basis (see Note |
2). No adjustments to the financial statements are required as a result of these events. |
14. | Share based payments |
The company runs an equity settled shared based payment plan. The options are issued for a maximum of 10 |
years and vest on the sale or listing of the company. The holder of the options must continue to be in service |
through to the vesting date. All options lapse if the holder leaves the company. |
The expense recognised for share based payments in the year to 31 December 2019 was £7,648. Due to |
materiality, share based payments have not been previously recognised in the accounts. An opening balance |
reserves adjustment has been made to bring in the cumulative market value of the outstanding share options to |
this accounting period. |
The fair value of the equity settled share options granted is estimated as at the date of grant using a |
black-scholes option pricing model taking into account the terms and conditions upon which the options were |
granted. |
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, |
share options during the year: |
2019 | WAEP | 2018 | WAEP |
No. of options | £ | No. of options | £ |
Outstanding at the beginning of the year | 259,880 | 3.87 | 225,011 | 3.87 |
Granted during the year | 2,000 | 3.87 | 69,169 | 3.87 |
Forfeited during the year | - | 3.87 | (34,300 | ) | 3.87 |
261,880 | 3.87 | 259,880 | 3.87 |