GARDEN WORLD IMAGES LIMITED 31/12/2021 iXBRL
GARDEN WORLD IMAGES LIMITED 31/12/2021 iXBRL
Company registration number:
06131439
(England and Wales)
for the year ended
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Directors and other information
Directors |
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Secretary |
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Company number |
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Registered office |
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Auditor |
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4 & 5 The Cedars | ||
Apex 12,Old Ipswich Road | ||
Colchester | ||
Essex | ||
CO7 7QR | ||
Bankers |
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Leicester | ||
LE87 2BB | ||
Solicitors |
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Headgate Court | ||
Head Street | ||
Colchester | ||
CO1 1NP | ||
Directors responsibilities statement
Year ended 31 December 2021
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
Statement of financial position
31 December 2021
2021 | 2020 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 5 |
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Current assets | |||||||||
Debtors | 6 |
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Cash at bank and in hand |
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Creditors: amounts falling due | |||||||||
within one year | 7 |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due | |||||||||
after more than one year | 8 | - |
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Provisions for liabilities | - |
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Net assets |
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Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
29 April 2022
, and are signed on behalf of the board by:
Director
Company registration number:
06131439
Notes to the financial statements
Year ended 31 December 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Floramedia UK, Axis Two, Brunel Way, Severalls Business Park, Colchester, Essex, CO4 9QX.
The priniciple activity of the company is
image rights management and licensing
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2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Consolidation
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of image rights is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on publishing or other use of the image.
Taxation
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Website | - |
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Fittings fixtures and equipment | - |
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Photographic collection | - |
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straight line | |
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Provisions
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2020:
3
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5.
Tangible assets
Plant and machinery | Fixtures, fittings and equipment | Website | Total | ||
£ | £ | £ | £ | ||
Cost | |||||
At 1 January 2021 |
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Disposals | - |
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At 31 December 2021 |
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Depreciation | |||||
At 1 January 2021 |
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Charge for the year |
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- |
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Disposals | - |
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At 31 December 2021 |
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Carrying amount | |||||
At 31 December 2021 |
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- |
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At 31 December 2020 |
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6.
Debtors
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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7.
Creditors: amounts falling due within one year
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Bank loans and overdrafts | - |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8.
Creditors: amounts falling due after more than one year
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Bank loans and overdrafts | - |
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Included within creditors: amounts falling due after more than one year is an amount of £ -
(2020 £ 4,167 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9.
Events after the end of the reporting period
10.
Summary audit opinion
The senior statutory auditor was
Daniel Aldworth
for and on behalf of
Griffin Chapman
11.
Related party transactions
During the year the company purchased the licence to use photographs to the value of £1,642 (2020: £402) from a director. These photographs were purchased on a normal trading basis.During the year expenses have been re-charged at cost and a management fee raised at a proportion of staff costs to a company controlled by a director.Sales invoices with a value of £19,597 (2020: £83,421) and purchase invoices with a value of £3,512 (2020: £nil). Debtor balance at the year end of £72,827 (2020: £28,820).
12.
Controlling party
The company's immediate controlling party and parent undertaking is
Floramedia Nederland BV,
a corporation organised and existing under the laws of the Netherlands.Floramedia Group BV, a corporation organised and existing under the laws of the Netherlands has a 100% interest in Floramedia Nederland BV.HAL Investments BV, a corporation organised and existing under the laws of the Netherlands, has a 96% interest in Floramedia Group BV.Hal Investments BV is the European investment subsidiary of Hal Holding NV an international investment company based in Curacao. All shares of HAL Holding NV are held by HAL Trust, a trust under Bermuda law and subject to a trust deed. The shares of the Trust are admitted to the official listing of Euronext Amsterdam NV.The directors regard the company as being under the ultimate control of HAL Trust
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