IMAGE_ASSOCIATES_LTD - Accounts

IMAGE_ASSOCIATES_LTD - Accounts

IMAGE ASSOCIATES LIMITED - Company Information

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Company Registration No. 04091750 (England and Wales)
IMAGE ASSOCIATES LTD
T/A TOWNSEND PRINT
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2014
IMAGE ASSOCIATES LTD
T/A TOWNSEND PRINT
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
IMAGE ASSOCIATES LTD
T/A TOWNSEND PRINT
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2014
31 October 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Intangible assets
2
44,000
49,500
Tangible assets
2
9,891
11,637
53,891
61,137
Current assets
Stocks
14,260
17,356
Debtors
25,900
35,534
Cash at bank and in hand
133
58
40,293
52,948
Creditors: amounts falling due within one year
3
(283,081)
(309,854)
Net current liabilities
(242,788)
(256,906)
Total assets less current liabilities
(188,897)
(195,769)
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
(188,997)
(195,869)
Shareholders'  funds
(188,897)
(195,769)
For the financial year ended 31 October 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 24 July 2015
Mr Martin Ashton-Hibbert
Director
Company Registration No. 04091750
IMAGE ASSOCIATES LTD
T/A TOWNSEND PRINT
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years.

1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
15% reducing balance
Office equipment
15% reducing balance
Equipment
15% reducing balance
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.8

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
IMAGE ASSOCIATES LTD
T/A TOWNSEND PRINT
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2014
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 November 2013 & at 31 October 2014
110,000
63,056
173,056
Depreciation
At 1 November 2013
60,500
51,419
111,919
Charge for the year
5,500
1,746
7,246
At 31 October 2014
66,000
53,165
119,165
Net book value
At 31 October 2014
44,000
9,891
53,891
At 31 October 2013
49,500
11,637
61,137
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £15,804 (2013 - £24,414).
4
Share capital
2014
2013
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
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