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IMAGE PRINTING COMPANY LIMITED
Notes to the financial statements
For the year ended 31 December 2020
Image Printing Company Limitied is a private company limited by shares and incorporated in England in the United Kingdom. The address of the registered office is Unit A Azalea Close, Clover Nook Industrial Park, Alfreton, Derbyshire, DE55 4QX. The company registered number is 02849032.
The Company is a non-trading holding company and its only income is in the form of group dividends.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The accounts are presented in sterling and rounded to the nearest pound.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
The COVID 19 pandemic continues to impact the entire economy.
The Company does not trade and only distributes dividends if these are received from the subsidiary company.
The directors, therefore consider that they have a reasonable expectation that the Company has adequate resources to continue in existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing the financial statements.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 1 (2019 - 1).
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