Abbreviated Company Accounts - IMAGECAT LIMITED

Registered Number 06008748

IMAGECAT LIMITED

Abbreviated Accounts

31 December 2014

IMAGECAT LIMITED Registered Number 06008748

Abbreviated Balance Sheet as at 31 December 2014

	Notes	2014	2013
		£	£
Fixed assets
Intangible assets	2	212,068	-
		212,068	-
Current assets
Debtors		59,674	165,095
Cash at bank and in hand		43,578	13,785
		103,252	178,880
Net current assets (liabilities)		103,252	178,880
Total assets less current liabilities		315,320	178,880
Provisions for liabilities		(348,444)	(217,526)
Total net assets (liabilities)		(33,124)	(38,646)
Capital and reserves
Called up share capital		10,000	10,000
Profit and loss account		(43,124)	(48,646)
Shareholders' funds		(33,124)	(38,646)

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 30 September 2015

And signed on their behalf by:
John Bevington, Director

IMAGECAT LIMITED Registered Number 06008748

Notes to the Abbreviated Accounts for the period ended 31 December 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Intangible assets amortisation policy
Software Development will be written off in equal annual instalments over its estimated economic life of 5 years.

Other accounting policies
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2Intangible fixed assets

	£
Cost
At 1 January 2014	-
Additions	212,068
Disposals	-
Revaluations	-
Transfers	-
At 31 December 2014	212,068
Amortisation
At 1 January 2014	-
Charge for the year	-
On disposals	-
At 31 December 2014	-
Net book values
At 31 December 2014	212,068
At 31 December 2013	-

At 31 December 2014 expenditure valued at £212,068 was transferred to Intangible Fixed Assets. This represents the internal labour cost of software development for the Inhance product, which will be marketed during 2015 and beyond.