Image Automotive Holdings Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 08288037 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD 1 DECEMBER 2013 TO 31 JANUARY 2015

FOR

IMAGE AUTOMOTIVE HOLDINGS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

L Hutchings

REGISTERED OFFICE:

Tilsey Farm

Horsham Road

Bramley

Guildford

Surrey

GU5 0LN

REGISTERED NUMBER:

08288037 (England and Wales)

FIXED ASSETS

Tangible assets

2

68,854

-

Investments

3

9,850

-

78,704

-

CURRENT ASSETS

Stocks

1,044,788

-

Debtors

18,952

-

Cash at bank and in hand

16,256

100

1,079,996

100

CREDITORS

Amounts falling due within one year

959,190

-

NET CURRENT ASSETS

120,806

100

TOTAL ASSETS LESS CURRENT LIABILITIES

199,510

100

CREDITORS

Amounts falling due after more than one year

200,000

-

NET (LIABILITIES)/ASSETS

(490

)

100

CAPITAL AND RESERVES

Called up share capital

4

100

100

Profit and loss account

(590

)

-

SHAREHOLDERS' FUNDS

(490

)

100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 January 2015.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 January 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 10 October 2015 and were signed by:

L Hutchings - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis, which the director considers to be appropriate, as he has

agreed not to withdraw his loan account and to provide the necessary finance to enable the company to meet its liabilities as they fall

due.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting

Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents the second hand classic car sales, excluding value added tax, sold to customers during the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on cost

Office equipment

-

33% on cost

Fixtures and fittings

-

25% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

Additions

89,368

At 31 January 2015

89,368

DEPRECIATION

Charge for period

20,514

At 31 January 2015

20,514

NET BOOK VALUE

At 31 January 2015

68,854

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

Additions

9,850

At 31 January 2015

9,850

NET BOOK VALUE

At 31 January 2015

9,850

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Millennium Heroes Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

30.11.14

30.11.13

£

£

Aggregate capital and reserves

100

100

The Octane Collection Ltd

Nature of business: Second hand classic car sales

%

Class of shares:

holding

Ordinary

75.00

31.1.15

£

Aggregate capital and reserves

100

Loss for the year

(1,078

)

Associated company

4 Star Premium Limited

Nature of business: Second hand classic car sales

%

Class of shares:

holding

Ordinary

50.00

30.11.14

£

Aggregate capital and reserves

735

Profit for the year

733

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2013

value:

£

£

100

Ordinary

£1

100

100

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

As at 31 January 2015, L Hutchings had loaned the company £699,254 (2013 - £nil). There is no interest due on the loan. £200,000

(2013 - £nil) is repayable in more than one year and £499,254 (2013 - £nil) is repayable on demand.

6.	ULTIMATE CONTROLLING PARTY

L Hutchings is the ultimate controlling party by virtue of his controlling shareholding in the company.