Imagineear Limited Filleted accounts for Companies House (small and micro)

Imagineear Limited Filleted accounts for Companies House (small and micro)

IMAGINEEAR LTD - Company Information

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COMPANY REGISTRATION NUMBER: 06887633
Imagineear Limited
Filleted Unaudited Financial Statements
31 December 2023
Imagineear Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Imagineear Limited
Officers and Professional Advisers
The board of directors
Mr A Nugée
Mr Z Kushnir
C C Thompson
Registered office
727-729 High Road
London
N12 0BP
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
Imagineear Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Imagineear Limited
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Complete Accounting Solutions Chartered Certified Accountants
727-729 High Road London N12 0BP
Imagineear Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
734,328
630,524
Tangible assets
6
984,463
904,288
Investments
7
15,366
15,384
------------
------------
1,734,157
1,550,196
Current assets
Debtors
8
506,621
923,576
Cash at bank and in hand
161,866
148,336
---------
------------
668,487
1,071,912
Creditors: amounts falling due within one year
9
( 644,634)
( 778,319)
---------
------------
Net current assets
23,853
293,593
------------
------------
Total assets less current liabilities
1,758,010
1,843,789
Creditors: amounts falling due after more than one year
10
( 764,195)
( 1,048,135)
------------
------------
Net assets
993,815
795,654
------------
------------
Capital and reserves
Called up share capital
2,554
2,554
Share premium account
1,109,505
1,109,505
Profit and loss account
( 118,244)
( 316,405)
------------
------------
Shareholders funds
993,815
795,654
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 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 .
Imagineear Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 April 2024 , and are signed on behalf of the board by:
Mr A Nugée
Director
Company registration number: 06887633
Imagineear Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 727-729 High Road, London, N12 0BP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity .
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
No significant judgements have had to be made by the directors in preparing these financial statements .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date .
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
Development costs
-
25% straight line
Capitalised software
-
20% straight line
Client LT contract
-
50% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Equipment
-
33% straight line
Fixtures & Fittings
-
20% straight line
Office Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 54 (2022: 45 ).
5. Intangible assets
Goodwill
Development costs
Capitalised software
Client LT contract
Total
£
£
£
£
£
Cost
At 1 January 2023
81,322
306,609
864,366
–
1,252,297
Additions
–
–
264,833
47,415
312,248
--------
---------
------------
--------
------------
At 31 December 2023
81,322
306,609
1,129,199
47,415
1,564,545
--------
---------
------------
--------
------------
Amortisation
At 1 January 2023
81,322
306,609
233,842
–
621,773
Charge for the year
–
–
201,487
6,957
208,444
--------
---------
------------
--------
------------
At 31 December 2023
81,322
306,609
435,329
6,957
830,217
--------
---------
------------
--------
------------
Carrying amount
At 31 December 2023
–
–
693,870
40,458
734,328
--------
---------
------------
--------
------------
At 31 December 2022
–
–
630,524
–
630,524
--------
---------
------------
--------
------------
6. Tangible assets
Equipment
Fixtures and fittings
Office Equipment
Total
£
£
£
£
Cost
At 1 January 2023
4,216,977
22,148
65,958
4,305,083
Additions
490,677
–
9,417
500,094
------------
--------
--------
------------
At 31 December 2023
4,707,654
22,148
75,375
4,805,177
------------
--------
--------
------------
Depreciation
At 1 January 2023
3,340,877
11,419
48,499
3,400,795
Charge for the year
408,237
3,175
8,507
419,919
------------
--------
--------
------------
At 31 December 2023
3,749,114
14,594
57,006
3,820,714
------------
--------
--------
------------
Carrying amount
At 31 December 2023
958,540
7,554
18,369
984,463
------------
--------
--------
------------
At 31 December 2022
876,100
10,729
17,459
904,288
------------
--------
--------
------------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
15,366
--------
Impairment
At 1 January 2023 and 31 December 2023
–
--------
Carrying amount
At 31 December 2023
15,366
--------
At 31 December 2022
15,366
--------
The company owns 100% of the issued share capital of the companies listed below:
2020 2019
Aggregate capital and reserves £ £
Imagineear Israel Limited - -
Imagineear BV - -
Imagineear Singapore - -
2020 2019
Profit and (loss) for the year £ £
Imagineear Israel Limited - -
Imagineear BV - -
Imagineear Singapore - -
The last finalised results were for the year to 31 December 2018.
8. Debtors
2023
2022
£
£
Trade debtors
282,529
536,866
Amounts owed by group undertakings and undertakings in which the company has a participating interest
175,552
178,502
Other debtors
48,540
208,208
---------
---------
506,621
923,576
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
150,402
65,279
Social security and other taxes
141,748
161,113
Other creditors
352,484
551,927
---------
---------
644,634
778,319
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Social security and other taxes
85,839
114,088
Other creditors
678,356
934,047
---------
------------
764,195
1,048,135
---------
------------