I_Heart_Studios_Creative_ - Accounts

I HEART STUDIOS CREATIVE IMAGE SOLUTIONS LIMITED - Company Information

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I Heart Studios Creative Image Solutions Limited

Unaudited Abbreviated Accounts

For the year ended 30 June 2016

Company Registration No. 07657037 (England and Wales)

I Heart Studios Creative Image Solutions Limited

Contents

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

I Heart Studios Creative Image Solutions Limited

Abbreviated Balance Sheet

As at 30 June 2016

Page 1

2016

2015

Notes

Fixed assets

Intangible assets

25,094

25,956

Tangible assets

120,213

131,599

145,307

157,555

Current assets

Debtors

1,038,153

938,189

Cash at bank and in hand

22,761

8,492

1,060,914

946,681

Creditors: amounts falling due within one year

(1,021,123)

(1,161,654)

Net current assets/(liabilities)

39,791

(214,973)

Total assets less current liabilities

185,098

(57,418)

Creditors: amounts falling due after more than one year

(51,201)

(28,000)

133,897

(85,418)

Capital and reserves

Called up share capital

173

100

Share premium account

174,958

Profit and loss account

(41,234)

(85,518)

Shareholders' funds

133,897

(85,418)

I Heart Studios Creative Image Solutions Limited

Abbreviated Balance Sheet (Continued)

As at 30 June 2016

Page 2

For the financial year ended 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit.

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 7 September 2016

S Bos

Director

Company Registration No. 07657037

I Heart Studios Creative Image Solutions Limited

Notes to the Abbreviated Accounts

For the year ended 30 June 2016

Page 3

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 January 2015).

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

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:

Plant and machinery

3 - 5 years straight line

1.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Development costs

Development costs are recognised at cost and subsequently amortised over their useful economic lives.

I Heart Studios Creative Image Solutions Limited

Notes to the Abbreviated Accounts (Continued)

For the year ended 30 June 2016

Page 4

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 July 2015

37,080

301,023

338,103

Additions

6,750

120,757

127,507

At 30 June 2016

43,830

421,780

465,610

Depreciation

At 1 July 2015

11,124

169,424

180,548

Charge for the year

7,612

132,143

139,755

At 30 June 2016

18,736

301,567

320,303

Net book value

At 30 June 2016

25,094

120,213

145,307

At 30 June 2015

25,956

131,599

157,555

Share capital

2016

2015

Allotted, called up and fully paid

171,428 Ordinary Shares of £0.001 each

171

100

1,750 Preferred Ordinary Shares of £0.001 each

173

100

During the year 100 ordinary £1 shares were subdivided to 100,000 ordinary £0.001 shares.

On 4 December 2015 71,428 ordinary shares of £0.001 each were allotted and fully paid at a premium to par for total consideration of £174,999.

Also on 4 December 2015 1,750 preferred ordinary shares of £0.001 each, were allotted and fully paid at par.

Control

There is no ultimate controlling party.