Abbreviated Company Accounts - IMAGIN PRODUCTS LTD

IMAGIN PRODUCTS LTD - Company Information

SC337583 IMAGIN PRODUCTS LTD 2016-07-31 false 2015-08-01 2016-07-31 true SC337583 2015-08-01 2016-07-31 SC337583 2016-07-31 SC337583 2015-07-31 SC337583 uk-gaap-cd-bus:Director1 2015-08-01 2016-07-31 SC337583 uk-gaap-cd-bus:Director2 2015-08-01 2016-07-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-08-01 2016-07-31 uk-gaap-cd-bus:OrdinaryShareClass1 2016-07-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-07-31 iso4217:GBP shares

Registered Number SC337583

IMAGIN PRODUCTS LTD

Abbreviated Accounts

31 July 2016

IMAGIN PRODUCTS LTD Registered Number SC337583

Abbreviated Balance Sheet as at 31 July 2016

	Notes	2016	2015
		£	£
Fixed assets
Tangible assets	2	16,360	20,179
Investments	3	20,000	20,000
		36,360	40,179
Current assets
Stocks		12,490	11,349
Debtors		31,400	26,625
Cash at bank and in hand		87,799	86,786
		131,689	124,760
Creditors: amounts falling due within one year		(33,390)	(38,165)
Net current assets (liabilities)		98,299	86,595
Total assets less current liabilities		134,659	126,774
Provisions for liabilities		(2,496)	(2,937)
Total net assets (liabilities)		132,163	123,837
Capital and reserves
Called up share capital	4	1	1
Profit and loss account		132,162	123,836
Shareholders' funds		132,163	123,837

For the year ending 31 July 2016 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 7 April 2017

And signed on their behalf by:
Sarah Legge, Director

IMAGIN PRODUCTS LTD Registered Number SC337583

Notes to the Abbreviated Accounts for the period ended 31 July 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor vehicles - 25% reducing balance
Office equipment - 15-33% straight line

Other accounting policies
Stock
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

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

Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

Deferred taxation
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

Deferred tax assets and liabilities are not discounted.

2Tangible fixed assets

	£
Cost
At 1 August 2015	60,880
Additions	7,341
Disposals	-
Revaluations	-
Transfers	-
At 31 July 2016	68,221
Depreciation
At 1 August 2015	40,701
Charge for the year	11,160
On disposals	-
At 31 July 2016	51,861
Net book values
At 31 July 2016	16,360
At 31 July 2015	20,179

3Fixed assets Investments
Cost or valuation £
At 1 August 2015 and 31 July 2016 20,000

Net book value
At 31 July 2016 20,000

At 31 July 2015 20,000

4Called Up Share Capital
Allotted, called up and fully paid:

	2016 £	2015 £
1 Ordinary shares of £1 each	1	1