IMG Innovations Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 06917654 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 May 2014

for

IMG Innovations Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Chartered Accountants' Report

5

DIRECTOR:

D J Hawley

REGISTERED OFFICE:

49 Heather Lea Avenue

Sheffield

S17 3DL

REGISTERED NUMBER:

06917654 (England and Wales)

ACCOUNTANTS:

Heather Lea Business Services

49 Heather Lea Avenue

Sheffield

S17 3DL

FIXED ASSETS

Tangible assets

2

2,529

3,033

CURRENT ASSETS

Debtors

1,150

4,950

Cash at bank

2,171

339

3,321

5,289

CREDITORS

Amounts falling due within one year

6,926

9,616

NET CURRENT LIABILITIES

(3,605

)

(4,327

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,076

)

(1,294

)

PROVISIONS FOR LIABILITIES

506

602

NET LIABILITIES

(1,582

)

(1,896

)

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

(1,682

)

(1,996

)

SHAREHOLDERS' FUNDS

(1,582

)

(1,896

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2014 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 26 February 2015 and were signed by:

D J Hawley - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost conventional in accordance with

the Financial Reporting Standard for Smaller Entities (effective April 2008).

The accounts show a profit of £314 for the year (2013 Loss £1,147) and negative shareholders funds

at the year end of £1,582 (2013 £1,896). The director has made loans to the company and it is his

intention to leave these funds in the company for the foreseeable future. The director believes it is

appropriate for the financial statements to br prepared on the going concern basis.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

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 etc

-

25% on reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2013

8,096

Additions

339

At 31 May 2014

8,435

DEPRECIATION

At 1 June 2013

5,063

Charge for year

843

At 31 May 2014

5,906

NET BOOK VALUE

At 31 May 2014

2,529

At 31 May 2013

3,033

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.14

31.5.13

value:

£

£

100

Ordinary

£1

100

100

4.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2014 and

31 May 2013:

31.5.14

31.5.13

£

£

D J Hawley

Balance outstanding at start of year

(1,048

)

(4,051

)

Amounts advanced

18,250

9,429

Amounts repaid

(23,417

)

(6,426

)

Balance outstanding at end of year

(6,215

)

(1,048

)

The following reproduces the text of the report prepared for the director in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages two to four) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of IMG Innovations Limited for the year ended 31 May 2014 which comprise the

Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records

and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we

are subject to its ethical and other professional requirements which are detailed at

icaew.com/membershandbook.

This report is made solely to the director of IMG Innovations Limited in accordance with our terms of

engagement. Our work has been undertaken solely to prepare for your approval the financial statements of

IMG Innovations Limited and state those matters that we have agreed to state to the director of IMG

Innovations Limited in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the

fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company

and its director for our work or for this report.

It is your duty to ensure that IMG Innovations Limited has kept adequate accounting records and to prepare

statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit

of IMG Innovations Limited. You consider that IMG Innovations Limited is exempt from the statutory audit

requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of IMG Innovations

Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or

information and explanations you have given to us and we do not, therefore, express any opinion on the

statutory financial statements.

Heather Lea Business Services

49 Heather Lea Avenue

Sheffield

S17 3DL

26 February 2015