The Real Image Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07584533 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2019

for

The Real Image Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs L M Daniels

Mrs J A Jones

Mrs C E Pilgrim

REGISTERED OFFICE:

4-5 Union Drive

Boldmere

Sutton Coldfield

West Midlands

B73 5TE

REGISTERED NUMBER:

07584533 (England and Wales)

ACCOUNTANTS:

Colin Meager & Co. Limited

Chartered Accountants

8 Caroline Point

62 Caroline Street

Jewellery Quarter

Birmingham

West Midlands

B3 1UF

FIXED ASSETS

Intangible assets

4

9,574

19,145

Tangible assets

5

15,086

18,596

24,660

37,741

CURRENT ASSETS

Stocks

64,545

82,360

Debtors

6

87,918

93,144

Cash at bank and in hand

5,250

1,967

157,713

177,471

CREDITORS

Amounts falling due within one year

7

114,113

136,594

NET CURRENT ASSETS

43,600

40,877

TOTAL ASSETS LESS CURRENT LIABILITIES

68,260

78,618

CREDITORS

Amounts falling due after more than one year

8

-

10,369

NET ASSETS

68,260

68,249

CAPITAL AND RESERVES

Called up share capital

68,000

68,000

Retained earnings

260

249

SHAREHOLDERS' FUNDS

68,260

68,249

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2020 and were signed on its behalf by:

Mrs J A Jones - Director

Mrs C E Pilgrim - Director

1.	STATUTORY INFORMATION

The Real Image Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of seven years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Short leasehold

-

Over the period of the lease

Fixtures and fittings

-

20% on cost

Stocks

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

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2018 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2018

and 31 August 2019

67,000

AMORTISATION

At 1 September 2018

47,855

Charge for year

9,571

At 31 August 2019

57,426

NET BOOK VALUE

At 31 August 2019

9,574

At 31 August 2018

19,145

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 September 2018

and 31 August 2019

25,616

2,706

28,322

DEPRECIATION

At 1 September 2018

7,020

2,706

9,726

Charge for year

3,510

-

3,510

At 31 August 2019

10,530

2,706

13,236

NET BOOK VALUE

At 31 August 2019

15,086

-

15,086

At 31 August 2018

18,596

-

18,596

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Trade debtors

45,441

32,702

Other debtors

40,316

35,635

Directors' current accounts

661

23,307

Prepayments and accrued income

1,500

1,500

87,918

93,144

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Bank loans and overdrafts

10,375

12,177

Trade creditors

36,887

30,412

Tax

35,177

13,341

Social security and other taxes

18

775

VAT

13,292

10,586

Directors' current accounts

3,340

2,769

Accruals and deferred income

15,024

66,534

114,113

136,594

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.19

31.8.18

£

£

Bank loans - 1-2 years

-

9,289

Bank loans - 2-5 years

-

1,080

-

10,369

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2019 and

31 August 2018:

31.8.19

31.8.18

£

£

Mrs J A Jones

Balance outstanding at start of year

11,703

8,635

Amounts advanced

23,899

28,865

Amounts repaid

(35,994

)

(25,797

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(392

)

11,703

Mrs C E Pilgrim

Balance outstanding at start of year

6,079

6,770

Amounts advanced

19,795

24,604

Amounts repaid

(25,213

)

(25,295

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

661

6,079

Mrs L M Daniels

Balance outstanding at start of year

5,525

6,658

Amounts advanced

19,181

23,826

Amounts repaid

(24,884

)

(24,959

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(178

)

5,525