Image Source Trading Ltd - Accounts to registrar (filleted) - small 18.2

Image Source Trading Ltd - Accounts to registrar (filleted) - small 18.2

IMAGE SOURCE TRADING LTD - Company Information

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REGISTERED NUMBER: 06256885 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2019

for

Image Source Trading Ltd
Image Source Trading Ltd (Registered number: 06256885)






Contents of the Financial Statements
for the Year Ended 31 December 2019




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Image Source Trading Ltd

Company Information
for the Year Ended 31 December 2019







DIRECTORS: C Vaughan
M Jackson





SECRETARY: J Roebuck





REGISTERED OFFICE: 119 The Hub
300 Kensal Road
London
W10 5BE





REGISTERED NUMBER: 06256885 (England and Wales)





ACCOUNTANT: Hilton Consulting Limited
119 The Hub
300 Kensal Road
London
W10 5BE
Page 1
Image Source Trading Ltd (Registered number: 06256885)

Abridged Statement of Financial Position
31 December 2019

31.12.19 31.12.18
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 116,316 38,888
Property, plant and equipment 5 1,469 4,331
117,785 43,219

CURRENT ASSETS
Debtors 6 1,709,443 1,753,879
Cash at bank and in hand 10,887 60,466
1,720,330 1,814,345
CREDITORS
Amounts falling due within one year 1,186,047 972,097
NET CURRENT ASSETS 534,283 842,248
TOTAL ASSETS LESS CURRENT
LIABILITIES
652,068
885,467

CREDITORS
Amounts falling due after more than one
year
(1,465,640
)
(1,462,488
)

PROVISIONS FOR LIABILITIES (253 ) (791 )
NET LIABILITIES (813,825 ) (577,812 )

CAPITAL AND RESERVES
Called up share capital 1,336 1,336
Share premium 112,315 112,315
Retained earnings (927,476 ) (691,463 )
SHAREHOLDERS' FUNDS (813,825 ) (577,812 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 notes form part of these financial statements

Page 2 continued...
Image Source Trading Ltd (Registered number: 06256885)

Abridged Statement of Financial Position - continued
31 December 2019


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

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 December 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 December 2020 and were signed on its behalf by:




C Vaughan - Director



M Jackson - Director


The notes form part of these financial statements

Page 3
Image Source Trading Ltd (Registered number: 06256885)

Notes to the Financial Statements
for the Year Ended 31 December 2019

1. STATUTORY INFORMATION

Image Source Trading Ltd 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.

The accounts have been prepared on a going concern basis as the company has been given the continued financial support of its fellow subsidiary companies owned by Image Source Group Limited. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this financial support.

Turnover
Turnover represents revenue recognised by the company in respect of services supplied, excluding value added tax.

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.

Production costs are being amortised evenly over their estimated useful life of three years.

Wholly owned content are being amortised evenly over their estimated useful life of five years.

Website costs is being amortised evenly over its estimated useful life of five years.

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

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Page 4 continued...
Image Source Trading Ltd (Registered number: 06256885)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2018 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2019 598,063
Additions 98,421
At 31 December 2019 696,484
AMORTISATION
At 1 January 2019 559,175
Amortisation for year 20,993
At 31 December 2019 580,168
NET BOOK VALUE

At 31 December 2019 116,316
At 31 December 2018 38,888

5. PROPERTY, PLANT AND EQUIPMENT
Totals
£   
COST
At 1 January 2019 123,540
Additions 622
At 31 December 2019 124,162
DEPRECIATION
At 1 January 2019 119,209
Charge for year 3,484
At 31 December 2019 122,693
NET BOOK VALUE
At 31 December 2019 1,469
At 31 December 2018 4,331


6. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.19 31.12.18
£    £   
Amounts owed by group undertakings 1,255,490 1,245,295

.

7. ULTIMATE CONTROLLING PARTY

As at 31 December 2019 there was no single ultimate controlling party.

Page 5