Fluent Image Limited Filleted accounts for Companies House (small and micro)

4 false false false false false false false false false true false false false false false false No description of principal activity 2021-02-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 07481139 2021-02-01 2022-01-31 07481139 2022-01-31 07481139 2021-01-31 07481139 2020-02-01 2021-01-31 07481139 2021-01-31 07481139 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 07481139 bus:Director2 2021-02-01 2022-01-31 07481139 core:FurnitureFittings 2021-01-31 07481139 core:FurnitureFittings 2022-01-31 07481139 core:FurnitureFittings 2021-02-01 2022-01-31 07481139 core:WithinOneYear 2022-01-31 07481139 core:WithinOneYear 2021-01-31 07481139 core:AfterOneYear 2022-01-31 07481139 core:AfterOneYear 2021-01-31 07481139 core:ShareCapital 2022-01-31 07481139 core:ShareCapital 2021-01-31 07481139 core:RetainedEarningsAccumulatedLosses 2022-01-31 07481139 core:RetainedEarningsAccumulatedLosses 2021-01-31 07481139 core:FurnitureFittings 2021-01-31 07481139 bus:SmallEntities 2021-02-01 2022-01-31 07481139 bus:AuditExempt-NoAccountantsReport 2021-02-01 2022-01-31 07481139 bus:FullAccounts 2021-02-01 2022-01-31 07481139 bus:SmallCompaniesRegimeForAccounts 2021-02-01 2022-01-31 07481139 bus:PrivateLimitedCompanyLtd 2021-02-01 2022-01-31 07481139 bus:OrdinaryShareClass1 2022-01-31 07481139 bus:OrdinaryShareClass1 2021-01-31 07481139 core:ComputerEquipment 2021-01-31 07481139 core:ComputerEquipment 2021-02-01 2022-01-31 07481139 core:ComputerEquipment 2022-01-31 07481139 core:AfterOneYear 2021-02-01 2022-01-31 07481139 core:RetainedEarningsAccumulatedLosses 2021-02-01 2022-01-31

COMPANY REGISTRATION NUMBER: 07481139

Fluent Image Limited

Filleted Unaudited Accounts

31 January 2022

Fluent Image Limited

Statement of Financial Position

31 January 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		61,953	81,987

Current assets

Debtors	6	215,912	27,389
Cash at bank and in hand		65,638	97,288
		---------	---------
		281,550	124,677

Creditors: amounts falling due within one year	7	( 273,303)		( 77,986)
		---------		---------
Net current assets			8,247	46,691
			--------	---------
Total assets less current liabilities			70,200	128,678

Creditors: amounts falling due after more than one year	8	( 34,167)	( 44,167)
		--------	---------
Net assets		36,033	84,511
		--------	---------

Capital and reserves

Called up share capital	9	1,000	1,000
Profit and loss account	10	35,033	83,511
		--------	--------
Shareholders funds		36,033	84,511
		--------	--------

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .

Fluent Image Limited

Statement of Financial Position (continued)

31 January 2022

These accounts were approved by the board of directors and authorised for issue on 6 May 2022 , and are signed on behalf of the board by:

J Ferguy
Director

Company registration number: 07481139

Fluent Image Limited

Notes to the Accounts

Year ended 31 January 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ.

2. Statement of compliance

These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The accounts are prepared in sterling, which is the functional currency of the entity.

Going concern

In the opinion of the director the company is a going concern as it has the financial resources from which to meet its ongoing trading obligations. Accordingly, the accounts are prepared on the going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	5 years straight line
Computer and office equipment	-	3-5 years straight line

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2021: 3 ).

5. Tangible assets

	Fixtures and fittings	Computer and office equipment	Total
	£	£	£
Cost
At 1 February 2021	12,587	452,404	464,991
Additions	191	37,105	37,296
	--------	---------	---------
At 31 January 2022	12,778	489,509	502,287
	--------	---------	---------
Depreciation
At 1 February 2021	8,941	374,063	383,004
Charge for the year	1,778	55,552	57,330
	--------	---------	---------
At 31 January 2022	10,719	429,615	440,334
	--------	---------	---------
Carrying amount
At 31 January 2022	2,059	59,894	61,953
	--------	---------	---------
At 31 January 2021	3,646	78,341	81,987
	--------	---------	---------

6. Debtors

	2022	2021
	£	£
Trade debtors	35,334	3,600
Other debtors	180,578	23,789
	---------	--------
	215,912	27,389
	---------	--------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	10,000	5,833
Trade creditors	21,315	10,344
Social security and other taxes	14,550	25,079
Other creditors	227,438	36,730
	---------	--------
	273,303	77,986
	---------	--------

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	34,167	44,167
	--------	--------

The company received a bank loan in June 2020 which attracts a fixed interest charge of 2.5% per annum and is repayable by instalments over a 6 year term, with repayments commencing July 2021.

9. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

10. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

11. Director's advances, credits and guarantees

At the balance sheet date the company was indebted to the directors in respect of a short term advance totalling £209,053 (2021: £28,333). The loan is interest free with no specific repayment terms and is presented within Other creditors.

12. Related party transactions

The company was under the control of J Ferguy throughout the period, being the majority shareholder of the company. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.