Company Registration No. 11046555 (England and Wales)
ILLUSTRATIVE COMMUNICATIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
ILLUSTRATIVE COMMUNICATIONS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ILLUSTRATIVE COMMUNICATIONS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
$
$
$
$
Current assets
Debtors
4
96,383
86,677
Cash at bank and in hand
15,419
35,640
111,802
122,317
Creditors: amounts falling due within one year
5
(115,132)
(126,116)
Net current liabilities
(3,330)
(3,799)
Capital and reserves
Called up share capital
6
133
133
Profit and loss reserves
(3,463)
(3,932)
Total equity
(3,330)
(3,799)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 May 2022
Jacqueline Barnett
Director
Company Registration No. 11046555
ILLUSTRATIVE COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Illustrative Communications Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
12 School Board Lane, Chesterfield, England, S40 1ER.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in US Dollars which is the functional currency of the company.
Monetary a mounts in these financial statements are rounded to the nearest $.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The director has prepared the financial statements on the going concern basis although the balance sheet
true
shows negative shareholders funds . This is considered appropriate as the company's shareholders and
creditors will continue to provide financial support to the company for the foreseeable future and the
company is expecting to make profits in future years that will reverse this position. Should the company be
unable to continue trading, adjustments would have to be made to reduce the value of assets to their
recoverable amounts, to provide for any further liabilities which might arise.
1.3
Turnover
The company recognises revenue when , and to the extent that, the company obtains a right to
consideration in exchange for its performance of its obligations under the sales agreement with the
customer. The amount reported as revenue is the fair value of the right to consideration. Revenue is shown
net of VAT and other sales related taxes.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets include debtors and cash and bank balances.
Debtors
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for
estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective
evidence that the asset is impaired.
Cash at bank and in hand
Cash at bank and in hand include cash in hand, deposits held at call with banks and other short-term liquid
investments with original maturities of three months or less.
ILLUSTRATIVE COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities include creditors. Creditors are not interest bearing and are stated at their nominal
value.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Foreign exchange
Transactions in currencies other than
US Dollars
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the
profit and loss account
for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
ILLUSTRATIVE COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
3
Taxation
2021
2020
$
$
Current tax
UK corporation tax on profits for the current period
1,517
1,411
4
Debtors
2021
2020
Amounts falling due within one year:
$
$
Trade debtors
89,705
65,468
Other debtors
6,678
21,209
96,383
86,677
5
Creditors: amounts falling due within one year
2021
2020
$
$
Bank loans and overdrafts
90
Trade creditors
1,422
59
Amounts owed to group undertakings
6,000
6,000
Corporation tax
1,517
1,411
Other creditors
106,193
118,556
115,132
126,116
6
Called up share capital
2021
2020
$
$
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
133
133
ILLUSTRATIVE COMMUNICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
7
Related party transactions
Included within creditors is a balance of $6,000 (2020: $6,000) due to the parent company. This loan is
interest free and repayable upon demand.