Company Registration No. 12104592 (England and Wales)
Alex Zinchenko Image Rights Ltd
Unaudited financial statements
for the year ended 31 July 2021
Pages for filing with the Registrar
Alex Zinchenko Image Rights Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Alex Zinchenko Image Rights Ltd
Statement of financial position
As at 31 July 2021
31 July 2021
Page 1
2021
2020
Notes
£
£
£
£
Current assets
Debtors
3
2,143,239
302,226
Cash at bank and in hand
126,660
618,651
2,269,899
920,877
Creditors: amounts falling due within one year
4
(881,026)
(229,092)
Net current assets
1,388,873
691,785
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,388,872
691,784
Total equity
1,388,873
691,785
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial Year ended 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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 by the board of directors and authorised for issue on 27 July 2022 and are signed on its behalf by:
Artemijs Rjabovs
Director
Company Registration No. 12104592
Alex Zinchenko Image Rights Ltd
Notes to the financial statements
For the year ended 31 July 2021
Page 2
1
Accounting policies
Company information
Alex Zinchenko Image Rights Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Trinity, 16 John Dalton Street, Manchester, M2 6HY.
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.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the
period for which the contract relates.
Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Alex Zinchenko Image Rights Ltd
Notes to the financial statements (continued)
For the year ended 31 July 2021
1
Accounting policies (continued)
Page 3
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
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.
1.7
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
income statement
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.
Alex Zinchenko Image Rights Ltd
Notes to the financial statements (continued)
For the year ended 31 July 2021
1
Accounting policies (continued)
Page 4
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling 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
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (excluding non-remunerated directors) employed by the company during the Year was:
2021
2020
Number
Number
1
1
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
2,057,038
121,393
Prepayments and accrued income
86,201
180,833
2,143,239
302,226
Alex Zinchenko Image Rights Ltd
Notes to the financial statements (continued)
For the year ended 31 July 2021
Page 5
4
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
9,866
Corporation tax
827,443
189,796
Other taxation and social security
40,777
37,556
Accruals and deferred income
2,940
1,740
881,026
229,092
5
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors' Loan Account
-
46,557
2,352,981
(856,114)
1,543,424
46,557
2,352,981
(856,114)
1,543,424
The Directors' Loan Account is repayable on demand.