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Registration number: 08373442

John Terroni Photography Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Linear Accountants Limited
4 Thorpe Court
Thorpe Waterville
Kettering
Northants
NN14 3ED

 

John Terroni Photography Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 5

 

John Terroni Photography Limited

Company Information

Director

Mr J M Terroni

Registered office

59 West Hill
Aspley Guise
Milton Keynes
MK17 8DS

Accountants

Linear Accountants Limited
4 Thorpe Court
Thorpe Waterville
Kettering
Northants
NN14 3ED

 

John Terroni Photography Limited

(Registration number: 08373442)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

5

3,397

2,446

Current assets

 

Cash at bank and in hand

 

105,273

83,263

Creditors: Amounts falling due within one year

7

(21,003)

(22,055)

Net current assets

 

84,270

61,208

Net assets

 

87,667

63,654

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

87,666

63,653

Total equity

 

87,667

63,654

For the financial year ending 31 March 2018 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; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 12 November 2018
 

.........................................

Mr J M Terroni

Director

 

John Terroni Photography Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
59 West Hill
Aspley Guise
Milton Keynes
MK17 8DS
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

John Terroni Photography Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment etc

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2017 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2018
£

2017
£

Depreciation expense

1,132

816

 

John Terroni Photography Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

7,232

7,232

Additions

2,083

2,083

At 31 March 2018

9,315

9,315

Depreciation

At 1 April 2017

4,786

4,786

Charge for the year

1,132

1,132

At 31 March 2018

5,918

5,918

Carrying amount

At 31 March 2018

3,397

3,397

At 31 March 2017

2,446

2,446

6

Debtors

2018
£

2017
£

Total current trade and other debtors

-

-

7

Creditors

Note

2018
£

2017
£

Due within one year

 

Taxation and social security

 

2,794

874

Other creditors

 

18,209

21,181

 

21,003

22,055