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Registration number: 03885272

Press Photos Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2022

 

Press Photos Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Press Photos Limited

(Registration number: 03885272)
Balance Sheet as at 30 April 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

18,354

9,796

Current assets

 

Debtors

5

4,678

2,242

Cash at bank and in hand

 

25,262

13,502

 

29,940

15,744

Creditors: Amounts falling due within one year

6

(26,376)

(23,690)

Net current assets/(liabilities)

 

3,564

(7,946)

Net assets

 

21,918

1,850

Capital and reserves

 

Called up share capital

2

2

Retained earnings

21,916

1,848

Shareholders' funds

 

21,918

1,850

For the financial year ending 30 April 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; 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 6 September 2022
 

.........................................
D E Hartley
Director

 

Press Photos Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

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:
Suite I Windrush Court
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Tax

The tax expense for the period comprises current tax payable.

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 balance sheet 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.

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

Plant and machinery

25% per annum of net book value

Fixtures and fittings

25% per annum of net book value

Freehold land and buildings

25% per annum of net book value

Office equipment

25% per annum of net book value

 

Press Photos Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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 1 (2021 - 1).

 

Press Photos Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 May 2021

3,413

4,808

74,592

4,387

Additions

-

-

11,812

739

At 30 April 2022

3,413

4,808

86,404

5,126

Depreciation

At 1 May 2021

3,367

4,742

67,583

1,712

Charge for the year

12

16

3,250

715

At 30 April 2022

3,379

4,758

70,833

2,427

Carrying amount

At 30 April 2022

34

50

15,571

2,699

At 30 April 2021

46

66

7,009

2,675

Total
£

Cost or valuation

At 1 May 2021

87,200

Additions

12,551

At 30 April 2022

99,751

Depreciation

At 1 May 2021

77,404

Charge for the year

3,993

At 30 April 2022

81,397

Carrying amount

At 30 April 2022

18,354

At 30 April 2021

9,796

Included within the net book value of land and buildings above is £34 (2021 - £46) in respect of freehold land and buildings.
 

 

Press Photos Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

5

Debtors

Current

2022
£

2021
£

Trade debtors

3,273

1,736

Prepayments

899

-

Other debtors

506

506

 

4,678

2,242

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

1,086

-

Taxation and social security

3,680

2,608

Other creditors

21,610

21,082

26,376

23,690

7

Related party transactions

Other transactions with the director

D E Hartley had a loan with the company. At the balance sheet date the amount due to D E Hartley was £19,610 (2021 - £12,879).