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Registration number: 05490757

Advanced Camera Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2022

 

Advanced Camera Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Advanced Camera Services Limited

Company Information

Directors

Mr Anthony Michael Terrance Howes

Mr Terence Howes

Mr David James Robert Webb

Registered office

5 North Court
Armstrong Road
Maidstone
Kent
ME15 6JZ

Accountants

Stones Accountancy Limited
Chartered Accountants
5 North Court
Armstrong Road
Maidstone
Kent
ME15 6JZ

 

Advanced Camera Services Limited

(Registration number: 05490757)
Balance Sheet as at 31 January 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

175

233

Current assets

 

Debtors

5

83,373

49,217

Cash at bank and in hand

 

-

7,228

 

83,373

56,445

Creditors: Amounts falling due within one year

6

(50,019)

(17,794)

Net current assets

 

33,354

38,651

Total assets less current liabilities

 

33,529

38,884

Creditors: Amounts falling due after more than one year

6

(52,901)

(50,000)

Net liabilities

 

(19,372)

(11,116)

Capital and reserves

 

Called up share capital

7

102

102

Retained earnings

(19,474)

(11,218)

Shareholders' deficit

 

(19,372)

(11,116)

For the financial 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.

Directors' 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 directors acknowledge their 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 Board on 30 June 2022 and signed on its behalf by:
 

.........................................
Mr Anthony Michael Terrance Howes
Director

 

Advanced Camera Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

1

General information

The company is a private company limited by share capital, incorporated in Other.

The address of its registered office is:
5 North Court
Armstrong Road
Maidstone
Kent
ME15 6JZ
United Kingdom

The principal place of business is:
Unit 10 Linmore Court
Threxton Road Industrial Estate
Watton
Thetford
Norfolk
IP25 6NG
United Kingdom

These financial statements were authorised for issue by the Board on 30 June 2022.

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.

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.

 

Advanced Camera Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Four years straight line

Motor vehicles

25% on reducing balance

Computer and office equipment

Three years straight line

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 debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Borrowings

 

Advanced Camera Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2021 - 4).

 

Advanced Camera Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2021

1,027

1,750

26,031

28,808

At 31 January 2022

1,027

1,750

26,031

28,808

Depreciation

At 1 February 2021

1,027

1,517

26,031

28,575

Charge for the year

-

58

-

58

At 31 January 2022

1,027

1,575

26,031

28,633

Carrying amount

At 31 January 2022

-

175

-

175

At 31 January 2021

-

233

-

233

5

Debtors

Current

2022
£

2021
£

Trade debtors

28,240

10,923

Prepayments

-

1,200

Other debtors

55,133

37,094

 

83,373

49,217

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

6,385

-

Trade creditors

 

19,424

7,339

Taxation and social security

 

12,181

8,731

Other creditors

 

12,029

1,724

 

50,019

17,794

Creditors: amounts falling due after more than one year

 

Advanced Camera Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

52,901

50,000

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

B Ordinary of £1 each

2

2

2

2

 

102

102

102

102

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

42,901

50,000

Other borrowings

10,000

-

52,901

50,000

2022
£

2021
£

Current loans and borrowings

Bank overdrafts

6,385

-

9

Dividends

Interim dividends paid

   

2022
£

 

2021
£

Interim dividend of Nil per each Ordinary

 

-

 

-

Interim dividend of Nil per each B Ordinary

 

-

 

-

   

-

 

-

10

Related party transactions

 

Advanced Camera Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

41,601

34,101