Simon Webb Photography Ltd
Registered number: 11256260
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 8,133 5,894
Current assets
Debtors 4 81,239 81,393
Cash at bank and in hand 3,293 4,092
84,532 85,485
Creditors: amounts falling due within one year 5 (71,887) (60,688)
Net current assets 12,645 24,797
Total assets less current liabilities 20,778 30,691
Creditors: amounts falling due after more than one year 6 (20,591) (28,218)
Net assets 187 2,473
Capital and reserves
Called up share capital 10 10
Profit and loss account 177 2,463
Shareholder's funds 187 2,473
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Simon Webb
Director
Approved by the board on 2 October 2023
Simon Webb Photography Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33.33% straight line
Fixtures, fittings, tools and equipment 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 12,120
Additions 5,071
At 31 March 2023 17,191
Depreciation
At 1 April 2022 6,226
Charge for the year 2,832
At 31 March 2023 9,058
Net book value
At 31 March 2023 8,133
At 31 March 2022 5,894
4 Debtors 2023 2022
£ £
Trade debtors 41,296 16,296
Other debtors 39,943 65,097
81,239 81,393
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 7,918 6,600
Trade creditors 9,808 6,326
Taxation and social security costs 10,606 10,013
Other creditors 43,555 37,749
71,887 60,688
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 20,591 28,218
7 Other information
Simon Webb Photography Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Zap Studios, Unit 7b Vanguard Court
Rear Of 36-38 Peckham Road,Camberwell
London
England
SE5 8QT
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