Company registration number 04406113 (England and Wales)
Guy Farrow Photography Limited
Unaudited
financial statements
for the year ended 31 March 2023
PAGES FOR FILING WITH REGISTRAR
Guy Farrow Photography Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
Guy Farrow Photography Limited
Statement of financial position
as at 31 March 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,835
5,974
Current assets
Debtors
112,198
164,158
Cash at bank and in hand
130,098
134,235
242,296
298,393
Creditors: amounts falling due within one year
(27,012)
(72,179)
Net current assets
215,284
226,214
Net assets
220,119
232,188
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
220,019
232,088
Total equity
220,119
232,188
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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 and signed by the director and authorised for issue on 11 September 2023
G F Farrow
Director
Company Registration No. 04406113
Guy Farrow Photography Limited
Notes to the financial statements
for the year ended 31 March 2023
- 2 -
1
Accounting policies
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT. Turnover is recognised upon the provision of goods and services.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Straight line over the life of the lease
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
Guy Farrow Photography Limited
Notes to the financial statements (continued)
for the year ended 31 March 2023
- 3 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
124,132
68,229
25,037
46,126
263,524
Depreciation and impairment
At 1 April 2022
124,132
65,715
24,006
43,697
257,550
Depreciation charged in the year
377
155
607
1,139
At 31 March 2023
124,132
66,092
24,161
44,304
258,689
Carrying amount
At 31 March 2023
2,137
876
1,822
4,835
At 31 March 2022
2,514
1,031
2,429
5,974
4
Company information
Guy Farrow Photography Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Studio, 49 Dyke End, Slaithwaite, Huddersfield, West Yorkshire, HD7 4LA.