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UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

THE PHOTO LOUNGE LIMITED

THE PHOTO LOUNGE LIMITED (REGISTERED NUMBER: 08777125)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE PHOTO LOUNGE LIMITED

COMPANY INFORMATION
For The Year Ended 31 January 2023







DIRECTOR: Mr A S Richardson





REGISTERED OFFICE: 39 Melford Court
St. Peters Road
Bournemouth
Dorset
BH1 2LS





REGISTERED NUMBER: 08777125 (England and Wales)






THE PHOTO LOUNGE LIMITED (REGISTERED NUMBER: 08777125)

BALANCE SHEET
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 20,913 21,779

CURRENT ASSETS
Debtors 5 5,020 3,594
Cash at bank 93,239 58,821
98,259 62,415
CREDITORS
Amounts falling due within one year 6 22,019 14,847
NET CURRENT ASSETS 76,240 47,568
TOTAL ASSETS LESS CURRENT
LIABILITIES

97,153

69,347

PROVISIONS FOR LIABILITIES 3,973 4,138
NET ASSETS 93,180 65,209

CAPITAL AND RESERVES
Called up share capital 7 1 1
Retained earnings 93,179 65,208
SHAREHOLDERS' FUNDS 93,180 65,209

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 October 2023 and were signed by:





Mr A S Richardson - Director


THE PHOTO LOUNGE LIMITED (REGISTERED NUMBER: 08777125)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 January 2023

1. STATUTORY INFORMATION

The Photo Lounge Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the value of services provided, net of VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2022 71,198
Additions 5,215
At 31 January 2023 76,413
DEPRECIATION
At 1 February 2022 49,419
Charge for year 6,081
At 31 January 2023 55,500
NET BOOK VALUE
At 31 January 2023 20,913
At 31 January 2022 21,779

THE PHOTO LOUNGE LIMITED (REGISTERED NUMBER: 08777125)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 January 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,500 120
Other debtors 3,520 3,474
5,020 3,594

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,232 252
Taxation and social security 9,882 5,916
Other creditors 9,905 8,679
22,019 14,847

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £0.01 1 1