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Registration number: 07716336

Chrysalis Photography Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Chrysalis Photography Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Chrysalis Photography Ltd

Company Information

Directors

Mrs A Langham

Mr C Langham

Registered office

The Stable Courtyard
Renishaw Hall
Renishaw
Sheffield
S21 3WB

Accountants

Cameron Alexander Accountants Ltd
Chartered Certified Accountants
2 Western Street
Barnsley
South Yorkshire
S70 2BP

 

Chrysalis Photography Ltd

(Registration number: 07716336)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,535

6,731

Current assets

 

Debtors

5

4,309

4,806

Cash at bank and in hand

 

3,190

9,916

 

7,499

14,722

Creditors: Amounts falling due within one year

6

(13,192)

(12,730)

Net current (liabilities)/assets

 

(5,693)

1,992

Total assets less current liabilities

 

842

8,723

Provisions for liabilities

-

(203)

Net assets

 

842

8,520

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

742

8,420

Shareholders' funds

 

842

8,520

For the financial year ending 31 July 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 October 2023 and signed on its behalf by:
 

 

Chrysalis Photography Ltd

(Registration number: 07716336)
Balance Sheet as at 31 July 2023

.........................................
Mrs A Langham
Director

.........................................
Mr C Langham
Director

 

Chrysalis Photography Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

Accounting policies

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 deferred 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.

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

Furniture, fittings & equipment

25% reducing balance

Other tangible assets

25% reducing balance

 

Chrysalis Photography Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

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.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Chrysalis Photography Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

3

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

20,000

20,000

At 31 July 2023

20,000

20,000

Amortisation

At 1 August 2022

20,000

20,000

At 31 July 2023

20,000

20,000

Carrying amount

At 31 July 2023

-

-

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

20,694

5,735

26,429

Additions

268

1,897

2,165

Disposals

-

(650)

(650)

At 31 July 2023

20,962

6,982

27,944

Depreciation

At 1 August 2022

16,733

2,965

19,698

Charge for the year

1,046

800

1,846

Eliminated on disposal

-

(135)

(135)

At 31 July 2023

17,779

3,630

21,409

Carrying amount

At 31 July 2023

3,183

3,352

6,535

At 31 July 2022

3,961

2,770

6,731

 

Chrysalis Photography Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

1,445

2,745

Prepayments

777

1,561

Other debtors

2,087

500

 

4,309

4,806

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

3,484

788

Accruals and deferred income

76

124

Other creditors

9,632

11,818

13,192

12,730

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Chrysalis Photography Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Related party transactions

Transactions with directors

2023

At 1 August 2022
£

Advances to director
£

At 31 July 2023
£

Mr C Langham

No interest is charged on the loan and there is no fixed date of repayment.

9,899

(167)

9,732

       
     

 

2022

At 1 August 2021
£

Advances to director
£

Repayments by director
£

At 31 July 2022
£

Mr C Langham

No interest is charged on the loan and there is no fixed date of repayment.

3,080

(2,145)

8,963

9,899