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Registration number: 03885272

Press Photos Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Press Photos Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Press Photos Limited

(Registration number: 03885272)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

23,311

18,354

Current assets

 

Debtors

5

2,544

4,678

Cash at bank and in hand

 

30,833

25,262

 

33,377

29,940

Creditors: Amounts falling due within one year

6

(32,222)

(26,376)

Net current assets

 

1,155

3,564

Net assets

 

24,466

21,918

Capital and reserves

 

Called up share capital

2

2

Retained earnings

24,464

21,916

Shareholders' funds

 

24,466

21,918

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 April 2023
 

.........................................
D E Hartley
Director

 

Press Photos Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite I Windrush Court
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY
United Kingdom

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current tax payable.

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.

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

25% per annum of net book value

 

Press Photos Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Fixtures and fittings

25% per annum of net book value

Freehold land and buildings

25% per annum of net book value

Office equipment

25% per annum of net book value

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.

Debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Press Photos Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 May 2022

3,413

4,808

86,404

5,126

Additions

-

2,348

6,339

2,077

At 30 April 2023

3,413

7,156

92,743

7,203

Depreciation

At 1 May 2022

3,379

4,758

70,833

2,427

Charge for the year

9

110

4,513

1,175

At 30 April 2023

3,388

4,868

75,346

3,602

Carrying amount

At 30 April 2023

25

2,288

17,397

3,601

At 30 April 2022

34

50

15,571

2,699

Total
£

Cost or valuation

At 1 May 2022

99,751

Additions

10,764

At 30 April 2023

110,515

Depreciation

At 1 May 2022

81,397

Charge for the year

5,807

At 30 April 2023

87,204

Carrying amount

At 30 April 2023

23,311

At 30 April 2022

18,354

Included within the net book value of land and buildings above is £25 (2022 - £34) in respect of freehold land and buildings.
 

 

Press Photos Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

1,626

3,273

Prepayments

918

899

Other debtors

-

506

 

2,544

4,678

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,213

1,086

Taxation and social security

492

3,680

Other creditors

29,517

21,610

32,222

26,376

7

Related party transactions

Other transactions with the director

D E Hartley had a loan with the company. At the balance sheet date the amount due to D E Hartley was £27,518 (2022: £19,610).