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REGISTERED NUMBER: 02863072 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Master Photographers Association Limited

Master Photographers Association Limited (Registered number: 02863072)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Master Photographers Association Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: R R Lowe
P A Inskip
I C Boichat
H J Rushton
S Sims
C A W Hill
C S D Smart
S A Thornton





REGISTERED OFFICE: 140 Coniscliffe Road
DARLINGTON
Co Durham
DL3 7RT





REGISTERED NUMBER: 02863072 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
140 Coniscliffe Road
DARLINGTON
Co Durham
DL3 7RT

Master Photographers Association Limited (Registered number: 02863072)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 82,287

CURRENT ASSETS
Debtors 5 717 41
Cash at bank 40,353 6
41,070 47
CREDITORS
Amounts falling due within one year 6 18,228 63,218
NET CURRENT ASSETS/(LIABILITIES) 22,842 (63,171 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

22,842

19,116

CREDITORS
Amounts falling due after more than one
year

7

29,454

38,242
NET LIABILITIES (6,612 ) (19,126 )

RESERVES
Retained earnings (6,612 ) (19,126 )
(6,612 ) (19,126 )

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

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

The directors acknowledge their 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.

Master Photographers Association Limited (Registered number: 02863072)

Balance Sheet - continued
31 March 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2023 and were signed on its behalf by:





R R Lowe - Director


Master Photographers Association Limited (Registered number: 02863072)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Master Photographers Association Limited is a private company, limited by guarantee, 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.

There were no material departures for that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged for the previous year, and also have been consistently applied within the same accounts.

Going Concern
The entity is currently in discussions with a third party and if successful, members assets and liabilities will be transferred and the entity will cease to exist.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition
Membership income is recognised as on a time apportioned basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 20% on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Master Photographers Association Limited (Registered number: 02863072)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST
At 1 April 2022 129,024 76,423 205,447
Disposals (129,024 ) (76,423 ) (205,447 )
At 31 March 2023 - - -
DEPRECIATION
At 1 April 2022 49,461 73,699 123,160
Charge for year 1,935 408 2,343
Eliminated on disposal (51,396 ) (74,107 ) (125,503 )
At 31 March 2023 - - -
NET BOOK VALUE
At 31 March 2023 - - -
At 31 March 2022 79,563 2,724 82,287

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 717 -
Prepayments and accrued income - 41
717 41

Master Photographers Association Limited (Registered number: 02863072)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 23,751
Trade creditors - 2,368
Taxation and social security 171 1,520
Other creditors - 111
Directors' current accounts 153 25,021
Accruals and deferred income 7,904 10,447
18,228 63,218

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 19,454 28,242
29,454 38,242

8. RELATED PARTY DISCLOSURES

2023 2022
£ £

Amounts owed to the directors. 153 25,021
No interest has been charged.

9. SHARE CAPITAL

The company is limited by guarantee, every member of the company undertakes to contribute such amount as may be required (not exceeding £1) to the association's assets if it should be wound up while he is a member, or within one year if he ceases to be a member, for the payment of the company's debts and liabilities contracted before he ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the right of the contributories among themselves.