Sarah Legge Photography Ltd
Registered number: 08949255
Statement of Financial Position
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 11,142 7,600
Current assets
Debtors 5 4,646 12,053
Cash at bank and in hand 66,473 75,084
71,119 87,137
Creditors: amounts falling due within one year 6 (49,554) (77,047)
Net current assets 21,565 10,090
Total assets less current liabilities 32,707 17,690
Provisions for liabilities (2,117) (1,444)
Net assets 30,590 16,246
Capital and reserves
Called up share capital 100 100
Profit and loss account 30,490 16,146
Shareholder's funds 30,590 16,246
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sarah Legge
Director
Approved by the board on 6 November 2023
Sarah Legge Photography Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 1 1
3 Government grants
The company has received government grants under the coronavirus job retention scheme. These grants are shown in the profit and loss for the period in which the related salary expenditure was incurred.
2023 2022
£ £
Grants received under the covid job retention scheme - 1,506
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 17,056
Additions 9,056
Disposals (1,800)
At 31 March 2023 24,312
Depreciation
At 1 April 2022 9,456
Charge for the year 3,714
At 31 March 2023 13,170
Net book value
At 31 March 2023 11,142
At 31 March 2022 7,600
5 Debtors 2023 2022
£ £
Trade debtors 4,646 12,053
6 Creditors: amounts falling due within one year 2023 2022
£ £
Accruals 1,332 1,266
Corporation tax 6,732 11,932
Other taxes and social security costs 308 100
Other creditors 41,182 63,749
49,554 77,047
7 Other information
Sarah Legge Photography Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Ormonde Lodge
Coopers Hill Lane
Englefield Green
Egham
TW20 0JY
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