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COMPANY REGISTRATION NUMBER: 02957696
James Murphy Photography Limited
Filleted Unaudited Abridged Financial Statements
30 April 2023
James Murphy Photography Limited
Abridged Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,314,207
1,320,544
Current assets
Debtors
183,963
164,455
Cash at bank and in hand
261,335
277,387
---------
---------
445,298
441,842
Creditors: amounts falling due within one year
129,250
115,546
---------
---------
Net current assets
316,048
326,296
-----------
-----------
Total assets less current liabilities
1,630,255
1,646,840
Provisions
Taxation including deferred tax
66,272
50,491
-----------
-----------
Net assets
1,563,983
1,596,349
-----------
-----------
Capital and reserves
Called up share capital
6
100
100
Profit and loss account
1,563,883
1,596,249
-----------
-----------
Shareholders funds
1,563,983
1,596,349
-----------
-----------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2023 in accordance with Section 444(2A) of the Companies Act 2006.
James Murphy Photography Limited
Abridged Statement of Financial Position (continued)
30 April 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 15 September 2023 , and are signed on behalf of the board by:
Mrs S E Jacobs
Director
Company registration number: 02957696
James Murphy Photography Limited
Notes to the Abridged Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 364-366 Cemetery Road, Sheffield, S11 8FT, England.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is the total amount derived by the company from ordinary activities including sales to outside clients for goods and services provided, excluding Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
The company has adopted a policy of not providing depreciation on the long leasehold property. Given that the life of the company's leasehold property is over 50 years and that it is maintained to a high standard, the directors consider that its residual value would be sufficiently high to make any depreciation charge immaterial.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 4 ).
5. Tangible assets
£
Cost
At 1 May 2022
1,952,442
Additions
5,623
-----------
At 30 April 2023
1,958,065
-----------
Depreciation
At 1 May 2022
631,898
Charge for the year
11,960
-----------
At 30 April 2023
643,858
-----------
Carrying amount
At 30 April 2023
1,314,207
-----------
At 30 April 2022
1,320,544
-----------
6. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
85
85
85
85
Ordinary Class A shares of £ 1 each
5
5
5
5
Ordinary Class B shares of £ 1 each
5
5
5
5
Ordinary Class C shares of £ 1 each
5
5
5
5
----
----
----
----
100
100
100
100
----
----
----
----
7. Directors' advances, credits and guarantees
During the year under review, the company owes £40,260 to the Director (2022 - £19,577, owed to the company). The loan is interest free and repayable on demand.
8. Controlling party
The ultimate controlling party is Mr JMR Murphy.