Registered number
03931182
1 Hour Photo Excellence Service Ltd
Filleted Accounts
31 May 2023
1 Hour Photo Excellence Service Ltd
Registered number: 03931182
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,649 4,293
Current assets
Stocks 4,313 9,996
Debtors 4 1,023 679
Cash at bank and in hand 64,119 41,920
69,455 52,595
Creditors: amounts falling due within one year 5 (9,767) (5,896)
Net current assets 59,688 46,699
Net assets 63,337 50,992
Capital and reserves
Called up share capital 100 100
Profit and loss account 63,237 50,892
Shareholder's funds 63,337 50,992
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 his 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 and delivered 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.
Mr Dahyubhai Dalal
Director
Approved by the board on 17 November 2023
1 Hour Photo Excellence Service Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. 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 on 15% reducing balance method
Fixtures, fittings, tools and equipment on 15% reducing balance method
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 118,632
At 31 May 2023 118,632
Depreciation
At 1 June 2022 114,339
Charge for the year 644
At 31 May 2023 114,983
Net book value
At 31 May 2023 3,649
At 31 May 2022 4,293
4 Debtors 2023 2022
£ £
Other debtors 1,023 679
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 2,463 422
Corporation tax 3,220 4,022
Other creditors 4,084 1,452
9,767 5,896
6 Related party transactions
There was no related party transaction apart from salary and dividend paid to the director.
7 Other information
1 Hour Photo Excellence Service Ltd is a private company limited by shares and incorporated in England. Its registered office is:
14 High Street
Brentwood
Essex
CM14 4AB
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