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REGISTERED NUMBER: 07561967 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31st March 2023

for

Picture Smiths (Creative) Limited

Picture Smiths (Creative) Limited (Registered number: 07561967)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Picture Smiths (Creative) Limited

Company Information
for the Year Ended 31st March 2023







DIRECTORS: N I Armitage
A Brooke Smith





REGISTERED OFFICE: Imperial House
38 North Road
Kirkburton
Huddersfield
HD8 0RH





REGISTERED NUMBER: 07561967 (England and Wales)

Picture Smiths (Creative) Limited (Registered number: 07561967)

Balance Sheet
31st March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 5,206 6,516
5,206 6,516

CURRENT ASSETS
Debtors 6 82,803 81,816
Cash at bank 76,298 93,420
159,101 175,236
CREDITORS
Amounts falling due within one year 7 87,844 108,043
NET CURRENT ASSETS 71,257 67,193
TOTAL ASSETS LESS CURRENT
LIABILITIES

76,463

73,709

PROVISIONS FOR LIABILITIES 1,302 1,238
NET ASSETS 75,161 72,471

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 75,061 72,371
SHAREHOLDERS' FUNDS 75,161 72,471

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

The members have not required the Company to obtain an audit of its financial statements for the year ended 31st 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.

Picture Smiths (Creative) Limited (Registered number: 07561967)

Balance Sheet - continued
31st 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13th November 2023 and were signed on its behalf by:




N I Armitage - Director



A Brooke Smith - Director


Picture Smiths (Creative) Limited (Registered number: 07561967)

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

1. STATUTORY INFORMATION

Picture Smiths (Creative) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, has been fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on Reducing Balance and 20% on Reducing Balance
Computer equipment - 20% Straight Line Basis

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statements if financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are recognised at amortised cost with changes recognised in the income statement.

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

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.

Picture Smiths (Creative) Limited (Registered number: 07561967)

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

2. ACCOUNTING POLICIES - continued

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2022
and 31st March 2023 22,000
AMORTISATION
At 1st April 2022
and 31st March 2023 22,000
NET BOOK VALUE
At 31st March 2023 -
At 31st March 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2022 30,289
Additions 1,323
At 31st March 2023 31,612
DEPRECIATION
At 1st April 2022 23,773
Charge for year 2,633
At 31st March 2023 26,406
NET BOOK VALUE
At 31st March 2023 5,206
At 31st March 2022 6,516

Picture Smiths (Creative) Limited (Registered number: 07561967)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 60,590 69,171
Other debtors 22,213 12,645
82,803 81,816

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 7,713 32,778
Taxation and social security 53,093 42,872
Other creditors 27,038 32,393
87,844 108,043

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
50 Ordinary 'A' share £1 50 50
50 Ordinary 'B' share £1 50 50
100 100

9. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the year by the Directors, Mrs N I Armitage and Mr A Brooke Smith who own 100% of the issued share capital.