Registered number
09575433
Photodrones Ltd
Unaudited Filleted Accounts
31 May 2023
Photodrones Ltd
Registered number: 09575433
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 26,418 26,560
Current assets
Debtors 4 24,538 62,636
Cash at bank and in hand 16,881 30,783
41,419 93,419
Creditors: amounts falling due within one year 5 (14,677) (21,287)
Net current assets 26,742 72,132
Total assets less current liabilities 53,160 98,692
Creditors: amounts falling due after more than one year 6 (4,399) (8,036)
Net assets 48,761 90,656
Capital and reserves
Called up share capital 100 100
Profit and loss account 48,661 90,556
Shareholders' funds 48,761 90,656
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 members have 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.
S J Niblett
Director
Approved by the board on 27 November 2023
Photodrones 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:
Fixtures, fittings, tools and equipment 10% reducing balance basis
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice 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 (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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 21,402 17,147 38,549
Additions 4,402 - 4,402
At 31 May 2023 25,804 17,147 42,951
Depreciation
At 1 June 2022 4,487 7,502 11,989
Charge for the year 2,133 2,411 4,544
At 31 May 2023 6,620 9,913 16,533
Net book value
At 31 May 2023 19,184 7,234 26,418
At 31 May 2022 16,915 9,645 26,560
4 Debtors 2023 2022
£ £
Trade debtors 16,695 54,826
Other debtors 7,843 7,810
24,538 62,636
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 1,773 1,754
Obligations under finance lease and hire purchase contracts 3,636 3,636
Trade creditors 1,551 -
Taxation and social security costs - 8,180
Other creditors 7,717 7,717
14,677 21,287
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 4,399 8,036
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
S J Niblett
During the year the company provided a loan to it's director, S J Niblett. This loan was interest free and was repaid within nine months of the year end.
5,709 7,706 (11,062) 2,353
5,709 7,706 (11,062) 2,353
8 Related party transactions
The Director, S J Niblett is also the Director of Filmdrones Limited which owes Photodrones Limited £1,436 at 31 May 2023. The Director, S J Niblett is also the Director of S N Media Limited which is owes £917 to Photodrones Limited at 31 May 2023. Both of these amounts are included in other debtors.
9 Controlling party
In the opinion of the director, S J Niblett, he has joint control of the company with P Conrad as they each own 45% of the issued shares in the company.
10 Other information
Photodrones Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Morgan Accountants, Duke Street Court
Bridge Street
Kingsbridge
Devon
TQ7 1HX
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