Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28No description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-03-01false11truetrue 09980019 2022-03-01 2023-02-28 09980019 2021-03-01 2022-02-28 09980019 2023-02-28 09980019 2022-02-28 09980019 c:Director1 2022-03-01 2023-02-28 09980019 d:FurnitureFittings 2022-03-01 2023-02-28 09980019 d:FurnitureFittings 2023-02-28 09980019 d:FurnitureFittings 2022-02-28 09980019 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09980019 d:CurrentFinancialInstruments 2023-02-28 09980019 d:CurrentFinancialInstruments 2022-02-28 09980019 d:Non-currentFinancialInstruments 2023-02-28 09980019 d:Non-currentFinancialInstruments 2022-02-28 09980019 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 09980019 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 09980019 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 09980019 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 09980019 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 09980019 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-28 09980019 d:ShareCapital 2023-02-28 09980019 d:ShareCapital 2022-02-28 09980019 d:RetainedEarningsAccumulatedLosses 2023-02-28 09980019 d:RetainedEarningsAccumulatedLosses 2022-02-28 09980019 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-02-28 09980019 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-02-28 09980019 c:FRS102 2022-03-01 2023-02-28 09980019 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 09980019 c:FullAccounts 2022-03-01 2023-02-28 09980019 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 09980019 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 09980019 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 09980019 2 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 09980019










KELLEY DAVIS PHOTOGRAPHY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
KELLEY DAVIS PHOTOGRAPHY LIMITED
REGISTERED NUMBER: 09980019

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,466
5,973

  
4,466
5,973

Current assets
  

Debtors: amounts falling due within one year
 5 
61,713
56,430

Cash at bank and in hand
 6 
515
5,664

  
62,228
62,094

Creditors: amounts falling due within one year
 7 
(46,175)
(45,233)

Net current assets
  
 
 
16,053
 
 
16,861

Total assets less current liabilities
  
20,519
22,834

Creditors: amounts falling due after more than one year
 8 
(18,376)
(19,597)

Provisions for liabilities
  

Deferred tax
 11 
(849)
(1,135)

  
 
 
(849)
 
 
(1,135)

Net assets
  
1,294
2,102


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,194
2,002

  
1,294
2,102


Page 1

 
KELLEY DAVIS PHOTOGRAPHY LIMITED
REGISTERED NUMBER: 09980019

BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2023.




K. Davis
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
KELLEY DAVIS PHOTOGRAPHY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Kelley Davis Photography Limited is a limited company incorporated in Wales. The registered office address is:
Unit 7 Alpha Garden Centre,
238 London Road,
Wickford,
Essex,
United Kingdom,
SS12 0JX.
The registered company number is 09980019.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
KELLEY DAVIS PHOTOGRAPHY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
KELLEY DAVIS PHOTOGRAPHY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures, fittings and equipment
-
25%
Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially
Page 5

 
KELLEY DAVIS PHOTOGRAPHY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 March 2022
17,571



At 28 February 2023

17,571



Depreciation


At 1 March 2022
11,598


Charge for the year on owned assets
1,507



At 28 February 2023

13,105



Net book value



At 28 February 2023
4,466



At 28 February 2022
5,973


5.


Debtors

2023
2022
£
£

Page 6

 
KELLEY DAVIS PHOTOGRAPHY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.Debtors (continued)


Directors loan account
61,713
56,430

61,713
56,430



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
515
5,664

515
5,664



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
6,169
9,169

Corporation tax
37,183
34,715

Accruals and deferred income
2,823
1,349

46,175
45,233



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
18,376
19,597

18,376
19,597


Page 7

 
KELLEY DAVIS PHOTOGRAPHY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
6,169
9,169


6,169
9,169


Amounts falling due 2-5 years

Bank loans
18,376
19,597


18,376
19,597


24,545
28,766



10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
515
5,664




Financial assets measured at fair value through profit or loss comprise cash at bank.


11.


Deferred taxation




2023


£






At beginning of year
1,135


Charged to profit or loss
-


Utilised in year
(286)



At end of year
849

Page 8

 
KELLEY DAVIS PHOTOGRAPHY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
 
11.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
848
1,135

848
1,135


12.


Related party transactions

During the year dividends of £44,000 (2022 £42,000) were paid to K Davis.


Page 9