Registered number
00338851
Pictorial Press Limited
Report and Accounts
31 July 2023
Pictorial Press Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Pictorial Press Limited for the year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pictorial Press Limited for the year ended 31 July 2023 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
icaew.com/membershandbook.
This report is made solely to the Board of Directors of Pictorial Press Limited, as a body, in accordance with the terms of our engagement letter dated 14 April 2022. Our work has been undertaken solely to prepare for your approval the accounts of Pictorial Press Limited and state those matters that we have agreed to state to the Board of Directors of Pictorial Press Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pictorial Press Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Pictorial Press Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Pictorial Press Limited. You consider that Pictorial Press Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Pictorial Press Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Herts
SG5 1NG
7 February 2024
Pictorial Press Limited
Registered number: 00338851
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 6,178 4,238
Current assets
Debtors 4 18,172 22,637
Cash at bank and in hand 164,052 161,859
182,224 184,496
Creditors: amounts falling due within one year 5 (39,577) (44,115)
Net current assets 142,647 140,381
Total assets less current liabilities 148,825 144,619
Provisions for liabilities (1,499) (1,120)
Net assets 147,326 143,499
Capital and reserves
Called up share capital 2,000 2,000
Capital reserve 732 732
Profit and loss account 144,594 140,767
Shareholders' funds 147,326 143,499
The directors are 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 directors acknowledge their 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. A. F. Gale
Director
Approved by the board on 17 January 2024
Pictorial Press Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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:
Cameras and equipment 25% reducing balance
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
0
£
Cost
At 1 August 2022 49,409
Additions 5,466
At 31 July 2023 54,875
Depreciation
At 1 August 2022 45,171
Charge for the year 3,526
At 31 July 2023 48,697
Net book value
At 31 July 2023 6,178
At 31 July 2022 4,238
4 Debtors 2023 2022
£ £
Trade debtors 15,473 19,164
Other debtors 2,699 3,473
18,172 22,637
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 19,585 20,412
Other taxes and social security costs 7,686 7,270
Directors loan account 9,294 13,419
Other creditors 3,012 3,014
39,577 44,115
6 Other information
Pictorial Press Limited is a private company limited by shares and incorporated in England. Its registered office is:
8 Grange Walk
Littlewick Green
Maidenhead
Berks
SL6 3BQ
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