Richard Galloway Photography Ltd
Registered number: 09135714
Statement of Financial Position
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 5 2,060 2,747
Current assets
Debtors 6 14,315 5,159
Cash at bank and in hand 1,847 12,235
16,162 17,394
Creditors: amounts falling due within one year 7 (8,296) (8,836)
Net current assets 7,866 8,558
Total assets less current liabilities 9,926 11,305
Creditors: amounts falling due after more than one year 8 (9,435) (10,578)
Provisions for liabilities (391) (522)
Net assets 100 205
Capital and reserves
Called up share capital 100 100
Profit and loss account - 105
Shareholder's funds 100 205
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 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.
R Galloway
Director
Approved by the board on 14 March 2024
Richard Galloway Photography Ltd
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 small entities, the financial reporting standard applicable in the UK and the 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 25% reducing balance
Debtors
Short term debtors are measured at transaction 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. 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.
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 and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 1 1
3 Government grants
The company received a business interruption payment relating to interest payable on a bounce back loan taken out in the year to 31st July 2021. The grant is shown in the the profit and loss in the period in which the related interest was incurred.
2023 2022
£ £
Business interruption payments - 75
4 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2022 10,000
At 31 July 2023 10,000
Amortisation
At 1 August 2022 10,000
At 31 July 2023 10,000
Net book value
At 31 July 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 7,976
At 31 July 2023 7,976
Depreciation
At 1 August 2022 5,229
Charge for the year 687
At 31 July 2023 5,916
Net book value
At 31 July 2023 2,060
At 31 July 2022 2,747
6 Debtors 2023 2022
£ £
Other debtors 14,315 5,159
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 1,143 1,143
Accruals 1,417 1,356
Corporation tax 5,651 6,337
Other taxes and social security costs 85 -
8,296 8,836
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 9,435 10,578
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
R Galloway
Repayable on demand 3,876 9,156 - 13,032
3,876 9,156 - 13,032
10 Other information
Richard Galloway Photography Ltd is a private company limited by shares and incorporated in England. Its registered office is:
21 Guildford Road
Frimley Green
Camberley
Surrey
GU16 6NN
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