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Filleted

Registration number: 07374975

Film Photography Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Film Photography Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Film Photography Limited

Company Information

Director

Mr C P Resnick

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Film Photography Limited

(Registration number: 07374975)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

112

140

Current assets

 

Stocks

7

110,000

101,000

Debtors

8

439

591

Cash at bank and in hand

 

2,185

7,484

 

112,624

109,075

Creditors: Amounts falling due within one year

9

(72,445)

(74,081)

Net current assets

 

40,179

34,994

Net assets

 

40,291

35,134

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

40,290

35,133

Total equity

 

40,291

35,134

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 12 March 2024
 

.........................................
Mr C P Resnick
Director

   
     
 

Film Photography Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

The principal place of business is:
Penrallt
Blaenffos
Boncath
Pembrokeshire
SA37 0JB

These financial statements were authorised for issue by the director on 12 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Film Photography Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Fully amortised

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Film Photography Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 0).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

28

35

 

Film Photography Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

9,643

9,643

At 30 September 2023

9,643

9,643

Amortisation

At 1 October 2022

9,643

9,643

At 30 September 2023

9,643

9,643

Carrying amount

At 30 September 2023

-

-

Revalued assets for the year ended 30 September 2022

6

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 October 2022

1,519

1,519

At 30 September 2023

1,519

1,519

Depreciation

At 1 October 2022

1,379

1,379

Charge for the year

28

28

At 30 September 2023

1,407

1,407

Carrying amount

At 30 September 2023

112

112

At 30 September 2022

140

140

7

Stocks

2023
£

2022
£

Stocks

110,000

101,000

 

Film Photography Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

8

Debtors

2023
£

2022
£

Trade debtors

-

372

Other debtors

439

219

439

591

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

85

-

Other related parties

 

68,765

70,203

Corporation tax liability

 

1,685

1,968

Other creditors

 

1,910

1,910

 

72,445

74,081

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         
 

Film Photography Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

11

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

At 30 September 2023
£

Mr C P Resnick

Interest free loan with no fixed repayment terms

(70,203)

1,438

(68,765)

       
     

 

2022

At 1 October 2021
£

Repayments by director
£

At 30 September 2022
£

Mr C P Resnick

Interest free loan with no fixed repayment terms

(65,768)

(4,435)

(70,203)