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COMPANY REGISTRATION NUMBER: 07377147
Miss Photogenic Limited
Filleted Unaudited Financial Statements
31 March 2023
Miss Photogenic Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Miss Photogenic Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
701
Tangible assets
6
5
----
----
706
Current assets
Stocks
6,261
6,261
Debtors
7
1,431
416
-------
-------
7,692
6,677
Creditors: amounts falling due within one year
8
404,915
387,535
---------
---------
Net current liabilities
397,223
380,858
---------
---------
Total assets less current liabilities
( 397,223)
( 380,152)
---------
---------
Net liabilities
( 397,223)
( 380,152)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 397,224)
( 380,153)
---------
---------
Shareholders deficit
( 397,223)
( 380,152)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Miss Photogenic Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 4 April 2024 , and are signed on behalf of the board by:
Miss L D Gollop
Director
Company registration number: 07377147
Miss Photogenic Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Employee numbers
The average number of employees during the year amounted to 1 (2022: 1).
4. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus she continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Website development
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 April 2022 and 31 March 2023
52,731
--------
Amortisation
At 1 April 2022
52,030
Charge for the year
701
--------
At 31 March 2023
52,731
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
701
--------
6. Tangible assets
Equipment
Website development
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
4,591
7,270
11,861
-------
-------
--------
Depreciation
At 1 April 2022
4,586
7,270
11,856
Charge for the year
5
5
-------
-------
--------
At 31 March 2023
4,591
7,270
11,861
-------
-------
--------
Carrying amount
At 31 March 2023
-------
-------
--------
At 31 March 2022
5
5
-------
-------
--------
7. Debtors
2023
2022
£
£
Other debtors
1,431
416
-------
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
404,915
387,535
---------
---------
9. Related party transactions
At the year end the company owed the Director £13,943 (2022: £13,943).