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The Inky Frog Picture Company Limited
Unaudited Financial Statements
For The Year Ended 30 September 2023
Hornsby Accounts Ltd
Office Suite
6a Market Place
Brigg
North Lincolnshire
DN20 8HA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03860237
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 57 75
57 75
CURRENT ASSETS
Stocks 5 945 820
Debtors 6 - 167
Cash at bank and in hand 58 1,366
1,003 2,353
Creditors: Amounts Falling Due Within One Year 7 (15,015 ) (15,281 )
NET CURRENT ASSETS (LIABILITIES) (14,012 ) (12,928 )
TOTAL ASSETS LESS CURRENT LIABILITIES (13,955 ) (12,853 )
Creditors: Amounts Falling Due After More Than One Year 8 (2,083 ) (2,083 )
NET LIABILITIES (16,038 ) (14,936 )
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account (16,040 ) (14,938 )
SHAREHOLDERS' FUNDS (16,038) (14,936)
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Angela Hills
Director
18th April 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Inky Frog Picture Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03860237 . The registered office is 8 Cordle Way, Market Overton, Oakham, Rutland, LE15 7PU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% reducing balance
Computer Equipment 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
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4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 October 2022 2,620 591 3,211
As at 30 September 2023 2,620 591 3,211
Depreciation
As at 1 October 2022 2,620 516 3,136
Provided during the period - 18 18
As at 30 September 2023 2,620 534 3,154
Net Book Value
As at 30 September 2023 - 57 57
As at 1 October 2022 - 75 75
5. Stocks
2023 2022
£ £
Stock 945 820
6. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income - 167
- 167
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 2 151
Accruals and deferred income 498 1,233
Director's loan account 14,515 13,897
15,015 15,281
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8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other creditors 2,083 2,083
2,083 2,083
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
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