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Registration number: 07756554

Professional Images (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Professional Images (UK) Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Professional Images (UK) Limited

(Registration number: 07756554)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

10,182

2,431

 

10,183

2,432

Current assets

 

Debtors

6

6,835

8,633

Cash at bank and in hand

 

12,306

22,717

 

19,141

31,350

Creditors: Amounts falling due within one year

7

(6,932)

(9,492)

Net current assets

 

12,209

21,858

Total assets less current liabilities

 

22,392

24,290

Creditors: Amounts falling due after more than one year

7

(14,623)

(17,386)

Provisions for liabilities

(1,284)

(608)

Net assets

 

6,485

6,296

Capital and reserves

 

Called up share capital

100

100

Retained earnings

6,385

6,196

Shareholders' funds

 

6,485

6,296

 

Professional Images (UK) Limited

(Registration number: 07756554)
Balance Sheet as at 31 August 2023

For the financial year ending 31 August 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 December 2023
 

.........................................
Mr S C Apps
Director

 

Professional Images (UK) Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
12 Swindon Road
Highworth
Swindon
Wiltshire
SN6 7SL

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover from photo shoot assignments is shown net of sales/value added tax.

Government grants

Small business and furlough grants are recognised when they become receivable.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

 

Professional Images (UK) Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

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

Fixtures, fittings and equipment

4 years

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

6 years

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 creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Bank loan is Bounce Back Loan.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Professional Images (UK) Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Professional Images (UK) Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

60,000

60,000

At 31 August 2023

60,000

60,000

Amortisation

At 1 September 2022

59,999

59,999

At 31 August 2023

59,999

59,999

Carrying amount

At 31 August 2023

1

1

At 31 August 2022

1

1

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 September 2022

22,167

22,167

Additions

9,281

9,281

At 31 August 2023

31,448

31,448

Depreciation

At 1 September 2022

19,736

19,736

Charge for the year

1,530

1,530

At 31 August 2023

21,266

21,266

Carrying amount

At 31 August 2023

10,182

10,182

At 31 August 2022

2,431

2,431

 

Professional Images (UK) Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

5,925

8,633

Other debtors

910

-

 

6,835

8,633

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

2,531

2,298

Trade creditors

264

927

Taxation and social security

3,055

5,255

Other creditors

1,082

1,012

6,932

9,492

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

14,623

17,386

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,531

2,298

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

14,623

17,386