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Registration number: 06004704

Take That Photo Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Take That Photo Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Take That Photo Ltd

Company Information

Director

Mr D C C Kitchin

Company secretary

Mr D C C Kitchin

Registered office

The Bristol Office
5 High Street
Westbury-on-Trym
Bristol
BS9 3BY

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Take That Photo Ltd

(Registration number: 06004704)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

92,208

70,795

Current assets

 

Stocks

6

400

400

Debtors

7

14,990

12,482

Cash at bank and in hand

 

119,596

107,890

 

134,986

120,772

Creditors: Amounts falling due within one year

8

(121,150)

(129,947)

Net current assets/(liabilities)

 

13,836

(9,175)

Total assets less current liabilities

 

106,044

61,620

Creditors: Amounts falling due after more than one year

8

(55,658)

(36,300)

Provisions for liabilities

(25,761)

(13,451)

Net assets

 

24,625

11,869

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

23,625

10,869

Shareholders' funds

 

24,625

11,869

For the financial year ending 30 June 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.

 

Take That Photo Ltd

(Registration number: 06004704)
Balance Sheet as at 30 June 2023

Approved and authorised by the director on 13 March 2024
 

.........................................
Mr D C C Kitchin
Company secretary and director

   
 

Take That Photo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
The Bristol Office
5 High Street
Westbury-on-Trym
Bristol
BS9 3BY
United Kingdom

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.

 

Take That Photo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tax

The tax expense for the period comprises current and deferred 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.

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.

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.

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

Plant & Machinery

20% Reducing Balance

Furniture & Fittings

20% Reducing Balance

Motor Vehicles

25% Reducing Balance

Intangible assets

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:

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.

Trade 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.

 

Take That Photo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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.

Trade 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.

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Take That Photo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

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 5 (2022 - 5).

 

Take That Photo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 July 2022

10,000

10,000

At 30 June 2023

10,000

10,000

Amortisation

At 1 July 2022

10,000

10,000

At 30 June 2023

10,000

10,000

Carrying amount

At 30 June 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

117,129

85,566

202,695

Additions

1,298

50,033

51,331

Transfer

-

(6,480)

(6,480)

At 30 June 2023

118,427

129,119

247,546

Depreciation

At 1 July 2022

98,884

33,016

131,900

Charge for the year

3,908

19,530

23,438

At 30 June 2023

102,792

52,546

155,338

Carrying amount

At 30 June 2023

15,635

76,573

92,208

At 30 June 2022

18,245

52,550

70,795

6

Stocks

2023
£

2022
£

Other inventories

400

400

 

Take That Photo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

5,872

3,364

Prepayments

1,118

1,118

Other debtors

8,000

8,000

 

14,990

12,482

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

55,321

59,856

Trade creditors

 

32,122

21,990

Amounts owed to related parties

324

9,225

Taxation and social security

 

22,741

18,033

Other creditors

 

10,642

20,843

 

121,150

129,947

Due after one year

 

Loans and borrowings

9

55,658

36,300

 

Take That Photo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

31,640

47,666

Hire purchase contracts

23,681

12,190

55,321

59,856

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

55,658

36,300