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REGISTERED NUMBER: SC243518















COLIN BAXTER (PHOTOGRAPHY) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






COLIN BAXTER (PHOTOGRAPHY) LIMITED (REGISTERED NUMBER: SC243518)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


COLIN BAXTER (PHOTOGRAPHY) LIMITED (REGISTERED NUMBER: SC243518)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,067 5,642

CURRENT ASSETS
Debtors 5 33,922 33,005
Cash at bank 7,516 21,591
41,438 54,596
CREDITORS
Amounts falling due within one year 6 59,420 59,548
NET CURRENT LIABILITIES (17,982 ) (4,952 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(13,915

)

690

CREDITORS
Amounts falling due after more than one
year

7

(18,558

)

(26,248

)

PROVISIONS FOR LIABILITIES (773 ) (1,072 )
NET LIABILITIES (33,246 ) (26,630 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (33,346 ) (26,730 )
SHAREHOLDERS' FUNDS (33,246 ) (26,630 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

COLIN BAXTER (PHOTOGRAPHY) LIMITED (REGISTERED NUMBER: SC243518)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2024 and were signed on its behalf by:





C H Baxter - Director


COLIN BAXTER (PHOTOGRAPHY) LIMITED (REGISTERED NUMBER: SC243518)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Colin Baxter (Photography) Limited, is a private company, limited by shares, registered in Scotland. The company's registered office is Caledonia House, 89 Seaward Street, Glasgow, Scotland, G41 1HJ.

The presentation currency of the financial statements is Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis which assumes the company will have adequate resources to fund its future operations and obligations. The company's ability to continue to trade is dependent on the continuing support of the company's directors. The directors have confirmed that they will continue to support the company for the foreseeable future and the directors consider it appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover represents the invoice value of goods sold and services rendered during the year, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods and services have been passed to the buyer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.

COLIN BAXTER (PHOTOGRAPHY) LIMITED (REGISTERED NUMBER: SC243518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from banks and other third parties and loans to and from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in the profit and loss account.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

COLIN BAXTER (PHOTOGRAPHY) LIMITED (REGISTERED NUMBER: SC243518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 24,803
Additions 978
Disposals (6,839 )
At 31 December 2023 18,942
DEPRECIATION
At 1 January 2023 19,161
Charge for year 1,355
Eliminated on disposal (5,641 )
At 31 December 2023 14,875
NET BOOK VALUE
At 31 December 2023 4,067
At 31 December 2022 5,642

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 33,922 33,005

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 7,680 7,680
Other creditors 51,740 51,868
59,420 59,548

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 18,558 26,248

COLIN BAXTER (PHOTOGRAPHY) LIMITED (REGISTERED NUMBER: SC243518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. TRANSACTIONS WITH DIRECTORS

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
C H Baxter and Mrs R Baxter
Balance outstanding at start of year 32,761 17,470
Amounts advanced 1,161 52,979
Amounts repaid - (37,688 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 33,922 32,761

This loan will be repaid within 9 months of the year end. Interest of £660 has been charged at the official rate (2022: £843).


At the balance sheet date the company owed £50,000 to a company in which the directors are also directors and shareholders.No interest has been charged on this balance (2022: £nil).

These loans are unsecured and any repayment terms are stated above.