Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2022-10-01falseNo description of principal activity75falsetrue 04704520 2022-10-01 2023-09-30 04704520 2021-10-01 2022-09-30 04704520 2023-09-30 04704520 2022-09-30 04704520 c:Director1 2022-10-01 2023-09-30 04704520 d:FurnitureFittings 2022-10-01 2023-09-30 04704520 d:FurnitureFittings 2023-09-30 04704520 d:FurnitureFittings 2022-09-30 04704520 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 04704520 d:Goodwill 2022-10-01 2023-09-30 04704520 d:Goodwill 2023-09-30 04704520 d:Goodwill 2022-09-30 04704520 d:CurrentFinancialInstruments 2023-09-30 04704520 d:CurrentFinancialInstruments 2022-09-30 04704520 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 04704520 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 04704520 d:ShareCapital 2023-09-30 04704520 d:ShareCapital 2022-09-30 04704520 d:RetainedEarningsAccumulatedLosses 2023-09-30 04704520 d:RetainedEarningsAccumulatedLosses 2022-09-30 04704520 c:FRS102 2022-10-01 2023-09-30 04704520 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 04704520 c:FullAccounts 2022-10-01 2023-09-30 04704520 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 04704520 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 04704520 d:AcceleratedTaxDepreciationDeferredTax 2022-09-30 04704520 d:Goodwill d:OwnedIntangibleAssets 2022-10-01 2023-09-30 04704520 e:PoundSterling 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Registered number: 04704520









TIM FLACH PHOTOGRAPHY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
TIM FLACH PHOTOGRAPHY LIMITED
REGISTERED NUMBER: 04704520

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
8,250

Tangible assets
 5 
40,469
43,530

  
40,469
51,780

Current assets
  

Stocks
  
11,896
11,646

Debtors: amounts falling due within one year
 6 
28,864
38,215

Cash at bank and in hand
 7 
446,368
603,384

  
487,128
653,245

Creditors: amounts falling due within one year
 8 
(38,042)
(110,909)

Net current assets
  
 
 
449,086
 
 
542,336

Total assets less current liabilities
  
489,555
594,116

Provisions for liabilities
  

Deferred tax
 9 
(6,838)
(7,233)

  
 
 
(6,838)
 
 
(7,233)

Net assets
  
482,717
586,883


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
482,617
586,783

  
482,717
586,883


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
 
Page 1

 
TIM FLACH PHOTOGRAPHY LIMITED
REGISTERED NUMBER: 04704520
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023


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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T I Flach
Director

Date: 11 April 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
TIM FLACH PHOTOGRAPHY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Tim Flach Photography Limited is a private company, limited by shares, registered in England and Wales. The registered office is 58 Great Eastern Street, London, EC2A 3QR.
The principal activity during the year continued to be that of photography.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. 

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 3

 
TIM FLACH PHOTOGRAPHY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.


All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
20
years

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Work in progress on commissioned work is stated at cost of materials and labour as well as attributable overheads to the extent that the commissioned revenues exceed the final expected cost.  Losses are recognised when they are identified and charged to the profit and loss account.  Work in progress on other projects included speculative works, is stated at cost of materials and labour with attributable overhead, to the extent that the aniticipated revenues from the project will, in the judgement of the director, exceed the cost.

Page 4

 
TIM FLACH PHOTOGRAPHY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

  
2.8

Foreign currenct translation

Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of income and retained earnings within 'other operating income'.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

2023
2022
£
£

Wages and salaries
50,914
44,628

Social security costs
403
355

Cost of defined contribution scheme
80,688
506

132,005
45,489


The average monthly number of employees, including directors, during the year was 7 (2022 - 5).

Page 5

 
TIM FLACH PHOTOGRAPHY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 October 2022
165,000



At 30 September 2023

165,000



Amortisation


At 1 October 2022
156,750


Charge for the year on owned assets
8,250



At 30 September 2023

165,000



Net book value



At 30 September 2023
-



At 30 September 2022
8,250



Page 6

 
TIM FLACH PHOTOGRAPHY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 October 2022
352,362


Additions
9,129



At 30 September 2023

361,491



Depreciation


At 1 October 2022
308,832


Charge for the year on owned assets
12,190



At 30 September 2023

321,022



Net book value



At 30 September 2023
40,469



At 30 September 2022
43,530


6.


Debtors

2023
2022
£
£


Trade debtors
20,914
26,211

Other debtors
4,779
8,947

Prepayments and accrued income
3,171
3,057

28,864
38,215



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
446,368
603,384

446,368
603,384


Page 7

 
TIM FLACH PHOTOGRAPHY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
436
2,753

Corporation tax
-
70

Other taxation and social security
143
-

Other creditors
30,263
93,924

Accruals and deferred income
7,200
14,162

38,042
110,909



9.


Deferred taxation




2023


£






At beginning of year
(7,233)


Charged to profit or loss
395



At end of year
(6,838)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(6,838)
(7,233)

(6,838)
(7,233)


10.


Related party transactions

During the year, the company paid rent of £60,000 (2022: £54,850) to Mr T I Flach, a director of the company.

 
Page 8