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Registration number: 09053651

SAS Photos Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

SAS Photos Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

SAS Photos Limited

(Registration number: 09053651)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

78,211

86,501

Current assets

 

Stocks

73,196

61,503

Debtors

5

7,262

8,365

Cash at bank and in hand

 

118,970

191,098

 

199,428

260,966

Creditors: Amounts falling due within one year

6

(158,000)

(178,103)

Net current assets

 

41,428

82,863

Total assets less current liabilities

 

119,639

169,364

Creditors: Amounts falling due after more than one year

6

(14,218)

(24,167)

Provisions for liabilities

(19,553)

(21,533)

Net assets

 

85,868

123,664

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

85,866

123,662

Shareholders' funds

 

85,868

123,664

 

SAS Photos Limited

(Registration number: 09053651)
Statement of Financial Position as at 31 December 2023 (continued)

For the financial year ending 31 December 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 Statement of Comprehensive Income.

Approved and authorised by the director on 16 April 2024
 


Mr Simon Wroe
Director

 

SAS Photos Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Plym House
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is that of a photography printing shop.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

SAS Photos Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

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.

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.

 

SAS Photos Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position 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 and machinery

15% reducing balance

Fitting fixtures and equipment

15% reducing balance

Computer equipment

15-20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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 statement of comprehensive income 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

Rentals payable under operating leases, including any lease incentives received, are charged to profit
or loss on a straight line basis over the term of the relevant lease except where another more
systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

 

SAS Photos Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2022 - 9).

 

SAS Photos Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Fixtures, fittings and equipment
£

Plant and machinery
£

Computer equipment
£

Total
£

Cost or valuation

At 1 January 2023

18,548

78,286

143,264

240,098

Additions

1,005

1,190

5,399

7,594

At 31 December 2023

19,553

79,476

148,663

247,692

Depreciation

At 1 January 2023

10,956

40,398

102,243

153,597

Charge for the year

1,338

5,711

8,835

15,884

At 31 December 2023

12,294

46,109

111,078

169,481

Carrying amount

At 31 December 2023

7,259

33,367

37,585

78,211

At 31 December 2022

7,592

37,888

41,021

86,501

5

Debtors

2023
£

2022
£

Prepayments

7,262

8,365

7,262

8,365

 

SAS Photos Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

10,000

10,000

Trade creditors

 

42,151

28,711

Taxation and social security

 

23,543

39,435

Accruals and deferred income

 

9,904

6,377

Other creditors

 

72,402

93,580

 

158,000

178,103

The bounce back loan is secured by a government guarantee.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

14,218

24,167

The bounce back loan is secured by a government guarantee.

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

14,218

24,167

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

SAS Photos Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

50,000

50,000

50,000

50,000