Company Registration No. 04863549 (England and Wales)
CAMBRIAN PHOTOGRAPHY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
CAMBRIAN PHOTOGRAPHY LIMITED
COMPANY INFORMATION
Director
Mrs S. A. Jones
Company number
04863549
Registered office
87-89 Abergele Road
Colwyn Bay
Conwy
LL29 7SA
Accountants
Gareth Hughes & Company Limited
The Round House
Glan-y-Mor Road
Llandudno Junction
Conwy
LL31 9SN
CAMBRIAN PHOTOGRAPHY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CAMBRIAN PHOTOGRAPHY LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,915
12,872
Current assets
Stocks
355,716
410,114
Debtors
4
96,542
29,470
Cash at bank and in hand
27,075
58,626
479,333
498,210
Creditors: amounts falling due within one year
5
(92,844)
(123,112)
Net current assets
386,489
375,098
Total assets less current liabilities
406,404
387,970
Creditors: amounts falling due after more than one year
6
(28,124)
(37,882)
Provisions for liabilities
7
(2,426)
(721)
Net assets
375,854
349,367
Capital and reserves
Called up share capital
8
10
10
Capital redemption reserve
9
90
90
Profit and loss reserves
375,754
349,267
Total equity
375,854
349,367
CAMBRIAN PHOTOGRAPHY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023
31 August 2023
- 2 -
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 3 August 2024
Mrs S. A. Jones
Director
Company registration number 04863549 (England and Wales)
CAMBRIAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information
Cambrian Photography Limited is a private company limited by shares incorporated in England and Wales. The registered office is 87-89 Abergele Road, Colwyn Bay, Conwy, LL29 7SA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
25 years straight line
Fixtures, fittings & equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stock is valued at the lower of cost and net realisable value.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CAMBRIAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
7
CAMBRIAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2022
22,569
97,870
120,439
Additions
12,202
12,202
At 31 August 2023
22,569
110,072
132,641
Depreciation and impairment
At 1 September 2022
14,521
93,046
107,567
Depreciation charged in the year
903
4,256
5,159
At 31 August 2023
15,424
97,302
112,726
Carrying amount
At 31 August 2023
7,145
12,770
19,915
At 31 August 2022
8,048
4,824
12,872
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
16,218
12,513
Other debtors
80,324
16,957
96,542
29,470
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
18,483
Trade creditors
28,171
62,341
Taxation and social security
9,440
33,517
Other creditors
36,750
27,254
92,844
123,112
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
28,124
37,882
CAMBRIAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
2,426
721
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10
9
Capital redemption reserve
2023
2022
£
£
At beginning and end of year
90
90
10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Overdrawn Directors' Loan Account
2.00
(404)
17,350
83
(2,311)
14,718
(404)
17,350
83
(2,311)
14,718