Registration number:
Celebrity Ink Autographs Limited
for the Year Ended 31 December 2023
Celebrity Ink Autographs Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Celebrity Ink Autographs Limited
Company Information
Directors |
SJ Finn DL Finn J V Joiner |
Registered office |
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Accountants |
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Celebrity Ink Autographs Limited
(Registration number: 08818645)
Balance Sheet as at 31 December 2023
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Fixed assets |
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Intangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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.
Directors' responsibilities:
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The directors acknowledge their 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.
Celebrity Ink Autographs Limited
(Registration number: 08818645)
Balance Sheet as at 31 December 2023 (continued)
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 directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Celebrity Ink Autographs Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
Celebrity Ink Autographs Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08818645 and registered office address is as follows:
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.
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 are prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company’s ability to continue as a going concern.
Celebrity Ink Autographs Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
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Accounting policies (continued) |
Judgements
No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements. |
No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company does not retain continuing managerial involvement to the degree associated with ownership;
- the Company does not retain effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transasction can be measured reliably
Finance income and costs policy
Interest income is recognised in the profit and loss account using the effective interest method.
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tax
The tax expense for the period comprises current 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.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Celebrity Ink Autographs Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
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Accounting policies (continued) |
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.
Stocks
Stocks are stated at the lower of cost and net realisable value, being estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on each autographed item basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision in the Balance sheet.
Celebrity Ink Autographs Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
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Accounting policies (continued) |
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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Stocks |
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Other inventories |
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Debtors |
Current |
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2022 |
Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Celebrity Ink Autographs Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Share capital |
Allotted, called up and fully paid shares
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2022 |
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No. |
£ |
No. |
£ |
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4 |
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4 |
Related party transactions |
Transactions with directors |
D L Finn and S J Finn operate a partnership Incognito Comics. The Company paid shipping expenses amounting to £ Nil (2022: £ 108), for stock purchases of £1,781 (2022: £703) and £54 (2022: £ Nil) computer costs to Incognito Comics during the year. No amounts were outstanding at the year end.
J Joiner owns a company Showmasters Limited. During the year the Company paid for stock purchases to Showmasters Limited £ Nil (2022: stock purchases of £Nil). No amounts were outstanding at the year end.