Registration number:
Bill Brandt Archive Limited
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Bill Brandt Archive Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Bill Brandt Archive Limited
Company Information
Directors |
J-P D Kernot G Sarson C Luard |
Company secretary |
J-P D Kernot |
Registered office |
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Accountants |
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Bill Brandt Archive Limited
Statement of Financial Position as at 31 December 2023
Note |
2023 |
2022 |
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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 assets |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Retained earnings |
63,421 |
68,030 |
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Shareholders' funds |
64,421 |
69,030 |
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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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J-P D Kernot
Director
Company registration number: 03229662
Bill Brandt Archive Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the promotion and licensing of the copyrights of the photographic work of Bill Brandt.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention and are presented in sterling, which is the functional currency of the entity.
Going concern
The company made a loss for the year ended 31 December 2023 but had net assets amounting to £64,421 at that date. The directors have considered the potential effect of the current economic climate. The nature of the company's business is straightforward with few fixed overheads and the directors are able to exercise control over the company's expenditure when required.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors continue to adopt the going concern basis in preparing the financial statements. If the going concern basis were not appropriate, no additional liabilities would arise and no write down on the carrying value of assets would be required.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of licensed copyright images in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Revenue from catalogue sales is recognised when the item is despatched. Revenue from licensing is recognised when the licence is granted.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge 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.
Bill Brandt Archive Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Intangible assets
Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Electronic Archive Storage |
5 year straight line |
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Staff numbers |
The average number of persons employed by the company during the year, was
Bill Brandt Archive Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Stocks |
2023 |
2022 |
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Stock for resale |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Related party transactions |
At 31 December 2023 an amount of £Nil (2022: £14,369) was due to the company from a director. During the year advances of £7,900 and repayments of £22,269 were made. Interest of £225 (2022: £45) has been charged on overdrawn balances at rates of 2% and 2.25% per annum. There are no set terms in place.