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COMPANY REGISTRATION NUMBER: 05348375
Paul Burns Photography Limited
Filleted Unaudited Financial Statements
31 December 2023
Paul Burns Photography Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Paul Burns Photography Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Paul Burns Photography Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Paul Burns Photography Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants
2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU
23 September 2024
Paul Burns Photography Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
8,000
16,000
Tangible assets
6
2,446
11,851
--------
--------
10,446
27,851
Current assets
Debtors
7
2,225
2,831
Investments
8
31,092
26,070
Cash at bank and in hand
97,248
94,830
---------
---------
130,565
123,731
Creditors: amounts falling due within one year
9
106,142
74,881
---------
---------
Net current assets
24,423
48,850
--------
--------
Total assets less current liabilities
34,869
76,701
Creditors: amounts falling due after more than one year
10
34,722
40,278
--------
--------
Net assets
147
36,423
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
47
36,323
----
--------
Shareholders funds
147
36,423
----
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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:
- 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Paul Burns Photography Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
Mr P. Burns
Mrs S. L. Burns
Director
Director
Company registration number: 05348375
Paul Burns Photography Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Abbey Cloisters, East Street, Banwell, BS29 6BW, North Somerset.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
160,000
---------
Amortisation
At 1 January 2023
144,000
Charge for the year
8,000
---------
At 31 December 2023
152,000
---------
Carrying amount
At 31 December 2023
8,000
---------
At 31 December 2022
16,000
---------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 January 2023
20,605
20,605
Additions
1,315
1,315
Disposals
( 16,380)
( 16,380)
--------
--------
At 31 December 2023
5,540
5,540
--------
--------
Depreciation
At 1 January 2023
8,754
8,754
Charge for the year
1,223
1,223
Disposals
( 6,883)
( 6,883)
--------
--------
At 31 December 2023
3,094
3,094
--------
--------
Carrying amount
At 31 December 2023
2,446
2,446
--------
--------
At 31 December 2022
11,851
11,851
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
350
Other debtors
2,225
2,481
-------
-------
2,225
2,831
-------
-------
8. Investments
2023
2022
£
£
Other investments
31,092
26,070
--------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,556
5,556
Other creditors
100,586
69,325
---------
--------
106,142
74,881
---------
--------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,722
40,278
--------
--------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P. Burns
( 31,614)
( 17,721)
( 49,335)
Mrs S. L. Burns
( 31,615)
( 17,721)
( 49,336)
--------
--------
--------
( 63,229)
( 35,442)
( 98,671)
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P. Burns
( 20,372)
( 11,242)
( 31,614)
Mrs S. L. Burns
( 20,372)
( 11,243)
( 31,615)
--------
--------
--------
( 40,744)
( 22,485)
( 63,229)
--------
--------
--------