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REGISTERED NUMBER: SC245698 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Elite Photographics Ltd.

Elite Photographics Ltd. (Registered number: SC245698)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Elite Photographics Ltd.

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr G Buchan





REGISTERED OFFICE: 27 Finlayson Street
Fraserburgh
Aberdeenshire
AB43 9JQ





REGISTERED NUMBER: SC245698 (Scotland)





ACCOUNTANTS: SBP
Accountants
2 Cross Street
Fraserburgh
Aberdeenshire
AB43 9EQ

Elite Photographics Ltd. (Registered number: SC245698)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 111,791 112,881
111,791 112,881

CURRENT ASSETS
Stocks 3,026 3,047
Debtors 6 405 381
Cash in hand 40 40
3,471 3,468
CREDITORS
Amounts falling due within one year 7 52,272 48,519
NET CURRENT LIABILITIES (48,801 ) (45,051 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

62,990

67,830

CREDITORS
Amounts falling due after more than one
year

8

(3,067

)

(4,667

)

PROVISIONS FOR LIABILITIES (945 ) (1,035 )
NET ASSETS 58,978 62,128

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 57,978 61,128
SHAREHOLDERS' FUNDS 58,978 62,128

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Elite Photographics Ltd. (Registered number: SC245698)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 September 2024 and were signed by:





Mr G Buchan - Director


Elite Photographics Ltd. (Registered number: SC245698)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Elite Photographics Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The director, having made due and careful enquiry, is of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements. The director will not seek to draw his loan balance unless he is satisfied that adequate resources will be available to meet all other creditors as they fall due.

Turnover
Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Goodwill
The Goodwill has been fully written off and no amortisation was required in the current financial year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Elite Photographics Ltd. (Registered number: SC245698)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 20,000
AMORTISATION
At 1 January 2023
and 31 December 2023 20,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Elite Photographics Ltd. (Registered number: SC245698)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 107,433 35,055 7,724 150,212
Additions - 480 - 480
Disposals - (3,669 ) - (3,669 )
At 31 December 2023 107,433 31,866 7,724 147,023
DEPRECIATION
At 1 January 2023 - 29,639 7,692 37,331
Charge for year - 1,453 32 1,485
Eliminated on disposal - (3,584 ) - (3,584 )
At 31 December 2023 - 27,508 7,724 35,232
NET BOOK VALUE
At 31 December 2023 107,433 4,358 - 111,791
At 31 December 2022 107,433 5,416 32 112,881

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 405 381

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 1,758 1,665
Trade creditors 4,019 2,184
Tax - 2,075
Social security and other taxes - 29
Other creditors 9,644 8,250
Directors' current accounts 35,349 32,714
Accrued expenses 1,502 1,602
52,272 48,519

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 1,600 1,600
Bank loans - 2-5 years 1,467 3,067
3,067 4,667

Elite Photographics Ltd. (Registered number: SC245698)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. RELATED PARTY DISCLOSURES

The director operates a current account with the company and as at 31 December 2023 the balance owing to him was £33,387 (2022 - £32,714). Whilst the loan balance is considered short term, there are no fixed terms of repayment and no interest is accrued.

10. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr G.Buchan and Mrs D.Buchan.