Company Registration No. 07962725 (England and Wales)
CHRISTOPHER FLOYD
PHOTOGRAPHY LTD
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
CHRISTOPHER FLOYD PHOTOGRAPHY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CHRISTOPHER FLOYD PHOTOGRAPHY LTD
Company Registration No. 07962725
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
25,309
29,391
Current assets
Debtors
4
25,284
72,804
Cash at bank and in hand
79,433
73,456
104,717
146,260
Creditors: amounts falling due within one year
5
(44,668)
(59,025)
Net current assets
60,049
87,235
Total assets less current liabilities
85,358
116,626
Creditors: amounts falling due after more than one year
6
(7,000)
(13,000)
Net assets
78,358
103,626
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
78,357
103,625
Total equity
78,358
103,626

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

CHRISTOPHER FLOYD PHOTOGRAPHY LTD
Company Registration No. 07962725
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 24 September 2024
C Floyd
Director
CHRISTOPHER FLOYD PHOTOGRAPHY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Christopher Floyd Photography Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.

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. The principal accounting policies adopted are set out below.

The director is confident that the company has adequate resources to continue in operational existence for the foreseeable future and meet its financial obligations. Therefore he continues to adopt the going concern basis of accounting in preparing the annual financial statements.

1.2
Turnover

Turnover represents amounts receivable for photography services supplied during the year exclusive of VAT and trade discounts. Any amounts uninvoiced at the balance sheet date are recognised as accrued income within other debtors.

 

Income is recognised in the period in which the service was supplied.

 

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:

Equipment
25% straight line

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
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CHRISTOPHER FLOYD PHOTOGRAPHY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
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.

CHRISTOPHER FLOYD PHOTOGRAPHY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
107,554
Additions
9,185
At 31 March 2024
116,739
Depreciation and impairment
At 1 April 2023
78,163
Depreciation charged in the year
13,267
At 31 March 2024
91,430
Carrying amount
At 31 March 2024
25,309
At 31 March 2023
29,391
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
21,384
29,955
Other debtors
3,900
42,849
25,284
72,804
CHRISTOPHER FLOYD PHOTOGRAPHY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,000
6,000
Trade creditors
12,584
4,758
Taxation and social security
20,540
25,728
Other creditors
5,544
22,539
44,668
59,025

Included in creditors due within one year is an unsecured bounce back loan of £6,000 (2022 - £6,000).

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,000
13,000

Included in creditors falling due after more than one year is an unsecured bounce back loan of £7,000 (2023 - £13,000).

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
-
0
-
0
9
Directors' benefits: advances, credits and guarantees

At the beginning of the year the company owed the director, £39,442. During the year, advances have been made to the director totalling £141,439 with an advances in excess of £10,000. Repayments have been made by the director totalling £182,389 with four repayment in excess of £10,000. Interest of £1,601 has been calculated at the official rate of 2.25%. At the balance sheet date the director owed the company £93. The loan will be repaid within 9 months after the balance sheet date.

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