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Registration number: 06034095

Pictures Inc Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

Pictures Inc Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 5

 

Pictures Inc Limited

Company Information

Director

P C Martin

Registered office

47 Elderdene
Chinnor
Oxfordshire
OX39 4EJ

Bankers

Santander UK PLC

Accountants

Ross + Partners
Chartered Certified Accountants
Suite 1B1 Argyle House
Northside
Joel Street
Northwood Hills
HA6 1NW

 

Pictures Inc Limited

(Registration number: 06034095)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

402

558

Current assets

 

Stocks

14

14

Debtors

177

161

Cash at bank and in hand

 

441

31

 

632

206

Creditors: Amounts falling due within one year

(6,327)

(9,056)

Net current liabilities

 

(5,695)

(8,850)

Total assets less current liabilities

 

(5,293)

(8,292)

Creditors: Amounts falling due after more than one year

(3,360)

(4,853)

Net liabilities

 

(8,653)

(13,145)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(8,654)

(13,146)

Shareholders' deficit

 

(8,653)

(13,145)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Pictures Inc Limited

(Registration number: 06034095)
Abridged Balance Sheet as at 31 March 2024

Approved and authorised by the director on 13 November 2024
 

.........................................
P C Martin
Director

   
     
 

Pictures Inc Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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 abridged 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 abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Photographic equipment

20% straight line

Website

33% staright line

 

Pictures Inc Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

3

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

37,050

996

38,046

At 31 March 2024

37,050

996

38,046

Depreciation

At 1 April 2023

36,492

996

37,488

Charge for the year

156

-

156

At 31 March 2024

36,648

996

37,644

Carrying amount

At 31 March 2024

402

-

402

At 31 March 2023

558

-

558

4

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1