2023-05-112024-05-312024-05-31false14863664JESSICA LILY PHOTOGRAPHY 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JESSICA LILY PHOTOGRAPHY LTD

Registered Number
14863664
(England and Wales)

Unaudited Financial Statements for the Period ended
31 May 2024

JESSICA LILY PHOTOGRAPHY LTD
Company Information
for the period from 11 May 2023 to 31 May 2024

Director

DAVIES, Jessica

Registered Address

11 Grove Road
Ash Vale
Aldershot
GU12 5BD

Registered Number

14863664 (England and Wales)
JESSICA LILY PHOTOGRAPHY LTD
Statement of Financial Position
31 May 2024

Notes

2024

£

£

ASSETS
Fixed assets
Tangible assets310,650
10,650
Current assets
Cash at bank and in hand69,947
69,947
69,947
80,597
CAPITAL, RESERVES AND LIABILITIES
Capital and reserves
Called up share capital1
Profit and loss account24,674
24,675
Liabilities
Creditors amounts falling due within one year455,922
80,597
The financial statements were approved and authorised for issue by the Director on 25 November 2024, and are signed on its behalf by:
DAVIES, Jessica
Director
Registered Company No. 14863664
JESSICA LILY PHOTOGRAPHY LTD
Notes to the Financial Statements
for the period ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery3
Fixtures and fittings3
Office Equipment3
2.Average number of employees

2024
Average number of employees during the year1
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
Additions14,5942,58017,174
Disposals(1,199)-(1,199)
At 31 May 2413,3952,58015,975
Depreciation and impairment
Charge for year4,4658605,325
At 31 May 244,4658605,325
Net book value
At 31 May 248,9301,72010,650
At 10 May 23---
Assets were transferred from Sole Trader business to the Limited company on incorporation
4.Creditors: amounts due within one year

2024

£
Trade creditors / trade payables251
Taxation and social security15,617
Other creditors40,054
Total55,922