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Company registration number: SC275864
Michael Macgregor Photography Ltd
Trading as Michael Macgregor Photography Limit
Unaudited filleted financial statements
31 January 2024
Michael Macgregor Photography Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Michael Macgregor Photography Ltd
Directors and other information
Directors Mr Michael Macgregor
Mrs Karen Macgregor
Secretary Mrs K Macgregor
Company number SC275864
Registered office Port an Aiseig
Glenborrodale
Acharacle
Argyll
PH36 4JP
Business address Port an Aiseig
Glenborrodale
Acharacle
Argyll
PH36 4JP
Accountants Simmers & Co
Albany Chambers
Albany Street
Oban
Argyll
PA34 4AL
Michael Macgregor Photography Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Michael Macgregor Photography Ltd
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Michael Macgregor Photography Ltd for the year ended 31 January 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Michael Macgregor Photography Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Michael Macgregor Photography Ltd and state those matters that we have agreed to state to the board of directors of Michael Macgregor Photography Ltd as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Michael Macgregor Photography Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Michael Macgregor Photography Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Michael Macgregor Photography Ltd. You consider that Michael Macgregor Photography Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Michael Macgregor Photography Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Simmers & Co
Chartered Accountants
Albany Chambers
Albany Street
Oban
Argyll
PA34 4AL
9 September 2024
Michael Macgregor Photography Ltd
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 800 800
Tangible assets 6 110,660 109,555
_______ _______
111,460 110,355
Current assets
Stocks 21,463 29,347
Debtors 7 23,992 24,088
Cash at bank and in hand 10,069 15,208
_______ _______
55,524 68,643
Creditors: amounts falling due
within one year 8 ( 310,481) ( 163,108)
_______ _______
Net current liabilities ( 254,957) ( 94,465)
_______ _______
Total assets less current liabilities ( 143,497) 15,890
Provisions for liabilities ( 2,585) ( 2,585)
_______ _______
Net (liabilities)/assets ( 146,082) 13,305
_______ _______
Capital and reserves
Called up share capital 9 2 2
Profit and loss account ( 146,084) 13,303
_______ _______
Shareholders (deficit)/funds ( 146,082) 13,305
_______ _______
For the year ending 31 January 2024 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 September 2024 , and are signed on behalf of the board by:
Mr Michael Macgregor
Director
Company registration number: SC275864
Michael Macgregor Photography Ltd
Statement of changes in equity
Year ended 31 January 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 February 2022 2 98,190 98,192
Loss for the year ( 84,887) ( 84,887)
_______ _______ _______
Total comprehensive income for the year - ( 84,887) ( 84,887)
_______ _______ _______
At 31 January 2023 and 1 February 2023 2 13,303 13,305
Loss for the year ( 159,387) ( 159,387)
_______ _______ _______
Total comprehensive income for the year - ( 159,387) ( 159,387)
_______ _______ _______
At 31 January 2024 2 ( 146,084) ( 146,082)
_______ _______ _______
Michael Macgregor Photography Ltd
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Michael Macgregor Photography Ltd, Port an Aiseig, Glenborrodale, Acharacle, Argyll, PH36 4JP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, 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:
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 February 2023 and 31 January 2024 55,000 800 55,800
_______ _______ _______
Amortisation
At 1 February 2023 and 31 January 2024 55,000 - 55,000
_______ _______ _______
Carrying amount
At 31 January 2024 - 800 800
_______ _______ _______
At 31 January 2023 - 800 800
_______ _______ _______
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Farm Total
£ £ £ £ £ £
Cost
At 1 February 2023 75,226 40,537 24,985 48,945 39,011 228,704
Additions - - 6,739 15,500 - 22,239
Disposals - ( 444) ( 11,017) ( 14,950) - ( 26,411)
_______ _______ _______ _______ _______ _______
At 31 January 2024 75,226 40,093 20,707 49,495 39,011 224,532
_______ _______ _______ _______ _______ _______
Depreciation
At 1 February 2023 - 38,203 23,164 21,414 36,368 119,149
Charge for the year - 575 1,920 8,656 661 11,812
Disposals - ( 411) ( 10,137) ( 6,541) - ( 17,089)
_______ _______ _______ _______ _______ _______
At 31 January 2024 - 38,367 14,947 23,529 37,029 113,872
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 January 2024 75,226 1,726 5,760 25,966 1,982 110,660
_______ _______ _______ _______ _______ _______
At 31 January 2023 75,226 2,334 1,821 27,531 2,643 109,555
_______ _______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 13,741 13,181
Other debtors 10,251 10,907
_______ _______
23,992 24,088
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 504 1,170
Trade creditors 2,712 14,933
Social security and other taxes 4,032 2,769
Other creditors 303,233 144,236
_______ _______
310,481 163,108
_______ _______
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______
10. Controlling party
The company is controlled by its directors.