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REGISTERED NUMBER: SC216121 (Scotland)















Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Philip Stewart Photographics Ltd.

Philip Stewart Photographics Ltd. (Registered number: SC216121)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Philip Stewart Photographics Ltd.

Company Information
for the Year Ended 30 April 2024







DIRECTOR: Mr P M Stewart





REGISTERED OFFICE: The Studio
Blackhills
Lonmay
Fraserburgh
AB43 8XE





REGISTERED NUMBER: SC216121 (Scotland)





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

Philip Stewart Photographics Ltd. (Registered number: SC216121)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 6,438 11,401
6,438 11,401

CURRENT ASSETS
Stocks 2,000 1,000
Debtors 6 2,385 4,130
Cash at bank and in hand 31,005 38,531
35,390 43,661
CREDITORS
Amounts falling due within one year 7 3,243 4,990
NET CURRENT ASSETS 32,147 38,671
TOTAL ASSETS LESS CURRENT
LIABILITIES

38,585

50,072

PROVISIONS FOR LIABILITIES 644 1,478
NET ASSETS 37,941 48,594

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 36,941 47,594
SHAREHOLDERS' FUNDS 37,941 48,594

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 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.

Philip Stewart Photographics Ltd. (Registered number: SC216121)

Balance Sheet - continued
30 April 2024


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 29 January 2025 and were signed by:





Mr P M Stewart - Director


Philip Stewart Photographics Ltd. (Registered number: SC216121)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Philip Stewart 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.

Turnover
Turnover represents the amounts (excluding value added tax) derived from the provision of services to customers. Revenue is recognised at the point services are provided.

Intangible assets
Intangible assets comprise a cherished registration plate which was recategorised from motor vehicle assets. Such assets are amortised over a 10 year period on a straight line basis. As at 30 April 2022, the asset held has been fully written off.

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 - 20% on reducing balance
Cameras and equipment - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.

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.

Philip Stewart Photographics Ltd. (Registered number: SC216121)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

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 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 May 2023
and 30 April 2024 6,208
AMORTISATION
At 1 May 2023
and 30 April 2024 6,208
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

5. TANGIBLE FIXED ASSETS
Cameras
Plant and and Motor Computer
machinery equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 34,397 131,481 15,793 4,543 186,214
Additions 125 - - 518 643
Disposals - (82,718 ) (7,645 ) - (90,363 )
At 30 April 2024 34,522 48,763 8,148 5,061 96,494
DEPRECIATION
At 1 May 2023 32,086 125,470 14,947 2,310 174,813
Charge for year 487 759 183 1,638 3,067
Eliminated on disposal - (80,296 ) (7,528 ) - (87,824 )
At 30 April 2024 32,573 45,933 7,602 3,948 90,056
NET BOOK VALUE
At 30 April 2024 1,949 2,830 546 1,113 6,438
At 30 April 2023 2,311 6,011 846 2,233 11,401

Philip Stewart Photographics Ltd. (Registered number: SC216121)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 580 2,980
Tax - 688
VAT 72 -
Accrued income 1,013 462
Prepayments 720 -
2,385 4,130

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 520 2,166
Social security and other taxes 671 643
VAT - 505
Other creditors 452 151
Accrued expenses 1,600 1,525
3,243 4,990

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P M Stewart.