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Registration number: 09679505

Gilpin Photography Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Gilpin Photography Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Gilpin Photography Limited

Company Information

Director

A P Gilpin

Registered office

Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

 

Gilpin Photography Limited

(Registration number: 09679505)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,763

4,614

Current assets

 

Debtors

5

2,688

20,906

Cash at bank and in hand

 

19,413

21,508

 

22,101

42,414

Creditors: Amounts falling due within one year

6

(5,583)

(17,608)

Net current assets

 

16,518

24,806

Total assets less current liabilities

 

18,281

29,420

Creditors: Amounts falling due after more than one year

6

(21,384)

(25,592)

Provisions for liabilities

(496)

(877)

Net (liabilities)/assets

 

(3,599)

2,951

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(3,699)

2,851

Shareholders' (deficit)/funds

 

(3,599)

2,951

For the financial year ending 31 July 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 his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 January 2025
 

.........................................
A P Gilpin
Director

 

Gilpin Photography Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 09679505.

The address of its registered office is:
Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

The principal place of business is:
22 Trinity Lane
Beverley
North Humberside
HU17 0DY
England

These financial statements were authorised for issue by the director on 22 January 2025.

2

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 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 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.

The financial statements are presented in sterling and are rounded to the nearest pound.

Going concern

The Directors are aware that there is doubt over the going concern of the company due to the insolvent balance sheet position at the year end, the Directors have however confirmed that they are willing to support the Company in repaying debts as they fall due. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of photography 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Gilpin Photography Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

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

Plant and eqiuipment

33% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods and services sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less any bad debts. A provision for the bad debts of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Gilpin Photography Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 2 (2023 - 4).

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2023

24,191

24,191

Disposals

(1,745)

(1,745)

At 31 July 2024

22,446

22,446

Depreciation

At 1 August 2023

19,577

19,577

Charge for the year

2,002

2,002

Eliminated on disposal

(896)

(896)

At 31 July 2024

20,683

20,683

Carrying amount

At 31 July 2024

1,763

1,763

At 31 July 2023

4,614

4,614

 

Gilpin Photography Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Debtors

2024
£

2023
£

Trade debtors

1,613

14,507

Prepayments

118

6,399

Other debtors

957

-

2,688

20,906

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

-

1,833

Taxation and social security

 

-

8,334

Accruals and deferred income

 

1,232

3,416

Bank loans and overdrafts

7

4,117

4,025

Other borrowings

7

234

-

 

5,583

17,608

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

21,384

25,592

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,117

4,025

Other borrowings

234

-

4,351

4,025

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

21,384

25,592

The loans and borrowings are unsecured. The bank borrowings relate to a bounce back loan. Other borrowings relate to a directors loan account.

 

Gilpin Photography Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Related party transactions

Other transactions with the Director

At the year end, the company owed the directors £234 (2023: £Nil). The amount is unsecured, interest-free and repayable on demand.