Company registration number SC370833 (Scotland)
PHOTO STUDIO AYR LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
PHOTO STUDIO AYR LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PHOTO STUDIO AYR LTD
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
6
612
764
Current assets
Stocks
12,000
10,500
Debtors
7
7,746
1,665
Cash at bank and in hand
6,818
21,152
26,564
33,317
Creditors: amounts falling due within one year
Loans and overdrafts
8
5,104
5,174
Taxation and social security
6,233
7,134
Other creditors
531
2,572
11,868
14,880
Net current assets
14,696
18,437
Total assets less current liabilities
15,308
19,201
Creditors: amounts falling due after more than one year
Loans and overdrafts
9
14,960
18,345
(14,960)
(18,345)
Provisions for liabilities
10
(116)
(145)
Net assets
232
711
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
11
132
611
Total equity
232
711
PHOTO STUDIO AYR LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2025
31 January 2025
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 March 2025 and are signed on its behalf by:
Mr S Walker
Director
Company Registration No. SC370833
PHOTO STUDIO AYR LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
1
Accounting policies
Company information
Photo Studio Ayr Ltd is a private company limited by shares incorporated in Scotland. The registered office is 70 Sandgate, Ayr, Ayrshire, United Kingdom, KA7 1BX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, was amortised evenly over its estimated useful life of ten years with full amortisation taking place in the year ended 31 January 2020.
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
1.4
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life
Fixtures and fittings
20% on reducing balance
Computers
20% on reducing balance
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income 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.
PHOTO STUDIO AYR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -
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 is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
2
2
3
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
195
660
Deferred tax
Origination and reversal of timing differences
(29)
(36)
Total tax charge
166
624
UK corporation tax has been charged at 19% (2024 - 19%).
4
Dividends
2025
2024
£
£
Final paid
1,000
2,000
PHOTO STUDIO AYR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -
5
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2024 and 31 January 2025
5,000
Amortisation and impairment
At 1 February 2024 and 31 January 2025
5,000
Carrying amount
At 31 January 2025
At 31 January 2024
6
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 February 2024 and 31 January 2025
5,940
4,093
10,033
Depreciation and impairment
At 1 February 2024
5,682
3,587
9,269
Depreciation charged in the year
51
101
152
At 31 January 2025
5,733
3,688
9,421
Carrying amount
At 31 January 2025
207
405
612
At 31 January 2024
258
506
764
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,247
Corporation tax recoverable
1,640
Other debtors
4,859
1,665
7,746
1,665
PHOTO STUDIO AYR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
5,104
5,174
Corporation tax
1,835
660
Other taxation and social security
4,398
6,474
Other creditors
531
2,572
11,868
14,880
9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
14,960
18,345
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
116
145
2025
Movements in the year:
£
Liability at 1 February 2024
145
Credit to profit or loss
(29)
Liability at 31 January 2025
116
11
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
611
48
Profit for the year
521
2,563
Dividends declared and paid in the year
(1,000)
(2,000)
At the end of the year
132
611
PHOTO STUDIO AYR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 7 -
12
Directors' transactions
The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2025:
Included within debtors is an amount of £4,859 (2024- £2,315 creditor) owed to the company by the directors. This loan has been subject to S455 tax.
13
Ultimate Controlling Party
Mr S C Walker & his family who own 100% of the issued share capital.