Richard Galloway Photography Ltd
Registered number: 09135714
Statement of Financial Position
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 1,545 2,060
Current assets
Debtors 5 5,264 14,315
Cash at bank and in hand 15,633 1,847
20,897 16,162
Creditors: amounts falling due within one year 6 (4,719) (8,296)
Net current assets 16,178 7,866
Total assets less current liabilities 17,723 9,926
Creditors: amounts falling due after more than one year 7 (21,179) (9,435)
Provisions for liabilities - (391)
Net (liabilities)/assets (3,456) 100
Capital and reserves
Called up share capital 100 100
Profit and loss account (3,556) -
Shareholder's funds (3,456) 100
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Galloway
Director
Approved by the board on 15 April 2025
Richard Galloway Photography Ltd
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Going concern
The company had retained losses as at the balance sheet date which were not covered by the share capital of the company. The director considers the company to be a going concern, notwithstanding that there are losses of £3,556. They have reviewed the potential future of the company and consider that it will continue to trade profitably for the foreseeable future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rendering of services. Turnover 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 10,000
At 31 July 2024 10,000
Amortisation
At 1 August 2023 10,000
At 31 July 2024 10,000
Net book value
At 31 July 2024 -
Goodwill was written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023 7,976
At 31 July 2024 7,976
Depreciation
At 1 August 2023 5,916
Charge for the year 515
At 31 July 2024 6,431
Net book value
At 31 July 2024 1,545
At 31 July 2023 2,060
5 Debtors 2024 2023
£ £
Other debtors 5,264 14,315
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,686 1,143
Accruals 1,488 1,417
Corporation tax - 5,651
Other taxes and social security costs 545 85
4,719 8,296
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 21,179 9,435
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
R Galloway
Repayable on demand 13,032 3,178 13,032 3,178
13,032 3,178 13,032 3,178
9 Other information
Richard Galloway Photography Ltd is a private company limited by shares and incorporated in England. Its registered office is:
21 Guildford Road
Frimley Green
Camberley
Surrey
GU16 6NN
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