Registration number:
Alex Beaton Photography Limited
for the Year Ended 31 July 2024
Alex Beaton Photography Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Statement of Comprehensive Income |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
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Detailed Statement of Comprehensive Income |
Alex Beaton Photography Limited
Company Information
Directors |
Mr A Beaton Mrs CJ Beaton |
Registered office |
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Accountants |
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Alex Beaton Photography Limited
Directors' Report for the Year Ended 31 July 2024
The directors present their report and the financial statements for the year ended 31 July 2024.
Directors of the company
The directors who held office during the year were as follows:
Small companies provision statement
This report has 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.
Approved and authorised by the
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Chartered
Certified
Accountants' Report to the
Board of Directors
on the Preparation of the Unaudited Statutory Accounts of
Alex Beaton Photography Limited
for the
Year
Ended
31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Alex Beaton Photography Limited for the year ended 31 July 2024 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Alex Beaton Photography Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Alex Beaton Photography Limited and state those matters that we have agreed to state to the Board of Directors of Alex Beaton Photography Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Alex Beaton Photography Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Alex Beaton Photography Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Alex Beaton Photography Limited. You consider that Alex Beaton Photography Limited 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 accounts of Alex Beaton Photography Limited. 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 accounts.
......................................
Chartered Certified Accountants
West Wickham
Kent
BR4 0LS
Alex Beaton Photography Limited
Statement of Comprehensive Income for the Year Ended 31 July 2024
Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
20,945 |
20,833 |
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Interest payable and similar expenses |
( |
( |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Alex Beaton Photography Limited
(Registration number: 04807453)
Statement of Financial Position as at 31 July 2024
Note |
2024 |
2023 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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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.
Directors' responsibilities:
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The directors acknowledge their 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
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Alex Beaton Photography Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
England
Principal activity
The principal activity of the company is Photographers
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 prepared in sterling which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.
Alex Beaton Photography Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Tax
The tax expense for the period comprises current 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.
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.
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.
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 machinery |
Straight line over 3 years |
Computer equipment |
Straight line over 3 years |
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
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 statement of comprehensive income 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.
Alex Beaton Photography Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Financial instruments
Recognition and measurement
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Alex Beaton Photography Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Tangible assets |
Plant and machinery |
Office equipment |
Total |
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Cost or valuation |
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At 1 August 2023 |
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At 31 July 2024 |
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Depreciation |
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At 1 August 2023 |
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At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
- |
- |
- |
Debtors |
2024 |
2023 |
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Trade debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Alex Beaton Photography Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Alex Beaton Photography Limited
Detailed Statement of Comprehensive Income for the Year Ended 31 July 2024
2024 |
2023 |
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Turnover |
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Sales |
51,855 |
45,802 |
51,855 |
45,802 |
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Cost of sales |
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Purchases and subcontractors |
7,167 |
4,875 |
7,167 |
4,875 |
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Gross profit |
44,688 |
40,927 |
Gross profit (%) |
86.18% |
89.36% |
Administrative expenses |
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Directors' salaries |
9,100 |
9,100 |
Insurance |
350 |
350 |
Use of residence as office |
2,080 |
2,080 |
Repairs and renewals |
786 |
124 |
Telephone |
358 |
208 |
Computer costs |
572 |
421 |
Post and stationery |
16 |
69 |
Sundry expenses |
248 |
214 |
Motor expenses |
1,320 |
247 |
Travelling |
5,342 |
5,054 |
Advertising |
51 |
34 |
Accountancy |
3,475 |
2,150 |
Bank charges |
45 |
43 |
23,743 |
20,094 |
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Operating profit |
20,945 |
20,833 |
Interest payable and similar expenses |
404 |
316 |
Profit before tax |
20,541 |
20,517 |