2 2 Simon Fraser Photography Limited 04572224 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is photography Digita Accounts Production Advanced 6.30.9574.0 true true 04572224 2023-09-01 2024-08-31 04572224 2024-08-31 04572224 bus:Director1 1 2024-08-31 04572224 bus:OrdinaryShareClass1 2024-08-31 04572224 core:CurrentFinancialInstruments 2024-08-31 04572224 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 04572224 core:Non-currentFinancialInstruments 2024-08-31 04572224 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 04572224 core:Goodwill 2024-08-31 04572224 core:FurnitureFittingsToolsEquipment 2024-08-31 04572224 bus:SmallEntities 2023-09-01 2024-08-31 04572224 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 04572224 bus:FilletedAccounts 2023-09-01 2024-08-31 04572224 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 04572224 bus:RegisteredOffice 2023-09-01 2024-08-31 04572224 bus:Director1 2023-09-01 2024-08-31 04572224 bus:Director1 1 2023-09-01 2024-08-31 04572224 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 04572224 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 04572224 core:Goodwill 2023-09-01 2024-08-31 04572224 core:FurnitureFittings 2023-09-01 2024-08-31 04572224 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 04572224 countries:EnglandWales 2023-09-01 2024-08-31 04572224 2023-08-31 04572224 bus:Director1 1 2023-08-31 04572224 core:Goodwill 2023-08-31 04572224 core:FurnitureFittingsToolsEquipment 2023-08-31 04572224 2022-09-01 2023-08-31 04572224 2023-08-31 04572224 bus:Director1 1 2023-08-31 04572224 bus:OrdinaryShareClass1 2023-08-31 04572224 core:CurrentFinancialInstruments 2023-08-31 04572224 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 04572224 core:Non-currentFinancialInstruments 2023-08-31 04572224 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 04572224 core:FurnitureFittingsToolsEquipment 2023-08-31 04572224 bus:Director1 1 2022-09-01 2023-08-31 04572224 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 04572224 bus:Director1 1 2022-08-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 04572224

Simon Fraser Photography Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Simon Fraser Photography Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 10

 

Simon Fraser Photography Limited

(Registration number: 04572224)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

7,364

8,575

Current assets

 

Stocks

6

7,000

7,000

Debtors

7

1,238

6,615

Cash at bank and in hand

 

1,951

1,405

 

10,189

15,020

Creditors: Amounts falling due within one year

8

(47,132)

(39,313)

Net current liabilities

 

(36,943)

(24,293)

Total assets less current liabilities

 

(29,579)

(15,718)

Creditors: Amounts falling due after more than one year

8

(2,974)

(6,538)

Net liabilities

 

(32,553)

(22,256)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(32,653)

(22,356)

Shareholders' deficit

 

(32,553)

(22,256)

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 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 and 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 Board on 29 May 2025 and signed on its behalf by:
 

.........................................
S J R Fraser
Director

 

Simon Fraser Photography Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
High Woodhead Cottage
Bellingham
Northumberland
NE48 2HX

These financial statements were authorised for issue by the Board on 29 May 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.

Going concern

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 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.

Government grants

The entity adopted the accrual model for recognising government grants.

Tangible assets

Tangible assets are stated in the balance sheet 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:

 

Simon Fraser Photography Limited

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

Asset class

Depreciation method and rate

Fixtures and fittings

15% on cost & 5% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Simon Fraser Photography Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Simon Fraser Photography Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

20,000

20,000

At 31 August 2024

20,000

20,000

Amortisation

At 1 September 2023

20,000

20,000

At 31 August 2024

20,000

20,000

Carrying amount

At 31 August 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

65,735

65,735

Disposals

(3,496)

(3,496)

At 31 August 2024

62,239

62,239

Depreciation

At 1 September 2023

57,160

57,160

Charge for the year

1,211

1,211

Eliminated on disposal

(3,496)

(3,496)

At 31 August 2024

54,875

54,875

Carrying amount

At 31 August 2024

7,364

7,364

At 31 August 2023

8,575

8,575

6

Stocks

2024
£

2023
£

Other inventories

7,000

7,000

 

Simon Fraser Photography Limited

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

7

Debtors

Current

2024
£

2023
£

Trade debtors

519

5,637

Prepayments

53

60

Other debtors

666

918

 

1,238

6,615

 

Simon Fraser Photography Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

3,565

2,900

Trade creditors

 

387

4,947

Taxation and social security

 

2,455

93

Accruals and deferred income

 

6,510

3,066

Other creditors

 

34,215

28,307

 

47,132

39,313

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

2,974

6,538

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,974

6,538

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,565

2,900

Other borrowings

 

Simon Fraser Photography Limited

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

Bounce Back Loan is denominated in with a nominal interest rate of 2.5%, and the final instalment is due on 30 September 2026. The carrying amount at year end is £6,538 (2023 - £9,439).

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil per each Ordinary

-

-

 

 

12

Related party transactions

 

Simon Fraser Photography Limited

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

Transactions with directors

2024

At 1 September 2023
£

At 31 August 2024
£

S J R Fraser

407

407

2023

At 1 September 2022
£

At 31 August 2023
£

S J R Fraser

407

407

 

Simon Fraser Photography Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

18,000

20,583