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Registered number: 12308871
Midi Photography Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2024
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 12308871
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,826 6,070
2,826 6,070
CURRENT ASSETS
Debtors 5 12,108 12,065
Cash at bank and in hand 57,076 77,158
69,184 89,223
Creditors: Amounts Falling Due Within One Year 6 (70,143 ) (72,480 )
NET CURRENT ASSETS (LIABILITIES) (959 ) 16,743
TOTAL ASSETS LESS CURRENT LIABILITIES 1,867 22,813
NET ASSETS 1,867 22,813
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 1,767 22,713
SHAREHOLDERS' FUNDS 1,867 22,813
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Dinsdale
Director
10th June 2025
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Midi Photography Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12308871 . The registered office is 82 High Street, Golborne, Warrington, WA3 3DA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% Straight Line
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 33% Straight Line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.5. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
Page 2
Page 3
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2023 23,759 564 6,629 30,952
Additions 1,538 - 425 1,963
As at 30 November 2024 25,297 564 7,054 32,915
Depreciation
As at 1 December 2023 18,881 133 5,868 24,882
Provided during the period 4,356 65 786 5,207
As at 30 November 2024 23,237 198 6,654 30,089
Net Book Value
As at 30 November 2024 2,060 366 400 2,826
As at 1 December 2023 4,878 431 761 6,070
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 12,108 12,065
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 4,298 11,172
VAT 6,038 5,382
Director's loan account 59,807 55,926
70,143 72,480
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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