Company No: SC580096 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	30.09.2025		31.03.2024
		£		£
Fixed assets
Tangible assets	3	0		15,856
		0		15,856
Current assets
Debtors	4	12,252		1,212
Cash at bank and in hand	5	11,798		8,411
		24,050		9,623
Creditors: amounts falling due within one year	6	( 18,142)		( 15,454)
Net current assets/(liabilities)		5,908		(5,831)
Total assets less current liabilities		5,908		10,025
Creditors: amounts falling due after more than one year	7	( 4,567)		( 6,323)
Provision for liabilities	8, 9	0		( 3,138)
Net assets		1,341		564
Capital and reserves
Called-up share capital	10	20		20
Profit and loss account		1,321		544
Total shareholders' funds		1,341		564

For the financial period ending 30 September 2025 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 financial statements for the financial period in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Russell Cheyne Photography Ltd (registered number: SC580096) were approved and authorised for issue by the Board of Directors on 28 May 2026. They were signed on its behalf by:

Russell Cheyne Director

Alyson Cheyne Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Russell Cheyne Photography Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Lower Flat Burnbrae, 7 Church Road, Pitlochry, PH16 5EB, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

As required by the FRS 102, the directors have prepared financial statements on the basis that the company is no longer a going concern.  All required adjustments have been accounted for.

Reporting period length

The financial statements cover the eighteen months to 30 September 2025. The comparative financial statements cover the twelve months to 31 March 2024 and as such the comparatives are not directly comparable.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and trade discounts.

Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc.

5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	Period from 01.04.2024 to 30.09.2025		Year ended 31.03.2024
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	2		2

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 April 2024	31,657		31,657
Additions	3,952		3,952
Disposals	( 35,609)		( 35,609)
At 30 September 2025	0		0
Accumulated depreciation
At 01 April 2024	15,801		15,801
Charge for the financial period	8,140		8,140
Disposals	( 23,941)		( 23,941)
At 30 September 2025	0		0
Net book value
At 30 September 2025	0		0
At 31 March 2024	15,856		15,856

4. Debtors

	30.09.2025		31.03.2024
	£		£
Trade debtors	8,012		0
Corporation tax	0		1,212
Other debtors	4,240		0
	12,252		1,212

5. Cash and cash equivalents

	30.09.2025		31.03.2024
	£		£
Cash at bank and in hand	11,798		8,411

6. Creditors: amounts falling due within one year

	30.09.2025		31.03.2024
	£		£
Bank loans	1,203		1,127
Taxation and social security	10,233		1,188
Other creditors	6,706		13,139
	18,142		15,454

Included within bank loans are amounts advanced to the company under the Bounce Back Loan Scheme. This loan is fully backed by a government guarantee.

7. Creditors: amounts falling due after more than one year

	30.09.2025		31.03.2024
	£		£
Bank loans	4,567		6,323

Included within bank loans are amounts advanced to the company under the Bounce Back Loan Scheme. This loan is fully backed by a government guarantee.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	30.09.2025		31.03.2024
	£		£
Bank loans (repayable by instalments)	0		1,523

8. Provision for liabilities

	30.09.2025		31.03.2024
	£		£
Deferred tax	0		3,138

9. Deferred tax

	30.09.2025		31.03.2024
	£		£
At the beginning of financial period/year	( 3,138)		( 5,392)
Credited to the Statement of Income and Retained Earnings	3,138		2,254
At the end of financial period/year	0		( 3,138)

10. Called-up share capital

	30.09.2025		31.03.2024
	£		£
Allotted, called-up and fully-paid
10 A ordinary shares of £ 1.00 each	10		10
10 B ordinary shares of £ 1.00 each	10		10
	20		20

11. Related party transactions

Transactions with the entity’s directors (or members of its governing body)

Amounts owed by directors

	30.09.2025		31.03.2024
	£		£
Directors' loan account	4,240		0

Amounts owed to directors

	30.09.2025		31.03.2024
	£		£
Directors' loan account	0		9,903

Advances to the Directors totalling £44,506 were made in this period and £30,363 was repaid. The above loan is unsecured, interest free and has been repaid within nine months of the balance sheet date.