Company Registration No. 04334784 (England and Wales)
Rankin Photography Limited
Annual report and unaudited financial statements
For the year ended 30 April 2017
Pages for filing with registrar
RANKIN PHOTOGRAPHY LIMITED
Rankin Photography Limited
COMPANY INFORMATION
Director
J R Waddell
Secretary
MGRWK Company Secretaries Limited
Company number
04334784
Registered office
110-114 Grafton Road
Kentish Town
London
NW5 4BA
Accountants
MGR Weston Kay LLP
55 Loudoun Road
St John's Wood
London
NW8 0DL
RANKIN PHOTOGRAPHY LIMITED
Rankin Photography Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
RANKIN PHOTOGRAPHY LIMITED
Rankin Photography Limited
BALANCE SHEET
AS AT
30 APRIL 2017
30 April 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Goodwill
3
586,668
660,001
Tangible assets
4
779,860
420,737
Investments
5
203
7
1,366,731
1,080,745
Current assets
Stocks
26,390
26,390
Debtors
7
8,475,534
2,874,769
Cash at bank and in hand
1,445,009
380,907
9,946,933
3,282,066
Creditors: amounts falling due within one year
8
(6,382,266)
(1,268,953)
Net current assets
3,564,667
2,013,113
Total assets less current liabilities
4,931,398
3,093,858
Creditors: amounts falling due after more than one year
9
(204,559)
(50,534)
Provisions for liabilities
(45,120)
-
Net assets
4,681,719
3,043,324
Capital and reserves
Called up share capital
10
2
2
Profit and loss reserves
4,681,717
3,043,322
Total equity
4,681,719
3,043,324
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
RANKIN PHOTOGRAPHY LIMITED
Rankin Photography Limited
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2017
30 April 2017
- 2 -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on
31 January 2018
J R Waddell
Director
Company Registration No. 04334784
RANKIN PHOTOGRAPHY LIMITED
Rankin Photography Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
- 3 -
1
Accounting policies
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 April 2017
are the
first
financial statements of Rankin Photography Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents
fees receivable for photographic and film shoots, print sales and related recharged expenses net of VAT. Turnover is recognised at the date the company fulfils its contractual obligation, usually the date the shoot is completed.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 15 years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Motor vehicles
25% reducing balance
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
.
1.5
Fixed asset investments
Interests in subsidiaries
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
RANKIN PHOTOGRAPHY LIMITED
Rankin Photography Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount
and a
n impairment loss is recognised immediately in profit or loss.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell.
1.8
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.10
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
RANKIN PHOTOGRAPHY LIMITED
Rankin Photography Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 5 -
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease
.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
1.14
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 46 (2016 - 40).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2016 and 30 April 2017
1,100,000
Amortisation and impairment
At 1 May 2016
439,999
Amortisation charged for the year
73,333
At 30 April 2017
513,332
Carrying amount
At 30 April 2017
586,668
At 30 April 2016
660,001
RANKIN PHOTOGRAPHY LIMITED
Rankin Photography Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 6 -
4
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 May 2016
843,987
20,089
864,076
Additions
504,441
20,079
524,520
Disposals
-
(20,089)
(20,089)
At 30 April 2017
1,348,428
20,079
1,368,507
Depreciation and impairment
At 1 May 2016
428,017
15,322
443,339
Depreciation charged in the year
159,179
2,345
161,524
Eliminated in respect of disposals
-
(16,216)
(16,216)
At 30 April 2017
587,196
1,451
588,647
Carrying amount
At 30 April 2017
761,232
18,628
779,860
At 30 April 2016
415,970
4,767
420,737
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2017
2016
£
£
Plant and machinery
454,222
258,401
454,222
258,401
Depreciation charge for the year in respect of leased assets
89,879
62,580
5
Fixed asset investments
2017
2016
£
£
Investments in subsidiaries
203
7
RANKIN PHOTOGRAPHY LIMITED
Rankin Photography Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2016
7
Additions
202
Amounts written off
(6)
At 30 April 2017
203
Carrying amount
At 30 April 2017
203
At 30 April 2016
7
6
Subsidiaries
Details of the company's subsidiaries at 30 April 2017 are as follows:
Name of undertaking
Country of
Nature of business
Class of
% Held
incorporation
shares held
Direct
Indirect
Hunger Publishing Limited
UK
Magazine publishing
Ordinary shares
100.00
Tonic Represents Limited
UK
Dormant
Ordinary shares
100.00
The Graft Productions Limited
UK
Dormant
Ordinary shares
100.00
Rankin Publishing Limited
UK
Dormant
Ordinary shares
100.00
Rankin Presents Limited
UK
Dormant
Ordinary shares
100.00
RANKIN PHOTOGRAPHY LIMITED
Rankin Photography Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
6
Subsidiaries
(Continued)
- 8 -
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Hunger Publishing Limited
40,278
(992,719)
Tonic Represents Limited
-
100
The Graft Productions Limited
-
100
Rankin Publishing Limited
-
1
Rankin Presents Limited
-
1
7
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
2,465,767
1,163,080
Amounts due from group undertakings
1,026,499
1,086,316
Other debtors
4,983,268
625,373
8,475,534
2,874,769
8
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
216,955
-
Trade creditors
2,393,858
689,470
Corporation tax
408,175
161,160
Other taxation and social security
70,993
75,839
Other creditors
3,292,285
342,484
6,382,266
1,268,953
9
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
204,559
50,534
The long-term loans are secured by fixed and floating charge over the assets of the company.
RANKIN PHOTOGRAPHY LIMITED
Rankin Photography Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 9 -
10
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
Within one year
32,760
32,760
Between two and five years
73,710
106,470
106,470
139,230
12
Related party transactions
During the year the company recharged costs totaling £
716,149
(201
6
: £
572,516
) to
J R
Waddell trading as Rankin Photography, the director. The company also paid rent to the director of £
264,000
(
2016
: £264,000).
The director also advanced various loans to the company and paid various expenses on behalf of the company. As at 30 April 201
7
J R
Waddell trading as Rankin Photography
owed
the
company
£
1,465,241
(
2016
:
£478,760)
.
13
Company Information
Rankin Photography Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
110-114 Grafton Road, Kentish Town, London, NW5 4BA.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
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