Rankin Photography Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 30 April 2020
Company Registration No. 04334784 (England and Wales)
Rankin Photography Limited
Company Information
Director
Mr J R Waddell
Company number
04334784
Registered office
110-114 Grafton Road
London
NW5 4BA
Accountants
Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Rankin Photography Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
Rankin Photography Limited
Balance Sheet
As at 30 April 2020
30 April 2020
Page 1
2020
2019
£
£
£
£
Fixed assets
Intangible assets
-
440,002
Tangible assets
4
-
634,339
Investments
5
203
203
203
1,074,544
Current assets
Debtors
7
3,126,689
3,970,720
Cash at bank and in hand
12,863
-
3,139,552
3,970,720
Creditors: amounts falling due within one year
8
(775,254)
(2,147,836)
Net current assets
2,364,298
1,822,884
Total assets less current liabilities
2,364,501
2,897,428
Creditors: amounts falling due after more than one year
9
(36,312)
(126,460)
Provisions for liabilities
-
(66,685)
Net assets
2,328,189
2,704,283
Capital and reserves
Called up share capital
11
2
2
Profit and loss reserves
2,328,187
2,704,281
Total equity
2,328,189
2,704,283
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 2020 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
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 29 April 2021
Rankin Photography Limited
Balance Sheet (Continued)
As at 30 April 2020
30 April 2020
Page 2
Mr J R Waddell
Director
Company Registration No. 04334784
Rankin Photography Limited
Notes to the Financial Statements
For the year ended 30 April 2020
Page 3
1
Accounting policies
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, London, NW5 4BA.
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 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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements present information about the company as an individual undertaking and not about its group.
1.2
Going concern
On 30 April 2020, the company sold its trade and assets to The Rankin Group Limited. The company continues to be a holding company and will act in this capacity for at least 12 months from the signing of these financial statements.
1.3
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.
1.4
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.
1.5
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.
Leasehold improvements
Over the life of the lease
Plant and equipment
20% straight line
Motor vehicles
20% straight line
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
.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
Rankin Photography Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2020
1
Accounting policies
(Continued)
Page 4
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.
1.7
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 (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Rankin Photography Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2020
1
Accounting policies
(Continued)
Page 5
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
Rankin Photography Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2020
1
Accounting policies
(Continued)
Page 6
1.15
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 16
(2019 - 63).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2019
1,100,000
Transfers
(1,100,000)
At 30 April 2020
-
Amortisation and impairment
At 1 May 2019
659,999
Amortisation charged for the year
73,333
Transfers
(733,332)
At 30 April 2020
-
Carrying amount
At 30 April 2020
-
At 30 April 2019
440,002
Rankin Photography Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2020
Page 7
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2019
13,790
1,645,942
125,378
1,785,110
Additions
-
22,233
-
22,233
Disposals
-
(939,635)
1,570
(938,065)
Transfers
(13,790)
(728,540)
(126,948)
(869,278)
At 30 April 2020
-
-
-
-
Depreciation and impairment
At 1 May 2019
6,414
1,093,193
51,164
1,150,771
Depreciation charged in the year
6,414
274,435
19,899
300,748
Eliminated in respect of disposals
-
(839,914)
(2,204)
(842,118)
Transfers
(12,828)
(527,714)
(68,859)
(609,401)
At 30 April 2020
-
-
-
-
Carrying amount
At 30 April 2020
-
-
-
-
At 30 April 2019
7,376
552,749
74,214
634,339
5
Fixed asset investments
2020
2019
£
£
Investments
203
203
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2019 & 30 April 2020
203
Carrying amount
At 30 April 2020
203
At 30 April 2019
203
Rankin Photography Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2020
Page 8
6
Subsidiaries
Details of the company's subsidiaries at 30 April 2020 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Hunger Publishing Limited
UK
Magazine publishing
Ordinary shares
100.00
0
The Graft Productions Limited
UK
Photographic production
Ordinary shares
100.00
0
Rankin Presents Limited, Rankin Publishing Limited and Tonic Represents Limited were all dissolved after the year end.
7
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
-
358,707
Corporation tax recoverable
404,488
796,885
Other debtors
2,722,201
2,815,128
3,126,689
3,970,720
8
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
477,946
173,805
Trade creditors
-
533,188
Corporation tax
205,080
362,134
Other taxation and social security
-
229,436
Other creditors
92,228
849,273
775,254
2,147,836
9
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
36,312
126,460
Rankin Photography Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2020
Page 9
10
Finance lease obligations
2020
2019
Future minimum lease payments due under finance leases:
£
£
Within one year
92,228
190,096
In two to five years
36,312
126,460
128,540
316,556
Finance lease payments represent rentals payable by the company for certain items of plant and machinery.
11
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
12
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:
2020
2019
£
£
56,620
31,850
13
Contingent liability
A cross guarantee has been given to the company's bankers in respect of any debts or liabilities owing to the bank by any party to the guarantee. The parties to the guarantee are the companies listed below
:
Rankin Photography Limited
The Rankin Group Limited
Hunger Publishing Limited
At the year end, the Group's indebtedness to the bank was £477,946 (2019: £173,805).
14
Related party transactions
Rankin Photography Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2020
14
Related party transactions
(Continued)
Page 10
The company has taken exemptions in FRS102 Section 33 from disclosing balances with companies in a 100% owned group.
Included in other debtors is an amount due from the director Mr J R Waddell of £1,232,184 (2019: £1,117,334).
Included in other debtors is an amount due from The Rankin Group Limited of £1,490,551 (2019: £nil).
A personal guarantee has been given by the directors Mr J R W Waddell to the Company's bankers of £200,000.
2020-04-30
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