Company Registration No. 04863549 (England and Wales)
CAMBRIAN PHOTOGRAPHY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
PAGES FOR FILING WITH REGISTRAR
CAMBRIAN PHOTOGRAPHY LIMITED
COMPANY INFORMATION
Director
Mrs S. A. Jones
Company number
04863549
Registered office
87-89 Abergele Road
Colwyn Bay
Conwy
LL29 7SA
Accountants
Gareth Hughes & Company Limited
The Round House
Glan-y-Mor Road
Llandudno Junction
Conwy
LL31 9SN
Bankers
National Westminster Bank Plc
62 Mostyn Street
Llandudno
LL302WY
CAMBRIAN PHOTOGRAPHY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CAMBRIAN PHOTOGRAPHY LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2019
31 August 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
17,029
18,191
Current assets
Stocks
490,824
419,976
Debtors
5
18,682
29,194
Cash at bank and in hand
87
21,446
509,593
470,616
Creditors: amounts falling due within one year
6
(215,356)
(135,716)
Net current assets
294,237
334,900
Total assets less current liabilities
311,266
353,091
Provisions for liabilities
(816)
(783)
Net assets
310,450
352,308
Capital and reserves
Called up share capital
8
10
10
Capital redemption reserve
9
90
90
Profit and loss reserves
310,350
352,208
Total equity
310,450
352,308
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 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.
CAMBRIAN PHOTOGRAPHY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2019
31 August 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 15 May 2020
Mrs S. A. Jones
Director
Company Registration No. 04863549
CAMBRIAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
- 3 -
1
Accounting policies
Company information
Cambrian Photography Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
87-89 Abergele Road, Colwyn Bay, Conwy, LL29 7SA.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
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.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
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:
Leasehold improvements
25 years straight line
Fixtures, fittings & equipment
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
.
1.4
Stocks
Stock is valued at the lower of cost and net realisable value.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CAMBRIAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
1
Accounting policies
(Continued)
- 4 -
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.
1.7
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 11 (2018 - 14).
3
Taxation
2019
2018
£
£
Current tax
UK corporation tax on profits for the current period
(5,132)
23,988
Deferred tax
Origination and reversal of timing differences
33
(211)
Total tax (credit)/charge
(5,099)
23,777
CAMBRIAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2018
22,569
91,020
113,589
Additions
-
1,832
1,832
At 31 August 2019
22,569
92,852
115,421
Depreciation and impairment
At 1 September 2018
10,909
84,489
95,398
Depreciation charged in the year
903
2,091
2,994
At 31 August 2019
11,812
86,580
98,392
Carrying amount
At 31 August 2019
10,757
6,272
17,029
At 31 August 2018
11,660
6,531
18,191
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
10,227
20,571
Corporation tax recoverable
5,132
-
Other debtors
3,323
8,623
18,682
29,194
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
10,149
-
Trade creditors
144,259
63,856
Corporation tax
-
23,988
Other taxation and social security
19,756
21,270
Other creditors
41,192
26,602
215,356
135,716
CAMBRIAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 6 -
7
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
816
783
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Authorised
100,000 Ordinary shares of £1 each
100,000
100,000
Issued and fully paid
10 Ordinary shares of £1 each
10
10
9
Capital redemption reserve
2019
2018
£
£
At beginning of year
90
-
Redemption of shares
-
90
At end of year
90
90
10
Directors' transactions
Dividends totalling £19,000 (2018 - £60,658) were paid in the year in respect of shares held by the company's directors.