Company Registration No. 04863549 (England and Wales)
CAMBRIAN PHOTOGRAPHY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
PAGES FOR FILING WITH REGISTRAR
CAMBRIAN PHOTOGRAPHY LIMITED
COMPANY INFORMATION
Directors
Mr A. M. Duncalf
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
Cater Allen Private Bank
Santander House
9 Nelson Street
Bradford
BD1 5AN
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 2017
31 August 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
20,731
20,946
Current assets
Stocks
363,518
313,004
Debtors
5
63,460
26,922
Cash at bank and in hand
149,553
201,809
576,531
541,735
Creditors: amounts falling due within one year
6
(129,595)
(142,684)
Net current assets
446,936
399,051
Total assets less current liabilities
467,667
419,997
Provisions for liabilities
(994)
(777)
Net assets
466,673
419,220
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
466,573
419,120
Total equity
466,673
419,220
The directors 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 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their 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.
CAMBRIAN PHOTOGRAPHY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2017
31 August 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 March 2018 and are signed on its behalf by:
Mr A. M. Duncalf
Director
Company Registration No. 04863549
CAMBRIAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
- 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
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.
CAMBRIAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 4 -
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.
1.6
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 14 (2016 - 14).
3
Taxation
2017
2016
£
£
Current tax
UK corporation tax on profits for the current period
19,251
21,084
Adjustments in respect of prior periods
-
(50)
Total current tax
19,251
21,034
Deferred tax
Origination and reversal of timing differences
218
(359)
Total tax charge
19,469
20,675
CAMBRIAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2016
22,569
87,071
109,640
Additions
-
3,410
3,410
At 31 August 2017
22,569
90,481
113,050
Depreciation and impairment
At 1 September 2016
9,103
79,590
88,693
Depreciation charged in the year
903
2,723
3,626
At 31 August 2017
10,006
82,313
92,319
Carrying amount
At 31 August 2017
12,563
8,168
20,731
At 31 August 2016
13,465
7,481
20,946
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
22,614
8,128
Other debtors
40,846
18,794
63,460
26,922
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
46,283
60,674
Corporation tax
19,251
21,084
Other taxation and social security
39,300
30,215
Other creditors
24,761
30,711
129,595
142,684
7
Provisions for liabilities
2017
2016
£
£
Deferred tax liabilities
994
777
CAMBRIAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 6 -
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Authorised
100,000 Ordinary shares of £1 each
100,000
100,000
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
9
Directors' transactions
Dividends totalling £30,500 (2016 - £70,000) were paid in the year in respect of shares held by the company's directors.
During the period under consideration, the company paid £6,000 (2016 - £6000) rent to a director Mr A.M. Duncalf, for the use of the business premises
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr A.M. Duncalf
3.00
11,815
44,850
636
(27,415)
29,886
11,815
44,850
636
(27,415)
29,886