Company Registration No. 04863549 (England and Wales)
CAMBRIAN PHOTOGRAPHY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018
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
Statement of changes in equity
3
Notes to the financial statements
4 - 7
CAMBRIAN PHOTOGRAPHY LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2018
31 August 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
18,191
20,731
Current assets
Stocks
419,976
363,518
Debtors
5
29,194
63,460
Cash at bank and in hand
21,446
149,553
470,616
576,531
Creditors: amounts falling due within one year
6
(135,716)
(129,595)
Net current assets
334,900
446,936
Total assets less current liabilities
353,091
467,667
Provisions for liabilities
(783)
(994)
Net assets
352,308
466,673
Capital and reserves
Called up share capital
8
10
100
Capital redemption reserve
9
90
-
Profit and loss reserves
352,208
466,573
Total equity
352,308
466,673
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 2018 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 2018
31 August 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 December 2018 and are signed on its behalf by:
Mrs S. A. Jones
Director
Company Registration No. 04863549
CAMBRIAN PHOTOGRAPHY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2018
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2016
100
-
419,120
419,220
Year ended 31 August 2017:
Profit and total comprehensive income for the year
-
-
77,953
77,953
Dividends
-
-
(30,500)
(30,500)
Balance at 31 August 2017
100
-
466,573
466,673
Year ended 31 August 2018:
Profit and total comprehensive income for the year
-
-
97,043
97,043
Dividends
-
-
(60,658)
(60,658)
Own shares acquired
-
-
(150,750)
(150,750)
Redemption of shares
9
-
90
-
90
Reduction of shares
9
(90)
-
-
(90)
Balance at 31 August 2018
10
90
352,208
352,308
CAMBRIAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018
- 4 -
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 2018
1
Accounting policies
(Continued)
- 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.
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 14 (2017 - 14).
3
Taxation
2018
2017
£
£
Current tax
UK corporation tax on profits for the current period
23,988
19,251
Deferred tax
Origination and reversal of timing differences
(211)
218
Total tax charge
23,777
19,469
CAMBRIAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2017
22,569
90,481
113,050
Additions
-
539
539
At 31 August 2018
22,569
91,020
113,589
Depreciation and impairment
At 1 September 2017
10,006
82,312
92,318
Depreciation charged in the year
903
2,177
3,080
At 31 August 2018
10,909
84,489
95,398
Carrying amount
At 31 August 2018
11,660
6,531
18,191
At 31 August 2017
12,563
8,168
20,731
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
20,571
22,614
Other debtors
8,623
40,846
29,194
63,460
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
63,856
46,283
Corporation tax
23,988
19,251
Other taxation and social security
21,270
39,300
Other creditors
26,602
24,761
135,716
129,595
7
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
783
994
CAMBRIAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 7 -
8
Called up share capital
2018
2017
£
£
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
100
10
100
9
Capital redemption reserve
2018
2017
£
£
At beginning of year
-
-
Redemption of shares
90
-
At end of year
90
-
10
Directors' transactions
Dividends totalling £60,658 (2017 - £30,500) were paid in the year in respect of shares held by the company's directors.
During the period under consideration, the company paid £13,000 (2017 - £6,000) rent to a director Mr A.M. Duncalf, for the use of the business premises
2018-08-31
2017-09-01
false
CCH Software
CCH Accounts Production 2018.220
No description of principal activity
12 December 2018
Mr A M Duncalf
Mrs S A Jones
04863549
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