Company Registration No. 04863549 (England and Wales)
CAMBRIAN PHOTOGRAPHY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
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 2020
31 August 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
18,184
17,029
Current assets
Stocks
435,506
490,824
Debtors
5
20,644
18,004
Cash at bank and in hand
128,143
765
584,293
509,593
Creditors: amounts falling due within one year
6
(185,121)
(215,356)
Net current assets
399,172
294,237
Total assets less current liabilities
417,356
311,266
Creditors: amounts falling due after more than one year
7
(50,000)
Provisions for liabilities
8
(1,275)
(816)
Net assets
366,081
310,450
Capital and reserves
Called up share capital
9
10
10
Capital redemption reserve
10
90
90
Profit and loss reserves
365,981
310,350
Total equity
366,081
310,450
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 2020 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 2020
31 August 2020
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 11 August 2021
Mrs S. A. Jones
Director
Company Registration No. 04863549
CAMBRIAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
- 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 2020
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
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.8
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
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
11
11
3
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
12,803
(5,132)
CAMBRIAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
3
Taxation
2020
2019
£
£
(Continued)
- 5 -
Deferred tax
Origination and reversal of timing differences
459
33
Total tax charge/(credit)
13,262
(5,099)
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2019
22,569
92,852
115,421
Additions
4,834
4,834
At 31 August 2020
22,569
97,686
120,255
Depreciation and impairment
At 1 September 2019
11,812
86,580
98,392
Depreciation charged in the year
903
2,776
3,679
At 31 August 2020
12,715
89,356
102,071
Carrying amount
At 31 August 2020
9,854
8,330
18,184
At 31 August 2019
10,757
6,272
17,029
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
14,324
10,227
Corporation tax recoverable
5,132
Other debtors
6,320
2,645
20,644
18,004
CAMBRIAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 6 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
10,149
Trade creditors
86,399
144,259
Corporation tax
12,803
Other taxation and social security
56,489
19,756
Other creditors
29,430
41,192
185,121
215,356
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
50,000
8
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
1,275
816
9
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10
10
Capital redemption reserve
2020
2019
£
£
At beginning and end of year
90
90
11
Directors' transactions
Dividends totalling £0 (2019 - £19,000) were paid in the year in respect of shares held by the company's directors.