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REGISTERED NUMBER:
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Warren Photographic Limited |
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Unaudited Financial Statements for the Year Ended 31 March 2017 |
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REGISTERED NUMBER:
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Warren Photographic Limited |
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Unaudited Financial Statements for the Year Ended 31 March 2017 |
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Warren Photographic Limited (Registered number: 07552672) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Warren Photographic Limited |
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Company Information |
for the Year Ended 31 March 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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The White House |
2 Meadrow |
Godalming |
Surrey |
GU7 3HN |
Warren Photographic Limited (Registered number: 07552672) |
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Balance Sheet |
31 March 2017 |
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31.3.17 | 31.3.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
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preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Warren Photographic Limited (Registered number: 07552672) |
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Balance Sheet - continued |
31 March 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Warren Photographic Limited (Registered number: 07552672) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2017 |
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1. | STATUTORY INFORMATION |
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Warren Photographic Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of photographic images during the year, excluding value added tax. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any |
accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Photographic equipment | - |
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Equipment, plant, fixtures & fittings | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted |
or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Warren Photographic Limited (Registered number: 07552672) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 April 2016 |
and 31 March 2017 |
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AMORTISATION |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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5. | TANGIBLE FIXED ASSETS |
Equipment, |
plant, |
Photographic | fixtures |
equipment | & fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Trade debtors |
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Bad debt provision | (7,488 | ) | (697 | ) |
Other debtors |
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Prepayments and accrued income |
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Warren Photographic Limited (Registered number: 07552672) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Trade creditors |
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Corporation tax |
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Social security and other taxes |
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VAT | 4,089 | 4,901 |
Other creditors |
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Directors' loan accounts | 19,710 | 27,166 |
Accrued expenses |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Other creditors |
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9. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £10,000 (2016 - £15,960) were paid to the directors . |
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As at 1 April 2011 the company acquired the net assets of Warren Photographic, a partnership previously operated by K D |
Taylor, M L Taylor and H J Taylor at a cost of £509,897 namely goodwill of £150,000 and net assets of £359,897. |
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As at the year end the company owed the directors the following amounts:- |
31.3.2017 | 31.3.2016 |
£ | £ |
K D Taylor | 3,751 | 6,246 |
M L Taylor | 15,959 | 20,918 |
19,710 | 27,164 |
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As at the year end the company also owed Miss H J Taylor, a shareholder of the company, the following amount:- |
31.3.2017 | 31.3.2016 |
£ | £ |
Miss H J Taylor | 57,063 | 51,222 |
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10. | ULTIMATE CONTROLLING PARTY |
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The controlling party is M L Taylor. |
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11. | FIRST YEAR ADOPTION |
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There were no adjustments to report on transition from UK GAAP to FRS102 Section 1A. |
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