Company Registration No. 07576298 (England and Wales)
72Photographic Ltd
Unaudited accounts
for the year ended 31 March 2023
72Photographic Ltd
Unaudited accounts
Contents
72Photographic Ltd
Company Information
for the year ended 31 March 2023
Director
Mr Nicholas Andrews
Company Number
07576298 (England and Wales)
Registered Office
Four Winds Flowers Drove
Lytchett Matravers
Poole
BH16 6BX
Accountants
Atmos Bookkeeping Ltd
32 Aconbury Close
Worcester
WR5 1JD
72Photographic Ltd
Statement of financial position
as at 31 March 2023
Cash at bank and in hand
58,938
37,718
Creditors: amounts falling due within one year
(47,224)
(41,281)
Net current assets/(liabilities)
18,029
(181)
Total assets less current liabilities
20,416
271
Creditors: amounts falling due after more than one year
(340)
-
Called up share capital
1
1
Profit and loss account
20,075
270
Shareholders' funds
20,076
271
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 23 October 2023 and were signed on its behalf by
Mr Nicholas Andrews
Director
Company Registration No. 07576298
72Photographic Ltd
Notes to the Accounts
for the year ended 31 March 2023
72Photographic Ltd is a private company, limited by shares, registered in England and Wales, registration number 07576298. The registered office is Four Winds Flowers Drove, Lytchett Matravers, Poole, BH16 6BX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the provision of photography services is recognised in the period in which the services are provided.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
Mixture of 33% and 50% straight line
Fixtures & fittings
50% straight line
Computer equipment
50% straight line
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grant will be received.
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the related costs the grant is intended to compensate for are recognised. Grants relating to capital assets are recognised in income on a systematic basis over the useful economic life of the related asset. Grants received in respect of expenses or losses already incurred are recognised in income when the grant proceeds are received or receivable. Grants received before the revenue recognition criteria are satisfied are recognised as a liability.
72Photographic Ltd
Notes to the Accounts
for the year ended 31 March 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Basic financial instruments, other than arrangements constituting financing transactions, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. Basic financial instruments classified as payable or receivable within one year are not amortised.
Arrangements constituting financing transactions are measured at the present value of the future payments or receipts discounted at a market rate of interest.
The financial statements have been prepared on a going concern basis.
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2022
30,626
-
841
31,467
Additions
3,102
1,028
404
4,534
At 31 March 2023
33,728
1,028
1,245
36,001
At 1 April 2022
30,500
-
515
31,015
Charge for the year
1,557
514
528
2,599
At 31 March 2023
32,057
514
1,043
33,614
At 31 March 2023
1,671
514
202
2,387
At 31 March 2022
126
-
326
452
Carrying values included above held under finance leases and hire purchase contracts:
£
£
Amounts falling due within one year
72Photographic Ltd
Notes to the Accounts
for the year ended 31 March 2023
6
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
240
-
Taxes and social security
8,999
3,731
Loans from directors
36,328
36,710
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
340
-
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
9
Transactions with related parties
Amounts due to related parties:
At the reporting date, a total of £37,613 was owed to key management personnel (2022: £37,550).
This amount is interest-free, unsecured and repayable on demand.
10
Average number of employees
During the year the average number of employees was 0 (2022: 0).