Registered number
04478405
Raymond Farley Photography Limited
Filleted Accounts
31 July 2018
Raymond Farley Photography Limited
Registered number: 04478405
Balance Sheet
as at 31 July 2018
Notes 2018 2017
£ £
Fixed assets
Intangible assets 2 6,000 7,500
Tangible assets 3 6,992 7,644
12,992 15,144
Current assets
Debtors 4 6,392 8,884
Cash at bank and in hand 4,027 2,981
10,419 11,865
Creditors: amounts falling due within one year 5 (18,770) (22,480)
Net current liabilities (8,351) (10,615)
Net assets 4,641 4,529
Capital and reserves
Called up share capital 1 1
Profit and loss account 4,640 4,528
Shareholder's funds 4,641 4,529
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr R Farley
Director
Approved by the board on 17 December 2018
Raymond Farley Photography Limited
Notes to the Accounts
for the year ended 31 July 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2017 30,000
At 31 July 2018 30,000
Amortisation
At 1 August 2017 22,500
Provided during the year 1,500
At 31 July 2018 24,000
Net book value
At 31 July 2018 6,000
At 31 July 2017 7,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2017 22,087 1,130 23,217
Additions 1,859 - 1,859
Disposals (800) - (800)
At 31 July 2018 23,146 1,130 24,276
Depreciation
At 1 August 2017 14,556 1,017 15,573
Charge for the year 2,033 28 2,061
On disposals (350) - (350)
At 31 July 2018 16,239 1,045 17,284
Net book value
At 31 July 2018 6,907 85 6,992
At 31 July 2017 7,531 113 7,644
4 Debtors 2018 2017
£ £
Trade debtors 5,676 7,988
Other debtors 716 896
6,392 8,884
5 Creditors: amounts falling due within one year 2018 2017
£ £
Obligations under finance lease and hire purchase contracts - 938
Trade creditors 50 50
Taxation and social security costs 3,759 5,963
Other creditors 14,961 15,529
18,770 22,480
6 Other information
Raymond Farley Photography Limited is a private company limited by shares and incorporated in England. Its registered office is:
255 Poulton Road
Wallasey
Merseyside
CH44 4BT
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