Master Photographers Association Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02863072 (England and Wales)

Financial Statements

for the Year Ended 31 March 2019

for

Master Photographers Association Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D C Davies

R R Lowe

P A Inskip

P A Cooper

S Walton

F J Yerbury

I C Boichat

P R G Haley

REGISTERED OFFICE:

Jubilee House

1 Chancery Lane

DARLINGTON

County Durham

DL1 5QP

REGISTERED NUMBER:

02863072 (England and Wales)

ACCOUNTANTS:

Clive Owen LLP

Chartered Accountants

140 Coniscliffe Road

DARLINGTON

County Durham

DL3 7RT

FIXED ASSETS

Tangible assets

4

154,806

160,633

CURRENT ASSETS

Debtors

5

23,114

14,174

Cash at bank

13,925

21,670

37,039

35,844

CREDITORS

Amounts falling due within one year

6

281,222

176,173

NET CURRENT LIABILITIES

(244,183

)

(140,329

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(89,377

)

20,304

RESERVES

Retained earnings

(89,377

)

20,304

(89,377

)

20,304

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 7 May 2019 and were signed on its behalf by:

R R Lowe - Director

1.	STATUTORY INFORMATION

Master Photographers Association Limited is a private company, limited by guarantee, registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures for that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged for the previous year, and also have been consistently applied within the same

accounts.

The financial statements are prepared on the going concern basis which assumes that the company will continue

to trade. However, the validity of the going concern basis is dependent upon the continued support of the

creditors. If the company is unable to continue to trade, adjustments would be required to reduce the value of

assets to their recoverable amounts, to provide for any further liabilities that might arise and to analyse both fixed

assets and long term liabilities as current assets and liabilities.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Income recognition

Income is recognised when a contract for the sale of goods is determined as unconditional.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures and fittings

-

20% on reducing balance

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

Foreign currencies

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 rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST

At 1 April 2018

and 31 March 2019

233,828

75,971

309,799

DEPRECIATION

At 1 April 2018

78,966

70,200

149,166

Charge for year

4,673

1,154

5,827

At 31 March 2019

83,639

71,354

154,993

NET BOOK VALUE

At 31 March 2019

150,189

4,617

154,806

At 31 March 2018

154,862

5,771

160,633

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

8,188

7,425

Other debtors

13,234

3,935

Prepayments and accrued income

1,692

2,814

23,114

14,174

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

22,487

25,000

Trade creditors

194,138

97,460

Taxation and social security

2,746

2,535

Other creditors

79

25

Directors' current accounts

31,871

28,096

Accruals and deferred income

29,901

23,057

281,222

176,173

7.	RELATED PARTY DISCLOSURES

2019

2018

£

£

Amounts owed to the directors.

31,871

28,096

No interest has been charged.

8.	SHARE CAPITAL

The company is limited by guarantee, every member of the company undertakes to contribute such amount as

may be required (not exceeding £1) to the association's assets if it should be wound up while he is a member, or

within one year if he ceases to be a member, for the payment of the company's debts and liabilities contracted

before he ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of

the right of the contributories among themselves.