Photomec (London) Limited
Photomec (London) Limited
Registered number: 00421485
Unaudited Financial Statements
For The Year Ended 31 December 2018
Graver & Co Ltd
Photomec (London) Limited
Unaudited Financial Statements
For The Year Ended 31 December 2018
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Photomec (London) Limited
Balance Sheet
As at
31 December 2018
Balance Sheet
Registered number:
00421485
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| CURRENT ASSETS | |||||
| Stocks | 6 |
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| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 8 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 9 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Other reserves |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 150,199 | 162,781 | |||
Page 1
Photomec (London) Limited
Balance Sheet (continued)
As at
31 December 2018
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their 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. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Photomec (London) Limited
Notes to the Financial Statements
For The Year Ended 31 December 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. Income is derived, in the main, from activities within the UK.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Motor Vehicles |
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1.4.
Stocks and Work in Progress
It is the directors policy to maintain stocks of raw materials for several years as the company is the only supplier of spare parts for their machines.
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.It is the directors policy to maintain stocks of raw materials for several years as the company is the only supplier of spare parts for their machines.
The company manufactures specialist machines and it is the policy of the directors to build the machines and then to modify them in respect of specific orders. Additionally, old machines are returned to the company and reused for parts. Thus it is the directors policy to hold work in progress and finished goods for sseveral years as this stock can be sold in different forms. The directors consider that these stocks will maintain their value over time.
4.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2018 | 2017 | ||
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| Office and administration |
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Page 3
Photomec (London) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
5.
Tangible Assets
| Motor Vehicles | |
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| Depreciation | |
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| Net Book Value | |
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6.
Stocks
| 2018 | 2017 | ||
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| £ | £ | ||
| Stock - finished goods |
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7.
Debtors
| 2018 | 2017 | ||
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| Trade debtors |
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| Due after more than one year | |||
| Other debtors |
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Page 4
Photomec (London) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
8.
Creditors: Amounts Falling Due Within One Year
| 2018 | 2017 | ||
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| £ | £ | ||
| Trade creditors |
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| VAT |
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| Credit Card |
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9.
Creditors: Amounts Falling Due After More Than One Year
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| Deposits Held |
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| Directors loan account |
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11.
Related Party Transactions
Photomec (Holdings) Limited
There is a loan between Photomec (London) Limited and Photomec (Holdings) Limted, companies which a director, D Wright, has control over. The amount outstanding at the year end was £124000 and is included within debtors on the Balance Sheet. ( £124013, Debtor, 2017)
12.
Ultimate Controlling Party
The company's ultimate controlling party is Mr David Wright by vitue of his 100% shareholding in Photomec (Holdings) Limited.
13.
General Information
Photomec (London) Limited Registered number 00421485 is a limited by shares company incorporated in England & Wales. The Registered Office is Vale House , Kings Lane, Longcot Faringdon, Oxfordshire, SN7 7SS.
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