Medway Photographic Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01082930 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019

FOR

MEDWAY PHOTOGRAPHIC LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

9

DIRECTORS:

R J Cantwell

Mrs K M Cantwell

SECRETARY:

Mrs K M Cantwell

REGISTERED OFFICE:

27-29 St Mary's Place

Kingsway

Southampton

Hampshire

SO14 3HY

REGISTERED NUMBER:

01082930 (England and Wales)

ACCOUNTANTS:

Wettone Matthews Limited

Chartered Certified Accountants

Market House

21 Lenten Street

Alton

GU34 1HG

FIXED ASSETS

Tangible assets

4

-

20,711

CURRENT ASSETS

Stocks

5

-

9,261

Debtors

6

-

84,647

Cash at bank and in hand

-

31,273

-

125,181

CREDITORS

Amounts falling due within one year

7

-

77,211

NET CURRENT ASSETS

-

47,970

TOTAL ASSETS LESS CURRENT LIABILITIES

-

68,681

CREDITORS

Amounts falling due after more than one year

8

-

(8,429

)

NET ASSETS

-

77,110

CAPITAL AND RESERVES

Called up share capital

11

2

2

Retained earnings

12

(2

)

77,108

SHAREHOLDERS' FUNDS

-

77,110

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors on 23 March 2020 and were signed on its behalf by:

R J Cantwell - Director

1.	STATUTORY INFORMATION

Medway Photographic Limited is a private company, limited by shares , 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.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax, together with an

adjustment to reflect the impact of UITF Abstract 40 for amounts recoverable on contracts, where applicable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Freehold properties are shown at most recent valuation and are not depreciated. Although this is a departure

from the Companies Act, the directors consider it necessary in order to give a true and fair view within the

financial statements. Any aggregate surplus or deficit arising from changes in market value is transferred to a

revaluation reserve.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

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.

Hire purchase and leasing commitments

Operating leases and the payments made under them are charged to the profit and loss account on a straight

line basis over the lease term.

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 7 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 July 2018

345,751

8,755

354,506

Disposals

(345,751

)

(8,755

)

(354,506

)

At 30 June 2019

-

-

-

DEPRECIATION

At 1 July 2018

332,483

1,312

333,795

Charge for year

2,038

1,313

3,351

Eliminated on disposal

(334,521

)

(2,625

)

(337,146

)

At 30 June 2019

-

-

-

NET BOOK VALUE

At 30 June 2019

-

-

-

At 30 June 2018

13,268

7,443

20,711

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 July 2018

2,189

8,755

10,944

Disposals

(2,189

)

(8,755

)

(10,944

)

At 30 June 2019

-

-

-

DEPRECIATION

At 1 July 2018

328

1,312

1,640

Charge for year

328

1,313

1,641

Eliminated on disposal

(656

)

(2,625

)

(3,281

)

At 30 June 2019

-

-

-

NET BOOK VALUE

At 30 June 2019

-

-

-

At 30 June 2018

1,861

7,443

9,304

5.

STOCKS

2019

2018

£

£

Stocks

-

9,261

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

-

69,913

Deferred tax asset

-

14,734

-

84,647

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other loans

-

(28,245

)

Hire purchase contracts (see note 9)

-

2,148

Trade creditors

-

32,646

Social security and other taxes

-

5,722

VAT

-

8,648

Other creditors

-

487

Accruals and deferred income

-

55,805

-

77,211

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Directors loans

-

(15,411

)

Hire purchase contracts (see note 9)

-

6,982

-

(8,429

)

The bank loans and overdraft are secured by a fixed and floating charge over all of the company's assets.

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Net obligations repayable:

Within one year

-

2,148

Between one and five years

-

6,982

-

9,130

Non-cancellable

operating leases

2019

2018

£

£

Within one year

-

14,250

10.	DEFERRED TAX

£

Balance at 1 July 2018

(14,734

)

Provided during year

(406

)

Transferred to Medway Group

15,140

Balance at 30 June 2019

-

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£1

2

2

12.

RESERVES

Retained

earnings

£

At 1 July 2018

77,108

Deficit for the year

(71,110

)

Dividends

(6,000

)

At 30 June 2019

(2

)

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The loan to the director has been repaid as part of the transfer of assets and liabilities to Medway Group

(Southampton) Limited.

14.	RELATED PARTY DISCLOSURES

During the period the company occupied premises owned by the Medway Photographic Ltd SASS Scheme. The

rent paid during the year amounted to £14,250 (2018: £14,250) which is considered to be the market rent of

the property.

During the year £17,880 (2018: £1,995) was transferred to the Medway Photographic Ltd SASS Scheme, a

pension fund benefiting the employees of Medway Photographic Ltd.

As disclosed in the directors' report, the activity of Medway Photographic Limited has been transferred to

Medway Group (Southampton) Limited at its net book value of assets less liabilities and the net loss has been

disclosed as loss on transfer of business.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements

and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Medway Photographic Limited for the year ended 30 June 2019 which comprise the Income

Statement, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Medway Photographic Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Medway Photographic Limited and state those matters that we have agreed to state to the Board of Directors of Medway Photographic Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Medway Photographic Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Medway Photographic Limited. You consider that Medway Photographic Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Medway Photographic Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wettone Matthews Limited

Chartered Certified Accountants

Market House

21 Lenten Street

Alton

GU34 1HG

23 March 2020