Media Wisdom Photography Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05087416 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

Media Wisdom Photography Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Christopher

A Cockroft

REGISTERED OFFICE:

5 Lindsay Road

Hampton Hill

Middlesex

TW12 1DR

REGISTERED NUMBER:

05087416 (England and Wales)

ACCOUNTANTS:

Swan Accountancy Solutions Limited

4 Riverview

Walnut Tree Close

Guildford

Surrey

GU1 4UX

FIXED ASSETS

Intangible assets

4

-

4,050

Tangible assets

5

40,354

43,301

40,354

47,351

CURRENT ASSETS

Debtors

6

20,427

15,470

Cash at bank and in hand

9,668

6,204

30,095

21,674

CREDITORS

Amounts falling due within one year

7

42,456

12,428

NET CURRENT (LIABILITIES)/ASSETS

(12,361

)

9,246

TOTAL ASSETS LESS CURRENT LIABILITIES

27,993

56,597

CREDITORS

Amounts falling due after more than one year

8

-

(45,454

)

PROVISIONS FOR LIABILITIES

(7,668

)

(8,227

)

NET ASSETS

20,325

2,916

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

20,225

2,816

SHAREHOLDERS' FUNDS

20,325

2,916

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 and authorised for issue on 31 July 2020 and were signed on its behalf by:

G Christopher - Director

1.	STATUTORY INFORMATION

Media Wisdom Photography Ltd 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 is measured at the fair value of the consideration received or receivable,

excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill is being amortised over five years from 01 April 2015. The Directors consider

this to be the useful working life of the goodwill.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition,

intangible assets are measured at cost less any accumulated amortisation and any

accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

20,250

AMORTISATION

At 1 April 2019

16,200

Charge for year

4,050

At 31 March 2020

20,250

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

4,050

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2019

69,111

7,045

21,238

97,394

Additions

6,156

210

-

6,366

Disposals

(2,666

)

-

-

(2,666

)

At 31 March 2020

72,601

7,255

21,238

101,094

DEPRECIATION

At 1 April 2019

40,790

5,657

7,646

54,093

Charge for year

4,963

240

2,718

7,921

Eliminated on disposal

(1,274

)

-

-

(1,274

)

At 31 March 2020

44,479

5,897

10,364

60,740

NET BOOK VALUE

At 31 March 2020

28,122

1,358

10,874

40,354

At 31 March 2019

28,321

1,388

13,592

43,301

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

19,850

15,312

Other debtors

577

158

20,427

15,470

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

1,544

980

Taxation and social security

15,196

11,420

Other creditors

25,716

28

42,456

12,428

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other creditors

-

45,454

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

1

100

100

10.	ULTIMATE CONTROLLING PARTY

G Christopher and A Cockroft are the ultimate controlling parties by virtue of their

100% interest in the ordinary share capital of the company.