Personal Images Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02344679 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2020

for

Personal Images Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Miss L A Russell

Mr C J Russell

SECRETARY:

Mr C J Russell

REGISTERED OFFICE:

Lewis House

Great Chesterford Court

Great Chesterford

Essex

CB10 1PF

BUSINESS ADDRESS:

Unit 13 Merlin Park

Mildenhall

Suffolk

IP28 7RD

REGISTERED NUMBER:

02344679 (England and Wales)

FIXED ASSETS

Tangible assets

5

10,210

13,945

CURRENT ASSETS

Stocks

5,524

4,973

Debtors

6

5,290

7,298

Cash at bank and in hand

57,099

47,391

67,913

59,662

CREDITORS

Amounts falling due within one year

7

(60,214

)

(56,142

)

NET CURRENT ASSETS

7,699

3,520

TOTAL ASSETS LESS CURRENT LIABILITIES

17,909

17,465

PROVISIONS FOR LIABILITIES

(1,771

)

(2,444

)

NET ASSETS

16,138

15,021

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

16,038

14,921

16,138

15,021

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 28 October 2020 and were signed on its behalf by:

Mr C J Russell - Director

Miss L A Russell - Director

1.	STATUTORY INFORMATION

Personal Images 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

Government grants

Government grants Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Stocks

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

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2019

85,613

Additions

1,270

Disposals

(44,761

)

At 30 April 2020

42,122

DEPRECIATION

At 1 May 2019

71,668

Charge for year

3,402

Eliminated on disposal

(43,158

)

At 30 April 2020

31,912

NET BOOK VALUE

At 30 April 2020

10,210

At 30 April 2019

13,945

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,940

5,442

Other debtors

3,350

1,856

5,290

7,298

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

4,792

4,085

Taxation and social security

5,187

7,416

Other creditors

50,235

44,641

60,214

56,142

Included in other creditors balance above is a balance of £750 (2019 - £857) in relation to accruals, a balance of £16,070 (2019 - £12,778) in relation to directors loan and a balance of £33,415 (2019 - £31,006) in relation to a loan.

Included within other creditors above is a loan to the company from Mr L Russell of £30,946 (2019 - £30,946). No interest has been charged on the loan and there are no set repayment terms.

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

6,000

1,500

Between one and five years

19,500

-

25,500

1,500