Picture Master Company Ltd - Accounts to registrar (filleted) - small 18.2
Picture Master Company Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 June 2019 |
| for |
| PICTURE MASTER COMPANY LTD |
| PICTURE MASTER COMPANY LTD (REGISTERED NUMBER: 06610393) |
| Contents of the Financial Statements |
| for the year ended 30 June 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| PICTURE MASTER COMPANY LTD |
| Company Information |
| for the year ended 30 June 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Waterside House |
| Waterside Business Park |
| 1649 Pershore Road |
| Birmingham |
| West Midlands |
| B30 3DR |
| BANKERS: |
| 130 New Street |
| Birmingham |
| B2 4JU |
| PICTURE MASTER COMPANY LTD (REGISTERED NUMBER: 06610393) |
| Balance Sheet |
| 30 June 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| PICTURE MASTER COMPANY LTD (REGISTERED NUMBER: 06610393) |
| Balance Sheet - continued |
| 30 June 2019 |
| 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 |
| PICTURE MASTER COMPANY LTD (REGISTERED NUMBER: 06610393) |
| Notes to the Financial Statements |
| for the year ended 30 June 2019 |
| 1. | STATUTORY INFORMATION |
| Picture Master Company Limited is a private company, limited by shares. The company's registered number and registered office address are as follows: |
| Registered Number: 06610393 (England and Wales) |
| Registered Office | Unit 9 Mount Street Business Park |
| Nechells |
| Birmingham |
| B7 5QU |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents net invoiced sales of goods and services, excluding value added tax arising from the sale and supply of signage material. Income is recognised on despatch of goods or on delivery of a service. |
| Tangible fixed assets |
| Fittings & fixtures - 25% on reducing balances |
| Computer equipment - 33.3% on costs |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is defined as the initial purchase price of parts and raw materials, including import duties, handling costs and delivery, together with directs costs of advertising and marketing incurred. |
| Net realisable value is the estimated proceeds from the sale of items of stock, less all further costs to be incurred in marketing, selling and distributing the items in question. |
| 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. |
| PICTURE MASTER COMPANY LTD (REGISTERED NUMBER: 06610393) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2018 |
| and 30 June 2019 |
| DEPRECIATION |
| At 1 July 2018 |
| Charge for year |
| At 30 June 2019 |
| NET BOOK VALUE |
| At 30 June 2019 |
| At 30 June 2018 |
| PICTURE MASTER COMPANY LTD (REGISTERED NUMBER: 06610393) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' current accounts | 41,732 | 41,732 |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 54,949 | 35,183 |
| Credit card |
| Accrued expenses |
| 7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30 June 2019 and 30 June 2018: |
| 2019 | 2018 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |