Antique Photo Limited - Accounts to registrar (filleted) - small 18.2
Antique Photo Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2020 |
for |
ANTIQUE PHOTO LIMITED |
ANTIQUE PHOTO LIMITED (REGISTERED NUMBER: 00937552) |
Contents of the Financial Statements |
for the year ended 31 March 2020 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
ANTIQUE PHOTO LIMITED |
Company Information |
for the year ended 31 March 2020 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4th Floor |
Venture House |
27-29 Glasshouse Street |
London |
W1B 5DF |
ANTIQUE PHOTO LIMITED (REGISTERED NUMBER: 00937552) |
Statement of Financial Position |
31 March 2020 |
2020 | 2019 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 8 |
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. |
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 |
ANTIQUE PHOTO LIMITED (REGISTERED NUMBER: 00937552) |
Notes to the Financial Statements |
for the year ended 31 March 2020 |
1. | STATUTORY INFORMATION |
Antique Photo Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Cash & cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. |
Investments |
Listed equity investments which are not subsidiaries, associates or joint ventures are initially measured at transaction price and subsequently carried at fair value and the changes in fair value are recognised in profit or loss. |
Unlisted equity investments which are not subsidiaries, associates or joint ventures whose fair values cannot be measured reliably are measured at cost less impairment. |
Investment income are recognised on an accruals basis and are credited to the profit and loss account. |
ANTIQUE PHOTO LIMITED (REGISTERED NUMBER: 00937552) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
a) Basic financial assets |
Trade and other debtors, loans to fellow group companies, loans to related companies, other debtors and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses. |
At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
b) Other financial assets |
Listed equity investments which are not subsidiaries, associates or joint ventures are initially measured at transaction price and subsequently carried at fair value and the changes in fair value are recognised in profit or loss. |
Unlisted equity investments which are not subsidiaries, associates or joint ventures whose fair values cannot be measured reliably are measured at cost less impairment. |
Basic and other financial assets are derecognised when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
b) Basic financial liabilities and equity |
Financial liabilities are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Trade creditors and other creditors are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled. |
Bank loans and group loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges. |
Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
c) Equity instruments |
The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2019 - NIL). |
ANTIQUE PHOTO LIMITED (REGISTERED NUMBER: 00937552) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other creditors |
Accruals and deferred income |
6. | FINANCIAL INSTRUMENTS |
The Company has the following financial instruments: |
2020 | 2019 |
£ | £ |
Financial assets that are debt instruments measured at amortised cost |
Other debtors | 24,501 | 24,501 |
24,501 | 24,501 |
Financial liabilities measured at amortised cost |
Other creditors | 30,536 | 30,536 |
Accruals and deferred income | 2,337 | 2,337 |
32,873 | 32,873 |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
8. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2019 |
Profit for the year |
At 31 March 2020 |