Photiades Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07997685 (England and Wales)

Photiades Ltd

Unaudited Financial Statements For The Year Ended 31 March 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr W Harvey

Mr D Shiebert

Mr J Cox

REGISTERED OFFICE:

Longmire House

36-38 London Road

St Albans

Hertfordshire

AL1 1NG

REGISTERED NUMBER:

07997685 (England and Wales)

FIXED ASSETS

Intangible assets

4

26,000

46,500

Property, plant and equipment

5

37,007

35,069

63,007

81,569

CURRENT ASSETS

Debtors

6

551,211

546,072

Cash at bank

309,310

262,743

860,521

808,815

CREDITORS

Amounts falling due within one year

7

(178,141

)

(187,074

)

NET CURRENT ASSETS

682,380

621,741

TOTAL ASSETS LESS CURRENT LIABILITIES

745,387

703,310

PROVISIONS FOR LIABILITIES

(1,801

)

(1,432

)

NET ASSETS

743,586

701,878

CAPITAL AND RESERVES

Called up share capital

99

99

Retained earnings

743,487

701,779

SHAREHOLDERS' FUNDS

743,586

701,878

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 29 November 2022 and were signed on its behalf by:

Mr W Harvey - Director

Mr D Shiebert - Director

Mr J Cox - Director

1.	STATUTORY INFORMATION

Photiades 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

The turnover shown in the profit and loss account represents services provided during the year, exclusive of Value Added Tax. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Goodwill

Goodwill relates to the acquisition of a business in 2012 which is being amortised evenly over its estimated useful life of ten years and another acquisition of a business in 2015 which is being amortised evenly over its estimated useful life of five years.

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.

Freehold property

-

not provided

Fixtures and fittings

-

15% on cost

Computer equipment

-

20% on cost

No depreciation has been charged on freehold property. The property is regularly reviewed for impairment.

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.

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 14 (2021 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

166,580

AMORTISATION

At 1 April 2021

120,080

Amortisation for year

20,500

At 31 March 2022

140,580

NET BOOK VALUE

At 31 March 2022

26,000

At 31 March 2021

46,500

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2021

27,530

3,435

28,045

59,010

Additions

-

3,606

2,209

5,815

Disposals

-

-

(4,541

)

(4,541

)

At 31 March 2022

27,530

7,041

25,713

60,284

DEPRECIATION

At 1 April 2021

-

2,358

21,583

23,941

Charge for year

-

821

2,459

3,280

Eliminated on disposal

-

-

(3,944

)

(3,944

)

At 31 March 2022

-

3,179

20,098

23,277

NET BOOK VALUE

At 31 March 2022

27,530

3,862

5,615

37,007

At 31 March 2021

27,530

1,077

6,462

35,069

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

257,888

293,504

Tax

22,087

22,087

Prepayments and accrued income

271,236

230,481

551,211

546,072

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

11,519

8,154

Tax

51,969

73,500

Social security and other taxes

23,621

17,045

VAT

77,464

64,339

Directors' current accounts

1,129

16,557

Accrued expenses

12,439

7,479

178,141

187,074

8.	SECURED DEBTS

A Debenture dated 29 May 2012 was created by the company for securing all monies due or to become due from the company to Barclays Bank PLC on any account whatsoever.

9.	RELATED PARTY DISCLOSURES

During the year the company paid dividends of £153,000 (2021 - £165,000) to the directors of the company.

At the year end the company owed £399 to the director Mr W Harvey (2021 - £1,475)

At the year end the company owed £458 to the director Mr D Shiebert (2021 - £2,143)

At the year end the company owed £271 to the director Mr J Cox (2021 - £12,938)