Maverick Photo Agency Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC350435 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

Maverick Photo Agency Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

C Bennetts

REGISTERED OFFICE:

Drumsheugh Toll

2 Belford Road

Edinburgh

EH4 3BL

REGISTERED NUMBER:

SC350435 (Scotland)

ACCOUNTANTS:

One Accounting Ltd

Chartered Management Accountants

Drumsheugh Toll

2 Belford Road

Edinburgh

Midlothian

EH4 3BL

FIXED ASSETS

Tangible assets

4

5,499

7,332

CURRENT ASSETS

Debtors

5

875

2,599

Cash at bank

8,026

10,181

8,901

12,780

CREDITORS

Amounts falling due within one year

6

13,399

17,110

NET CURRENT LIABILITIES

(4,498

)

(4,330

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,001

3,002

PROVISIONS FOR LIABILITIES

1,045

1,393

NET (LIABILITIES)/ASSETS

(44

)

1,609

CAPITAL AND RESERVES

Called up share capital

150

150

Retained earnings

7

(194

)

1,459

SHAREHOLDERS' FUNDS

(44

)

1,609

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 27 September 2021 and were signed by:

C Bennetts - Director

1.	STATUTORY INFORMATION

Maverick Photo Agency Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Going concern

At the balance sheet date the Company's liabilities exceed its assets by £44 . The Company meets its day to day working capital requirements from loans from the Director. The financial statements were prepared on a going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future.The Directors believe that the financial statements should be prepared on a going concern basis

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 each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2020

and 31 December 2020

13,718

225

13,943

DEPRECIATION

At 1 January 2020

6,407

204

6,611

Charge for year

1,828

5

1,833

At 31 December 2020

8,235

209

8,444

NET BOOK VALUE

At 31 December 2020

5,483

16

5,499

At 31 December 2019

7,311

21

7,332

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

875

2,599

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Tax

-

1,964

VAT

2,574

2,333

Other creditors

3,011

3,011

Directors' current accounts

7,814

9,802

13,399

17,110

7.

RESERVES

Retained

earnings

£

At 1 January 2020

1,459

Deficit for the year

(1,653

)

At 31 December 2020

(194

)