High Level Photography Ltd Filleted accounts for Companies House (small and micro)

High Level Photography Ltd Filleted accounts for Companies House (small and micro)

HIGH LEVEL PHOTOGRAPHY LIMITED - Company Information

Print Friendly Version

10 false false false false false false false false false true false false false false false false No description of principal activity 2020-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 573,844 9,493 81,666 501,671 392,921 90,616 81,666 401,871 99,800 180,923 xbrli:pure xbrli:shares iso4217:GBP 01933486 2020-01-01 2020-12-31 01933486 2020-12-31 01933486 2019-12-31 01933486 2019-01-01 2019-12-31 01933486 2019-12-31 01933486 bus:Director1 2020-01-01 2020-12-31 01933486 core:PlantMachinery 2019-12-31 01933486 core:PlantMachinery 2020-12-31 01933486 core:PlantMachinery 2020-01-01 2020-12-31 01933486 core:WithinOneYear 2020-12-31 01933486 core:WithinOneYear 2019-12-31 01933486 core:AfterOneYear 2020-12-31 01933486 core:AfterOneYear 2019-12-31 01933486 core:ShareCapital 2020-12-31 01933486 core:ShareCapital 2019-12-31 01933486 core:RetainedEarningsAccumulatedLosses 2020-12-31 01933486 core:RetainedEarningsAccumulatedLosses 2019-12-31 01933486 core:PlantMachinery 2019-12-31 01933486 bus:SmallEntities 2020-01-01 2020-12-31 01933486 bus:AuditExempt-NoAccountantsReport 2020-01-01 2020-12-31 01933486 bus:FullAccounts 2020-01-01 2020-12-31 01933486 bus:SmallCompaniesRegimeForAccounts 2020-01-01 2020-12-31 01933486 bus:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31
COMPANY REGISTRATION NUMBER: 01933486
High Level Photography Ltd
Filleted Unaudited Financial Statements
31 December 2020
High Level Photography Ltd
Statement of Financial Position
31 December 2020
2020
2019
Note
£
£
£
£
Fixed assets
Tangible assets
4
99,800
180,923
Current assets
Debtors
5
142,975
124,264
Cash at bank and in hand
327,208
229,778
---------
---------
470,183
354,042
Creditors: Amounts falling due within one year
6
138,021
127,211
---------
---------
Net current assets
332,162
226,831
---------
---------
Total assets less current liabilities
431,962
407,754
Creditors: Amounts falling due after more than one year
7
56,851
107,961
Provisions
Taxation including deferred tax
11,254
19,169
---------
---------
Net assets
363,857
280,624
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
363,757
280,524
---------
---------
Shareholders funds
363,857
280,624
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
High Level Photography Ltd
Statement of Financial Position (continued)
31 December 2020
These financial statements were approved by the board of directors and authorised for issue on 28 September 2021 , and are signed on behalf of the board by:
I D R Leslie
Director
Company registration number: 01933486
High Level Photography Ltd
Notes to the Financial Statements
Year ended 31 December 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Solent House, Lansbury Business Estate, Lower Guildford Road, Kanphill, Woking, Surrey, England, GU21 2EP.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery etc
-
25%-50% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2019: 12 ).
4. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 January 2020
573,844
573,844
Additions
9,493
9,493
Disposals
( 81,666)
( 81,666)
---------
---------
At 31 December 2020
501,671
501,671
---------
---------
Depreciation
At 1 January 2020
392,921
392,921
Charge for the year
90,616
90,616
Disposals
( 81,666)
( 81,666)
---------
---------
At 31 December 2020
401,871
401,871
---------
---------
Carrying amount
At 31 December 2020
99,800
99,800
---------
---------
At 31 December 2019
180,923
180,923
---------
---------
5. Debtors
2020
2019
£
£
Trade debtors
70,467
58,770
Amounts owed by group undertakings and undertakings in which the company has a participating interest
17,130
18,500
Other debtors
55,378
46,994
---------
---------
142,975
124,264
---------
---------
6. Creditors: Amounts falling due within one year
2020
2019
£
£
Trade creditors
1,989
11,578
Corporation tax
31,831
34,133
Social security and other taxes
27,172
–
Other creditors
77,029
81,500
---------
---------
138,021
127,211
---------
---------
7. Creditors: Amounts falling due after more than one year
2020
2019
£
£
Corporation tax
–
5,145
Other creditors
56,851
102,816
--------
---------
56,851
107,961
--------
---------