Kirsty Mitchell Photography Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07270530 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2021

for

Kirsty Mitchell Photography Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Tangible fixed assets

4

22,887

25,989

Current assets

Stocks

19,178

38,076

Debtors

5

134,171

182,444

Cash at bank

109,567

232,521

262,916

453,041

Creditors: amounts falling due within one year

6

70,591

254,837

Net current assets

192,325

198,204

Total assets less current liabilities

215,212

224,193

Creditors: amounts falling due after more than one year

7

(39,692

)

-

Provisions for liabilities

(4,349

)

(4,938

)

Net assets

171,171

219,255

Capital and reserves

Called up share capital

8

2

2

Retained earnings

171,169

219,253

Shareholders' funds

171,171

219,255

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2022 and were signed on its behalf by:

M A Stevensen - Director

1.	Statutory information

Kirsty Mitchell Photography Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

07270530

Registered office:

85 Church Road

Hove

East Sussex

BN3 2BB

The presentation currency of the financial statements is in Pound Sterling (£) and rounding is to the nearest (£).

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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.This is usually on dispatch of the goods.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% straight line

Computer equipment - 25% straight line

Plant and machinery - 25% straight line

Government grants

Government grants are recognised in the period to which they relate.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Stock is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Significant events affecting the company

During the year, the UK and many other countries around the world have imposed restrictions on daily life that have impacted their economies. The company has begun to see the effect of these restrictions in these accounts but it is too early to determine the full financial impact.

3.	Employees and directors

The average number of employees during the year was 2 (2020 - 2 ) .

4.	Tangible fixed assets

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

Cost

At 1 July 2020

2,193

3,855

36,216

42,264

Additions

-

4,262

3,310

7,572

Disposals

(457

)

-

(2,208

)

(2,665

)

At 30 June 2021

1,736

8,117

37,318

47,171

Depreciation

At 1 July 2020

2,149

2,408

11,718

16,275

Charge for year

-

1,197

8,432

9,629

Eliminated on disposal

(413

)

-

(1,207

)

(1,620

)

At 30 June 2021

1,736

3,605

18,943

24,284

Net book value

At 30 June 2021

-

4,512

18,375

22,887

At 30 June 2020

44

1,447

24,498

25,989

5.

Debtors: amounts falling due within one year

2021

2020

£

£

Trade debtors

19,198

-

Other debtors

114,973

182,444

134,171

182,444

6.

Creditors: amounts falling due within one year

2021

2020

£

£

Bank loans and overdrafts

9,527

-

Trade creditors

52,760

149,527

Taxation and social security

3,179

51,571

Other creditors

5,125

53,739

70,591

254,837

7.

Creditors: amounts falling due after more than one year

2021

2020

£

£

Bank loans

39,692

-

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

2

Ordinary

£1

2

2

9.	Directors' advances, credits and guarantees

Advances were made in the year to the directors in the sum of £25,729 (2020 £82,655) with repayments being received of £43,938 (2020 £75,625) resulting in a balance owed to the company at the year end of £15,981 (2020 £34,190). This loan was unsecured, repayable on demand and non-interest bearing.