Exposure Photo Agency Ltd. - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07545527 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

EXPOSURE PHOTO AGENCY LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S J Burt

Mrs A J Burt

REGISTERED OFFICE:

Redruth House

Cornwall Business Park (West)

Scorrier

REDRUTH

Cornwall

TR16 5EZ

REGISTERED NUMBER:

07545527 (England and Wales)

ACCOUNTANTS:

Lang Bennetts Chartered Accountants

Bickland House

Bickland Water Road

Falmouth

Cornwall

TR11 4SB

FIXED ASSETS

Intangible assets

4

9,600

-

Tangible assets

5

22,152

1,954

31,752

1,954

CURRENT ASSETS

Debtors

6

8,458

4,645

Cash at bank

2,454

602

10,912

5,247

CREDITORS

Amounts falling due within one year

7

65,020

13,871

NET CURRENT LIABILITIES

(54,108

)

(8,624

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(22,356

)

(6,670

)

CREDITORS

Amounts falling due after more than one year

8

3,748

4,469

NET LIABILITIES

(26,104

)

(11,139

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(26,106

)

(11,141

)

(26,104

)

(11,139

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 28 November 2023 and were signed on its behalf by:

Mrs A J Burt - Director

1.	STATUTORY INFORMATION

Exposure Photo Agency 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

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

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be readily measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates Value Added Tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2023, 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.

Plant and machinery etc

-

25% 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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 1 (2022 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

12,000

At 31 March 2023

12,000

AMORTISATION

Charge for year

2,400

At 31 March 2023

2,400

NET BOOK VALUE

At 31 March 2023

9,600

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

7,014

Additions

24,364

Disposals

(210

)

At 31 March 2023

31,168

DEPRECIATION

At 1 April 2022

5,060

Charge for year

3,956

At 31 March 2023

9,016

NET BOOK VALUE

At 31 March 2023

22,152

At 31 March 2022

1,954

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

6,526

1,938

Other debtors

1,932

2,707

8,458

4,645

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

620

500

Trade creditors

894

3,765

Taxation and social security

4,166

-

Other creditors

59,340

9,606

65,020

13,871

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

3,748

4,469