Nature Picture Library Limited - Period Ending 2015-03-31

Registration number: 04173071

Nature Picture Library Limited

Unaudited abbreviated accounts

for the year ended 31 March 2015
 

Nature Picture Library Limited
Contents

Abbreviated balance sheet 1 to 2

Notes to the abbreviated accounts 3 to 5

Nature Picture Library Limited
(Registration number: 04173071)
Abbreviated balance sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets		2			10,033			14,504
Tangible fixed assets		2			25,851			28,384
					35,884			42,888
Current assets
Debtors					165,267			150,752
Cash at bank and in hand					185,875			184,307
					351,142			335,059
Creditors: amounts falling due within one year					(313,013)			(302,515)
Net current assets					38,129			32,544
Total assets less current liabilities					74,013			75,432
Provisions for liabilities					(3,726)			(3,003)
Net assets					70,287			72,429
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					69,287			71,429
Shareholders' funds					70,287			72,429

The notes on pages 3 to 5 form an integral part of these abbreviated accounts.
Page 1

Nature Picture Library Limited
(Registration number: 04173071)
Abbreviated balance sheet at 31 March 2015
......... continued

For the year ending 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the board on 18 December 2015 and signed on its behalf by:

.........................................
Ms AH Gilks
Director

The notes on pages 3 to 5 form an integral part of these abbreviated accounts.
Page 2

Nature Picture Library Limited
Notes to the abbreviated accounts for the year ended 31 March 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

High resolution scans are recorded at cost and are amortised on a quarterly basis dependent on level of turnover specific to those scans.

Amortisation is provided on goodwill so as to write off the cost, less any estimated residual value, over its expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	Written off over 5 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation rate and method
Fixtures and fittings	25% on cost
Computer equipment	33% on cost

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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Nature Picture Library Limited
Notes to the abbreviated accounts for the year ended 31 March 2015
......... continued

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2014		329,405			165,996			495,401
Additions		1,346			16,078			17,424
At 31 March 2015		330,751			182,074			512,825
Depreciation
At 1 April 2014		314,901			137,612			452,513
Charge for the year		5,817			18,611			24,428
At 31 March 2015		320,718			156,223			476,941
Net book value
At 31 March 2015		10,033			25,851			35,884
At 31 March 2014		14,504			28,384			42,888

Page 4

Nature Picture Library Limited
Notes to the abbreviated accounts for the year ended 31 March 2015
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £ 1 each		1,000			1,000			1,000			1,000

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