SOLENT_NEWS_&_PHOTO_AGENC - Accounts

SOLENT NEWS & PHOTO AGENCY LIMITED - Company Information

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Company Registration No. 03254686 (England and Wales)

SOLENT NEWS & PHOTO AGENCY LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2015

3 Acorn Business Centre

Northarbour Road

Cosham

Portsmouth

United Kingdom

PO6 3TH

SOLENT NEWS & PHOTO AGENCY LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

SOLENT NEWS & PHOTO AGENCY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

40,685

39,421

Current assets

Debtors

296,220

317,616

Cash at bank and in hand

310,285

325,344

606,505

642,960

Creditors: amounts falling due within one year

(121,469)

(141,765)

Net current assets

485,036

501,195

Total assets less current liabilities

525,721

540,616

Provisions for liabilities

(7,681)

(7,398)

518,040

533,218

Capital and reserves

Called up share capital

160

Other reserves

Profit and loss account

517,860

533,038

Shareholders' funds

518,040

533,218

SOLENT NEWS & PHOTO AGENCY LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2015

- 2 -

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

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 18 August 2016

Mr D. J. Holt

Mr A. P. Meenaghan

Director

Company Registration No. 03254686

SOLENT NEWS & PHOTO AGENCY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

- 3 -

Accounting policies

1.1

Basis of accounting

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

25% reducing balance

Fixtures and fittings

10% reducing balance basis

Photographic equipment

15% reducing balance basis

1.6

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.7

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.8

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.9

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. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

SOLENT NEWS & PHOTO AGENCY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 January 2015

120,000

73,179

193,179

Additions

12,510

Disposals

(5,407)

At 31 December 2015

120,000

80,282

200,282

Depreciation

At 1 January 2015

120,000

33,758

153,758

On disposals

(3,405)

Charge for the year

9,244

At 31 December 2015

120,000

39,597

159,597

Net book value

At 31 December 2015

40,685

At 31 December 2014

39,421

Share capital

2015

2014

Allotted, called up and fully paid

92 Ordinary C shares of £1 each

68 Ordinary D shares of £1 each

160