DAMIAN RUSSELL PHOTOGRAPHY LIMITED Small abridged accounts

DAMIAN RUSSELL PHOTOGRAPHY LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of DAMIAN RUSSELL PHOTOGRAPHY LIMITED have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 September 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 08696343

DAMIAN RUSSELL PHOTOGRAPHY LIMITED

Filleted Unaudited Abridged Financial Statements

30 September 2017

DAMIAN RUSSELL PHOTOGRAPHY LIMITED

Abridged Financial Statements

Year ended 30 September 2017

Contents	Pages

Abridged statement of financial position	1

Notes to the abridged financial statements	2 to 4

DAMIAN RUSSELL PHOTOGRAPHY LIMITED

Abridged Statement of Financial Position

30 September 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		15,917	14,516

Current assets

Debtors	6	75,924	43,928
Cash at bank and in hand		113,143	154,726
		---------	---------
		189,067	198,654

Creditors: amounts falling due within one year	7	37,174		50,839
		---------		---------
Net current assets			151,893	147,815
			---------	---------
Total assets less current liabilities			167,810	162,331
			---------	---------
Net assets			167,810	162,331
			---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	167,710	162,231
	---------	---------
Shareholders funds	167,810	162,331
	---------	---------

These abridged 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 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 30 September 2017 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 abridged 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 abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 29 November 2017 , and are signed on behalf of the board by:

Damian Russell
Director

DAMIAN RUSSELL PHOTOGRAPHY LIMITED

Notes to the Abridged Financial Statements

Year ended 30 September 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Colville House, Lovat Street, Newport Pagnell, Buckinghamshire, MK16 0EF.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

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.

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.

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:

	Equipment	-	15% reducing balance

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Tangible assets

	£
Cost
At 1 October 2016	20,668
Additions	4,210
	--------
At 30 September 2017	24,878
	--------
Depreciation
At 1 October 2016	6,152
Charge for the year	2,809
	--------
At 30 September 2017	8,961
	--------
Carrying amount
At 30 September 2017	15,917
	--------
At 30 September 2016	14,516
	--------

6. Debtors

	2017	2016
	£	£
Trade debtors	18,804	43,808
Prepayments and accrued income	120	120
Other debtors	57,000	–
	--------	--------
	75,924	43,928
	--------	--------

Other Debtors: Refers to the notes under Related Party Transactions.

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	549	2,776
Trade creditors	170	–
Accruals and deferred income	3,113	2,911
Corporation tax	25,209	26,420
Social security and other taxes	7,179	12,890
Director loan accounts	954	5,842
	--------	--------
	37,174	50,839
	--------	--------

8. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Damian Russell	( 5,842)	–	4,888	( 954)
	-------	----	-------	----

	2016
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Damian Russell	( 406)	( 5,436)	–	( 5,842)
	----	-------	----	-------

9. Related party transactions

During the year, the company assisted Damian Russell Investments Limited to acquire a residential investment property with a loan of £57,000. (a) Damian Russell holds 50% of the issued share capital in Damian Russell Investments Limited. (b) The loan is interest free and unsecured.

10. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

No transitional adjustments were required in equity or profit or loss for the year.