MG Photography Limited Company Accounts

MG Photography Limited Company Accounts

MG PHOTOGRAPHY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06546751
MG Photography Limited
Filleted Unaudited Financial Statements
31 March 2017
MG Photography Limited
Financial Statements
Year ended 31 March 2017
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
MG Photography Limited
Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
£
Fixed assets
Tangible assets
4
29,284
33,314
Current assets
Stocks
435
470
Debtors
5
750
500
Cash at bank and in hand
1,182
806
-------
-------
2,367
1,776
Creditors: amounts falling due within one year
6
28,409
28,895
--------
--------
Net current liabilities
26,042
27,119
--------
--------
Total assets less current liabilities
3,242
6,195
Creditors: amounts falling due after more than one year
7
607
2,162
-------
-------
Net assets
2,635
4,033
-------
-------
MG Photography Limited
Statement of Financial Position (continued)
31 March 2017
2017
2016
Note
£
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,535
3,933
-------
-------
Members funds
2,635
4,033
-------
-------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2017 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 financial statements were approved by the board of directors and authorised for issue on 13 December 2017 , and are signed on behalf of the board by:
Mr M Giles
Director
Company registration number: 06546751
MG Photography Limited
Notes to the Financial Statements
Year ended 31 March 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 9 Rowan Court, Melksham, Wiltshire, SN12 6HS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 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 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
30% reducing balance
Stocks
Stocks are measured 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 the stock to its present location and condition.
4. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2016
98,076
8,994
107,070
Additions
4,413
–
4,413
Disposals
( 652)
–
( 652)
---------
-------
---------
At 31 March 2017
101,837
8,994
110,831
---------
-------
---------
Depreciation
At 1 April 2016
71,058
2,698
73,756
Charge for the year
6,220
1,889
8,109
Disposals
( 318)
–
( 318)
---------
-------
---------
At 31 March 2017
76,960
4,587
81,547
---------
-------
---------
Carrying amount
At 31 March 2017
24,877
4,407
29,284
---------
-------
---------
At 31 March 2016
27,018
6,296
33,314
---------
-------
---------
5. Debtors
2017
2016
£
£
Trade debtors
600
500
Other debtors
150
–
----
----
750
500
----
----
6. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
15
27
Other creditors
28,394
28,868
--------
--------
28,409
28,895
--------
--------
7. Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
607
2,162
----
-------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2017
2016
£
£
Not later than 1 year
817
2,078
Later than 1 year and not later than 5 years
1,633
195
-------
-------
2,450
2,273
-------
-------
9. Directors' advances, credits and guarantees
2017
2016
£
£
Directors Loan Account
25,439
26,421
--------
--------
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.