Medway Photographic Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01082930 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

FOR

MEDWAY PHOTOGRAPHIC LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

8

DIRECTORS:

R J Cantwell

Mrs K M Cantwell

SECRETARY:

Mrs K M Cantwell

REGISTERED OFFICE:

27-29 St Mary's Place

Kingsway

Southampton

Hampshire

SO14 3HY

REGISTERED NUMBER:

01082930 (England and Wales)

ACCOUNTANTS:

Wettone Matthews Limited

Chartered Certified Accountants

Market House

21 Lenten Street

Alton

GU34 1HG

FIXED ASSETS

Tangible assets

4

13,419

315,786

CURRENT ASSETS

Stocks

5

8,948

9,573

Debtors

6

104,694

143,373

Cash at bank and in hand

308,620

3

422,262

152,949

CREDITORS

Amounts falling due within one year

7

175,196

180,587

NET CURRENT ASSETS/(LIABILITIES)

247,066

(27,638

)

TOTAL ASSETS LESS CURRENT LIABILITIES

260,485

288,148

CREDITORS

Amounts falling due after more than one year

8

196,556

202,601

NET ASSETS

63,929

85,547

CAPITAL AND RESERVES

Called up share capital

12

2

2

Revaluation reserve

13

-

153,000

Retained earnings

13

63,927

(67,455

)

SHAREHOLDERS' FUNDS

63,929

85,547

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 19 March 2018 and were signed on its behalf by:

R J Cantwell - Director

1.	STATUTORY INFORMATION

Medway Photographic Limited 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax, together with an

adjustment to reflect the impact of UITF Abstract 40 for amounts recoverable on contracts, where applicable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

Nil

Plant and machinery

-

15% on reducing balance

Freehold properties are shown at most recent valuation and are not depreciated. Although this is a departure from

the Companies Act, the directors consider it necessary in order to give a true and fair view within the financial

statements. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation

reserve.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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

Operating leases and the payments made under them are charged to the profit and loss account on a straight line

basis over the lease term.

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 7 .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 July 2016

300,000

343,562

643,562

Disposals

(300,000

)

-

(300,000

)

At 30 June 2017

-

343,562

343,562

DEPRECIATION

At 1 July 2016

-

327,776

327,776

Charge for year

-

2,367

2,367

At 30 June 2017

-

330,143

330,143

NET BOOK VALUE

At 30 June 2017

-

13,419

13,419

At 30 June 2016

300,000

15,786

315,786

5.

STOCKS

2017

2016

£

£

Stocks

8,948

9,573

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

87,390

128,373

Deferred tax asset

17,304

15,000

104,694

143,373

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

16,490

Other loans

22,755

23,421

Trade creditors

50,934

47,240

Tax

6,792

3,254

Social security and other taxes

6,310

6,504

VAT

14,748

23,013

Income tax

16,657

13,415

Accruals and deferred income

57,000

47,250

175,196

180,587

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Directors loans

196,556

202,601

The bank loans and overdraft are secured by a fixed and floating charge over all of the company's assets.

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

14,250

14,250

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdraft

-

16,490

11.	DEFERRED TAX

£

Balance at 1 July 2016

(15,000

)

Movement in year

(2,304

)

Balance at 30 June 2017

(17,304

)

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

2

Ordinary

£1

2

2

13.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 July 2016

(67,455

)

153,000

85,545

Profit for the year

131,382

131,382

Transfers on revaluation

-

(153,000

)

(153,000

)

At 30 June 2017

63,927

-

63,927

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have charged interest of £16,208 (2016: £15,383) on their loan accounts with the company.

15.	RELATED PARTY DISCLOSURES

R J Cantwell is a director of Marathon Microfilming Ltd, which supplied management services to the company to

the value of £9,000 (2016: £9,000). The total due by the company to Marathon Microfilming Ltd for

management services as at 30 June 2017 was £54,000 (2016: £45,000).

The amount owed by Marathon Microfilming Ltd as at 30 June 2017, included in Trade Debtors, was £36,283

(2016: £38,267). The amount owed by Marathon Microfilming Ltd as at 30 June 2017, included in Trade

Creditors, was £2,000 (2016: £nil).

In addition, a loan made by Marathon Microfilming Ltd in 2005 has a balance outstanding of £22,755 (2016:

£23,421), which is shown in Creditors as Other loans.

During the period the company occupied premises owned by the Medway Photographic Ltd SASS Scheme. The

rent paid during the year amounted to £14,250 (2016: £14,250) which is considered to be the market rent of the

property.

During the year £1,500 (2016: £1,500) was transferred to the Medway Photographic Ltd SASS Scheme, a

pension fund benefiting the employees of Medway Photographic Ltd. As at 30 June 2017 the balance included in

Trade Creditors was £31,748 (2016: £33,248).

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Medway Photographic Limited for the year ended 30 June 2017 which comprise the Income

Statement, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Medway Photographic Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Medway Photographic Limited and state those matters that we have agreed to state to the Board of Directors of Medway Photographic Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Medway Photographic Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Medway Photographic Limited. You consider that Medway Photographic Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Medway Photographic Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wettone Matthews Limited

Chartered Certified Accountants

Market House

21 Lenten Street

Alton

GU34 1HG

19 March 2018