Maverick Photo Agency Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC350435 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2017

for

Maverick Photo Agency Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

C Bennetts

REGISTERED OFFICE:

Drumsheugh Toll

2 Belford Road

Edinburgh

EH4 3BL

REGISTERED NUMBER:

SC350435 (Scotland)

ACCOUNTANTS:

One Accounting Ltd

Chartered Management Accountants

Drumsheugh Toll

2 Belford Road

Edinburgh

Midlothian

EH4 3BL

FIXED ASSETS

Tangible assets

4

2,906

1,879

CURRENT ASSETS

Debtors

5

4,557

488

Cash at bank

15,177

12,279

19,734

12,767

CREDITORS

Amounts falling due within one year

6

16,815

11,835

NET CURRENT ASSETS

2,919

932

TOTAL ASSETS LESS CURRENT LIABILITIES

5,825

2,811

PROVISIONS FOR LIABILITIES

552

376

NET ASSETS

5,273

2,435

CAPITAL AND RESERVES

Called up share capital

150

150

Retained earnings

5,123

2,285

SHAREHOLDERS' FUNDS

5,273

2,435

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 17 September 2018 and were signed by:

C Bennetts - Director

1.	STATUTORY INFORMATION

Maverick Photo Agency Limited is a private company, limited by shares , registered in Scotland. 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.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on reducing balance

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2017

4,764

225

4,989

Additions

1,581

-

1,581

At 31 December 2017

6,345

225

6,570

DEPRECIATION

At 1 January 2017

2,929

181

3,110

Charge for year

545

9

554

At 31 December 2017

3,474

190

3,664

NET BOOK VALUE

At 31 December 2017

2,871

35

2,906

At 31 December 2016

1,835

44

1,879

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

4,557

488

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

1

-

Tax

3,757

1,722

VAT

2,650

1,932

Other creditors

2,814

181

Directors' current accounts

7,593

8,000

16,815

11,835

7.	CONTINGENT LIABILITIES

At the year end there were no contingent liabilities.

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £13,775 (2016 - £9,458) were paid to the director .