Exposure Photo Agency Ltd - Period Ending 2018-03-31

Exposure Photo Agency Ltd

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2018

Registration number: 07545527

Exposure Photo Agency Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

Exposure Photo Agency Ltd

Company Information

Directors

Mr S Burt Mrs A J Burt

Registered office

Princes House Princes Street Truro Cornwall TR1 2ES

Bankers

Santander

Accountants

Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TR1 2NA

Page 1

Exposure Photo Agency Ltd

Balance Sheet

31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	3	2,832	1,833
Current assets
Debtors	4	5,359	3,559
Cash at bank and in hand		107	474
		5,466	4,033
Creditors: Amounts falling due within one year	5	(10,443)	(3,254)
Net current (liabilities)/assets		(4,977)	779
Net (liabilities)/assets		(2,145)	2,612
Capital and reserves
Called up share capital		2	2
Profit and loss account		(2,147)	2,610
Total equity		(2,145)	2,612

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 2

Exposure Photo Agency Ltd

Balance Sheet

31 March 2018

For the financial year ending 31 March 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 November 2018 and signed on its behalf by:
 

......................................... Mrs A J Burt Director

Company Registration Number: 07545527

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

Exposure Photo Agency Ltd

Notes to the Financial Statements

Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Princes House
Princes Street
Truro
Cornwall
TR1 2ES

These financial statements were authorised for issue by the Board on 13 November 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 4

Exposure Photo Agency Ltd

Notes to the Financial Statements

Year Ended 31 March 2018

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% reducing balance

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

Page 5

Exposure Photo Agency Ltd

Notes to the Financial Statements

Year Ended 31 March 2018

3	Tangible assets

	Office equipment  £	Total £
Cost or valuation
At 1 April 2017	2,740	2,740
Additions	1,943	1,943
At 31 March 2018	4,683	4,683
Depreciation
At 1 April 2017	907	907
Charge for the year	944	944
At 31 March 2018	1,851	1,851
Carrying amount
At 31 March 2018	2,832	2,832
At 31 March 2017	1,833	1,833

4

Debtors

	2018  £	2017  £
Trade debtors	3,923	1,113
Other debtors	-	2,407
Prepayments	1,436	39
	5,359	3,559

5

Creditors

Creditors: amounts falling due within one year

	2018  £	2017  £
Due within one year
Trade creditors	3,284	1,081
Corporation tax	-	138
Other creditors	6,512	650
Accrued expenses	647	1,385
	10,443	3,254

Page 6

Exposure Photo Agency Ltd

Notes to the Financial Statements

Year Ended 31 March 2018

6	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2

7	Related party transactions

Advances to directors

2018	At 1 April 2017 £	Advances to director £	Repayments by director £	At 31 March 2018 £
Mr S Burt
Director loan account	2,401	9,765	(12,833)	(667)

2017	At 1 April 2016 £	Advances to director £	Repayments by director £	At 31 March 2017 £
Mr S Burt
Director loan account	3,365	6,187	(7,151)	2,401

Page 7