DAMIAN RUSSELL PHOTOGRAPHY LIMITED Filleted accounts for Companies House (small and micro)

DAMIAN RUSSELL PHOTOGRAPHY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08696343

DAMIAN RUSSELL PHOTOGRAPHY LIMITED

Filleted Unaudited Financial Statements

30 September 2018

DAMIAN RUSSELL PHOTOGRAPHY LIMITED

Director's Report

Year ended 30 September 2018

The director presents his report and the unaudited financial statements of the company for the year ended 30 September 2018 .

Director

The director who served the company during the year was as follows:

Damian Russell

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 11 January 2019 and signed on behalf of the board by:

Damian Russell
Director

Registered office:

Colville House

Lovat Street

Newport Pagnell

Buckinghamshire

MK16 0EF

DAMIAN RUSSELL PHOTOGRAPHY LIMITED

Statement of Financial Position

30 September 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		18,712	15,917

Current assets

Debtors	6	70,259	75,924
Cash at bank and in hand		74,899	113,143
		---------	---------
		145,158	189,067

Creditors: amounts falling due within one year	7	40,926		37,174
		---------		---------
Net current assets			104,232	151,893
			---------	---------
Total assets less current liabilities			122,944	167,810
			---------	---------
Net assets			122,944	167,810
			---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	122,844	167,710
	---------	---------
Shareholders funds	122,944	167,810
	---------	---------

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 30 September 2018 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 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 financial statements .

These financial statements were approved by the board of directors and authorised for issue on 11 January 2019 , and are signed on behalf of the board by:

Damian Russell
Director

DAMIAN RUSSELL PHOTOGRAPHY LIMITED

Notes to the Financial Statements

Year ended 30 September 2018

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 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 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.

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 (2017: 2 ).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 October 2017	24,878	24,878
Additions	6,098	6,098
	--------	--------
At 30 September 2018	30,976	30,976
	--------	--------
Depreciation
At 1 October 2017	8,961	8,961
Charge for the year	3,303	3,303
	--------	--------
At 30 September 2018	12,264	12,264
	--------	--------
Carrying amount
At 30 September 2018	18,712	18,712
	--------	--------
At 30 September 2017	15,917	15,917
	--------	--------

6. Debtors

	2018	2017
	£	£
Trade debtors	13,259	18,804
Prepayments and accrued income	–	120
Other debtors	57,000	57,000
	--------	--------
	70,259	75,924
	--------	--------

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

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	5,561	549
Trade creditors	–	170
Accruals and deferred income	3,113	3,113
Corporation tax	22,362	25,209
Social security and other taxes	9,736	7,179
Director loan accounts	154	954
	--------	--------
	40,926	37,174
	--------	--------

8. Director's advances, credits and guarantees

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

	2018
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Damian Russell	( 954)	800	–	( 154)
	----	----	----	----

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

9. Related party transactions

Other Debtors represents an interest free and unsecured loan to Damian Russell Investments Limited. Damian Russell , a director, holds 50% of the issued share capital in Damian Russell Investments Limited.