Marxphoto Ltd - Period Ending 2018-03-31

Registration number: 08433964

Marxphoto Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Marxphoto Ltd

Contents

 

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

Marxphoto Ltd

Registration number: 08433964

Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	5,685	5,486
Current assets
Stocks	5	1,393	775
Debtors	6	72	794
Cash at bank and in hand		188	214
		1,653	1,783
Creditors: Amounts falling due within one year	7	(69,362)	(57,681)
Net current liabilities		(67,709)	(55,898)
Net liabilities		(62,024)	(50,412)
Capital and reserves
Called up share capital		300	300
Profit and loss account		(62,324)	(50,712)
Total equity		(62,024)	(50,412)

The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

Marxphoto Ltd

Registration number: 08433964

Balance Sheet as at 31 March 2018 (continued)

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.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 10 December 2018
 

MF Farquharson

Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Marxphoto Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

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

The address of its registered office is:
Wymondham Business Centre
1 Town Green
Wymondham
Norfolk
NR18 0PN
England

The principal place of business is:
Penrhiw House
Melincourt
Neath
West Glamorgan
SA11 4BB

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The continuation of the company's activities is dependent on the continued support of its director. The financial statements have been prepared on the going concern basis on the understanding that his support will continue.

Page 3

Marxphoto Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2	Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

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
Fixtures, fittings and equipment	25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Page 4

Marxphoto Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2017 - 1).

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2017	14,561	14,561
Additions	2,105	2,105
At 31 March 2018	16,666	16,666
Depreciation
At 1 April 2017	9,075	9,075
Charge for the year	1,906	1,906
At 31 March 2018	10,981	10,981
Carrying amount
At 31 March 2018	5,685	5,685
At 31 March 2017	5,486	5,486

Page 5

Marxphoto Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

5

Stocks

	2018 £	2017 £
Raw materials and consumables	563	275
Finished goods and goods for resale	830	500
	1,393	775

6

Debtors

	2018 £	2017 £
Trade debtors	-	794
Other debtors	72	-
Total current trade and other debtors	72	794

7

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Trade creditors		129	193
Director's loan account		59,610	55,813
Taxation and social security		-	275
Other creditors		9,623	1,400
		69,362	57,681

Page 6

Marxphoto Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	150	150	150	150
Ordinary A shares of £0.06 each	2,500	150.00	2,500	150.00
	2,650	300	2,650	300

Page 7