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REGISTERED NUMBER: 02422903 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

PHOTO SALES (U.K) LIMITED

PHOTO SALES (U.K) LIMITED (REGISTERED NUMBER: 02422903)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PHOTO SALES (U.K) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2022







DIRECTORS: Mrs E Laney
R Laney





SECRETARY: J H R Waite





REGISTERED OFFICE: Grange House
Grange Road
Midhurst
West Sussex
GU29 9LS





REGISTERED NUMBER: 02422903 (England and Wales)





ACCOUNTANTS: Lewis Brownlee (Chichester) Limited
Grange House
Grange Road
Midhurst
West Sussex
GU29 9LS

PHOTO SALES (U.K) LIMITED (REGISTERED NUMBER: 02422903)

BALANCE SHEET
31 OCTOBER 2022

2022 2021
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 7,910 8,263
Investment property 5 2,768,071 2,684,071
2,775,981 2,692,334

CURRENT ASSETS
Debtors 6 19,330 65,436
Cash at bank 60,813 64,683
80,143 130,119
CREDITORS
Amounts falling due within one year 7 342,082 110,559
NET CURRENT (LIABILITIES)/ASSETS (261,939 ) 19,560
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,514,042

2,711,894

CREDITORS
Amounts falling due after more than one year 8 (325,000 ) (625,000 )

PROVISIONS FOR LIABILITIES 9 (297,054 ) (200,148 )
NET ASSETS 1,891,988 1,886,746

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Other reserves 1,357,250 1,369,761
Retained earnings 524,738 506,985
SHAREHOLDERS' FUNDS 1,891,988 1,886,746

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 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.

PHOTO SALES (U.K) LIMITED (REGISTERED NUMBER: 02422903)

BALANCE SHEET - continued
31 OCTOBER 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 24 October 2023 and were signed on its behalf by:





R Laney - Director


PHOTO SALES (U.K) LIMITED (REGISTERED NUMBER: 02422903)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022


1. STATUTORY INFORMATION

Photo Sales (U.K) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

Investment property
Investment properties are included at fair value. Gains are recongnised in the income statement. Deferred taxation is provided on these gains at the rate expected if the property was to be sold.

Financial instruments
Financial instruments are classified by the director as basic or advanced following the conditions in FRS 102 section 1a. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

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.

Revenue recognition
Turnover represents rent receivable during the accounting period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

PHOTO SALES (U.K) LIMITED (REGISTERED NUMBER: 02422903)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 November 2021 15,638
Additions 1,624
At 31 October 2022 17,262
DEPRECIATION
At 1 November 2021 7,375
Charge for year 1,977
At 31 October 2022 9,352
NET BOOK VALUE
At 31 October 2022 7,910
At 31 October 2021 8,263

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 November 2021 2,684,071
Revaluations 84,000
At 31 October 2022 2,768,071
NET BOOK VALUE
At 31 October 2022 2,768,071
At 31 October 2021 2,684,071

Fair value at 31 October 2022 is represented by:
£
Valuation in 2015 412,514
Valuation in 2017 1,069,378
Valuation in 2020 58,678
Valuation in 2022 84,000
Cost 1,143,501
2,768,071

The investment properties were revalued by the director in the year. The revaluation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Other debtors 19,330 65,436

PHOTO SALES (U.K) LIMITED (REGISTERED NUMBER: 02422903)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Trade creditors - 1,563
Taxation and social security 4,236 21,056
Other creditors 337,846 87,940
342,082 110,559

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£ £
Other creditors 325,000 625,000

9. PROVISIONS FOR LIABILITIES
2022 2021
£ £
Deferred tax 297,054 200,148

Deferred tax
£
Balance at 1 November 2021 200,148
Accelerated capital allowances 395
Provision for tax on sale of
properties 96,511
Balance at 31 October 2022 297,054