Silverfin false false 31/12/2023 01/01/2023 31/12/2023 G P Allnutt 14/02/2024 27/11/2002 E C Allnutt 20/02/2004 18 October 2024 The principal activity of the Company during the financial year was that of an investment company and property management company 04564986 2023-12-31 04564986 bus:Director1 2023-12-31 04564986 bus:Director2 2023-12-31 04564986 2022-12-31 04564986 core:CurrentFinancialInstruments 2023-12-31 04564986 core:CurrentFinancialInstruments 2022-12-31 04564986 core:ShareCapital 2023-12-31 04564986 core:ShareCapital 2022-12-31 04564986 core:RetainedEarningsAccumulatedLosses 2023-12-31 04564986 core:RetainedEarningsAccumulatedLosses 2022-12-31 04564986 core:LandBuildings 2022-12-31 04564986 core:OtherPropertyPlantEquipment 2022-12-31 04564986 core:LandBuildings 2023-12-31 04564986 core:OtherPropertyPlantEquipment 2023-12-31 04564986 core:CostValuation 2022-12-31 04564986 core:FurtherSpecificIncreaseDecreaseInInvestments2ComponentTotalChangeInInvestments 2023-12-31 04564986 core:CostValuation 2023-12-31 04564986 2023-01-01 2023-12-31 04564986 bus:FilletedAccounts 2023-01-01 2023-12-31 04564986 bus:SmallEntities 2023-01-01 2023-12-31 04564986 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04564986 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04564986 bus:Director1 2023-01-01 2023-12-31 04564986 bus:Director2 2023-01-01 2023-12-31 04564986 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 04564986 2022-01-01 2022-12-31 04564986 core:LandBuildings 2023-01-01 2023-12-31 04564986 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 04564986 core:Associate1 2023-01-01 2023-12-31 04564986 core:Associate1 1 2023-01-01 2023-12-31 04564986 core:Associate1 1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure decimalUnit

Company No: 04564986 (England and Wales)

PHOTO DISTRIBUTION LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

PHOTO DISTRIBUTION LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

PHOTO DISTRIBUTION LIMITED

BALANCE SHEET

As at 31 December 2023
PHOTO DISTRIBUTION LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 9,268 9,464
Investment property 4 8,255 8,255
Investments 5 122,882 123,950
140,405 141,669
Current assets
Debtors 6 511,517 566,668
Cash at bank and in hand 120,227 77,477
631,744 644,145
Creditors: amounts falling due within one year 7 ( 3,604) ( 4,653)
Net current assets 628,140 639,492
Total assets less current liabilities 768,545 781,161
Net assets 768,545 781,161
Capital and reserves
Called-up share capital 153 153
Profit and loss account 768,392 781,008
Total shareholders' funds 768,545 781,161

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Photo Distribution Limited (registered number: 04564986) were approved and authorised for issue by the Director on 18 October 2024. They were signed on its behalf by:

E C Allnutt
Director
PHOTO DISTRIBUTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
PHOTO DISTRIBUTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Photo Distribution Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 68 Lemon Street, Truro, TR1 2PN, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 9,072 785 9,857
At 31 December 2023 9,072 785 9,857
Accumulated depreciation
At 01 January 2023 0 393 393
Charge for the financial year 0 196 196
At 31 December 2023 0 589 589
Net book value
At 31 December 2023 9,072 196 9,268
At 31 December 2022 9,072 392 9,464

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 8,255
As at 31 December 2023 8,255

5. Fixed asset investments

Listed investments Investments in associates Other investments Total
£ £ £ £
Cost or valuation before impairment
At 01 January 2023 29,360 50,490 44,100 123,950
Movement in fair value ( 1,068) 0 0 ( 1,068)
At 31 December 2023 28,292 50,490 44,100 122,882
Carrying value at 31 December 2023 28,292 50,490 44,100 122,882
Carrying value at 31 December 2022 29,360 50,490 44,100 123,950

Listed investments and other investment are carried at fair value. Investment in associate is carried at cost less impairment.

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2023
Ownership
31.12.2022
Penhale Estates Ltd Suite 6 Cres Tregarne, Mawnan Smith, Falmouth, Cornwall, TR11 5JP Property Letting Ordinary Shares 28.30% 28.30%

6. Debtors

2023 2022
£ £
Trade debtors 147 0
Amounts owed by Group undertakings 495,780 475,280
Other debtors 15,590 91,388
511,517 566,668

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 53 163
Accruals 2,615 2,593
Other creditors 936 1,897
3,604 4,653

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Penhale Estates Limited 495,780 475,280

During the current and previous year a loan account existed between the company and its associate. No interest was paid on the loan.

Transactions with the entity's director

2023 2022
£ £
Director loan 0 70,000

At the balance sheet date, the director owed the company £nil (2022 - £70,000). Interest has been charged at 2.25%.