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REGISTERED NUMBER: 04182938 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Island Photo Centre (IW) Limited

Island Photo Centre (IW) Limited (Registered number: 04182938)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Island Photo Centre (IW) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: S Brown
Mrs A Brown





SECRETARY: Mrs A Brown





REGISTERED OFFICE: c/o Ency Associates
Printware Court, Cumberland Business Ctr
Northumberland Road
Portsmouth
Hampshire
PO5 1DS





REGISTERED NUMBER: 04182938 (England and Wales)





ACCOUNTANTS: Ency Associates
Chartered Certified Accountants
Printware Court
Cumberland Business Centre
Northumberland Road
Portsmouth
Hampshire
PO5 1DS

Island Photo Centre (IW) Limited (Registered number: 04182938)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 36,221 40,539
36,221 40,539

CURRENT ASSETS
Stocks 83,531 72,815
Debtors 6 9,128 6,085
Cash at bank and in hand 207 206
92,866 79,106
CREDITORS
Amounts falling due within one year 7 104,860 87,020
NET CURRENT LIABILITIES (11,994 ) (7,914 )
TOTAL ASSETS LESS CURRENT LIABILITIES 24,227 32,625

CREDITORS
Amounts falling due after more than one
year

8

(28,705

)

(34,260

)

PROVISIONS FOR LIABILITIES (4,577 ) (5,064 )
NET LIABILITIES (9,055 ) (6,699 )

Island Photo Centre (IW) Limited (Registered number: 04182938)

Balance Sheet - continued
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (10,055 ) (7,699 )
SHAREHOLDERS' FUNDS (9,055 ) (6,699 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 11 October 2024 and were signed on its behalf by:





S Brown - Director


Island Photo Centre (IW) Limited (Registered number: 04182938)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Island Photo Centre (IW) 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.

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.

The accounts have been prepared on a going concern basis, this is considered appropriate because the director's have given their assurances that they will continue to support the company for at least 12 months from the date of this report.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 20% on cost
Plant & machinery - 10% on reducing balance
Fixtures & fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


Island Photo Centre (IW) Limited (Registered number: 04182938)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 151,050
AMORTISATION
At 1 April 2023
and 31 March 2024 151,050
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

Island Photo Centre (IW) Limited (Registered number: 04182938)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Short Plant & Fixtures
leasehold machinery & fittings
£    £    £   
COST
At 1 April 2023 1,395 68,577 49,222
Additions - - 1,579
At 31 March 2024 1,395 68,577 50,801
DEPRECIATION
At 1 April 2023 1,116 39,558 40,512
Charge for year 279 2,901 1,029
At 31 March 2024 1,395 42,459 41,541
NET BOOK VALUE
At 31 March 2024 - 26,118 9,260
At 31 March 2023 279 29,019 8,710

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 5,995 26,539 151,728
Additions - - 1,579
At 31 March 2024 5,995 26,539 153,307
DEPRECIATION
At 1 April 2023 5,981 24,022 111,189
Charge for year 3 1,685 5,897
At 31 March 2024 5,984 25,707 117,086
NET BOOK VALUE
At 31 March 2024 11 832 36,221
At 31 March 2023 14 2,517 40,539

Island Photo Centre (IW) Limited (Registered number: 04182938)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 2,802 -
Other debtors 6,326 6,085
9,128 6,085

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 38,317 26,841
Trade creditors 11,320 21,970
Taxation and social security 16,445 2,727
Other creditors 38,778 35,482
104,860 87,020

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 28,705 34,260

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 6,482 12,037

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year - 13,500
Between one and five years 22,500 -
22,500 13,500

10. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.