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REGISTERED NUMBER: 02422903 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

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 2023










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 2023







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 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 7,047 7,910
Investment property 5 2,488,071 2,768,071
2,495,118 2,775,981

CURRENT ASSETS
Debtors 6 39,977 19,330
Cash at bank 98,307 60,813
138,284 80,143
CREDITORS
Amounts falling due within one year 7 388,863 342,082
NET CURRENT LIABILITIES (250,579 ) (261,939 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,244,539

2,514,042

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

PROVISIONS FOR LIABILITIES 9 (280,080 ) (297,054 )
NET ASSETS 1,964,459 1,891,988

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Other reserves 1,233,620 1,357,250
Retained earnings 720,839 524,738
SHAREHOLDERS' FUNDS 1,964,459 1,891,988

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 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 2023


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 2024 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 2023


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 presentational currency of the financial statements is Pound Sterling (£) which is rounded to the nearest Pound (£).

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.

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.

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued

Revenue recognition
Turnover represents rents receivable and services provided during the year.

Rental income from operating leases is recognised on an accruals basis. Initial direct costs incurred in negotiating and arranging an operating lease are reflected in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 November 2022 17,262
Additions 899
At 31 October 2023 18,161
DEPRECIATION
At 1 November 2022 9,352
Charge for year 1,762
At 31 October 2023 11,114
NET BOOK VALUE
At 31 October 2023 7,047
At 31 October 2022 7,910

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 November 2022 2,768,071
Disposals (280,000 )
At 31 October 2023 2,488,071
NET BOOK VALUE
At 31 October 2023 2,488,071
At 31 October 2022 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.

If the investment properties had not been revalued it would have been included at its historical cost of £1,003,921.

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Other debtors 39,977 19,330

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 4,356 -
Taxation and social security 46,943 4,236
Other creditors 337,564 337,846
388,863 342,082

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Other creditors - 325,000

9. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 280,080 297,054

Deferred tax
£
Balance at 1 November 2022 297,054
Accelerated capital allowances (185 )
Provision for tax on sale of
properties (16,789 )
Balance at 31 October 2023 280,080

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company advanced the directors £31,633. At balance sheet date the directors owed the company £26,383. Interest has been charged on this loan at the offical HMRC rate.