Registered number: 09327337
JAMES HYMAN PHOTOGRAPHY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2024
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JAMES HYMAN PHOTOGRAPHY LIMITED
REGISTERED NUMBER: 09327337
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 January 2025.
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JAMES HYMAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
James Hyman Photography Limited is a private company limited by shares and incorporated in England and Wales.The address of the registered office is 124 Finchley Road, London, NW3 5JS.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
Turnover comprises revenue recognised by the company, upon issue of an invoice, in respect of the sale of photographs of historical significance and the provision of related services supplied during the year; with revenue measured as the fair value of consideration receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value. At the reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of income and retained earnings.
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JAMES HYMAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Tax is recognised in the statement of income and retained earnings. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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JAMES HYMAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The following are the company's key sources of estimation uncertainty:
Tangible assets
Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending upon a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.
Stock provisioning
The company sells photographs of historical significance and is subject to changing consumer demands and trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required.
When considering the need for a stock provision, management considers the nature and condition of the stock as well as applying assumptions around anticipated saleability of goods.
Accruals and prepayments
Estimates are made based on known expenses paid in advance and expenditure incurred for which invoices have not been received.
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The average monthly number of employees, including directors, during the year was 1 (2023 - 1).
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JAMES HYMAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Charge for the year on owned assets
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JAMES HYMAN PHOTOGRAPHY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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The Bank loan relates to a Bounce Back Loan that was taken by the company as a result of COVID-19. The loan is secured by the UK Government in accordance with the Bounce Back Loan Scheme.
Interest on the loan value is now 2.5% per annum. The loan is repayable by monthly instalments of £833 and will be repaid in full by February 2027.
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Related party transactions
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At the reporting date, the company owed £353,217 (2023: £333,026) to James Hyman Fine Art Limited, a company in which Dr J Hyman, the director, is a majority shareholder. During the year Interest of £6,400 (2023: £6,100) was paid in respect of the outstanding balance. During the year, the company paid a management fee to James Hyman Fine Art Limited of £26,000 (2023: £59,000) to cover administrative costs.
During the year the company made a donation totalling £nil (2023: £52,901) to The Centre For British Photography, a charity of which Dr J Hyman is a trustee. At the reporting date the company was owed £5,500 (2023: £5,500) by The Centre For British Photography which is included in other debtors. The balance was provided interest free and is repayable on demand.
The company has not entered into any other transactions with related parties that are material and that have not been concluded under normal market conditions.
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