Company Registration No. 12164385 (England and Wales)
PHOTOTOOLS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
PHOTOTOOLS LIMITED
CONTENTS
Page
Company information
1
Statement of income and retained earnings
2
Balance sheet
3 - 4
Notes to the financial statements
5 - 7
PHOTOTOOLS LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr J T Johnson
Company number
12164385
Registered office
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
Accountants
TC Group
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
PHOTOTOOLS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
2024
2023
£
£
Turnover
29,619
29,290
Cost of sales
(18,925)
(15,123)
Gross profit
10,694
14,167
Administrative expenses
(7,551)
(9,815)
Operating profit
3,143
4,352
Interest receivable and similar income
45
16
Profit before taxation
3,188
4,368
Tax on profit
(559)
(537)
Profit for the financial year
2,629
3,831
Retained earnings brought forward
25,299
21,468
Retained earnings carried forward
27,928
25,299
The profit and loss account has been prepared on the basis that all operations are continuing operations.
PHOTOTOOLS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
624
1,248
Tangible assets
4
67
85
691
1,333
Current assets
Stocks
21,782
23,522
Debtors
5
670
3,107
Cash at bank and in hand
13,745
5,894
36,197
32,523
Creditors: amounts falling due within one year
6
(8,687)
(8,124)
Net current assets
27,510
24,399
Total assets less current liabilities
28,201
25,732
Provisions for liabilities
(173)
(333)
Net assets
28,028
25,399
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
27,928
25,299
Total equity
28,028
25,399
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PHOTOTOOLS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 4 -
The financial statements were approved and signed by the director and authorised for issue on 24 January 2025
Mr J T Johnson
Director
Company registration number 12164385 (England and Wales)
PHOTOTOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
1
Accounting policies
Company information
Phototools Limited is a private company limited by shares incorporated in England and Wales. The registered office is Celixir House, Stratford Business & Technology Park, Innovation Way, Banbury Road, Stratford-upon-Avon, Warwickshire, United Kingdom, CV37 7GZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
amortised evenly over its estimated useful life of 5 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PHOTOTOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Intangible fixed assets
Software
£
Cost
At 1 October 2023 and 30 September 2024
3,120
Amortisation and impairment
At 1 October 2023
1,872
Amortisation charged for the year
624
At 30 September 2024
2,496
Carrying amount
At 30 September 2024
624
At 30 September 2023
1,248
PHOTOTOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
4
Tangible fixed assets
Computers
£
Cost
At 1 October 2023 and 30 September 2024
88
Depreciation and impairment
At 1 October 2023
3
Depreciation charged in the year
18
At 30 September 2024
21
Carrying amount
At 30 September 2024
67
At 30 September 2023
85
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
670
607
Other debtors
2,500
670
3,107
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
377
180
Amounts owed to group undertakings
5,000
5,000
Taxation and social security
2,312
1,943
Other creditors
998
1,001
8,687
8,124