Company registration number 08135743 (England and Wales)
DEAN MITCHELL PHOTOGRAPHY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
DEAN MITCHELL PHOTOGRAPHY LTD
COMPANY INFORMATION
Director
Mr D Mitchell
Company number
08135743
Registered office
Unit C2
Hilton Trading Estate
Hilton Road
Lanesfield
West Midlands
WV4 6DW
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
Leicester
Leicestershire
LE87 2BB
DEAN MITCHELL PHOTOGRAPHY LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
DEAN MITCHELL PHOTOGRAPHY LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DEAN MITCHELL PHOTOGRAPHY LTD FOR THE YEAR ENDED 31 JULY 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dean Mitchell Photography Ltd for the year ended 31 July 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Dean Mitchell Photography Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Dean Mitchell Photography Ltd and state those matters that we have agreed to state to the board of directors of Dean Mitchell Photography Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dean Mitchell Photography Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Dean Mitchell Photography Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Dean Mitchell Photography Ltd. You consider that Dean Mitchell Photography Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Dean Mitchell Photography Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
21 January 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
DEAN MITCHELL PHOTOGRAPHY LTD
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
69,210
82,357
Tangible assets
4
5,347
5,694
74,557
88,051
Current assets
Debtors
5
2,441
6,947
Cash at bank and in hand
1
1
2,442
6,948
Creditors: amounts falling due within one year
6
(51,057)
(67,564)
Net current liabilities
(48,615)
(60,616)
Total assets less current liabilities
25,942
27,435
Creditors: amounts falling due after more than one year
7
(22,118)
(24,859)
Provisions for liabilities
9
(1,016)
(1,079)
Net assets
2,808
1,497
Capital and reserves
Called up share capital
10
120
120
Profit and loss reserves
2,688
1,377
Total equity
2,808
1,497

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 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.

DEAN MITCHELL PHOTOGRAPHY LTD
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 21 January 2025
Mr D  Mitchell
Director
Company registration number 08135743 (England and Wales)
DEAN MITCHELL PHOTOGRAPHY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information

Dean Mitchell Photography Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit C2, Hilton Trading Estate, Hilton Road, Lanesfield, West Midlands, WV4 6DW.

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been fully amortised on a systematic basis over its expected life.

1.4
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:

Intellectual property
10% on cost
1.5
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.

Depreciation 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:

Improvements to property
20% on cost
Fixtures and fittings
25% on cost
Equipment
25% on cost
DEAN MITCHELL PHOTOGRAPHY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

DEAN MITCHELL PHOTOGRAPHY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Intangible fixed assets
Goodwill
Intellectual property
Total
£
£
£
Cost
At 1 August 2023 and 31 July 2024
99,000
131,470
230,470
Amortisation and impairment
At 1 August 2023
99,000
49,113
148,113
Amortisation charged for the year
-
0
13,147
13,147
At 31 July 2024
99,000
62,260
161,260
Carrying amount
At 31 July 2024
-
0
69,210
69,210
At 31 July 2023
-
0
82,357
82,357
4
Tangible fixed assets
Improvements to property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 August 2023
9,233
1,823
15,561
26,617
Additions
-
0
-
0
1,403
1,403
At 31 July 2024
9,233
1,823
16,964
28,020
Depreciation and impairment
At 1 August 2023
9,233
1,759
9,931
20,923
Depreciation charged in the year
-
0
64
1,686
1,750
At 31 July 2024
9,233
1,823
11,617
22,673
Carrying amount
At 31 July 2024
-
0
-
0
5,347
5,347
At 31 July 2023
-
0
64
5,630
5,694
DEAN MITCHELL PHOTOGRAPHY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,441
6,947
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,245
6,559
Trade creditors
1,612
5,421
Taxation and social security
5,417
5,304
Other creditors
39,783
50,280
51,057
67,564
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
22,118
24,859
8
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank overdrafts
1,507
3,824
Bank loans
24,856
27,594
26,363
31,418
Bank loans are secured by way of a government-backed guarantee.
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
1,016
1,079
DEAN MITCHELL PHOTOGRAPHY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
100
100
100
100
Ordinary B of £1 each
10
10
10
10
Ordinary C of £1 each
10
10
10
10
120
120
120
120
11
Ultimate controlling party

The ultimate controlling party is Mr D Mitchell.

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