IRIS Accounts Production v24.3.2.46 05371828 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh053718282023-03-31053718282024-03-31053718282023-04-012024-03-31053718282022-03-31053718282022-04-012023-03-31053718282023-03-3105371828ns15:EnglandWales2023-04-012024-03-3105371828ns14:PoundSterling2023-04-012024-03-3105371828ns10:Director12023-04-012024-03-3105371828ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3105371828ns10:SmallEntities2023-04-012024-03-3105371828ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3105371828ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3105371828ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3105371828ns10:AbridgedAccounts2023-04-012024-03-310537182812023-04-012024-03-3105371828ns10:OrdinaryShareClass12023-04-012024-03-3105371828ns10:Director22023-04-012024-03-3105371828ns10:RegisteredOffice2023-04-012024-03-3105371828ns5:CurrentFinancialInstruments2024-03-3105371828ns5:CurrentFinancialInstruments2023-03-3105371828ns5:Non-currentFinancialInstruments2024-03-3105371828ns5:Non-currentFinancialInstruments2023-03-3105371828ns5:ShareCapital2024-03-3105371828ns5:ShareCapital2023-03-3105371828ns5:RetainedEarningsAccumulatedLosses2024-03-3105371828ns5:RetainedEarningsAccumulatedLosses2023-03-3105371828ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3105371828ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-012024-03-3105371828ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3105371828ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3105371828ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-03-3105371828ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-03-3105371828ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3105371828ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3105371828ns5:WithinOneYear2024-03-3105371828ns5:WithinOneYear2023-03-3105371828ns5:BetweenOneFiveYears2024-03-3105371828ns5:BetweenOneFiveYears2023-03-3105371828ns5:AllPeriods2024-03-3105371828ns5:AllPeriods2023-03-3105371828ns10:OrdinaryShareClass12024-03-31
REGISTERED NUMBER: 05371828 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

LS PHOTOGRAPHIC SERVICES LIMITED

LS PHOTOGRAPHIC SERVICES LIMITED (REGISTERED NUMBER: 05371828)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


LS PHOTOGRAPHIC SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: Mr L Smith
Mrs T Smith



REGISTERED OFFICE: 57 New Street
BIRMINGHAM
B2 4DU



REGISTERED NUMBER: 05371828 (England and Wales)



ACCOUNTANTS: Michael Heaven & Associates Limited
Chartered Certified Accountants
47 Calthorpe Road
Edgbaston
BIRMINGHAM
B15 1TH



BANKERS: Lloyds Bank PLC
9 Birmingham Road
Sutton Coldfield
West Midlands
B72 1QA



INCORPORATED: 22nd February 2005

LS PHOTOGRAPHIC SERVICES LIMITED (REGISTERED NUMBER: 05371828)

ABRIDGED BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Initial Franchise Fee 4 2,652 3,976
Tangible assets 5 21,288 20,246
23,940 24,222

CURRENT ASSETS
Stocks 12,009 11,408
Debtors 5,276 6,047
Cash at bank and in hand 9,049 4,955
26,334 22,410
CREDITORS
Amounts falling due within one year 466,656 519,905
NET CURRENT LIABILITIES (440,322 ) (497,495 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(416,382

)

(473,273

)

CREDITORS
Amounts falling due after more than one
year

6

6,070

18,070
NET LIABILITIES (422,452 ) (491,343 )

CAPITAL AND RESERVES
Called up share capital 9 10 10
Retained earnings (422,462 ) (491,353 )
SHAREHOLDERS' FUNDS (422,452 ) (491,343 )

LS PHOTOGRAPHIC SERVICES LIMITED (REGISTERED NUMBER: 05371828)

ABRIDGED BALANCE SHEET - continued
31ST MARCH 2024


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

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 26th February 2025 and were signed on its behalf by:





Mr L Smith - Director


LS PHOTOGRAPHIC SERVICES LIMITED (REGISTERED NUMBER: 05371828)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

LS Photographic Services 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.

Going concern
At the year end the company shows an insolvent balance sheet. The company meets its day to day working capital requirements through the support of its directors who have undertaken that this support will not be withdrawn within twelve months from the date of signature of these financial statements. On this basis the directors consider it appropriate to prepare these accounts on a going concern basis.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Franchise fees are being amortised evenly over their 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.

Fixtures and fittings - 15% on reducing balance
Computer equipment - 15% on reducing balance
Epson photolab - 20% on straight line

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

LS PHOTOGRAPHIC SERVICES LIMITED (REGISTERED NUMBER: 05371828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans from related parties.

Leasing commitments
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases.

The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments.

Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining
balance of the liability.

Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.

Operating lease payments are recognised as an expense on a straight line basis over the lease term.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

LS PHOTOGRAPHIC SERVICES LIMITED (REGISTERED NUMBER: 05371828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

A provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months is recognised. The provision is measured at the salary cost payable for the period of absence.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st April 2023
and 31st March 2024 13,244
AMORTISATION
At 1st April 2023 9,268
Amortisation for year 1,324
At 31st March 2024 10,592
NET BOOK VALUE

At 31st March 2024 2,652
At 31st March 2023 3,976

LS PHOTOGRAPHIC SERVICES LIMITED (REGISTERED NUMBER: 05371828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st April 2023 119,446
Additions 4,198
At 31st March 2024 123,644
DEPRECIATION
At 1st April 2023 99,200
Charge for year 3,156
At 31st March 2024 102,356
NET BOOK VALUE
At 31st March 2024 21,288
At 31st March 2023 20,246

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
FIVE YEARS
2024 2023
£    £   
Repayable by instalments
Bank loans - 6,349

7. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 2,930 2,930

Amounts falling due between one and two years:
Bank loans 2,930 2,930

LS PHOTOGRAPHIC SERVICES LIMITED (REGISTERED NUMBER: 05371828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


7. LOANS - continued
2024 2023
£    £   
Amounts falling due between two and five years:
Bank loans 3,140 8,791

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - 6,349

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 56,000 32,667
Between one and five years 200,667 -
256,667 32,667

The total lease payments recognised as an expense during the year was £58,684.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10 Ordinary £1 10 10

10. RELATED PARTY DISCLOSURES

At the year end the company owed the directors £436,654 (2023 - £492,041). This loan is interest free and repayable upon demand.