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Registered number: 03471831









LION PICTURE FRAMING SUPPLIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
LION PICTURE FRAMING SUPPLIES LIMITED
REGISTERED NUMBER: 03471831

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets

 4 

411,308
409,973

Current assets
  

Stocks
  
2,658,365
2,452,091

Debtors: amounts falling due within one year
 5 
1,252,996
1,500,641

Cash at bank and in hand
  
1,036,465
692,301

  
4,947,826
4,645,033

Creditors: amounts falling due within one year
 6 
(1,366,732)
(1,425,728)

Net current assets
  
 
 
3,581,094
 
 
3,219,305

Total assets less current liabilities
  
3,992,402
3,629,278

Provisions for liabilities
  

Deferred tax
  
(71,981)
(73,373)

Net assets
  
3,920,421
3,555,905


Capital and reserves
  

Called up share capital 
 7 
500,000
500,000

Profit and loss account
 8 
3,420,421
3,055,905

  
3,920,421
3,555,905


The directors consider 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 directors acknowledge their 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 comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

 

Page 1

 
LION PICTURE FRAMING SUPPLIES LIMITED
REGISTERED NUMBER: 03471831
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 February 2025.



Mrs N Collins
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
LION PICTURE FRAMING SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Lion Picture Framing Supplies Limited is a private company, limited by shares, incorporated in England, United Kingdom. The address of the registered office and company registration number is given in the company information of these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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.

All amounts have been rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'administrative expenses'.

Page 3

 
LION PICTURE FRAMING SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised at the point of sale in the company's premises or despatch of goods. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
 
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
LION PICTURE FRAMING SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Tangible fixed assets

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.

Page 5

 
LION PICTURE FRAMING SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Depreciation is provided on the following basis:

Leasehold improvements
-
over the remaining life of the lease
Plant and machinery
-
15 % reducing balance
Fixtures and fittings
-
25 % reducing balance
Office equipment
-
33 % straight line

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 the Statement of Comprehensive Income.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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 Comprehensive Income.

 
2.11

Debtors

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

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.13

Creditors

Short term creditors are measured at the transaction price.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to the Statement of Comprehensive Income.

Page 6

 
LION PICTURE FRAMING SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.15

Dividends

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.


3.


Employees

The average monthly number of employees, including the directors, during the year was 49 (2023: 48).

Page 7

 
LION PICTURE FRAMING SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Leasehold improve-ments
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost


At 1 September 2023
653,703
255,321
486,416
37,431
1,432,871


Additions
29,205
24,772
34,989
-
88,966


Disposals
-
(27,623)
-
-
(27,623)



At 31 August 2024

682,908
252,470
521,405
37,431
1,494,214



Depreciation


At 1 September 2023
461,849
125,722
397,896
37,431
1,022,898


Charge for the year 
27,453
22,696
30,770
-
80,919


Disposals
-
(20,911)
-
-
(20,911)



At 31 August 2024

489,302
127,507
428,666
37,431
1,082,906



Net book value



At 31 August 2024
193,606
124,963
92,739
-
411,308



At 31 August 2023
191,854
129,599
88,520
-
409,973


5.


Debtors

2024
2023
£
£


Trade debtors
1,127,585
1,077,723

Other debtors
-
329,000

Prepayments and accrued income
125,411
93,918

1,252,996
1,500,641


Page 8

 
LION PICTURE FRAMING SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
766,000
798,460

Corporation tax
58,038
64,689

Other taxation and social security
396,961
394,308

Accruals and deferred income
145,733
168,271

1,366,732
1,425,728



7.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



500,000 (2023 - 500,000) Ordinary shares of £1.00 each
500,000
500,000



8.


Reserves

Profit and loss account

This reserve records all current and prior period retained profits and losses.


9.


Pension commitments

The company contributes to defined contributions pension schemes on behalf of employees. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the fund and amounted to £316,636 (2023: £502,409). Contributions totalling £nil (2023: £nil) were payable to the fund at the balance sheet date.

Page 9

 
LION PICTURE FRAMING SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Commitments under operating leases

At 31 August 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
189,609
152,738

Later than 1 year and not later than 5 years
511,222
526,892

Later than 5 years
-
52,494

700,831
732,124


11.


Related party transactions

The company has taken advantage of the disclosure exemptions available as permitted by section 33.1A of FRS 102 to not disclose of transactions with group companies that are wholly owned subsidiaries.


12.


Controlling party

The company is controlled by Harrold Holdings Limited, a company registered in England and Wales which owns 100% of the share capital of Lion Picture Framing Supplies Limited. It's registered office is 148 Garrison Street, Birmingham, England, B9 4BN.

There is no ultimate controlling party.

Page 10