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Company No: 04483485 (England and Wales)

IAN O'LEARY PHOTOGRAPHY LIMITED

Unaudited Financial Statements
For the financial period from 01 August 2024 to 30 April 2025
Pages for filing with the registrar

IAN O'LEARY PHOTOGRAPHY LIMITED

Unaudited Financial Statements

For the financial period from 01 August 2024 to 30 April 2025

Contents

IAN O'LEARY PHOTOGRAPHY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2025
IAN O'LEARY PHOTOGRAPHY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2025
Note 30.04.2025 31.07.2024
£ £
Fixed assets
Tangible assets 3 0 20,151
0 20,151
Current assets
Debtors 4 414 1,811
Cash at bank and in hand 7,424 14,532
7,838 16,343
Creditors: amounts falling due within one year 5 ( 23,886) ( 36,391)
Net current liabilities (16,048) (20,048)
Total assets less current liabilities (16,048) 103
Net (liabilities)/assets ( 16,048) 103
Capital and reserves
Called-up share capital 6 2 2
Profit and loss account ( 16,050 ) 101
Total shareholders' (deficit)/funds ( 16,048) 103

For the financial period ending 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Ian O'Leary Photography Limited (registered number: 04483485) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Ian Michael O'Leary
Director

24 June 2025

IAN O'LEARY PHOTOGRAPHY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 August 2024 to 30 April 2025
IAN O'LEARY PHOTOGRAPHY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 August 2024 to 30 April 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ian O'Leary Photography Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Financial instruments

The Company only enters into basic financial instruments and 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, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

2. Employees

Period from
01.08.2024 to
30.04.2025
Year ended
31.07.2024
Number Number
Monthly average number of persons employed by the company during the period, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 August 2024 213,758 213,758
Disposals ( 213,758) ( 213,758)
At 30 April 2025 0 0
Accumulated depreciation
At 01 August 2024 193,607 193,607
Disposals ( 193,607) ( 193,607)
At 30 April 2025 0 0
Net book value
At 30 April 2025 0 0
At 31 July 2024 20,151 20,151

4. Debtors

30.04.2025 31.07.2024
£ £
Other debtors 414 1,811

5. Creditors: amounts falling due within one year

30.04.2025 31.07.2024
£ £
Taxation and social security 515 0
Other creditors 23,371 36,391
23,886 36,391

6. Called-up share capital

30.04.2025 31.07.2024
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2