Company registration number 09992509 (England and Wales)
PHOTOLEASE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PHOTOLEASE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PHOTOLEASE LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,389
46,790
Current assets
Debtors falling due after more than one year
4
6,670,612
7,732,897
Debtors falling due within one year
4
9,922,898
8,462,593
Cash at bank and in hand
1,361,367
856
17,954,877
16,196,346
Creditors: amounts falling due within one year
5
(7,968,574)
(7,001,879)
Net current assets
9,986,303
9,194,467
Total assets less current liabilities
10,000,692
9,241,257
Creditors: amounts falling due after more than one year
6
(5,428,091)
(3,741,843)
Provisions for liabilities
(2,734)
(11,698)
Net assets
4,569,867
5,487,716
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
4,568,867
5,486,716
Total equity
4,569,867
5,487,716
PHOTOLEASE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
S D Philipson
Director
Company registration number 09992509 (England and Wales)
PHOTOLEASE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Photolease Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 31 Kentish Town Road, London, NW1 8NL.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue, described as Turnover, represents interest income from finance lease, hire purchase and loan agreements and commissions and fees. Income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably.

1.3
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:

Fixtures and fittings
25% reducing balance basis

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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. The company holds only basic financial instruments, which comprise cash and cash equivalents, trade and other debtors, trade and other creditors and loans and borrowings.

PHOTOLEASE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank and other loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

1.7
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. 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged or credited in the profit and loss account.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.9
Retirement benefits

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

1.10

Leases

Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

2
Employees

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

2024
2023
Number
Number
Total
11
13
PHOTOLEASE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
62,721
Additions
8,579
At 30 September 2024
71,299
Depreciation and impairment
At 1 October 2023
15,931
Depreciation charged in the year
40,979
At 30 September 2024
56,910
Carrying amount
At 30 September 2024
14,389
At 30 September 2023
46,790
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,516,144
8,040,048
Other debtors
406,754
422,545
9,922,898
8,462,593
2024
2023
Amounts falling due after more than one year:
£
£
Trade debtors
6,670,612
7,732,897
Total debtors
16,593,510
16,195,490
PHOTOLEASE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,900,000
1,730,809
Trade creditors
-
0
228
Corporation tax
275,151
284,183
Other taxation and social security
128,723
256,057
Other creditors
5,664,700
4,730,602
7,968,574
7,001,879

Other creditors includes block discounting loans amounting to £4,301,214 (2023: £2,983,482).

 

The bank loans and overdrafts are secured by fixed and floating charge over the company's assets. The block discounting loans are secured by a floating charge over certain of the company's assets.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
5,428,091
3,741,843

Other creditors includes block discounting loans amounting to £2,279,933 (2023: £597,185).

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
0
0
1,000
1,000
A Ordinary shares of 1p each
90,000
90,000
-
0
-
0
B Ordinary shares of 1p each
10,000
10,000
-
0
-
0

The issued shares in the company have the following rights:

 

As to voting, the A ordinary shares and B ordinary shares each confer on their holders the right to receive notice of, attend and vote at general meetings of shareholders;

 

As to return of capital on a liquidation (or other return of capital), the A ordinary shares and B ordinary shares confer on their holders the right to receive the same amount per share pari passu as if they constituted a single class of share; and

 

As to dividends, the A ordinary shares and B ordinary shares confer on their holders the right to receive such dividend per share as may be declared from time to time on that class.

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