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REGISTERED NUMBER: NI611130 (Northern Ireland)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

LAFAYETTE PHOTOGRAPHY (NI) LIMITED

LAFAYETTE PHOTOGRAPHY (NI) LIMITED (REGISTERED NUMBER: NI611130)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 8


LAFAYETTE PHOTOGRAPHY (NI) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Stephen Holland
Adrian Trevor Halls



SECRETARY: Edwin Foley



REGISTERED OFFICE: Unit A1 Omagh Enterprise Centre
Great Northern Road
Omagh
Tyrone
BT78 5LU



REGISTERED NUMBER: NI611130 (Northern Ireland)



AUDITORS: OSK Audit Limited
East Point Plaza
East Point
Dublin 3
Republic of Ireland



BANKERS: AIB (NI)
2-4 East Bridge Street
Enniskillen
Fermanagh
BT74 7BT

LAFAYETTE PHOTOGRAPHY (NI) LIMITED (REGISTERED NUMBER: NI611130)

BALANCE SHEET
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 175,008 190,736
Tangible assets 5 173,954 63,357
348,962 254,093

CURRENT ASSETS
Stocks 34,601 47,018
Debtors 6 15,398 108,593
Cash at bank and in hand 84,911 50,573
134,910 206,184
CREDITORS
Amounts falling due within one year 7 102,750 121,524
NET CURRENT ASSETS 32,160 84,660
TOTAL ASSETS LESS CURRENT
LIABILITIES

381,122

338,753

CREDITORS
Amounts falling due after more than one
year

8

(365,584

)

(286,981

)

PROVISIONS FOR LIABILITIES - (4,913 )
NET ASSETS 15,538 46,859

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 15,438 46,759
15,538 46,859

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

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 25 June 2025 and were signed on its behalf by:





Stephen Holland - Director


LAFAYETTE PHOTOGRAPHY (NI) LIMITED (REGISTERED NUMBER: NI611130)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. STATUTORY INFORMATION

Lafayette Photography (NI) Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future which can involve a high degree of judgement and complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial year are addressed below.

- The determination of whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and business in general.

- Consideration of the valuation of stock and the requirement for write down provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience and knowledge of the sector. Stock identified as impaired will be written down in value in the relevant period.

- Useful economic lives of tangible asset: The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economics lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the piecemeal acquisition of a business in 2012, 2013, 2022 and 2023 is being amortised evenly over its estimated useful life of twenty years.

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.

Website is being amortised evenly over its estimated useful life of three years.

LAFAYETTE PHOTOGRAPHY (NI) LIMITED (REGISTERED NUMBER: NI611130)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% on cost
Fixtures, fittings & equipment - 15% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost and 12.5% on cost

Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.

Net realisable value comprises the estimated selling value less appropriate selling costs.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the income statement. Reversals of impairment losses are also recognised in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

LAFAYETTE PHOTOGRAPHY (NI) LIMITED (REGISTERED NUMBER: NI611130)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Defined contribution plans
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within twelve months of the end fo the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in the finance costs in the income statement in the period in which it arises.

Impairment
A review of indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual assets, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. These are initially recognised at transaction value and subsequently measured at their settlements value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 18 ) .

LAFAYETTE PHOTOGRAPHY (NI) LIMITED (REGISTERED NUMBER: NI611130)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


4. INTANGIBLE FIXED ASSETS
Goodwill Website Totals
£    £    £   
COST
At 1 October 2023 363,673 - 363,673
Additions - 3,743 3,743
Reclassification/transfer - 22,266 22,266
At 30 September 2024 363,673 26,009 389,682
AMORTISATION
At 1 October 2023 172,937 - 172,937
Amortisation for year 18,184 1,287 19,471
Reclassification/transfer - 22,266 22,266
At 30 September 2024 191,121 23,553 214,674
NET BOOK VALUE
At 30 September 2024 172,552 2,456 175,008
At 30 September 2023 190,736 - 190,736

5. TANGIBLE FIXED ASSETS
Fixtures,
Plant and fittings Motor Computer
machinery & equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2023 77,980 29,927 44,635 71,711 224,253
Additions 11,094 6,475 164,199 1,531 183,299
Disposals - - (44,635 ) - (44,635 )
Reclassification/transfer - - - (22,266 ) (22,266 )
At 30 September 2024 89,074 36,402 164,199 50,976 340,651
DEPRECIATION
At 1 October 2023 54,635 24,275 18,065 63,921 160,896
Charge for year 7,118 2,470 32,840 3,704 46,132
Eliminated on disposal - - (18,065 ) - (18,065 )
Reclassification/transfer - - - (22,266 ) (22,266 )
At 30 September 2024 61,753 26,745 32,840 45,359 166,697
NET BOOK VALUE
At 30 September 2024 27,321 9,657 131,359 5,617 173,954
At 30 September 2023 23,345 5,652 26,570 7,790 63,357

LAFAYETTE PHOTOGRAPHY (NI) LIMITED (REGISTERED NUMBER: NI611130)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 9,342 69,095
Amounts owed to related parties - 15,262
Other debtors 6,056 24,236
15,398 108,593

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts 11,318 9,752
Trade creditors 10,253 80,170
Taxation and social security 21,080 17,196
Other creditors 60,099 14,406
102,750 121,524

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Bank loans 9,372 20,936
Amounts owed to group undertakings 121,366 88,749
Amounts owed to related parties 177,296 177,296
Other creditors 57,550 -
365,584 286,981

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Dylan Byrne (Senior Statutory Auditor)
for and on behalf of OSK Audit Limited

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Lafayette Photography (NI) Limited received a loan from another company under common control. The balance due to the company at the year end was £177,296 (2023: £177,296) and is included in creditors. This loan is unsecured and interest free.

LAFAYETTE PHOTOGRAPHY (NI) LIMITED (REGISTERED NUMBER: NI611130)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


11. ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking is Lafayette Photography Group Holdings Ltd, a company incorporated and registered in Ireland.

The ultimate controlling party is MW & E Middleton Settlement Trust 1987.