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REGISTERED NUMBER: 02422903 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

PHOTO SALES (U.K.) LIMITED

PHOTO SALES (U.K.) LIMITED (REGISTERED NUMBER: 02422903)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PHOTO SALES (U.K.) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTORS: Mrs E Laney
R Laney





SECRETARY: J H R Waite





REGISTERED OFFICE: Grange House
Grange Road
Midhurst
West Sussex
GU29 9LS





REGISTERED NUMBER: 02422903 (England and Wales)





ACCOUNTANTS: Lewis Brownlee (Chichester) Limited
Grange House
Grange Road
Midhurst
West Sussex
GU29 9LS

PHOTO SALES (U.K.) LIMITED (REGISTERED NUMBER: 02422903)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,638 7,047
Investment property 5 2,448,071 2,488,071
2,453,709 2,495,118

CURRENT ASSETS
Debtors 6 12,198 39,977
Cash at bank 1,769 98,307
13,967 138,284
CREDITORS
Amounts falling due within one year 7 116,113 388,863
NET CURRENT LIABILITIES (102,146 ) (250,579 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,351,563

2,244,539

PROVISIONS FOR LIABILITIES 8 277,775 280,080
NET ASSETS 2,073,788 1,964,459

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Other reserves 1,222,833 1,233,620
Retained earnings 840,955 720,839
SHAREHOLDERS' FUNDS 2,073,788 1,964,459

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

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

PHOTO SALES (U.K.) LIMITED (REGISTERED NUMBER: 02422903)

BALANCE SHEET - continued
31 OCTOBER 2024


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 July 2025 and were signed on its behalf by:





R Laney - Director


PHOTO SALES (U.K.) LIMITED (REGISTERED NUMBER: 02422903)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024


1. STATUTORY INFORMATION

Photo Sales (U.K.) 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.

The presentational currency of the financial statements is Pound Sterling (£) which is rounded to the nearest Pound (£).

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 as modified by the revaluation of certain assets.

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 - 20% on reducing balance

Investment property
Investment property, which is held to earn rentals and/or capital appreciation, is initially recognised at cost. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Financial instruments
Financial instruments are classified by the director as basic or advanced following the conditions in FRS 102 section 1a. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

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.

Other income
Other income, in the main, represents rent receivable net of VAT from the letting of the company's investment properties. Income is recognised in accordance with the terms of the lease.

PHOTO SALES (U.K.) LIMITED (REGISTERED NUMBER: 02422903)

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


2. ACCOUNTING POLICIES - continued

Other reserves
Gains or losses on fair value of investment property have been transferred from retained earnings to a specific non-distributable reserve; other reserves. Similarly all deferred tax relating to these fair value movements has been transferred to the same reserve.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 November 2023
and 31 October 2024 18,161
DEPRECIATION
At 1 November 2023 11,114
Charge for year 1,409
At 31 October 2024 12,523
NET BOOK VALUE
At 31 October 2024 5,638
At 31 October 2023 7,047

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2023 2,488,071
Disposals (40,000 )
At 31 October 2024 2,448,071
NET BOOK VALUE
At 31 October 2024 2,448,071
At 31 October 2023 2,488,071

The investment properties were revalued by the director in the year. The revaluation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

If the investment properties had not been revalued it would have been included at its historical cost of £976,802.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 12,198 39,977

PHOTO SALES (U.K.) LIMITED (REGISTERED NUMBER: 02422903)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 23,944 -
Trade creditors 4,794 4,356
Taxation and social security 46,805 46,943
Other creditors 40,570 337,564
116,113 388,863

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 277,775 280,080

Deferred
tax
£   
Balance at 1 November 2023 280,080
Accelerated capital allowances (210 )
Provision for tax on sale of (2,095 )
properties
Balance at 31 October 2024 277,775

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the directors repaid their balance in full. At the balance sheet date the company owes the directors £36,913 (2023: The directors owed the company £26,383). Interest was charged on the loan at the official HMRC rate.