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REGISTERED NUMBER: 08574681 (England and Wales)













STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

DAVID YARROW PHOTOGRAPHY LIMITED

DAVID YARROW PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 08574681)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


DAVID YARROW PHOTOGRAPHY LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2024







DIRECTORS: D E Yarrow
J H Calder
W M Campion
J P C Edwards
E R Pryce
D Knight
G Rambourg





REGISTERED OFFICE: 10 John Street
London
WC1N 2EB





REGISTERED NUMBER: 08574681 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

DAVID YARROW PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 08574681)

STRATEGIC REPORT
for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The DYP (David Yarrow Photography Limited) brand recorded a record level of sales of £20m in 2024. The position of market leadership is firm. The company has solid cash reserves which allow for a further increase in the dividend of 10%. The dividend remains covered by retained earnings. We have a unique business model that is difficult to copy. Our wholesale distribution network is second to none.

PRINCIPAL RISKS AND UNCERTAINTIES
The biggest risk continues to be the reliance on David Yarrow’s health, fitness and life balance decisions.

There is no complacency; our success has not gone unnoticed and there are many photographers who have been prompted by our model. But it is not easy to replicate. The pull away from wildlife photography has been shrewd. This has become a very crowded and accessible arena and the art market is increasingly tired of the space. Telling the stories that we now tell through the camera lens requires capital, a strong production team and creative rigour, whereas taking a picture of an elephant does not.

Europe is a tough market and our focus on America has been validated. If America were to go into recession, we would not be immune. In 2024 our US wholesale business grew 42% and now equates to 70% of our turnover.

RESULTS AND PERFORMANCE
In 2024 DYP produced a solid number with profit before tax of £6m. In 2024 just under £2m was invested in new content, a fall of 18% on the previous year. We released 78 new images in 2024 as opposed to 107 in 2023, an indication of a tougher edit than in previous years. We do not want to be too prolific or too available. At year end the content from 2024 had net sales of close to £5m, resulting in current profits of £3m and a ROCI in the year of 158%.

KEY PERFORMANCE INDICATORS
In 2025 we will continue to explore B2B, an area of great opportunity. The business is operationally geared and efficiencies were made in our supply chain. 2024 saw progress in gross margins and operating margins giving rise to the profit before tax being close to 31% ahead of the previous year.

The December news release from Artsy, placing the work of David Yarrow in the top 10 in terms of global artist enquiries, was a PR gift for all the galleries representing the brand. As our wholesale road map matures there will be fewer places to sell directly into - simply because galleries ask for exclusivity in the community that they serve. Our model is, and always will be, one that embraces the merits of third-party advocacy. We never want to steal business from galleries that represent us, that would be pure folly and tends to be the refuge of cash strapped artists.

With opportunities to sell direct into the UK and Continental Europe increasingly limited, the pressure is on America to pick up the slack, but our wholesale coverage has also widened materially in America. A diminishing retail division is therefore the price we pay for success. There are material pools of American wealth, from Miami to the Carolinas, to Massachusetts, where we have no gallery presence.

ON BEHALF OF THE BOARD:





D E Yarrow - Director


26 August 2025

DAVID YARROW PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 08574681)

REPORT OF THE DIRECTORS
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
Final dividend of £3,630,000 (2023: £3,300,000) was declared for the year ended 31 December 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

D E Yarrow
J H Calder
W M Campion
J P C Edwards
E R Pryce
D Knight
G Rambourg

DONATIONS AND EXPENDITURE
Charitable donations made during the year include:
£10,110 (2023: £Nil) made to Montana Pediatric Cancer Foundation.
£14,758 (2023: £Nil) made to David Yarrow Foundation.
£Nil (2023: £17,767) made to Children’s Council Inc.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

DAVID YARROW PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 08574681)

REPORT OF THE DIRECTORS
for the Year Ended 31 December 2024


AUDITORS
The auditors, Oury Clark Chartered Accountants, are deemed to be re-appointed under Section 487 (2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





D E Yarrow - Director


26 August 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVID YARROW PHOTOGRAPHY LIMITED

Opinion
We have audited the financial statements of David Yarrow Photography Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months and one day from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be misstated. If we identify such inconsistencies or apparent misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVID YARROW PHOTOGRAPHY LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any matters in the Report of the Directors or Strategic Report that are inconsistent with our overall view of the financial statements.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVID YARROW PHOTOGRAPHY LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities including fraud is detailed below

Identifying and Assessing Potential Irregularities, Including Fraud
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- Considering the nature of the industry, sector, control environment, and current business activities, including possible performance targets and related remuneration incentives;
- Enquiring of management concerning policies and procedures relating to:
- Compliance with laws and regulations, and whether there were any instances of non-compliance;
- Mitigating, detecting, and responding to fraud risk, and whether there had been any actual or suspected instances of fraud;
- Discussing within the engagement team how and where fraud might occur in the financial statements, along with possible indicators of fraud. We identified the following areas as most likely to be susceptible to fraud:
- Management override;
- Revenue and stock cut-off;
- Stock valuation;
- Stock existence;
- Discussing the legal and regulatory framework in which the company operates, particularly those that would have a direct impact on the financial statements. The key laws and regulations considered were the Companies Act 2006, UK tax legislation, and UK employment law.

Audit Response to the Risks Identified
As noted above, we identified management override, revenue and stock cut-off, stock valuation, and stock existence as areas most susceptible to fraud. Our procedures to address these risks included:
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- Reviewing all journals posted during the year and the nominal ledger, and investigating large or unusual transactions;
- Performing detailed sales testing and cut-off procedures, including review of delivery confirmations to ensure that revenue is recognised in the correct period;
- Testing for existence and completeness during the onsite stocktake, and vouching stock values to sales price and cost to ensure they are held at the lower of cost and estimated selling price less costs to complete and sell.

Additionally, we identified compliance with the Companies Act 2006, UK tax legislation, and UK employment law as key areas where non-compliance might arise. Our procedures in response included:
- Reviewing financial statement disclosures and testing them against supporting documentation to assess compliance with the Companies Act 2006;
- Independent review of the financial statements by a person not on the engagement team;
- Independent review of tax computations by a person qualified as a CTA or equivalent, not on the engagement team;
- Completion of a detailed corporation tax checklist;
- Review of a sample of right to work checks and legal fees to assess compliance with employment law and identify potential material issues.

The above matters, including relevant laws and regulations and potential fraud risks, were communicated to all engagement team members and internal specialists where appropriate, to support risk awareness. The engagement team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVID YARROW PHOTOGRAPHY LIMITED


There are inherent limitations in the audit procedures described above, and the risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve deliberate concealment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Emma Crowley (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

26 August 2025

DAVID YARROW PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 08574681)

STATEMENT OF INCOME
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 20,035,932 17,501,095

Cost of sales 9,579,339 8,571,198
GROSS PROFIT 10,456,593 8,929,897

Administrative expenses 4,641,429 4,454,521
5,815,164 4,475,376

Other operating income 90,524 1,926
OPERATING PROFIT 4 5,905,688 4,477,302

Interest receivable and similar income 146,692 157,271
PROFIT BEFORE TAXATION 6,052,380 4,634,573

Tax on profit 5 1,629,659 1,084,938
PROFIT FOR THE FINANCIAL YEAR 4,422,721 3,549,635

DAVID YARROW PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 08574681)

BALANCE SHEET
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 29,612 26,312
Investments 8 156,527 349,421
186,139 375,733

CURRENT ASSETS
Stocks 9 5,288,550 4,779,752
Debtors 10 5,243,825 5,391,305
Cash at bank and in hand 6,616,314 6,007,643
17,148,689 16,178,700
CREDITORS
Amounts falling due within one year 11 4,410,153 4,020,294
NET CURRENT ASSETS 12,738,536 12,158,406
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,924,675

12,534,139

CAPITAL AND RESERVES
Called up share capital 13 1,048 1,068
Share premium 14 700,907 700,907
Capital redemption reserve 14 65 45
Retained earnings 14 12,222,655 11,832,119
SHAREHOLDERS' FUNDS 12,924,675 12,534,139

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2025 and were signed on its behalf by:





D E Yarrow - Director


DAVID YARROW PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 08574681)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 December 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2023 1,068 8,282,484 700,907 45 8,984,504

Changes in equity
Total comprehensive income - 3,549,635 - - 3,549,635
Balance at 31 December 2023 1,068 11,832,119 700,907 45 12,534,139

Changes in equity
Total comprehensive income - 4,020,536 - - 4,020,536
Dividends - (3,630,000 ) - - (3,630,000 )
Share buyback (20 ) - - 20 -
Balance at 31 December 2024 1,048 12,222,655 700,907 65 12,924,675

DAVID YARROW PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 08574681)

CASH FLOW STATEMENT
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,911,321 2,585,814
Tax paid (1,394,532 ) (1,129,246 )
Net cash from operating activities 4,516,789 1,456,568

Cash flows from investing activities
Purchase of tangible fixed assets (24,188 ) (27,293 )
Purchase of fixed asset investments (100,000 ) (167,500 )
Sale of fixed asset investments 143,020 -
Interest received 146,692 157,271
Net cash from investing activities 165,524 (37,522 )

Cash flows from financing activities
Amount withdrawn by directors (41,457 ) (2,577,108 )
Share buyback (402,185 ) -
Equity dividends paid (3,630,000 ) -
Net cash from financing activities (4,073,642 ) (2,577,108 )

Increase/(decrease) in cash and cash equivalents 608,671 (1,158,062 )
Cash and cash equivalents at beginning of
year

2

6,007,643

7,165,705

Cash and cash equivalents at end of year 2 6,616,314 6,007,643

DAVID YARROW PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 08574681)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24 31.12.23
£    £   
Profit before taxation 6,052,380 4,634,573
Depreciation charges 20,888 26,626
(Profit)/loss on disposal of fixed assets (77,534 ) 1,017
Loss/(gain) on revaluation of fixed assets 227,408 (63,435 )
Finance income (146,692 ) (157,271 )
6,076,450 4,441,510
Increase in stocks (508,798 ) (405,332 )
Decrease/(increase) in trade and other debtors 188,937 (2,265,257 )
Increase in trade and other creditors 154,732 814,893
Cash generated from operations 5,911,321 2,585,814

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 6,616,314 6,007,643
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 6,007,643 7,165,705


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 6,007,643 608,671 6,616,314
6,007,643 608,671 6,616,314
Total 6,007,643 608,671 6,616,314

DAVID YARROW PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 08574681)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

David Yarrow Photography 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 trading address for David Yarrow Photography Limited is:
121 Sloane Street
London
SW1X 9BW

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
After reviewing the company's results for the year, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months and one day from the date of signing of the audit report. Therefore the company continues to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

Cost of Sales
The Company applies judgement in estimating the allocation of costs to determine the cost of sales. This estimation process involves assessing factors such as materials consumed and production expenses. Management also reviews the consistency of these cost allocations to ensure they accurately reflect the economic reality of production costs. Changes in production volumes, supplier prices, or operational efficiencies may impact these estimates and, consequently, affect reported profit margins and stock valuation. Adjustments to these assumptions may have a significant impact on the financial statements.

Stock
The valuation of stock (inventory) is determined based on the lower of cost and estimated selling price less costs to complete and sell in accordance with FRS102 guidelines. Management exercises judgement in calculating the estimated selling price less costs to complete and sell of stock, which involves considering current market conditions, anticipated sales prices, and expected costs of completion. Additionally, estimating obsolete or slow-moving stock is inherently subjective and requires an assessment of inventory turnover, historical data, and future demand forecasts. Any changes in these estimates, such as fluctuations in demand or cost changes, could lead to material adjustments in the stock valuation.

DAVID YARROW PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 08574681)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

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

Revenue is recognised upon the transfer of risks and rewards. For direct to customer sales (through the website), this occurs upon the delivery of goods, whereas for sales facilitated through galleries, recognition takes place at the point of sale.

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 - 25% on cost
Motor vehicles - Straight line over 5 years

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of deprecation and any impairment losses.

Stocks
Stocks are valued at the lower of: estimated average cost, based on print size, and estimated selling price less costs to complete, after making due allowance for obsolete and slow moving items. Cost is based on the weighted average cost method, the total costs of production over a period are divided equally between all of the prints produced in that period.

Financial instruments
Basic Financial Instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS 102.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

DAVID YARROW PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 08574681)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

31.12.2431.12.23
Directors11
Production11
Sales54
Admin12
88

31.12.24 31.12.23
£    £   
Directors' remuneration 1,375,000 1,047,500

Information regarding the highest paid director is as follows:
31.12.24 31.12.23
£    £   
Emoluments etc 1,375,000 1,047,500

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.24 31.12.23
£    £   
Other operating leases 198,630 184,567
Depreciation - owned assets 20,888 15,551
(Profit)/loss on disposal of fixed assets (77,534 ) 1,017
Computer software amortisation - 11,074
Auditors' remuneration 45,304 35,000
Foreign exchange differences (238,588 ) 320,301

DAVID YARROW PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 08574681)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 1,629,659 1,084,938
Tax on profit 1,629,659 1,084,938

6. DIVIDENDS
31.12.24 31.12.23
£    £   
Ordinary shares of £0.01 each
Final 3,630,000 -

7. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2024 154,819 29,500 184,319
Additions 24,188 - 24,188
At 31 December 2024 179,007 29,500 208,507
DEPRECIATION
At 1 January 2024 131,457 26,550 158,007
Charge for year 17,938 2,950 20,888
At 31 December 2024 149,395 29,500 178,895
NET BOOK VALUE
At 31 December 2024 29,612 - 29,612
At 31 December 2023 23,362 2,950 26,312

DAVID YARROW PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 08574681)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

8. FIXED ASSET INVESTMENTS
Listed Unlisted
investments investments Totals
£    £    £   
COST OR VALUATION
At 1 January 2024 296,421 53,000 349,421
Additions - 100,000 100,000
Disposals (65,486 ) - (65,486 )
Revaluations (227,408 ) - (227,408 )
At 31 December 2024 3,527 153,000 156,527
NET BOOK VALUE
At 31 December 2024 3,527 153,000 156,527
At 31 December 2023 296,421 53,000 349,421


9. STOCKS
31.12.24 31.12.23
£    £   
Stocks 5,288,550 4,779,752

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 4,950,561 5,086,119
Other debtors 173,088 197,163
Directors' loan accounts 63,638 22,181
VAT 34,207 15,532
Prepayments 22,331 70,310
5,243,825 5,391,305

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 494,245 828,748
Tax 696,610 461,483
Social security and other taxes 54,477 46,974
Other creditors 5,327 17,934
Accruals and deferred income 3,159,494 2,665,155
4,410,153 4,020,294

DAVID YARROW PHOTOGRAPHY LIMITED (REGISTERED NUMBER: 08574681)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24 31.12.23
£    £   
Within one year - 149,054

Shortly after the year end the Company entered into a new lease agreement. Although the lease was not in effect as of the reporting date, the following lease payments are committed under the agreement:

Within one year: £129,000
Between one and five years: £516,000

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
104,755 Ordinary £0.01 1,048 1,068

Shares carry full and equal rights to participate in voting in all circumstances and in dividends and in capital distributions, whether on a winding up or otherwise. The shares are not redeemable.

14. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2024 11,832,119 700,907 45 12,533,071
Profit for the year 4,422,721 4,422,721
Dividends (3,630,000 ) (3,630,000 )
Share buyback (402,185 ) - - (402,185 )
Share buyback - - 20 20
At 31 December 2024 12,222,655 700,907 65 12,923,627

15. RELATED PARTY DISCLOSURES

Other related parties

David Yarrow, a director of the Company, is also a trustee of the David Yarrow Foundation (Charity number: 1202968). During the year, the Company donated £14,758 (2023: £Nil) to the Foundation.

16. ULTIMATE CONTROLLING PARTY

The controlling party is D E Yarrow.