REGISTERED NUMBER: SC245698 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Elite Photographics Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr G Buchan

REGISTERED OFFICE:

Smiddyhill House

20 Greenbank Road

Fraserburgh

AB43 7GA

REGISTERED NUMBER:

SC245698 (Scotland)

ACCOUNTANTS:

SBP

Accountants

27 Finlayson Street

Fraserburgh

Aberdeenshire

AB43 9JQ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

4,486

111,791

4,486

111,791

CURRENT ASSETS

Stocks

643

3,026

Debtors

6

-

405

Cash at bank and in hand

43,642

40

44,285

3,471

CREDITORS

Amounts falling due within one year

7

5,437

52,272

NET CURRENT ASSETS/(LIABILITIES)

38,848

(48,801

)

TOTAL ASSETS LESS CURRENT LIABILITIES

43,334

62,990

CREDITORS

Amounts falling due after more than one year

8

(1,467

)

(3,067

)

PROVISIONS FOR LIABILITIES

(887

)

(945

)

NET ASSETS

40,980

58,978

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

39,980

57,978

SHAREHOLDERS' FUNDS

40,980

58,978

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 September 2025 and were signed by:

Mr G Buchan - Director

1.	STATUTORY INFORMATION

Elite Photographics Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Going concern

The director, having made due and careful enquiry, is of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements. The director will not seek to draw his loan balance unless he is satisfied that adequate resources will be available to meet all other creditors as they fall due.

Turnover

Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Goodwill

The Goodwill has been fully written off and no amortisation was required in the current financial year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

20,000

AMORTISATION

At 1 January 2024

and 31 December 2024

20,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2024

107,433

31,866

7,724

147,023

Additions

-

1,667

-

1,667

Disposals

(107,433

)

(1,262

)

-

(108,695

)

At 31 December 2024

-

32,271

7,724

39,995

DEPRECIATION

At 1 January 2024

-

27,508

7,724

35,232

Charge for year

-

1,499

-

1,499

Eliminated on disposal

-

(1,222

)

-

(1,222

)

At 31 December 2024

-

27,785

7,724

35,509

NET BOOK VALUE

At 31 December 2024

-

4,486

-

4,486

At 31 December 2023

107,433

4,358

-

111,791

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other debtors

-

405

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

1,600

1,758

Trade creditors

1,224

4,018

Other creditors

1,000

9,644

Directors' current accounts

13

35,349

Accrued expenses

1,600

1,503

5,437

52,272

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans - 1-2 years

1,467

1,600

Bank loans - 2-5 years

-

1,467

1,467

3,067

9.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr G.Buchan and Mrs D.Buchan.