The director presents the strategic report for the year ended 28 September 2025.
The group’s objective is to be continually recognised as the UK’s leading independent specialist for all imaging products and services.
Review of the business and key performance indicator
The key financial performance indicators of the Group during the year demonstrate continued progress, with turnover increasing by 6.5% to £19.8 million (2024: £18.6 million), gross profit increasing to £3.3 million (2024: £3.2 million), and profitability improving by approximately 10% compared with the prior year.
The year has been one of continued transformation for the Group as it executes its long-term growth strategy. Through ongoing investment in its omni-channel proposition, expansion of its product portfolio and continued enhancement of customer services, the Group has strengthened its ability to respond quickly to changing consumer behaviours and developments within the imaging market.
The increasing demand for video, streaming and digital content creation continues to reshape the imaging market and presents significant opportunities for growth. The Group has expanded its product offering to better serve this market, increasing the availability of specialist cameras, lenses, audio equipment, lighting and accessories, while further developing its second-hand equipment offering and enhancing in-store expertise and customer support. This positions the Group to benefit from the continued growth of the content creation market while attracting new customer segments alongside its established photography customer base
The Directors believe that the strength of the Jessops brand, built over more than 90 years, remains one of the Group's most valuable assets. Its longstanding reputation for expertise, trusted advice and quality service continues to differentiate the business in a competitive marketplace. Combined with strong supplier relationships, a nationwide retail footprint and a clear strategic direction, the Directors believe the Group is well positioned to capitalise on future opportunities within the evolving imaging and content creation markets.
The Group will continue to invest in digital capability, customer experience and emerging product categories to strengthen its market position and support long-term profitable growth.
The Group uses various financial instruments including cash, loans and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial statements is to raise finance for the Group's operations.
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets and profitability.
The business review above explains the uncertainties that the Group faced at the Balance Sheet date and the fundamental changes that have occurred since.
The Group has a risk management process in place to identify and effectively manage risk across the business. The following principal risks have been identified and may have an impact on the Group and its operations:
The Group operated in a competitive retail environment and there is an on-going risk that sales may be lost to rival businesses.
The general economic environment and market condition for the products and services are also risks common to all retailers.
Other risks that the Group faces include:
Liquidity risk
The group manages its cash and borrowing requirements centrally to maximise interest income and minimise interest expenses, whilst ensuring that the group has sufficient liquid resources to meet the operating needs of its business.
Interest rate risk
The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.
Foreign currency risk
The group's principal foreign currency exposure arise from trading operations with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in Sterling.
On behalf of the board
The director presents his annual report and financial statements for the year ended 28 September 2025.
The results for the year are set out on page 8.
No ordinary dividends were paid during the year. The director does not recommend payment of a final dividend.
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Accounting standards and company law require the Director to consider the appropriateness of the going concern basis when preparing the financial statements and if necessary to explain how they have reached their conclusion.
The Director is aware that should any of the creditors decide to call on their amounts due to them, the Group does not have the immediate ability to fully extinguish the debts to the extent of its net liabilities. This indicates the existence of a material uncertainty that may cast doubt on the Group's ability to continue as a going concern.
The main shareholder who has amounts due to him from the Group and Company, confirmed that he has no intention to call for repayment for a period of 12 months from the date of signing the financial statements. In addition, the Director has confirmed his intention to provide the Group with the financial support it requires to discharge its liabilities for a period of 12 months from the date of signing the financial statements. The bank loan in the Group has now been fully paid off in April 2026. This therefore helps mitigate the material uncertainty.
The range of products and services and the way these are being delivered has been expanded to help build the trading of the Group towards meeting its forecasts of growth and future profitability. The market place is a challenging and ever changing environment but the director has put in place measures to react to this and move the Group to be in a positive EBITDA position.
The Director is of the opinion that the Group and Company has the full support of all related parties that have amounts due to them.
The Director has considered the above and has concluded that the Group and the Company can continue as a going concern, meeting its liabilities as they fall due. The financial statements have therefore been prepared on a going concern basis.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
We have audited the financial statements of Jessops (Group) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 September 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for opinion
Material uncertainty related to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
We draw attention to the group’s net liabilities position and to note 1.4 of the financial statements, which sets out the current insolvency position of the group and the directors’ assessment of going concern. Notwithstanding this, the director has prepared the financial statements on a going concern basis due to the financial support available from the shareholder. Our opinion is not modified in respect of this matter.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the director's report have been prepared in accordance with applicable legal requirements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In planning and designing our audit tests, we identify and assess the risks of material misstatements within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.
As a result of this assessment, we considered the opportunities and incentives that may exist within the group and parent company for fraud and identified that the greatest area of risk was in relation to management override, the going concern status of the group, completeness of income, and the valuation of stock.
We have obtained an understanding of the legal and regulatory frameworks that the company operates in from discussions with the director and our knowledge of the group and parent company and its industry sector. We have focussed on the provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.
We performed the following audit procedures after consideration of the above risks which included the following:
impairment testing in relation to stock by review of the most recent purchase invoices and most recent sales invoices in relation to stock held as at the period end;
reviewing budgets and forecasts for future periods and confirming continued support from related parties for the foreseeable future;
testing sales invoices during the year and after the year end to ensure sales are recorded appropriately and included in the period the financial statements relate to correctly;
enquiry of management of actual and potential litigation and claims;
reviewing minutes of meetings of those charged with governance;
reviewing correspondence with HMRC and the company’s legal advisors;
reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
The engagement partner has assessed that all engagement team members were made aware of the relevant laws and regulations and potential fraud risks and were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 an auditor's report 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.
The notes on pages 14 to 29 form part of these financial statements.
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2024 - £0 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Jessops (Group) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Network House, Third Avenue, Globe Business Park, Marlow, Buckinghamshire, SL7 1EY.
The group consists of Jessops (Group) Limited and all of its subsidiaries.
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.
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.
The company has taken advantage of the exemption under FRS 102, section 1.12, in not preparing a cashflow statement for the parent company.
The consolidated group financial statements consist of the financial statements of the parent company Jessops (Group) Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 28 September 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Accounting standards and company law require the Director to consider the appropriateness of the going concern basis when preparing the financial statements and if necessary to explain how they have reached their conclusion.
The Director is aware that should any of the creditors decide to call on their amounts due to them, the Group does not have the immediate ability to fully extinguish the debts to the extent of its net liabilities. This indicates the existence of a material uncertainty that may cast doubt on the Group's ability to continue as a going concern.
The main shareholder who has amounts due to him from the Group and Company, confirmed that he has no intention to call for repayment for a period of 12 months from the date of signing the financial statements. In addition, the Director has confirmed his intention to provide the Group with the financial support it requires to discharge its liabilities for a period of 12 months from the date of signing the financial statements. The bank loan in the Group has now been fully paid off in April 2026. This therefore helps mitigate the material uncertainty.
The range of products and services and the way these are being delivered has been expanded to help build the trading of the Group towards meeting its forecasts of growth and future profitability. The market place is a challenging and ever changing environment but the director has put in place measures to react to this and move the Group to be in a positive EBITDA position.
The Director is of the opinion that the Group and Company has the full support of all related parties that have amounts due to them.
The Director has considered the above and has concluded that the Group and the Company can continue as a going concern, meeting its liabilities as they fall due. The financial statements have therefore been prepared on a going concern basis.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
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 recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The group and company operate defined contribution plans for its employees. A defined contribution plan is a pension plan under which a company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The Assets of the plan are held separately from the company in independently administered funds.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
The group considers whether deferred tax assets should be recognised each year. The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against future taxable profits. Therefore, deferred tax assets are not recognised if the group is making a taxable loss.
Determine whether any provision is required against slow moving or obsolete stock items. These decisions will depend on an assessment of the age of the goods held in stock at the balance sheet date along with a physical inspection to identify any damaged stock items or items that are now obsolete or outdated.
There were no key estimates which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
All revenue is generated in the UK.
During the year, the Group received a cash settlement from a bank in respect of a deposit previously paid. This balance had been fully written off in 2016, and therefore had a nil carrying value at the start of the current period. In accordance with FRS 102, the receipt has been recognised in profit or loss as other exceptional income. Given that it relates to amounts previously written off outside the normal course of business, the income has been presented as an exceptional item to maintain a true and fair presentation of the Group and Company.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
There was no remuneration paid to the director during the year or prior year.
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2024: 0).
The Group has adjusted tax losses carried forward of £17,826,015 (2024: £16,855,068) and timing differences relating to decelerated capital allowances of £6,567,676 (2024: £6,493,419) for which a deferred tax asset of £6,098,423 (2024: £5,837,122) has not been recognised, as the timing and probability of future taxable profits arising within the Group against which to utilise these losses, is uncertain. The unrecognised deferred tax asset stated is calculated at 25%, being the rate of tax substantially enacted for future periods at the reporting date.
The unused tax losses do not have an expiry date.
Details of the company's subsidiaries at 28 September 2025 are as follows:
Registered office addresses (all UK unless otherwise indicated):
The following subsidiaries were exempt from the audit requirements of the Companies Act 2006 by virtue of section 479A; Camera Jungle Limited and Jessops Stores Limited.
The difference between purchase price of stocks and their replacement cost is not material.
Impairment losses recognised in the period were £nil (2024: £4,857).
The bank loans and overdrafts totalling £2,085,811 (2024: £4,481,088) are secured first by a legal mortgage debenture over all assets of the group. The bank loans rank in preference to the loans due to related parties.
The bank loans are secured by fixed and floating charges on the assets of the group companies. The bank loans have been secured by a guarantee granted by Jessops Stores Limited (formerly Jessops Online Limited), Jessops (Group) Limited, PDJ (Shelf 7) Limited, Camera Jungle Limited and Jessops Photo Limited.
The bank loans are also secured by a personal guarantee made by the director totalling £5,500,000 (2024: £5,500,000).
Loans from unconsolidated group undertakings consist of the following:
£8,179,869 (2024: £7,196,602) of amounts owed by the group to the immediate parent undertaking, Jessops Holdings Limited, which does not accrue interest, and is repayable on demand by the lender. The balance is secured by way of a fixed and floating charge over all the assets of Jessops (Group) Limited and Jessops Europe Limited. The charges contain a negative pledge.
£9,478,403 (2024: £6,243,403) of amounts owed by this sub group to other group undertakings, which are unsecured, do not accrue interest and are repayable on demand.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Contributions totalling £7,637 (2024: £8,952) were payable to the fund at the year end and are included in other creditors.
There are financial commitments due to a supplier in the sum of £993,573 (2024: £1,331,721). £333,634 (2024: £339,127) of this is due in less than 1 year, £659,939 (2024: £992,594) is due between 2-5 years.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
All shares rank equally for voting purposes and are entitled to one vote each, Shares also rank equally for any dividends or distribution rights, including on a winding up. The shares are not redeemable.
The remuneration of key management personnel is as follows.
During the year the group entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
Sales and purchases between related parties are made under normal trading conditions. Outstanding balances with entities are unsecured, interest free and settlement is expected within 30 days of invoice. During the year ended 28 September 2025, the Group has not made any provision for doubtful debts relating to amounts owed by related parties.
The Group has taken advantage of the exemption conferred by FRS102 paragraph 33.1A, to not disclose transactions with related parties which are wholly owned members of the same group.