Company registration number 05639678 (England and Wales)
THE SCHOOL PHOTOGRAPHY COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
PAGES FOR FILING WITH REGISTRAR
THE SCHOOL PHOTOGRAPHY COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
THE SCHOOL PHOTOGRAPHY COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
- 1 -
2026
2025
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
23,888
Tangible assets
4
478,893
575,539
478,893
599,427
Current assets
Stocks
124,530
121,395
Debtors
5
42,150
43,157
Cash at bank and in hand
827,795
1,372,106
994,475
1,536,658
Creditors: amounts falling due within one year
6
(409,124)
(680,496)
Net current assets
585,351
856,162
Total assets less current liabilities
1,064,244
1,455,589
Creditors: amounts falling due after more than one year
7
(202,160)
(233,011)
Provisions for liabilities
(92,802)
(77,214)
Net assets
769,282
1,145,364
Capital and reserves
Called up share capital
3,000
3,000
Profit and loss reserves
766,282
1,142,364
Total equity
769,282
1,145,364
THE SCHOOL PHOTOGRAPHY COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2026
31 March 2026
- 2 -

For the financial year ended 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 3 July 2026 and are signed on its behalf by:
Mr D J Fonge
Mr N Owen
Director
Director
Company registration number 05639678 (England and Wales)
THE SCHOOL PHOTOGRAPHY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -
1
Accounting policies
Company information

The School Photography Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 24, Beaumont Close, Banbury, Oxon, OX16 1TG.

1.1
Accounting convention

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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.

1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.
1.3
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.4
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold buildings
Over lease term
Plant and machinery
11 - 33% straight line or reducing balance
Motor vehicles
25% reducing balance

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 credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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 profit or loss. Reversals of impairment losses are also recognised in profit or loss.

THE SCHOOL PHOTOGRAPHY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

1.8
Equity instruments

Equity instruments issued by the company 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 company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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 when the company has 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 SCHOOL PHOTOGRAPHY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits

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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 lease d asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2026
2025
Number
Number
Total
38
41
THE SCHOOL PHOTOGRAPHY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2025 and 31 March 2026
477,732
Amortisation and impairment
At 1 April 2025
453,844
Amortisation charged for the year
23,888
At 31 March 2026
477,732
Carrying amount
At 31 March 2026
-
0
0
At 31 March 2025
23,888
4
Tangible fixed assets
Leasehold buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2025
17,166
801,596
573,503
1,392,265
Additions
-
0
21,669
7,150
28,819
Disposals
-
0
-
0
(4,250)
(4,250)
At 31 March 2026
17,166
823,265
576,403
1,416,834
Depreciation and impairment
At 1 April 2025
17,166
660,520
139,040
816,726
Depreciation charged in the year
-
0
48,383
76,285
124,668
Eliminated in respect of disposals
-
0
-
0
(3,453)
(3,453)
At 31 March 2026
17,166
708,903
211,872
937,941
Carrying amount
At 31 March 2026
-
0
114,362
364,531
478,893
At 31 March 2025
-
0
141,076
434,463
575,539
THE SCHOOL PHOTOGRAPHY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 7 -
5
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
10,534
1,860
Other debtors
31,616
41,297
42,150
43,157
6
Creditors: amounts falling due within one year
2026
2025
£
£
Bank loans
5,271
10,376
Trade creditors
73,393
157,242
Amounts owed to group undertakings
109,355
109,355
Taxation and social security
165,858
197,012
Other creditors
55,247
206,511
409,124
680,496

Included within other creditors are net obligations under hire purchase contracts which are secured on the assets held under those contracts.

7
Creditors: amounts falling due after more than one year
2026
2025
£
£
Bank loans and overdrafts
-
0
5,267
Other creditors
202,160
227,744
202,160
233,011

Included within other creditors are net obligations under hire purchase contracts which are secured on the assets held under those contracts.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2026
2025
£
£
280,737
311,520

Of the above amount £63,737 relates to equipment (2025 - £56,520) and £217,000 relates to property (2025 - £255,000).

THE SCHOOL PHOTOGRAPHY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 8 -
9
Related party transactions

The company has taken advantage of the exemption under FRS102 section 33 "Related Party Disclosures" paragraph 33.1A not to disclose transactions with fellow wholly owned subsidiary undertakings of the Beaumont Photography Group Limited.

10
Parent company

As at 31 March 2026, the ultimate controlling party was Beaumont Photography Group Limited, by virtue of them holding 100% of the share capital in The School Photography Company Limited.

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