Company No:
Contents
| DIRECTORS | Bryan Buck |
| Barry Henry Dodge | |
| Jason Allen Maros | |
| John Hugh Temby | |
| Beric Richard John Tempest | |
| Robert Tempest | |
| Terence Tempest |
| SECRETARY | Bryan Buck |
| REGISTERED OFFICE | The Colour Laboratory |
| Lelant | |
| St. Ives | |
| TR26 3HU | |
| United Kingdom |
| COMPANY NUMBER | 00374510 (England and Wales) |
| BANKERS | Barclays Bank Plc |
| 20 Lemon Street | |
| Truro | |
| Cornwall | |
| TR1 2NB |
The directors present their annual report on the affairs of the Company, together with the financial statements and auditors’ report, for the financial year ended 31 December 2025.
PRINCIPAL ACTIVITIES
REVIEW OF THE BUSINESS
Turnover for the financial year amounted to £32,762,866 (2024: £33,030,175). The Company incurred a loss after taxation totalling £185,310 (2024: profit £105,804).
The net current asset position of the Company as at the financial year end amounted to £17,882,217 (2024: net current asset £21,334,990).
The net asset position of the Company as at the financial year end amounted to £27,240,820 (2024: net asset £27,426,130).
DIVIDENDS
The directors do not recommend payment of a dividend (2024: £Nil).
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Company's activities expose it to a number of financial risks including cash flow risk and liquidity risk.
Cash flow risk
The Company's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Company has sufficient reserves in place to negate the use of long and short term debts.
Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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DIRECTORS' INDEMNITIES
DISABLED EMPLOYEES
EMPLOYEE CONSULTATION
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
From our supplier to anyone we work with, we treat as a partner, with their success and values aligned with out own, this is borne out by our long-term relationships. Our relationships with our employees, suppliers and customers tend to be long term with some employees being with us for over half a century and customer and suppliers who have been with us for decades. We like to visit our suppliers and have a policy of paying their accounts within the agreed period of credit. In the majority of cases this is within 28 days.
ENERGY AND CARBON REPORT
Energy efficiency actions
The Company has taken the following measures to increase energy efficiency:
| 2025 | 2024 | ||
| kWh | kWh | ||
| Energy consumption used to calculate emissions | 2,334,088 | 2,691,629 | |
| TCO₂e | TCO₂e | ||
| Emissions from combustion of gas | 354 | 406 | |
| Emissions from combustion of fuel for transport purposes | 14 | 15 | |
| Emissions from purchased electricity | 148 | 166 | |
| 516 | 587 |
Intensity Ratio
Intensity metrics of tCO2e per employee were 0.82 (2024: 1.07). The chosen intensity ratio is gross total emissions in tonnes of CO2e per employee, the recommended ratio for the sector. The decrease in intensity ratio is reflective of a change in vehicle fleet from diesel cars to electric and hybrid vehicles.
Methodology
Greenhouse gas emissions are reported in gross tonnes CO2e in line with the requirements of large unquoted companies set out in the UK Government’s Environmental Reporting Guidelines (March 2019 version) and use the UK Government GHG (Green House Gas) Conversion Factors for Company Reporting (2023 version 1.1). The operational control approach for the company’s UK activities has been applied and is guided by the GHG Protocol – Corporate Standard (revised edition). Gross calorific values have been applied to conversion of net values of vehicle fuel. Emissions from electricity are location based and report grid supplied electricity (Scope 2 only). Transport emissions relating to owned vehicles (Scope 1) and where employees have used their own vehicle for business purposes (Scope 3) have been combined.
H Tempest continues to implement sustainability efforts into operations. These include:
eProofing: H Tempest continue to increase use of eProofing. By reducing the need for physical paper proofs, eProofing helps to minimise paper consumption, use of ink, energy usage, and carbon emissions associated with printing and shipping. This aligns with sustainability goals and contributes to a more sustainable and eco-friendly photography business model, continuing to support schools’ sustainability initiatives.
Biodiversity: In a protected woodland and garden, we again supported the ‘No Mow May’ initiative to help birds and insects on our grounds thrive, survive, and produce high amounts of pollen for bees. It also increases biodiversity by attracting insects from all around. We have removed varieties of existing species of plants to allow for the planting of new ones. These efforts have continued this year.
Waste reduction: Tempest remains committed to reducing waste in all its processes, with systems and procedures in place to monitor our waste streams. Our waste processes are regularly reviewed and, where possible, improvements are continually made to reduce the number and quantity of waste streams. Following last year’s successful reductions through greater segregation and recycling, these improvements have been maintained and developed further this year.
Carbon emissions: We have continued to reduce our carbon footprint over the last year by implementing several projects:
• Lighting upgrade - replacement of lighting units with LED
• Movement sensors - by eliminating the need to keep lights on, these switches drastically reduce electricity consumption.
• Staff engagement programme - introducing switch off campaign i.e. stickers, staff engagement
• Eco-driving - Implement eco-driving training to promote fuel-efficient driving practices
• Energy management – installing smart energy readers to monitor energy usage on all sites
• Transition to electric heating by replacing all remaining gas heating systems - Laboratory site gas heating is now phased out.
AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.
Approved by the Board of Directors and signed on its behalf by:
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Robert Tempest
Director |
Barry Henry Dodge
Director |
The directors are responsible for preparing the annual report 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), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 financial 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;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* 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. The directors 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.
We have audited the financial statements of H.Tempest Limited for the financial year ended 31 December 2025, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity, the accounting policies, and the related notes 1 to 20, 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).
In our opinion the financial statements of H.Tempest Limited (the ‘Company’):
* Give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its loss for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
* Have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)). Our responsibilities under those standards are further described in the auditor's 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 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material 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 material 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Directors' Report has been prepared in accordance with applicable legal requirements.
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 material misstatements in the Directors' Report. We have nothing to report in respect of the following matters in relation to which 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 Directors’ Responsibilities Statement, 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 is 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.
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 an auditor's report 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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.
We considered the nature of the Company’s industry and its control environment, and reviewed the Company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework(s) that the Company operates in, and identified the key laws and regulations that:
* had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, pensions legislation, tax legislation; and
* do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. 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.
In addition to the above, our procedures to respond to the risks identified included the following:
* reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
* performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
* enquiring of management concerning potential litigation and claims, and instances of non-compliance with laws and regulations; and
* reading minutes of meetings of those charged with governance.
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.
For and on behalf of
Statutory Auditor
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Turnover | 3 |
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| Cost of sales | (
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| Gross profit |
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| Administrative expenses | (
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| Other operating income |
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| Operating loss | (
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| Income from shares in a Group undertaking |
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| Loss before interest and taxation | (698,343) | (506,802) | ||
| Interest receivable and similar income | 4 |
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| (Loss)/profit before taxation | 5 | (
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| Tax on (loss)/profit | 9 | (
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| (Loss)/profit for the financial year | (
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| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 10 |
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| Tangible assets | 11 |
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| Investments | 12 |
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| 9,858,898 | 6,433,049 | |||
| Current assets | ||||
| Stocks | 13 |
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| Debtors | 14 |
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| Cash at bank and in hand |
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| 23,959,706 | 26,811,763 | |||
| Creditors: amounts falling due within one year | 15 | (
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| Net current assets | 17,882,217 | 21,334,990 | ||
| Total assets less current liabilities | 27,741,115 | 27,768,039 | ||
| Provision for liabilities | 16 | (
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| Net assets | 27,240,820 | 27,426,130 | ||
| Capital and reserves | 18 | |||
| Called-up share capital |
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| Capital redemption reserve |
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| Capital contribution reserve |
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| Profit and loss account |
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| Total shareholders' funds | 27,240,820 | 27,426,130 |
The financial statements of H.Tempest Limited (registered number:
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Robert Tempest
Director |
Barry Henry Dodge
Director |
| Called-up share capital | Capital redemption reserve | Capital contribution reserve | Profit and loss account | Total | |||||
| £ | £ | £ | £ | £ | |||||
| At 01 January 2024 |
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| Loss for the financial year |
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| At 31 December 2025 |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
H.Tempest Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Colour Laboratory, Lelant, St. Ives, TR26 3HU, United Kingdom.
The principal activities are set out in the Directors' Report.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for:
* exchange differences on transactions entered into to hedge certain foreign currency risks (see above); and
* exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been 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.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
For defined contribution schemes the amounts charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.
Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Balance Sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.
Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the Company is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.
Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the Company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the Company and the Company intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
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Depreciation is recognised so as to write off the cost or valuation of the assets less their residual values over their useful lives on the following bases:
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| Leasehold improvements |
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| Vehicles |
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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.
No depreciation is provided on the purchase cost of freehold properties which is a departure from the requirements of the Companies Act 2006. It is the company's policy to maintain freehold buildings is good condition at all times. In the opinion of the directors the residual value of these freehold buildings is not significantly different from the carrying value shown in the financial statements and to depreciate them would not give a true and gair view. If this departure from the Act had not been made, the result of the year would have been reduced by depreciation of £68,000.
The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
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 are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial 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 Company's contractual obligations expire or are discharged or cancelled.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value with changes in fair value recognised through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for relief from the recognition of share premium, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.
The directors do not consider that any critical judgements have been made in the application of the Company's accounting policies and no key sources of estimation uncertainty have been identified that have a significant risk of causing a material misstatement to the carrying amount of assets and liabilities within the financial year.
Key source of estimation uncertainty
Estimated Useful Lives
In determining the estimated useful life the company considers the expected usage (capacity or physical output) of the asset, expected physical wear and tear of the asset and expected technical advancements in the industry that could lead to obsolescence of the asset. Each year the company reviews the above to establish if there is any change in expected useful life of tangible assets.
Turnover represents the fair value of goods/services provided to customers during the financial year excluding value added tax.
Breakdown by business class
An analysis of the Company's turnover by class of business is set out below.
| 2025 | 2024 | ||
| £ | £ | ||
| Sales | 31,273,699 | 31,375,186 | |
| Services | 1,489,167 | 1,654,989 | |
| 32,762,866 | 33,030,175 |
Breakdown by geographical market:
An analysis of the Company's turnover by geographical market is set out below.
| 2025 | 2024 | ||
| £ | £ | ||
| United Kingdom | 32,584,907 | 32,767,455 | |
| Europe | 43,753 | 54,384 | |
| Rest of world | 134,206 | 208,336 | |
| 32,762,866 | 33,030,175 |
| 2025 | 2024 | ||
| £ | £ | ||
| Interest receivable and similar income |
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(Loss)/profit before taxation is stated after charging/(crediting):
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| £ | £ | ||
| Depreciation of tangible fixed assets (note 11) |
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| Amortisation of intangible assets (note 10) |
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| Operating lease rentals |
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| Foreign exchange losses |
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| (Gain)/loss on disposal of fixed assets | (
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| 2025 | 2024 | ||
| Number | Number | ||
| The average monthly number of employees (including directors) was: | |||
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Their aggregate remuneration comprised:
| 2025 | 2024 | ||
| £ | £ | ||
| Wages and salaries |
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| Other retirement benefit costs |
|
|
|
| 16,434,997 | 15,602,987 |
| 2025 | 2024 | ||
| £ | £ | ||
| Directors' emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
| 1,310,546 | 1,335,425 |
| 2025 | 2024 | ||
| Number | Number | ||
| Members of a money purchase pension scheme |
|
|
Remuneration of the highest paid director
| 2025 | 2024 | ||
| £ | £ | ||
| Director's emoluments | 281,424 | 271,518 | |
| Company contributions to money purchase schemes | 10,000 | 10,000 | |
| 291,424 | 281,518 |
| 2025 | 2024 | ||
| £ | £ | ||
| Current tax on (loss)/profit | |||
| UK corporation tax |
|
|
|
| Total current tax |
|
|
|
| Deferred tax | |||
| Origination and reversal of timing differences |
|
|
|
| Total deferred tax |
|
|
|
| Total tax on (loss)/profit |
|
|
The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK:
| 2025 | 2024 | ||
| £ | £ | ||
| (Loss)/profit before taxation | (26,924) | 289,880 | |
| Tax on (loss)/profit at standard UK corporation tax rate of 25% (2024: 25%) | (
|
|
|
| Effects of: | |||
| Expenses not deductible for tax purposes |
|
|
|
| Adjustments in respect of prior years |
|
|
|
| Depreciation on assets | 0 | 114,923 | |
| Dividend income | (87,500) | (25,000) | |
| Other timing differences | 419 | 5,771 | |
| Deferred tax not recognised in prior years | 0 | (7,909) | |
| Qualifying donations unutilised | 0 | 49 | |
| Fixed asset differences | 109,670 | 0 | |
| Group relief | 27,050 | 0 | |
| Total tax charge for year | 158,386 | 184,076 |
| Goodwill | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2025 |
|
|
|
| Additions |
|
|
|
| At 31 December 2025 |
|
|
|
| Accumulated amortisation | |||
| At 01 January 2025 |
|
|
|
| Charge for the financial year |
|
|
|
| At 31 December 2025 |
|
|
|
| Net book value | |||
| At 31 December 2025 |
|
|
|
| At 31 December 2024 |
|
|
| Land and buildings |
Leasehold improve- ments |
Plant and machinery | Vehicles | Total | |||||
| £ | £ | £ | £ | £ | |||||
| Cost | |||||||||
| At 01 January 2025 |
|
|
|
|
|
||||
| Additions |
|
|
|
|
|
||||
| Disposals |
|
|
(
|
|
(
|
||||
| At 31 December 2025 |
|
|
|
|
|
||||
| Accumulated depreciation | |||||||||
| At 01 January 2025 |
|
|
|
|
|
||||
| Charge for the financial year |
|
|
|
|
|
||||
| Disposals |
|
|
(
|
|
(
|
||||
| At 31 December 2025 |
|
|
|
|
|
||||
| Net book value | |||||||||
| At 31 December 2025 | 2,583,414 | 3,295 | 2,498,065 | 0 | 5,084,774 | ||||
| At 31 December 2024 | 2,590,366 | 5,828 | 2,983,109 | 3,672 | 5,582,975 |
| 2025 | 2024 | ||
| £ | £ | ||
| Subsidiary undertakings |
|
|
Investments in subsidiaries
| 2025 | |
| £ | |
| Cost | |
| At 01 January 2025 |
|
| Additions |
|
| At 31 December 2025 |
|
| Carrying value at 31 December 2025 |
|
| Carrying value at 31 December 2024 |
|
Investments in shares
| Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.12.2025 |
Ownership 31.12.2024 |
Held |
|
|
The Colour Laboratory, Lelant, St.Ives, Cornwall, United Kingdom | Production and sale of school year books |
|
|
|
Direct |
|
|
The Colour Laboratory, Lelant, St.Ives, Cornwall, United Kingdom | Portrait photography on cruise ships |
|
|
|
Direct |
|
|
WH5, Steet 19D, Al Quoz, Industrial 3, Dubai, United Arab Emirates | Portrait photography services |
|
|
|
Direct |
|
|
Al Hareb Warehouse Complex, Warehouse 2, First Al Khail Road, Al Quoz, Industrial Area 1, Dubai, United Arab Emirates | Portrait photography services |
|
|
|
Direct |
|
|
The Colour Laboratory, Lelant, St.Ives, Cornwall, United Kingdom | Dormant Company |
|
|
|
Direct |
|
|
The Colour Laboratory, Lelant, St.Ives, Cornwall, United Kingdom | Dormant Company |
|
|
|
Direct |
|
|
The Colour Laboratory, Lelant, St.Ives, Cornwall, United Kingdom | Dormant Company |
|
|
|
Direct |
| 2025 | 2024 | ||
| £ | £ | ||
| Stocks |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Amounts owed by Group undertakings (note 20) |
|
|
|
| Corporation tax |
|
|
|
| Other debtors |
|
|
|
| Prepayments |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Trade creditors |
|
|
|
| Amounts owed to Group undertakings (note 20) |
|
|
|
| Payroll taxes payable |
|
|
|
| VAT |
|
|
|
| Accruals |
|
|
|
| Other creditors |
|
|
|
|
|
|
| Deferred taxation | Total | ||
| £ | £ | ||
| At 01 January 2025 |
|
341,909 | |
| Charged to the Profit and Loss Account |
|
158,386 | |
| At 31 December 2025 |
|
500,295 | |
Deferred tax
| 2025 | 2024 | ||
| £ | £ | ||
| Accelerated capital allowances |
|
|
|
| Tax losses available |
|
(
|
|
| Other timing differences | (
|
(
|
|
| Provision for deferred tax |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| At the beginning of financial year | (
|
(
|
|
| Charged to the Profit and Loss Account | (
|
(
|
|
| At the end of financial year | (
|
(
|
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
|
|
|
|
| Presented as follows: | |||
| Called-up share capital presented as equity | 472,489 | 472,489 |
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
The capital redemption reserve represents amounts arising from the purchase of own share capital.
Text placeholder for other reserves
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Within one year |
|
|
|
| Between one and five years |
|
|
|
| After five years |
|
|
|
|
|
|
The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.
Transactions with group companies
Amounts owed by Group undertakings
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed by group undertakings |
|
|
Amounts owed to Group undertakings
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed to group undertakings |
|
|
Transactions with the entity’s directors (or members of its governing body)
Key management compensation
| 2025 | 2024 | ||
| £ | £ | ||
| Key management compensation |
|
|