This will flash a white LED, on 3v supply and produce a very bright flash. The circuit produces a voltage higher than 5v if the LED is not in circuit but the LED limits the voltage to its characteristic voltage of 3.2v to 3.6v. The circuit takes about 2mA an is actually a voltage-doubler (voltage incrementer) arrangement.
Note the 10k in series with the LED charges the 100u. It does not illuminate the LED because the 100u is charging and the voltage across it is always less than 3v. When the two transistors conduct, the collector of the BC557 rises to rail voltage and pulls the 100u HIGH. The negative of the 100u effectively sits just below the positive rail and the positive of the electro is about 2v higher than this. All the energy in the electro is pumped into the LED to produce a very bright flash.