Efficient Print Management Limited
Registered number: 05869814
Balance Sheet
as at 31 March 2018
Notes 2018 2017
£ £
Fixed assets
Investments - 50
Current assets
Stocks 76,270 95,844
Debtors 2 262,543 201,947
338,813 297,791
Creditors: amounts falling due within one year 3 (221,174) (195,004)
Net current assets 117,639 102,787
Net assets 117,639 102,837
Capital and reserves
Called up share capital 110 110
Profit and loss account 117,529 102,727
Shareholders' funds 117,639 102,837
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T G Adshead
Director
Approved by the board on 9 November 2018
Efficient Print Management Limited
Notes to the Accounts
for the year ended 31 March 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Debtors 2018 2017
£ £
Trade debtors 242,543 191,947
Other debtors 20,000 10,000
262,543 201,947
3 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 19,417 18,459
Trade creditors 151,042 128,823
Corporation tax 19,892 20,737
Other taxes and social security costs 22,479 9,242
Other creditors 8,344 17,743
221,174 195,004
4 Other information
Efficient Print Management Limited is a private company limited by shares and incorporated in England. Its registered office is Unit 3, Bellingham Trading Estate, Franthorne Way, Bellingham, London, SE6 3BX.
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