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COMPANY REGISTRATION NUMBER: 04570986
Digiprint Bristol Limited
Filleted Unaudited Financial Statements
30 June 2018
Digiprint Bristol Limited
Statement of Financial Position
30 June 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
6
20,535
25,482
Current assets
Stocks
4,825
4,825
Debtors
7
4,861
3,657
Cash at bank and in hand
2,694
5,584
--------
--------
12,380
14,066
Creditors: amounts falling due within one year
8
31,968
43,905
--------
--------
Net current liabilities
19,588
29,839
--------
--------
Total assets less current liabilities
947
( 4,357)
Creditors: amounts falling due after more than one year
9
107,502
119,215
---------
---------
Net liabilities
( 106,555)
( 123,572)
---------
---------
Digiprint Bristol Limited
Statement of Financial Position (continued)
30 June 2018
2018
2017
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 106,655)
( 123,672)
---------
---------
Shareholders deficit
( 106,555)
( 123,572)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 October 2018 , and are signed on behalf of the board by:
Mr S Wells
Director
Company registration number: 04570986
Digiprint Bristol Limited
Notes to the Financial Statements
Year ended 30 June 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 42 Triangle West, Clifton, Bristol, BS8 1ES.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The negative balance sheet position is as a result of the write off of goodwill in relation to the closure of the two satellite branches of the business in the previous year. Efforts have now been concentrated back to one shop and this has returned the business to profit. It is expected that profits will continue and the director continues to support the business.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no significant judgements or estimations in these accounts
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
Patent costs
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
2% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2017: 7 ).
5. Intangible assets
Goodwill
Development costs
Total
£
£
£
Cost
At 1 July 2017 and 30 June 2018
17,500
16,000
33,500
--------
--------
--------
Amortisation
At 1 July 2017 and 30 June 2018
17,500
16,000
33,500
--------
--------
--------
Carrying amount
At 30 June 2018
--------
--------
--------
At 30 June 2017
--------
--------
--------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2017 and 30 June 2018
2,130
49,425
36,393
9,590
97,538
-------
--------
--------
-------
--------
Depreciation
At 1 July 2017
469
43,138
26,915
1,534
72,056
Charge for the year
42
1,258
1,633
2,014
4,947
-------
--------
--------
-------
--------
At 30 June 2018
511
44,396
28,548
3,548
77,003
-------
--------
--------
-------
--------
Carrying amount
At 30 June 2018
1,619
5,029
7,845
6,042
20,535
-------
--------
--------
-------
--------
At 30 June 2017
1,661
6,287
9,478
8,056
25,482
-------
--------
--------
-------
--------
7. Debtors
2018
2017
£
£
Trade debtors
4,861
3,657
-------
-------
8. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
12,582
9,875
Trade creditors
7,504
18,499
Social security and other taxes
2,293
1,519
Other creditors
9,589
14,012
--------
--------
31,968
43,905
--------
--------
9. Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
62,348
71,794
Other creditors
45,154
47,421
---------
---------
107,502
119,215
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £22,846 (2017: £32,293) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The company has a bank loan which is reviewed regularly. The terms of the loan as at the balance sheet date were for repayment over 8 years, interest is charged at 3.5%.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2018
2017
£
£
Not later than 1 year
768
3,068
Later than 1 year and not later than 5 years
9,903
10,658
Later than 5 years
15,000
15,000
--------
--------
25,671
28,726
--------
--------
11. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2018
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Wells
( 46,920)
( 3,000)
5,000
( 44,920)
--------
-------
-------
--------
2017
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Wells
( 43,920)
( 3,000)
( 46,920)
--------
-------
----
--------