REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2021 |
for |
Allprint Supplies Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2021 |
for |
Allprint Supplies Limited |
Allprint Supplies Limited (Registered number: 03744718) |
Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 14 |
Cash Flow Statement | 15 |
Notes to the Cash Flow Statement | 16 |
Notes to the Financial Statements | 18 |
Allprint Supplies Limited |
Company Information |
for the Year Ended 31 December 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
5a Frascati Way |
Maidenhead |
Berkshire |
SL6 4UY |
Allprint Supplies Limited (Registered number: 03744718) |
Strategic Report |
for the Year Ended 31 December 2021 |
The directors present their strategic report for the year ended 31 December 2021. |
REVIEW OF BUSINESS |
Sales in 2021 increased by 5.5% This low level of growth is attributed to the impact of COVID-19 on the exhibition, event and retail sectors. These sectors were severely impacted by the pandemic and subsequent lock-downs. Margins were acceptable despite the poor Sterling performance against the Euro, significant raw material increases and a very competitive market place. We expect sales growth in 2022 to return to pre-pandemic levels of 2019, as the severely hit sectors return to more normal levels of business. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Other than a further outbreak of COVID-19, the Directors feel that there is low risk associated with the business currently due to the number of customers and the diverse sectors in which we operate. |
Foreign currency remains an issue as most of our purchases are from the European Union. |
Raw material shortages also continue to be an issue, both in terms of availability and of escalating costs. This affects the whole industry, so pricing instability is a factor that customers seem to have accepted for the time being. |
Allprint Supplies Limited (Registered number: 03744718) |
Strategic Report |
for the Year Ended 31 December 2021 |
Development and performance |
We like to offer our customers a wide choice of brands and the best and most innovative products. To sustain this effort we have continued to invest heavily in research and development accounting for around 2.7% of sales turnover. This will help move the business forward in the coming years. |
Treasury operations and financial instruments |
The company's financial instruments comprise cast at bank, trade receivables and payables that arise from operations, bank loans, hire purchase and financial lease contracts. The financial risk affecting the company is monitored by the board on a regular basis. |
Interest rate risk |
The company has interest bearing assets and liabilities. Interest bearing assets include cash balances which earn interest at variable bank rates. Interest bearing liabilities include bank loans which attract interest at variable bank rates. The directors will review the appropriateness of these assets and liabilities to ensure that it is consistent with the company's activities. |
Credit risk |
Trade debtors are the company's principal exposure in relation to financial assets. The company monitors credit risk closely and considers that its current policies of credit checking meets its objectives of managing exposure. The company has no significant concentration of credit risk. |
Financial key performance indicators |
We consider that our key performance indicators are those that communicate the financial performance and the strength of the company as a whole; those being turnover, margin, EBITDA and the return on capital employed. |
ON BEHALF OF THE BOARD: |
Allprint Supplies Limited (Registered number: 03744718) |
Report of the Directors |
for the Year Ended 31 December 2021 |
The directors present their report with the financial statements of the company for the year ended 31 December 2021. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of manufacture of printed labels. |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the year ended 31 December 2021 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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). 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 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; |
- | 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. They 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. |
Allprint Supplies Limited (Registered number: 03744718) |
Report of the Directors |
for the Year Ended 31 December 2021 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Allprint Supplies Limited |
Opinion |
We have audited the financial statements of Allprint Supplies Limited (the 'company') for the year ended 31 December 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Report of the Independent Auditors to the Members of |
Allprint Supplies Limited |
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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
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 Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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. |
Report of the Independent Auditors to the Members of |
Allprint Supplies Limited |
Auditors' responsibilities for the audit of the financial statements |
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 a Report of the Auditors 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: |
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 ensured of management about their own identification and assessment of the risks and irregularities. |
We obtained an understanding of the legal and regulatory framework 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 the UK Companies Act, tax legislation, health and safety legislation and employment legislation |
-had an indirect effect on the determination of material amounts and disclosures in the financial statements. |
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. |
As a result of performing the above, we identified the greatest potential for fraud and performed specific procedures to ensure that they were addressed. |
In common with all audit 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, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. |
In addition to the above procedures to respond to the risks identified including the following: |
-Reviewing financial statement disclosures by testing supporting documentation to assess compliance with provisions of relevant laws and regulations as 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 actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and |
Report of the Independent Auditors to the Members of |
Allprint Supplies Limited |
-reading of minutes of meetings of those charged with governance. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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 a Report of the Auditors 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 Auditors |
5a Frascati Way |
Maidenhead |
Berkshire |
SL6 4UY |
Allprint Supplies Limited (Registered number: 03744718) |
Income Statement |
for the Year Ended 31 December 2021 |
31.12.21 | 31.12.20 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Distribution costs | ( |
) | ( |
) |
Administrative expenses | ( |
) | ( |
) |
691,066 | (66,012 | ) |
Other operating income |
OPERATING PROFIT | 5 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Allprint Supplies Limited (Registered number: 03744718) |
Other Comprehensive Income |
for the Year Ended 31 December 2021 |
31.12.21 | 31.12.20 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Allprint Supplies Limited (Registered number: 03744718) |
Balance Sheet |
31 December 2021 |
31.12.21 | 31.12.20 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
Allprint Supplies Limited (Registered number: 03744718) |
Balance Sheet - continued |
31 December 2021 |
31.12.21 | 31.12.20 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Allprint Supplies Limited (Registered number: 03744718) |
Statement of Changes in Equity |
for the Year Ended 31 December 2021 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2020 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2020 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2021 |
Allprint Supplies Limited (Registered number: 03744718) |
Cash Flow Statement |
for the Year Ended 31 December 2021 |
31.12.21 | 31.12.20 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | (157,733 | ) | - |
Amount withdrawn by directors | 173,849 | - |
( |
) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
127,394 |
Cash and cash equivalents at end of year |
2 |
101,952 |
1,188,094 |
Allprint Supplies Limited (Registered number: 03744718) |
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2021 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.21 | 31.12.20 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
- | (41 | ) |
Finance costs | 55,888 | 26,508 |
1,136,987 | 894,594 |
(Increase)/decrease in stocks | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2021 |
31.12.21 | 1.1.21 |
£ | £ |
Cash and cash equivalents | 101,952 | 1,188,094 |
Year ended 31 December 2020 |
31.12.20 | 1.1.20 |
£ | £ |
Cash and cash equivalents | 1,188,094 | 127,394 |
Allprint Supplies Limited (Registered number: 03744718) |
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2021 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.1.21 | Cash flow | At 31.12.21 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,188,094 | (1,086,142 | ) | 101,952 |
1,188,094 | ( |
) | 101,952 |
Debt |
Finance leases | (726,318 | ) | (57,437 | ) | (783,755 | ) |
Debts falling due within 1 year | (100,000 | ) | 100,000 | - |
Debts falling due after 1 year | (900,000 | ) | 900,000 | - |
(1,726,318 | ) | 942,563 | (783,755 | ) |
Total | (538,224 | ) | (143,579 | ) | (681,803 | ) |
Allprint Supplies Limited (Registered number: 03744718) |
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Allprint Supplies Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Turnover |
Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised when goods are dispatched to the customer, which is when the goods are invoiced. |
Tangible fixed assets |
Short leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Government grants |
Grant income relating to the Coronavirus Job Retention Scheme (CJRS) has been recognised in the same period in which the expense has been incurred. |
Allprint Supplies Limited (Registered number: 03744718) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are measured at the lower of cost and net realisable value, being the estimated selling price less the costs to complete and sell. |
Cost is based on the cost of purchase on a first in, first out basis. Cost includes all costs of purchase, conversion and other costs in bringing the stock to its present location and condition. |
At each reporting date, stock is assessed for impairment, obsolete and slow moving items. |
Financial instruments |
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Allprint Supplies Limited (Registered number: 03744718) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Invoice financing facility |
The company discounts its trade debts. The accounting policy is to include trade debtors within one year and the returnable element of the proceeds within current liabilities. Discounting charges and interest is charged to the profit and loss account when paid. Bad debts are borne by the company and are charged to the profit and loss account when incurred. |
Investments |
Investments in associates are recognised at the cost less any accumulated impairment. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
31.12.21 | 31.12.20 |
£ | £ |
United Kingdom |
Europe |
Rest of World | 6,541 | 17,019 |
Allprint Supplies Limited (Registered number: 03744718) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
4. | EMPLOYEES AND DIRECTORS |
31.12.21 | 31.12.20 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.21 | 31.12.20 |
Office and management | 14 | 16 |
Production, distribution and selling | 43 | 49 |
31.12.21 | 31.12.20 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
31.12.21 | 31.12.20 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
Allprint Supplies Limited (Registered number: 03744718) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.12.21 | 31.12.20 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.21 | 31.12.20 |
£ | £ |
Bank interest |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.21 | 31.12.20 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Allprint Supplies Limited (Registered number: 03744718) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.21 | 31.12.20 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Depreciation in excess of capital allowances | - |
R&D enhanced deduction | (88,113 | ) | (51,930 | ) |
Timing differences | 29,451 | - |
Total tax charge | 91,992 | 56,718 |
8. | DIVIDENDS |
31.12.21 | 31.12.20 |
£ | £ |
Ordinary shares of 50p each |
Interim |
Allprint Supplies Limited (Registered number: 03744718) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
9. | TANGIBLE FIXED ASSETS |
Improvements |
Short | to | Plant and |
leasehold | property | machinery |
£ | £ | £ |
COST |
At 1 January 2021 |
Additions |
Disposals | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Allprint Supplies Limited (Registered number: 03744718) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Improvements |
to | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
10. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
The company's fixed asset investment relates to the investment in Nu-Coat Ltd, in which they have a 49% shareholding. The nature of business of Nu-Coat Ltd relates to manufacture of print media and has a registered office within the UK. |
Nu-Coat Ltd had a capital reserves position at the year-end £22,002 (2020: £2,834) and made a profit for the year of £19,168 (2020: - £105,833). |
Allprint Supplies Limited (Registered number: 03744718) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
11. | STOCKS |
31.12.21 | 31.12.20 |
£ | £ |
Finished goods |
12. | DEBTORS |
31.12.21 | 31.12.20 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by participating interests | - | 148,483 |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Amounts owed by participating interests | 870,730 | 557,100 |
Aggregate amounts |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 268,783 | 326,516 |
Invoices discounted with bank | 83,910 | 279,005 |
Directors' loan accounts | 439,958 | 423,842 |
Accruals and deferred income |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans (see note 15) |
Hire purchase contracts (see note 16) |
Allprint Supplies Limited (Registered number: 03744718) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.21 | 31.12.20 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.12.21 | 31.12.20 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
31.12.21 | 31.12.20 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Allprint Supplies Limited (Registered number: 03744718) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.21 | 31.12.20 |
£ | £ |
Invoice financing facility | 83,910 | 279,005 |
Hire Purchase agreements | 783,755 | 726,318 |
The invoice discounting liability is secured by a fixed and floating charge over the assets of the company. |
The hire purchase liabilities are secured on the assets to which the financing relates. |
18. | PROVISIONS FOR LIABILITIES |
31.12.21 | 31.12.20 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 January 2021 |
Provided during year |
Balance at 31 December 2021 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.21 | 31.12.20 |
value: | £ | £ |
Ordinary | 50p | 490,289 | 490,289 |
Allprint Supplies Limited (Registered number: 03744718) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
20. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2021 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2021 |
21. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs represent the contributions payable by the company to the fund within the year and totalled to £131,298 (2020: £143,599). |
22. | RELATED PARTY DISCLOSURES |
Included within Creditors due within one year are amounts of £439,958 (2020: £596,258) due to the directors of the company. |
Included within Debtors due after more than one year are amounts of £784,600 (2020: £557,100) owed from an associate. |
During the year the company made purchases of £1,524,748 (2020: £1,320,048) from an associate. |
23. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr A G K Wallace. |