Company registration number 04026624 (England and Wales)
THE FLYING PRESS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
THE FLYING PRESS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
THE FLYING PRESS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
151,170
150,018
Current assets
Stocks
5
7,500
7,500
Debtors
6
378,284
268,816
Cash at bank and in hand
114,450
210,373
500,234
486,689
Creditors: amounts falling due within one year
7
(35,754)
(35,395)
Net current assets
464,480
451,294
Total assets less current liabilities
615,650
601,312
Provisions for liabilities
(9,109)
(8,116)
Net assets
606,541
593,196
Capital and reserves
Called up share capital
8
75
75
Profit and loss reserves
606,466
593,121
Total equity
606,541
593,196
THE FLYING PRESS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 4 October 2023
S. A. Cope
Director
Company Registration No. 04026624
THE FLYING PRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

The Flying Press Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 15 Glenmore Business Centre, Range Road, Witney, Oxfordshire, OX29 0AA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises turnover when the amount of turnover can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
2% straight line and 25% reducing balance
Plant and machinery
15% straight line
Furniture and fittings
25% straight line
Office equipment
25% straight line
Motor vehicles
25% straight line

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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

THE FLYING PRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Cost is calculated using the first in, first out (FIFO) method.

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.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Classification of financial liabilities

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.

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 paymen ts 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. A m ounts 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.

THE FLYING PRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

THE FLYING PRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 considered to be 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
9
9
4
Tangible fixed assets
Land and buildings
Plant and machinery
Furniture and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2022
198,000
637,798
80,396
50,001
10,508
976,703
Additions
-
0
33,748
-
0
-
0
-
0
33,748
Disposals
-
0
(35,000)
-
0
-
0
-
0
(35,000)
At 30 June 2023
198,000
636,546
80,396
50,001
10,508
975,451
Depreciation and impairment
At 1 July 2022
90,698
595,911
80,396
49,172
10,508
826,685
Depreciation charged in the year
4,075
27,984
-
0
537
-
0
32,596
Eliminated in respect of disposals
-
0
(35,000)
-
0
-
0
-
0
(35,000)
At 30 June 2023
94,773
588,895
80,396
49,709
10,508
824,281
Carrying amount
At 30 June 2023
103,227
47,651
-
0
292
-
0
151,170
At 30 June 2022
107,302
41,887
-
0
829
-
0
150,018
THE FLYING PRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
5
Stocks
2023
2022
£
£
Closing stock
7,500
7,500
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
69,082
72,688
Other debtors
309,125
196,074
Prepayments
77
54
378,284
268,816
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
25,672
17,573
Corporation tax
3,439
11,318
Other taxation and social security
388
379
Other creditors
4,000
4,000
Accruals
2,255
2,125
35,754
35,395
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
75
75
75
75

The company has one class of ordinary shares which carry no right to fixed income.

9
Dividends
2023
2022
2023
2022
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares
Interim paid
26.27
26.67
2,000
2,000
THE FLYING PRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Purchases
2023
2022
2023
2022
£
£
£
£
Margaret L.Johnson Limited
4,659
6,538
47,555
51,126

The following amounts were outstanding at the reporting end date included in trade creditors:

2023
2022
Amounts due to related parties
£
£
Margaret L.Johnson Limited
4,103
4,293

The following amounts were outstanding at the reporting end date included in trade and other debtors:

2023
2022
Amounts due from related parties
£
£
Margaret L.Johnson Limited
310,174
64,366
Other information

Margaret L.Johnson Limited is a company under common control with The Flying Press Limited with S A Cope being an influential director in both companies.

Included in other debtors is an interest free loan granted by The Flying Press Limited to Margaret L.Johnson Limited, the balance receivable at the reporting date was £309,125 (202 2: £64,000). The loan is without security and repayable on demand.

11
Directors' transactions

The directors believe that all remuneration has been granted under normal market conditions and therefore have elected not to disclose the amount of director's remuneration for the accounting period.

2023-06-30 2022-07-01 false CCH Software CCH Accounts Production 2023.200 No description of principal activity S. A. Cope S. A. Cope 04026624 2022-07-01 2023-06-30 04026624 2023-06-30 04026624 2022-06-30 04026624 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 04026624 core:PlantMachinery 2023-06-30 04026624 core:FurnitureFittings 2023-06-30 04026624 core:ComputerEquipment 2023-06-30 04026624 core:MotorVehicles 2023-06-30 04026624 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 04026624 core:PlantMachinery 2022-06-30 04026624 core:FurnitureFittings 2022-06-30 04026624 core:ComputerEquipment 2022-06-30 04026624 core:MotorVehicles 2022-06-30 04026624 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 04026624 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 04026624 core:CurrentFinancialInstruments 2023-06-30 04026624 core:CurrentFinancialInstruments 2022-06-30 04026624 core:ShareCapital 2023-06-30 04026624 core:ShareCapital 2022-06-30 04026624 core:RetainedEarningsAccumulatedLosses 2023-06-30 04026624 core:RetainedEarningsAccumulatedLosses 2022-06-30 04026624 bus:ChairmanChiefExecutive 2022-07-01 2023-06-30 04026624 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 04026624 core:PlantMachinery 2022-07-01 2023-06-30 04026624 core:FurnitureFittings 2022-07-01 2023-06-30 04026624 core:ComputerEquipment 2022-07-01 2023-06-30 04026624 core:MotorVehicles 2022-07-01 2023-06-30 04026624 2021-07-01 2022-06-30 04026624 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 04026624 core:PlantMachinery 2022-06-30 04026624 core:FurnitureFittings 2022-06-30 04026624 core:ComputerEquipment 2022-06-30 04026624 core:MotorVehicles 2022-06-30 04026624 2022-06-30 04026624 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 04026624 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 04026624 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 04026624 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 04026624 bus:FRS102 2022-07-01 2023-06-30 04026624 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 04026624 bus:Director1 2022-07-01 2023-06-30 04026624 bus:CompanySecretary1 2022-07-01 2023-06-30 04026624 bus:FullAccounts 2022-07-01 2023-06-30 xbrli:pure xbrli:shares iso4217:GBP