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JCW Print Solutions Limited

Registration number : 06808219



















Annual Report and Unaudited Financial Statements

for the year ended 15 January 2023

 

JCW Print Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

JCW Print Solutions Limited

Company Information

Directors

Mr Carl Anthony Daly

Mr Carl Brooks

Company secretary

Mr Carl Anthony Daly

Registered office

Unit 6 Caddick Road
Knowsley Business Park
Prescot
Merseyside
L34 9HP

Accountants

McParland Williams Ltd
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

 

JCW Print Solutions Limited

(Registration number: 06808219)
Balance Sheet as at 15 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

17,847

21,165

Current assets

 

Stocks and work-in-progress

5

15,000

20,000

Debtors

6

43,374

28,175

Cash at bank and in hand

 

455

696

 

58,829

48,871

Creditors: Amounts falling due within one year

7

(158,729)

(108,596)

Net current liabilities

 

(99,900)

(59,725)

Total assets less current liabilities

 

(82,053)

(38,560)

Creditors: Amounts falling due after more than one year

7

(36,698)

(38,333)

Provisions for liabilities

(3,391)

(4,021)

Net liabilities

 

(122,142)

(80,914)

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

(122,144)

(80,916)

Total equity

 

(122,142)

(80,914)

For the financial year ending 15 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 October 2023 and signed on its behalf by:
 

 

JCW Print Solutions Limited

(Registration number: 06808219)
Balance Sheet as at 15 January 2023

.........................................
Mr Carl Anthony Daly
Company secretary and director

.........................................
Mr Carl Brooks
Director

 
     
 

JCW Print Solutions Limited

Notes to the Unaudited Financial Statements for the year ended 15 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 6 Caddick Road
Knowsley Business Park
Prescot
Merseyside
L34 9HP

These financial statements were authorised for issue by the Board on 3 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue 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.

Government grants

Government grants relating to the Coronavirus Job Retention Scheme are recognised as income in the period in which it becomes receivable under the performance model.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

JCW Print Solutions Limited

Notes to the Unaudited Financial Statements for the year ended 15 January 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Reducing balance

Fixtures and fittings

15% Reducing balance

Plant and machinery

15% Reducing balance

Office equipment

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

JCW Print Solutions Limited

Notes to the Unaudited Financial Statements for the year ended 15 January 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 5).

 

JCW Print Solutions Limited

Notes to the Unaudited Financial Statements for the year ended 15 January 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 16 January 2022

5,853

3,999

143,424

153,276

At 15 January 2023

5,853

3,999

143,424

153,276

Depreciation

At 16 January 2022

4,338

3,168

124,605

132,111

Charge for the year

287

208

2,823

3,318

At 15 January 2023

4,625

3,376

127,428

135,429

Carrying amount

At 15 January 2023

1,228

623

15,996

17,847

At 15 January 2022

1,515

831

18,819

21,165

5

Stocks and work-in-progress

2023
£

2022
£

Other inventories

15,000

20,000

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

10,729

20,590

Amounts owed by related parties

8

8,732

-

Prepayments

 

2,238

-

Deferred tax assets

15,517

3,017

Income tax asset

6,158

4,568

 

43,374

28,175

 

JCW Print Solutions Limited

Notes to the Unaudited Financial Statements for the year ended 15 January 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

34,962

28,221

Trade creditors

 

25,797

8,515

Taxation and social security

 

15,496

11,861

Accruals and deferred income

 

2,610

6,897

Other creditors

 

79,864

53,102

 

158,729

108,596

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

36,698

38,333

8

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

14,056

49,540

Summary of transactions with other related parties

JCW Print Solutions Ltd and Kingfisher Design and Print Ltd have directors in commons.
 During the year, loans were made between the two related parties.
 All loans were unsecured, interest free and payable on demand.
 

Loans from related parties

2023

Other related parties
£

Total
£

Advanced

38,208

38,208

Repaid

(29,476)

(29,476)

At end of period

8,732

8,732

 

JCW Print Solutions Limited

Notes to the Unaudited Financial Statements for the year ended 15 January 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

36,698

38,333

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

24,962

16,255

Hire purchase contracts

-

1,966

34,962

28,221