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REGISTERED NUMBER: SC354251 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

MULTIPRINT (SCOTLAND) LIMITED

MULTIPRINT (SCOTLAND) LIMITED (REGISTERED NUMBER: SC354251)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MULTIPRINT (SCOTLAND) LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTORS: G S Warner
M Warner
W Brown
L J W Stephenson





REGISTERED OFFICE: Seafield Road
Kirkcaldy
Fife
KY1 1SR





REGISTERED NUMBER: SC354251 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Q Court
3 Quality Street
Edinburgh
EH4 5BP

MULTIPRINT (SCOTLAND) LIMITED (REGISTERED NUMBER: SC354251)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 33,000 36,000
Tangible assets 5 125,917 132,097
158,917 168,097

CURRENT ASSETS
Stocks 16,536 15,225
Debtors 6 102,948 76,413
Cash at bank and in hand 10,857 63,802
130,341 155,440
CREDITORS
Amounts falling due within one year 7 263,737 273,712
NET CURRENT LIABILITIES (133,396 ) (118,272 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,521

49,825

CREDITORS
Amounts falling due after more than one
year

8

(25,775

)

(53,514

)

PROVISIONS FOR LIABILITIES 9 (21,650 ) (22,378 )
NET LIABILITIES (21,904 ) (26,067 )

CAPITAL AND RESERVES
Called up share capital 400 400
Retained earnings (22,304 ) (26,467 )
SHAREHOLDERS' FUNDS (21,904 ) (26,067 )

MULTIPRINT (SCOTLAND) LIMITED (REGISTERED NUMBER: SC354251)

BALANCE SHEET - continued
31 March 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 July 2023 and were signed on its behalf by:





G S Warner - Director


MULTIPRINT (SCOTLAND) LIMITED (REGISTERED NUMBER: SC354251)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Multiprint (Scotland) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has net current liabilities of £133,396 (2022 - £118,272), the Directors continue to provide their support. The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

TURNOVER
Turnover represents net invoiced sales of printed materials, excluding value added tax.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of twenty five years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

MULTIPRINT (SCOTLAND) LIMITED (REGISTERED NUMBER: SC354251)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Printing machinery - 5% per annum reducing balance
Fixtures and fittings - 15% per annum reducing balance
Motor vehicles - 25% per annum reducing balance and 15% per annum reducing balance

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

The motor vehicle annual depreciation charge has been adjusted to take account of expected changes in residual value

During the year to 31 March 2023, Multiprint (Scotland) Limited changed the method of depreciating its printing machinery from a 10% reducing balance basis to a 5% reducing balance basis as this revised method better reflects the entity’s consumption of the printing machinery over their useful lives.

GOVERNMENT GRANTS
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

STOCKS
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out basis. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

MULTIPRINT (SCOTLAND) LIMITED (REGISTERED NUMBER: SC354251)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

MULTIPRINT (SCOTLAND) LIMITED (REGISTERED NUMBER: SC354251)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 75,000
AMORTISATION
At 1 April 2022 39,000
Charge for year 3,000
At 31 March 2023 42,000
NET BOOK VALUE
At 31 March 2023 33,000
At 31 March 2022 36,000

5. TANGIBLE FIXED ASSETS
Fixtures
Printing and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022 427,903 11,322 54,080 493,305
Additions 25,736 - - 25,736
Disposals - - (26,000 ) (26,000 )
At 31 March 2023 453,639 11,322 28,080 493,041
DEPRECIATION
At 1 April 2022 327,159 7,988 26,061 361,208
Charge for year 5,848 500 817 7,165
Eliminated on disposal - - (1,249 ) (1,249 )
At 31 March 2023 333,007 8,488 25,629 367,124
NET BOOK VALUE
At 31 March 2023 120,632 2,834 2,451 125,917
At 31 March 2022 100,744 3,334 28,019 132,097

MULTIPRINT (SCOTLAND) LIMITED (REGISTERED NUMBER: SC354251)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022 26,000
Disposals (26,000 )
At 31 March 2023 -
DEPRECIATION
At 1 April 2022 1,249
Eliminated on disposal (1,249 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 24,751

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 92,965 66,258
Other debtors 8,019 8,015
Prepayments 1,964 2,140
102,948 76,413

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,870 9,626
Hire purchase contracts - 4,763
Trade creditors 21,871 30,720
Taxation and social security 9,939 4,782
Other creditors 222,057 223,821
263,737 273,712

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 25,775 35,646
Hire purchase contracts - 17,868
25,775 53,514

MULTIPRINT (SCOTLAND) LIMITED (REGISTERED NUMBER: SC354251)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 21,650 22,378

Deferred
tax
£   
Balance at 1 April 2022 22,378
Credit to Statement of Income and Retained Earnings during year (728 )
Balance at 31 March 2023 21,650

The provision for deferred taxation is made up of fixed asset timing differences.

10. RELATED PARTY TRANSACTION

Included within 'Other creditors' is a balance of £184,009 (2022 - £102,990) due to the directors. The loan is interest free and repayable on demand.