Company registration number 03908567 (England and Wales)
SINGLEWELL STATIONERY & PRINT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
SINGLEWELL STATIONERY & PRINT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SINGLEWELL STATIONERY & PRINT LIMITED
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
17,333
Tangible assets
4
54,107
50,543
Investment property
5
590,484
590,484
661,924
641,027
Current assets
Stocks
6,394
9,886
Debtors
6
85,106
91,446
Cash at bank and in hand
458,009
408,886
549,509
510,218
Creditors: amounts falling due within one year
7
(120,759)
(104,596)
Net current assets
428,750
405,622
Total assets less current liabilities
1,090,674
1,046,649
Provisions for liabilities
(42,170)
(42,350)
Net assets
1,048,504
1,004,299
Capital and reserves
Called up share capital
62
62
Profit and loss reserves
1,048,442
1,004,237
Total equity
1,048,504
1,004,299
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SINGLEWELL STATIONERY & PRINT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 October 2023 and are signed on its behalf by:
Mr J R Jones
Mr S J C Jones
Director
Director
Company Registration No. 03908567
SINGLEWELL STATIONERY & PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
Singlewell Stationery & Print Limited is a private company limited by shares incorporated in England and Wales. The registered office and business address is 41b Singlewell Road, Gravesend, Kent, DA11 7PN.
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.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:
Sale of goods
Turnover from the sale of goods is recognised at the point of sale.
Rendering of services
When providing daily services, turnover is usually recognised on completion of the service and, for longer engagements, it is recognised by reference to the stage of completion at the balance sheet date.
1.3
Intangible fixed assets - goodwill
Intangible assets represent the cost of acquiring goodwill and customer relationships and are being amortised over a period of 5 years. In the opinion of the directors, this period represents a reliable estimate of the useful life of goodwill based on the long established business name and the length of typical customer relationships. Intangible assets are also reviewed for impairment in any period in which events or changes in circumstances indicate that the carrying value may not be fully recoverable.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets over their useful lives on the following bases:
Plant and machinery
25% reducing balance basis
Fixtures, fittings & equipment
15% reducing balance basis and 33% straight line basis
Motor vehicles
25% reducing balance basis
1.5
Investment property
Investment property, which is property held to earn rentals and for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price.
SINGLEWELL STATIONERY & PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the recognition and measurement 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.
1.8
Taxation
The tax expense represents the sum of the tax currently payable or receivable and deferred tax.
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet 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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
15
16
SINGLEWELL STATIONERY & PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022
Additions
20,000
At 30 April 2023
20,000
Amortisation and impairment
At 1 May 2022
Amortisation charged for the year
2,667
At 30 April 2023
2,667
Carrying amount
At 30 April 2023
17,333
At 30 April 2022
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022
321,349
Additions
14,091
Disposals
(1,149)
At 30 April 2023
334,291
Depreciation and impairment
At 1 May 2022
270,806
Depreciation charged in the year
10,527
Eliminated in respect of disposals
(1,149)
At 30 April 2023
280,184
Carrying amount
At 30 April 2023
54,107
At 30 April 2022
50,543
5
Investment property
2023
£
Fair value
At 1 May 2022 and 30 April 2023
590,484
SINGLEWELL STATIONERY & PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
5
Investment property
(Continued)
- 6 -
The fair value of the investment properties has been arrived at on the basis of valuations carried out by the directors of the company as at 30 April 2023. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.
A provision of £30,700 (2022 - £30,700) has been made for deferred tax on gains recognised on revaluing property to its market value. Such tax would become payable only if the properties were sold.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
63,031
55,550
Other debtors
22,075
35,896
85,106
91,446
Other debtors includes amounts of £9,496 (2022 - £8,339) and £nil (2022 - £5,416) due to the company from the directors.
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
20,583
14,971
Taxation and social security
40,100
36,431
Other creditors
60,076
53,194
120,759
104,596
8
Related party transactions
The company occupies a property owned by a director of the company on a rent free basis.
9
Directors' transactions
During the year, the company made advances totalling £35,433 (2022 - £16,789) and £2,341 (2022 - £35,926) to directors. Repayments totalling £34,276 (2022 - £35,100) and £7,757 (2022 - £32,068) were made in respect of these advances and brought forward balances. The overdrawn balances incurred interest at HMRC approved rates.