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Company No: 10569930 (England and Wales)

INFORM PRINTED SOLUTIONS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

INFORM PRINTED SOLUTIONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

INFORM PRINTED SOLUTIONS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2023
INFORM PRINTED SOLUTIONS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 192,159 88,973
192,159 88,973
Current assets
Stocks 105,902 0
Debtors 4 235,766 56,574
Cash at bank and in hand 475,572 217,197
817,240 273,771
Creditors: amounts falling due within one year 5 ( 535,109) ( 195,766)
Net current assets 282,131 78,005
Total assets less current liabilities 474,290 166,978
Creditors: amounts falling due after more than one year 6 ( 205,385) ( 75,072)
Provision for liabilities ( 47,602) 0
Net assets 221,303 91,906
Capital and reserves
Called-up share capital 100 100
Profit and loss account 221,203 91,806
Total shareholders' funds 221,303 91,906

For the financial year ending 31 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 financial statements of Inform Printed Solutions Limited (registered number: 10569930) were approved and authorised for issue by the Director. They were signed on its behalf by:

Taylor Reece Tassie
Director
Trevor Stuart Tassie
Director

18 October 2023

INFORM PRINTED SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
INFORM PRINTED SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Inform Printed Solutions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 57 Turbine Way, Swaffham, PE37 7XD, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 6.67 years straight line
Plant and machinery 25 % reducing balance
Office equipment 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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 ordinary shares.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 21 16

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 February 2022 0 109,856 13,345 11,951 135,152
Additions 24,398 86,525 7,924 21,154 140,001
At 31 January 2023 24,398 196,381 21,269 33,105 275,153
Accumulated depreciation
At 01 February 2022 0 36,879 4,483 4,817 46,179
Charge for the financial year 305 28,201 3,046 5,263 36,815
At 31 January 2023 305 65,080 7,529 10,080 82,994
Net book value
At 31 January 2023 24,093 131,301 13,740 23,025 192,159
At 31 January 2022 0 72,977 8,862 7,134 88,973
Leased assets included above:
Net book value
At 31 January 2023 0 26,028 0 0 26,028
At 31 January 2022 0 34,704 0 0 34,704

4. Debtors

2023 2022
£ £
Trade debtors 49,180 56,574
Amounts owed by associates 110,891 0
Prepayments 75,695 0
235,766 56,574

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,800 0
Trade creditors 332,473 140,790
Other loans 34,149 0
Accruals 64,379 658
Taxation and social security 80,891 54,189
Obligations under finance leases and hire purchase contracts (secured) 11,349 0
Other creditors 2,068 129
535,109 195,766

Obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 194,380 75,072
Obligations under finance leases and hire purchase contracts 11,005 0
205,385 75,072

Obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.

7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,538 0

8. Related party transactions

Transactions with owners holding a participating interest in the entity

At the year end the Company was owed £110,891 (2022- £nil) by a company with the same controlling interest, the loan is interest free and repayable on demand.
At the year end the Company owed the directors £261, (2022- £129) the amount is interest free and repayable on demand.