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COMPANY REGISTRATION NUMBER: 02626166
Coombe Stationers & Printers Limited
Filleted Unaudited Financial Statements
30 June 2023
Coombe Stationers & Printers Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
6
1
1
Tangible assets
7
64,973
32,057
--------
--------
64,974
32,058
Current assets
Stocks
63,858
62,723
Debtors
8
30,820
29,634
Cash at bank and in hand
179,155
189,464
---------
---------
273,833
281,821
Creditors: amounts falling due within one year
9
363,178
352,224
---------
---------
Net current liabilities
89,345
70,403
--------
--------
Total assets less current liabilities
( 24,371)
( 38,345)
Provisions
Taxation including deferred tax
5,802
5,289
--------
--------
Net liabilities
( 30,173)
( 43,634)
--------
--------
Coombe Stationers & Printers Limited
Statement of Financial Position (continued)
30 June 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
67,350
67,350
Profit and loss account
( 97,523)
( 110,984)
--------
---------
Shareholders deficit
( 30,173)
( 43,634)
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:
Mr R L Haria
Mr A L Haria
Director
Director
Company registration number: 02626166
Coombe Stationers & Printers Limited
Notes to the Financial Statements
Year ended 30th June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 352-354 Coombe Lane, West Wimbledon, London, SW20 0RJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors, after making enquiries and considering the impact of the current Covid-19 pandemic and the related assistance available from the government, have formed a judgement that there is a reasonable expectation that the company has adequate resources to continue operations for the foreseeable future, along with support from the controlling party. Therefore the going concern basis has been adopted in preparing these financial statements.
Revenue recognition
The turnover comprises of amounts received and receivable in respect of goods and services rendered during the year. The income is recognised when goods and services are despatched.
Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured 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 the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
15,154
Deferred tax:
Origination and reversal of timing differences
513
( 903)
----
--------
Tax on profit
513
14,251
----
--------
6. Intangible assets
Goodwill
£
Cost
At 1st July 2022 and 30th June 2023
60,000
--------
Amortisation
At 1st July 2022 and 30th June 2023
59,999
--------
Carrying amount
At 30th June 2023
1
--------
At 30th June 2022
1
--------
7. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1st July 2022
397,636
4,200
401,836
Additions
10,000
35,692
45,692
Disposals
( 4,200)
( 4,200)
---------
--------
--------
---------
At 30th June 2023
397,636
10,000
35,692
443,328
---------
--------
--------
---------
Depreciation
At 1st July 2022
365,712
4,067
369,779
Charge for the year
4,789
2,500
5,354
12,643
Disposals
( 4,067)
( 4,067)
---------
--------
--------
---------
At 30th June 2023
370,501
2,500
5,354
378,355
---------
--------
--------
---------
Carrying amount
At 30th June 2023
27,135
7,500
30,338
64,973
---------
--------
--------
---------
At 30th June 2022
31,924
133
32,057
---------
--------
--------
---------
8. Debtors
2023
2022
£
£
Trade debtors
22,662
22,476
Other debtors
8,158
7,158
--------
--------
30,820
29,634
--------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9
Trade creditors
46,552
36,937
Corporation tax
15,154
Social security and other taxes
9,290
8,631
Other creditors
307,336
291,493
---------
---------
363,178
352,224
---------
---------
10. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
£
£
Recognised in other operating income:
Government grants recognised directly in income
14,804
----
--------
The Government grants received during the year are made up of £Nil (2022: £2,702) Retail Grant and £Nil (2022: £12,102) in relation to the Coronavirus Job Retention Scheme.
11. Related party transactions
The following transactions took place between the company and related parties: 1. During the year the company paid rent of £20,000 (2022: £30,000) to company in which the directors have a material interest. 2. Included in creditors payable within one year is an amount of £304,203 (2022: £263,411) payable to the directors.
12. Controlling party
The company is a wholly owned subsidiary of Coombe Stationers and Printers Holding Limited, a company registered in England.