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Company registration number: 01403217

Sturdy Print & Design Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Sturdy Print & Design Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Sturdy Print & Design Limited

Company Information

Directors

Mr Neal JS Sturdy

Mr Simon A Sturdy

Mr Stewart A Sturdy

Registered office

15 Selby Place
Stanley Industrial Estate
Skelmersdale
Lancashire
WN8 8EF

Accountants

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Sturdy Print & Design Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sturdy Print & Design Limited for the year ended 31 May 2023 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Sturdy Print & Design Limited, as a body, in accordance with the terms of our engagement letter dated 19 March 2020. Our work has been undertaken solely to prepare for your approval the accounts of Sturdy Print & Design Limited and state those matters that we have agreed to state to the Board of Directors of Sturdy Print & Design Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sturdy Print & Design Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Sturdy Print & Design Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Sturdy Print & Design Limited. You consider that Sturdy Print & Design Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Sturdy Print & Design Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

20 October 2023

 

Sturdy Print & Design Limited

(Registration number: 01403217)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,012,593

1,982,423

Current assets

 

Stocks

325,716

288,567

Debtors

6

1,761,829

1,072,299

Cash at bank and in hand

 

437,886

560,113

 

2,525,431

1,920,979

Creditors: Amounts falling due within one year

7

(738,642)

(890,611)

Net current assets

 

1,786,789

1,030,368

Total assets less current liabilities

 

3,799,382

3,012,791

Creditors: Amounts falling due after more than one year

7

(551,354)

(128,342)

Provisions for liabilities

(256,893)

(192,957)

Net assets

 

2,991,135

2,691,492

Capital and reserves

 

Called up share capital

30

30

Capital redemption reserve

367,590

367,590

Revaluation reserve

310,112

310,112

Fair value reserve

58,560

58,560

Retained earnings

2,254,843

1,955,200

Shareholders' funds

 

2,991,135

2,691,492

For the financial year ending 31 May 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.

Approved and authorised by the Board on 20 October 2023 and signed on its behalf by:
 

 

Sturdy Print & Design Limited

(Registration number: 01403217)
Balance Sheet as at 31 May 2023

.........................................
Mr Simon A Sturdy
Director

 

Sturdy Print & Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
15 Selby Place
Stanley Industrial Estate
Skelmersdale
Lancashire
WN8 8EF
England

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

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

Grants are credited to deferred revenue. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

 

Sturdy Print & Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the statement of financial position at cost or valuatuion, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Plant and Machinery

15% reducing balance

Fixtures and fittings

15% and 25% reducing balance

Motor vehicles

25% straight line

Freehold land is not depreciated. Freehold buildings are not depreciated where the directors are of the opinion that the buildings are sufficiently well maintained to ensure that the residual values of such properties, which are appraised on the basis of prices prevailing at the times of acquisition or subsequent valuation, are not less than the carrying values and accordingly annual depreciation would not be material to the financial statements. Carrying values are reviewed for impairment annually.

The companies properties are valued every three to five years on the basis of open market values.

 

Sturdy Print & Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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 are largely independent of the cash inflows from other assets or groups of assets.

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 are calculated at selling price and reduced by appropriate margins to the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Sturdy Print & Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2022 - 29).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

121,412

117,964

 

Sturdy Print & Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Tangible assets

Freehold property
£

Long leasehold property
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

650,000

330,000

80,963

2,073,220

25,814

3,159,997

Additions

-

-

-

151,582

-

151,582

At 31 May 2023

650,000

330,000

80,963

2,224,802

25,814

3,311,579

Depreciation

At 1 June 2022

-

-

67,400

1,097,264

12,910

1,177,574

Charge for the year

-

-

2,206

112,754

6,452

121,412

At 31 May 2023

-

-

69,606

1,210,018

19,362

1,298,986

Carrying amount

At 31 May 2023

650,000

330,000

11,357

1,014,784

6,452

2,012,593

At 31 May 2022

650,000

330,000

13,563

975,956

12,904

1,982,423

Tangible assets held at valuation

The directors consider that the value of the company's freehold properties at 31 May 2023 was not significantly different from their revalued amount.

The directors consider that the value of the company's long leasehold investment property at 31 May 2023 was not significantly different from cost.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:



 

Freehold Property

Leasehold Property

At 31 May 2023

£

£

Aggregate cost

542,331

271,440

Aggregate depreciation

-

Carrying value

542,331

271,440

 

Sturdy Print & Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

If the freehold property were sold at its revalued amount, a potential tax charge not exceeding £48,300 would arise based on enacted tax rates in place when the potential sale may arise. No tax charge is expected on the leasehold property held as an investment due to the availability of indexation allowance to reduce the potential gain to nil.

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

858,615

867,602

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

659,302

-

Prepayments

 

7,320

3,886

Other debtors

 

94,179

68,402

Amounts recoverable on contracts

 

142,413

132,409

 

1,761,829

1,072,299

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank and other borrowings

117,010

123,131

Trade creditors

 

311,598

464,102

Taxation and social security

 

124,433

87,644

Accruals and deferred income

 

21,540

19,389

Other creditors

 

164,061

196,345

 

738,642

890,611

Creditors include bank loans of £59,450 (2022 - £47,935), net obligations under finance lease and hire purchase contracts of £40,404 (2022 - £75,196) which are secured.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

551,354

128,342

Creditors include bank loans of £360,589 (2022 - £42,254) and net obligations under finance lease and hire purchase contracts of £120,916 (2022 - £86,088) which are secured.

 

Sturdy Print & Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Creditors include bank loans repayable by instalments of £229,819 (2022 - £0) due after more than five years.

8

Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company.

Profit and loss accounts - This reserve records retained earnings and accumulated losses.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £39,732 (2022 - £75,556). These relate to non cancellable operating leases.

10

Related party transactions

 

Sturdy Print & Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Transactions with directors

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Mr Simon A Sturdy

22,994

224,000

(216,268)

30,726

         
       

Mr Stewart A Sturdy

33,221

214,000

(226,267)

20,954

         
       

 

2022

At 1 June 2021
£

Advances to director
£

Repayments by director
£

At 31 May 2022
£

Mr Simon A Sturdy

22,994

214,000

(214,000)

22,994

         
       

Mr Stewart A Sturdy

33,221

178,000

(178,000)

33,221