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Company registration number: NI046201
Minprint Holdings Limited
Trading as Mad Colour
Unaudited filleted abridged financial statements
31 May 2023
Minprint Holdings Limited
Contents
Accountants report
Abridged statement of financial position
Notes to the financial statements
Minprint Holdings Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Minprint Holdings Limited
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 financial statements of Minprint Holdings Limited for the year ended 31 May 2023 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Minprint Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 15 August 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Minprint Holdings Limited and state those matters that we have agreed to state to the board of directors of Minprint Holdings Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Minprint Holdings Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Minprint Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Minprint Holdings Limited. You consider that Minprint Holdings 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 financial statements of Minprint Holdings 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 financial statements.
Hill Vellacott
Chartered accountants
22 Great Victoria Street
Belfast
BT2 7BA
24 October 2023
Minprint Holdings Limited
Abridged statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 6 - -
Tangible assets 7 1,241,641 1,324,212
_________ _________
1,241,641 1,324,212
Current assets
Stocks 94,913 97,388
Debtors 943,034 774,225
Cash at bank and in hand 312,697 382,058
_________ _________
1,350,644 1,253,671
Creditors: amounts falling due
within one year ( 786,527) ( 732,635)
_________ _________
Net current assets 564,117 521,036
_________ _________
Total assets less current liabilities 1,805,758 1,845,248
Creditors: amounts falling due
after more than one year ( 392,208) ( 496,643)
Provisions for liabilities ( 276,246) ( 212,410)
_________ _________
Net assets 1,137,304 1,136,195
_________ _________
Capital and reserves
Called up share capital 35,250 35,700
Share premium account 509,714 509,714
Other reserves 39,750 39,300
Profit and loss account 552,590 551,481
_________ _________
Shareholders funds 1,137,304 1,136,195
_________ _________
For the 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 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 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 comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 24 October 2023 , and are signed on behalf of the board by:
Mrs A McMinnis
Director
Company registration number: NI046201
Minprint Holdings Limited
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Minprint Holdings Limited, 401 Castlereagh Road, Belfast, BT5 6QP. The principal activity of the company remains the printing of magazines, brochure books and promotional material for clients across the U.K and Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Equally over the useful life - 20 years
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Long leasehold property - 10 % reducing balance
Plant and machinery - 12.5%/25%/35% reducing balance
Fittings fixtures and equipment - 12.5% reducing balance
Motor vehicles - 25% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 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 stocks to their 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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Other operating income
2023 2022
£ £
Government grant income 21,583 14,330
Royaties receivable - 53,254
_________ _________
21,583 67,584
_________ _________
The company also received a Coronavirus business interruption loan of £250,000 in 2021 of which the government paid the first 12 months interest. The government has provided a guarantee of 80% against the loan.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 58 (2022: 54 ).
6. Intangible assets
£
Cost
At 1 June 2022 and 31 May 2023 1,338,068
_________
Amortisation
At 1 June 2022 and 31 May 2023 1,338,068
_________
Carrying amount
At 31 May 2023 -
_________
At 31 May 2022 -
_________
7. Tangible assets
£
Cost
At 1 June 2022 3,109,188
Additions 175,394
Disposals ( 190,892)
_________
At 31 May 2023 3,093,690
_________
Depreciation
At 1 June 2022 1,784,976
Charge for the year 189,929
Disposals ( 122,856)
_________
At 31 May 2023 1,852,049
_________
Carrying amount
At 31 May 2023 1,241,641
_________
At 31 May 2022 1,324,212
_________
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 19,541 19,540
Later than 1 year and not later than 5 years 8,633 27,580
_________ _________
28,174 47,120
_________ _________
9. Contingent assets and liabilities
The company received grants from Invest NI in the period from 1 June 2019 to 31 May 2023 to the value of £124,771.These grants could be repayable in part or full within five years from dates of receipt if the conditions set out in the letters of offer are not met.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr G Davidson - - -
Mr R J McMinnis 2,091 ( 2,960) ( 869)
Mrs A McMinnis ( 3,441) 3,411 ( 30)
_________ _________ _________
( 1,350) 451 ( 899)
_________ _________ _________
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr G Davidson ( 12,964) 12,964 -
Mr R J McMinnis ( 406) 2,497 2,091
Mrs A McMinnis - ( 3,441) ( 3,441)
_________ _________ _________
( 13,370) 12,020 ( 1,350)
_________ _________ _________
11. Related party transactions
Minprint Holdings Limited is connected to related parties by virtue of common control from the directors.At the balance sheet date, the amount owed to Minprint Holdings Limited to related parties was £211,191 (2022: £Nil)All related party balances are unsecured, interest free and repauable upon demand. The company has a 100% shareholding in Minprint Limited. The shareholders of the company were paid dividends of £105,800 during the year ended 31 May 2023. (2022: £142,383)