Company Registration No. 03404873 (England and Wales)
PRIORITY GRAPHICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
PRIORITY GRAPHICS LIMITED
COMPANY INFORMATION
Director
Mr L Walters
Company number
03404873
Registered office
The Woodlands
Woodland Road
Dodford
Worcestershire
B61 9BS
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC
2 Station Road
Coventry
CV4 9GQ
PRIORITY GRAPHICS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
PRIORITY GRAPHICS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRIORITY GRAPHICS LIMITED FOR THE PERIOD ENDED 31 JANUARY 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Priority Graphics Limited for the period ended 31 January 2023 which comprise, the balance sheet and the related notes 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/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Priority Graphics Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Priority Graphics Limited and state those matters that we have agreed to state to the Board of Directors of Priority Graphics 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 Priority Graphics Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Priority Graphics 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 Priority Graphics Limited. You consider that Priority Graphics Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Priority Graphics 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.

Ormerod Rutter Limited
5 October 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
PRIORITY GRAPHICS LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
2023
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
204,585
177,418
Current assets
Stocks
18,469
12,234
Debtors
4
183,098
170,741
Cash at bank and in hand
104,618
283,221
306,185
466,196
Creditors: amounts falling due within one year
5
(245,249)
(295,744)
Net current assets
60,936
170,452
Total assets less current liabilities
265,521
347,870
Creditors: amounts falling due after more than one year
6
(203,772)
(297,321)
Provisions for liabilities
8
(18,071)
(6,995)
Net assets
43,678
43,554
Capital and reserves
Called up share capital
9
101
101
Profit and loss reserves
43,577
43,453
Total equity
43,678
43,554

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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 period 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.

PRIORITY GRAPHICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 5 October 2023 and are signed on its behalf by:
Mr L Walters
Director
Company Registration No. 03404873
PRIORITY GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023
- 4 -
1
Accounting policies
Company information

Priority Graphics Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Woodlands, Woodland Road, Dodford, Worcestershire, B61 9BS.

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property
2% on cost
Plant and machinery
25% on cost
Office equipment
30% on cost
Motor vehicles
25% on cost

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.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

PRIORITY GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was 9 (2021 - 8).

PRIORITY GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2023
- 6 -
3
Tangible fixed assets
Improvements to property
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2021
29,177
330,744
114,789
35,113
509,823
Additions
-
0
83,845
-
0
29,344
113,189
At 31 January 2023
29,177
414,589
114,789
64,457
623,012
Depreciation and impairment
At 1 December 2021
5,357
177,146
114,789
35,113
332,405
Depreciation charged in the period
585
78,101
-
0
7,336
86,022
At 31 January 2023
5,942
255,247
114,789
42,449
418,427
Carrying amount
At 31 January 2023
23,235
159,342
-
0
22,008
204,585
At 30 November 2021
23,820
153,598
-
0
-
0
177,418

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2021
£
£
Plant and machinery
92,500
147,708
4
Debtors
2023
2021
Amounts falling due within one year:
£
£
Trade debtors
53,670
169,109
Amounts owed by group undertakings
128,985
-
0
Other debtors
443
1,632
183,098
170,741
PRIORITY GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2021
£
£
Bank loans and overdrafts
40,000
-
0
Trade creditors
64,725
105,081
Amounts owed to group undertakings and undertakings in which the company has a participating interest
16,697
-
0
Taxation and social security
51,083
55,322
Other creditors
72,744
135,341
245,249
295,744
6
Creditors: amounts falling due after more than one year
2023
2021
£
£
Bank loans and overdrafts
133,333
200,000
Other creditors
70,439
97,321
203,772
297,321
7
Secured debts
The following secured debts are included within creditors:
2023
2021
£
£
Hire purchase contracts
96,854
155,803
Bank loans
173,333
200,000
270,187
355,803
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a government-backed guarantee.
8
Provisions for liabilities
2023
2021
£
£
Deferred tax liabilities
18,071
6,995
PRIORITY GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2023
- 8 -
9
Called up share capital
2023
2021
£
£
Ordinary share capital
Issued and fully paid
97 Ordinary A of £1 each
97
97
1 Ordinary B of £1 each
1
1
3 Ordinary C of £1 each
3
3
101
101
10
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11
Control

Ultimate parent company

The ultimate parent company is OBP Group Limited, a company registered in England and Wales.

Ultimate controlling party

The ultimate controlling party is Mr L Walters, by virtue of his controlling interest in the ultimate parent company.

2023-01-312021-12-01false05 October 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMs L WaltersMr L Waltersfalse034048732021-12-012023-01-3103404873bus:Director22021-12-012023-01-3103404873bus:Director12021-12-012023-01-3103404873bus:RegisteredOffice2021-12-012023-01-3103404873bus:Agent12021-12-012023-01-31034048732023-01-31034048732021-11-3003404873core:LeaseholdImprovements2023-01-3103404873core:PlantMachinery2023-01-3103404873core:FurnitureFittings2023-01-3103404873core:MotorVehicles2023-01-3103404873core:LeaseholdImprovements2021-11-3003404873core:PlantMachinery2021-11-3003404873core:FurnitureFittings2021-11-3003404873core:MotorVehicles2021-11-3003404873core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3103404873core:CurrentFinancialInstrumentscore:WithinOneYear2021-11-3003404873core:CurrentFinancialInstruments2023-01-3103404873core:CurrentFinancialInstruments2021-11-3003404873core:Non-currentFinancialInstruments2023-01-3103404873core:Non-currentFinancialInstruments2021-11-3003404873core:ShareCapital2023-01-3103404873core:ShareCapital2021-11-3003404873core:RetainedEarningsAccumulatedLosses2023-01-3103404873core:RetainedEarningsAccumulatedLosses2021-11-3003404873core:ShareCapitalOrdinaryShares2023-01-3103404873core:ShareCapitalOrdinaryShares2021-11-3003404873core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2021-12-012023-01-3103404873core:PlantMachinery2021-12-012023-01-3103404873core:FurnitureFittings2021-12-012023-01-3103404873core:MotorVehicles2021-12-012023-01-31034048732020-12-012021-11-3003404873core:LeaseholdImprovements2021-11-3003404873core:PlantMachinery2021-11-3003404873core:FurnitureFittings2021-11-3003404873core:MotorVehicles2021-11-30034048732021-11-3003404873core:LeaseholdImprovements2021-12-012023-01-3103404873bus:OrdinaryShareClass12021-12-012023-01-3103404873bus:OrdinaryShareClass22021-12-012023-01-3103404873bus:OrdinaryShareClass32021-12-012023-01-3103404873bus:OrdinaryShareClass12023-01-3103404873bus:OrdinaryShareClass22023-01-3103404873bus:OrdinaryShareClass32023-01-3103404873bus:PrivateLimitedCompanyLtd2021-12-012023-01-3103404873bus:SmallCompaniesRegimeForAccounts2021-12-012023-01-3103404873bus:FRS1022021-12-012023-01-3103404873bus:AuditExemptWithAccountantsReport2021-12-012023-01-3103404873bus:FullAccounts2021-12-012023-01-31xbrli:purexbrli:sharesiso4217:GBP