Company registration number 04142237 (England and Wales)
WALLACE PRINT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
WALLACE PRINT LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
WALLACE PRINT LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
£
£
£
£
Fixed assets
Tangible assets
3
1,288,332
1,348,982
Current assets
Stocks
7,379
7,955
Debtors
4
286,315
345,871
Cash at bank and in hand
151,203
354,366
444,897
708,192
Creditors: amounts falling due within one year
5
(596,339)
(764,861)
Net current liabilities
(151,442)
(56,669)
Total assets less current liabilities
1,136,890
1,292,313
Creditors: amounts falling due after more than one year
6
(630,460)
(714,311)
Provisions for liabilities
(41,234)
(36,574)
Net assets
465,196
541,428
Capital and reserves
Called up share capital
100,913
100,913
Profit and loss reserves
364,283
440,515
Total equity
465,196
541,428
WALLACE PRINT LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year 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 year 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.

The financial statements were approved and signed by the director and authorised for issue on 25 October 2023
Mr G Wallace
Director
Company Registration No. 04142237
WALLACE PRINT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information

Wallace Print Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7, Ballard Business Park, Cuxton Road, Strood, Rochester, Kent, ME2 2NY.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
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:

Plant and equipment
20% Straight Line
Fixtures and fittings
25% Straight Line
Motor vehicles
20% Straight Line
Office Equipment
33% Straight Line
WALLACE PRINT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -

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.

1.5
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 cost and replacement 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.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

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

WALLACE PRINT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR 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 income statement 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 income statement, 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.

1.8
Retirement benefits
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held seperately from those of the company in an independently administered fund.
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 31 (2022 - 30).

WALLACE PRINT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Office Equipment
Total
£
£
£
£
£
£
Cost
At 1 February 2022
1,088,742
562,688
45,576
50,237
179,648
1,926,891
Additions
-
0
6,745
-
0
39,808
6,896
53,449
Disposals
-
0
-
0
-
0
(22,035)
-
0
(22,035)
At 31 January 2023
1,088,742
569,433
45,576
68,010
186,544
1,958,305
Depreciation and impairment
At 1 February 2022
-
0
421,143
45,576
28,666
82,524
577,909
Depreciation charged in the year
-
0
83,149
-
0
14,042
14,115
111,306
Eliminated in respect of disposals
-
0
-
0
-
0
(19,242)
-
0
(19,242)
At 31 January 2023
-
0
504,292
45,576
23,466
96,639
669,973
Carrying amount
At 31 January 2023
1,088,742
65,141
-
0
44,544
89,905
1,288,332
At 31 January 2022
1,088,742
141,545
-
0
21,571
97,124
1,348,982

Freehold property is maintained to a high standard and therefore is not depreciated.

 

 

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
256,159
331,648
Other debtors
6,119
-
0
Prepayments and accrued income
24,037
14,223
286,315
345,871
WALLACE PRINT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
80,407
93,704
Obligations under hire purchases
45,930
75,409
Other borrowings
120,098
172,500
Trade creditors
224,708
252,939
Corporation tax
629
6,712
Other taxation and social security
64,400
68,664
Other creditors
29,667
72,433
Accruals and deferred income
30,500
22,500
596,339
764,861
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
525,861
594,510
Obligations under hire purchases
104,599
119,801
630,460
714,311
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
20,363
12,059
Between two and five years
19,711
14,580
40,074
26,639
2023-01-312022-02-01false25 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr G WallaceL  Wallace041422372022-02-012023-01-31041422372023-01-31041422372022-01-3104142237core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-3104142237core:PlantMachinery2023-01-3104142237core:FurnitureFittings2023-01-3104142237core:MotorVehicles2023-01-3104142237core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-01-3104142237core:LandBuildingscore:OwnedOrFreeholdAssets2022-01-3104142237core:PlantMachinery2022-01-3104142237core:FurnitureFittings2022-01-3104142237core:MotorVehicles2022-01-3104142237core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-01-3104142237core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3104142237core:CurrentFinancialInstrumentscore:WithinOneYear2022-01-3104142237core:CurrentFinancialInstruments2023-01-3104142237core:CurrentFinancialInstruments2022-01-3104142237core:Non-currentFinancialInstruments2023-01-3104142237core:Non-currentFinancialInstruments2022-01-3104142237core:ShareCapital2023-01-3104142237core:ShareCapital2022-01-3104142237core:RetainedEarningsAccumulatedLosses2023-01-3104142237core:RetainedEarningsAccumulatedLosses2022-01-3104142237bus:Director12022-02-012023-01-3104142237core:PlantMachinery2022-02-012023-01-3104142237core:FurnitureFittings2022-02-012023-01-3104142237core:MotorVehicles2022-02-012023-01-3104142237core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-02-012023-01-3104142237core:LandBuildingscore:OwnedOrFreeholdAssets2022-01-3104142237core:PlantMachinery2022-01-3104142237core:FurnitureFittings2022-01-3104142237core:MotorVehicles2022-01-3104142237core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-01-31041422372022-01-3104142237core:LandBuildingscore:OwnedOrFreeholdAssets2022-02-012023-01-3104142237core:WithinOneYear2023-01-3104142237core:WithinOneYear2022-01-3104142237core:BetweenTwoFiveYears2023-01-3104142237core:BetweenTwoFiveYears2022-01-3104142237bus:PrivateLimitedCompanyLtd2022-02-012023-01-3104142237bus:SmallCompaniesRegimeForAccounts2022-02-012023-01-3104142237bus:FRS1022022-02-012023-01-3104142237bus:AuditExemptWithAccountantsReport2022-02-012023-01-3104142237bus:CompanySecretary12022-02-012023-01-3104142237bus:FullAccounts2022-02-012023-01-31xbrli:purexbrli:sharesiso4217:GBP