REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2023 |
for |
Peterborough Printing Services Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2023 |
for |
Peterborough Printing Services Limited |
Peterborough Printing Services Limited (Registered number: 01208585) |
Contents of the Financial Statements |
for the Year Ended 30 April 2023 |
Page |
Company information | 1 |
Chartered accountants' report | 2 |
Statement of financial position | 3 | to | 4 |
Notes to the financial statements | 5 | to | 10 |
Peterborough Printing Services Limited |
Company Information |
for the Year Ended 30 April 2023 |
Director: |
Registered office: |
Registered number: |
Accountants: |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Peterborough Printing Services Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Peterborough Printing Services Limited for the year ended 30 April 2023 which comprise the Statement of income and retained earnings, Statement of financial position 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Peterborough Printing Services Limited in accordance with the terms of our engagement letter dated 24 September 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Peterborough Printing Services Limited and state those matters that we have agreed to state to the director of Peterborough Printing Services Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peterborough Printing Services Limited and its director for our work or for this report. |
It is your duty to ensure that Peterborough Printing Services 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 Peterborough Printing Services Limited. You consider that Peterborough Printing Services 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 Peterborough Printing Services 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. |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Peterborough Printing Services Limited (Registered number: 01208585) |
Statement of Financial Position |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 5 |
Tangible assets | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | 11 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 12 |
Retained earnings |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Peterborough Printing Services Limited (Registered number: 01208585) |
Statement of Financial Position - continued |
30 April 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Peterborough Printing Services Limited (Registered number: 01208585) |
Notes to the Financial Statements |
for the Year Ended 30 April 2023 |
1. | Statutory information |
Peterborough Printing Services Limited is a |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis. |
The presentation currency of the financial statements is the Pound Sterling (£). |
Revenue recognition |
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. |
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. |
Tangible fixed assets |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
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. |
Peterborough Printing Services Limited (Registered number: 01208585) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
3. | Accounting policies - continued |
Income tax |
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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. |
Finance leasing and hire purchase contracts |
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. |
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
Defined contribution plans |
The company operates a defined contribution scheme for the director. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account. |
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 | - | 4 year 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. |
Peterborough Printing Services Limited (Registered number: 01208585) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
3. | Accounting policies - continued |
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: |
Freehold property | - | not depreciated |
Fixtures and fittings | - | 10% reducing balance |
Plant and machinery | - | 15% reducing balance |
Office equipment | - | 20% reducing balance |
Motor vehicles | - | 20% reducing balance |
Depreciation is not provided on freehold property where, in the opinion of the directors, the residual value of that property is such that any depreciation charge would be immaterial. |
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. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 May 2022 |
and 30 April 2023 |
Amortisation |
At 1 May 2022 |
and 30 April 2023 |
Net book value |
At 30 April 2023 |
At 30 April 2022 |
Peterborough Printing Services Limited (Registered number: 01208585) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
6. | Tangible fixed assets |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Cost |
At 1 May 2022 |
and 30 April 2023 |
Depreciation |
At 1 May 2022 |
Charge for year |
At 30 April 2023 |
Net book value |
At 30 April 2023 |
At 30 April 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
At 1 May 2022 |
and 30 April 2023 |
Depreciation |
At 1 May 2022 |
Charge for year |
At 30 April 2023 |
Net book value |
At 30 April 2023 |
At 30 April 2022 |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Prepayments |
Peterborough Printing Services Limited (Registered number: 01208585) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 10) |
Trade creditors |
Corporation tax |
PAYE and NIC |
VAT | 732 | 11,231 |
Other creditors |
Directors' current accounts | 27,524 | 61,118 |
Accruals |
Bank loans relate to a Bounce Back loan payable over six years. Interest is chargeable twelve months after the loan being drawn. This loan is 100% government backed. |
Obligations under finance leases and hire purchase contracts are secured on the assets concerned. |
9. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 10) |
Bank loans relate to a Bounce Back loan payable over six years. Interest is chargeable twelve months after the loan being drawn. This loan is 100% government backed. |
Obligations under finances leases and hire purchases contracts are secured on the assets concerned. |
10. | Leasing agreements |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
Peterborough Printing Services Limited (Registered number: 01208585) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
11. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax | 52,144 | 60,121 |
Deferred |
tax |
£ |
Balance at 1 May 2022 |
Credit to Statement of income and retained earnings during year | ( |
) |
Balance at 30 April 2023 |
12. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |