Company Registration No. 07985510 (England and Wales)
PRINT & CUT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2023
31 July 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
PRINT & CUT LTD
COMPANY INFORMATION
Directors
M Starkie
L Walker
Company number
07985510
Registered office
1B Heapriding Business Park
Ford Street
Stockport
Cheshire
SK3 0BT
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
PRINT & CUT LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PRINT & CUT LTD
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
88,758
150,809
Current assets
Debtors
5
103,844
148,339
Cash at bank and in hand
258,241
315,686
362,085
464,025
Creditors: amounts falling due within one year
6
(92,249)
(200,540)
Net current assets
269,836
263,485
Total assets less current liabilities
358,594
414,294
Provisions for liabilities
(21,641)
(36,830)
Net assets
336,953
377,464
Capital and reserves
Called up share capital
2
2
Capital redemption reserve
2
2
Profit and loss reserves
336,949
377,460
Total equity
336,953
377,464

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

PRINT & CUT LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 2 -

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

The directors acknowledge their 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 by the board of directors and authorised for issue on 23 November 2023 and are signed on its behalf by:
M Starkie
Director
Company Registration No. 07985510
PRINT & CUT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

Print & Cut Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1B Heapriding Business Park, Ford Street, Stockport, Cheshire, SK3 0BT.

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 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
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 during the year, 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.

 

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:

Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance

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
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
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 balance sheet 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.

PRINT & CUT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation

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

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.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

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

1.9
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 asset's 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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

PRINT & CUT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the profit and loss account over the expected useful lives of the assets concerned. Other grants are credited to the profit and loss account as the related expenditure is incurred.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
8
8
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 August 2022
493,220
2,076
495,296
Additions
586
-
0
586
Disposals
(120,000)
-
0
(120,000)
At 31 July 2023
373,806
2,076
375,882
Depreciation and impairment
At 1 August 2022
343,611
876
344,487
Depreciation charged in the year
36,035
302
36,337
Eliminated in respect of disposals
(93,700)
-
0
(93,700)
At 31 July 2023
285,946
1,178
287,124
Carrying amount
At 31 July 2023
87,860
898
88,758
At 31 July 2022
149,609
1,200
150,809
PRINT & CUT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
98,077
141,381
Prepayments and accrued income
5,767
6,958
103,844
148,339
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
20,706
45,825
Other taxation and social security
43,296
69,024
Other creditors
28,247
85,691
92,249
200,540

At the balance sheet date the company had obligations under hire purchase agreements of £nil (2022 - £22,803). These agreements were secured against the assets to which they relate.

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, as follows:

2023
2022
£
£
26,500
79,500
2023-07-312022-08-01false23 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityM StarkieL Walkerfalse079855102022-08-012023-07-31079855102023-07-3107985510bus:Director12022-08-012023-07-3107985510bus:Director22022-08-012023-07-3107985510bus:RegisteredOffice2022-08-012023-07-31079855102022-07-3107985510core:PlantMachinery2023-07-3107985510core:FurnitureFittings2023-07-3107985510core:PlantMachinery2022-07-3107985510core:FurnitureFittings2022-07-3107985510core:CurrentFinancialInstruments2023-07-3107985510core:CurrentFinancialInstruments2022-07-3107985510core:ShareCapital2023-07-3107985510core:ShareCapital2022-07-3107985510core:CapitalRedemptionReserve2023-07-3107985510core:CapitalRedemptionReserve2022-07-3107985510core:RetainedEarningsAccumulatedLosses2023-07-3107985510core:RetainedEarningsAccumulatedLosses2022-07-3107985510core:PlantMachinery2022-08-012023-07-3107985510core:FurnitureFittings2022-08-012023-07-31079855102021-08-012022-07-3107985510core:PlantMachinery2022-07-3107985510core:FurnitureFittings2022-07-31079855102022-07-3107985510bus:PrivateLimitedCompanyLtd2022-08-012023-07-3107985510bus:SmallCompaniesRegimeForAccounts2022-08-012023-07-3107985510bus:FRS1022022-08-012023-07-3107985510bus:AuditExemptWithAccountantsReport2022-08-012023-07-3107985510bus:FullAccounts2022-08-012023-07-31xbrli:purexbrli:sharesiso4217:GBP