Silverfin false 31/05/2023 01/06/2022 31/05/2023 Mr G Hutchings 05/03/2008 23 November 2023 The principal activity of the Company during the financial year was that of printing. 06524412 2023-05-31 06524412 bus:Director1 2023-05-31 06524412 2022-05-31 06524412 core:CurrentFinancialInstruments 2023-05-31 06524412 core:CurrentFinancialInstruments 2022-05-31 06524412 core:ShareCapital 2023-05-31 06524412 core:ShareCapital 2022-05-31 06524412 core:RetainedEarningsAccumulatedLosses 2023-05-31 06524412 core:RetainedEarningsAccumulatedLosses 2022-05-31 06524412 core:Goodwill 2022-05-31 06524412 core:Goodwill 2023-05-31 06524412 core:PlantMachinery 2022-05-31 06524412 core:OfficeEquipment 2022-05-31 06524412 core:PlantMachinery 2023-05-31 06524412 core:OfficeEquipment 2023-05-31 06524412 bus:OrdinaryShareClass1 2023-05-31 06524412 2022-06-01 2023-05-31 06524412 bus:FullAccounts 2022-06-01 2023-05-31 06524412 bus:SmallEntities 2022-06-01 2023-05-31 06524412 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 06524412 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 06524412 bus:Director1 2022-06-01 2023-05-31 06524412 core:Goodwill core:TopRangeValue 2022-06-01 2023-05-31 06524412 core:PlantMachinery core:TopRangeValue 2022-06-01 2023-05-31 06524412 core:OfficeEquipment core:BottomRangeValue 2022-06-01 2023-05-31 06524412 core:OfficeEquipment core:TopRangeValue 2022-06-01 2023-05-31 06524412 2021-06-01 2022-05-31 06524412 core:PlantMachinery 2022-06-01 2023-05-31 06524412 core:OfficeEquipment 2022-06-01 2023-05-31 06524412 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 06524412 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06524412 (England and Wales)

LAUNCESTON PRINT LTD

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

LAUNCESTON PRINT LTD

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

LAUNCESTON PRINT LTD

BALANCE SHEET

As at 31 May 2023
LAUNCESTON PRINT LTD

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 7,350 8,689
7,350 8,689
Current assets
Stocks 8,123 6,833
Debtors 5 20,564 23,840
Cash at bank and in hand 12,071 29,267
40,758 59,940
Creditors: amounts falling due within one year 6 ( 46,860) ( 66,445)
Net current liabilities (6,102) (6,505)
Total assets less current liabilities 1,248 2,184
Provision for liabilities ( 1,160) ( 1,779)
Net assets 88 405
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 86 403
Total shareholders' funds 88 405

For the financial 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.

Director's responsibilities:

The financial statements of Launceston Print Ltd (registered number: 06524412) were approved and authorised for issue by the Director on 23 November 2023. They were signed on its behalf by:

Mr G Hutchings
Director
LAUNCESTON PRINT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
LAUNCESTON PRINT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Launceston Print Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 19 Merchants Quay 19 Merchants Quay, Pennygillam Industrial Estate, Launceston, PL15 7QA, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 3 years straight line
Office equipment 4 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 3

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2022 70,000 70,000
At 31 May 2023 70,000 70,000
Accumulated amortisation
At 01 June 2022 70,000 70,000
At 31 May 2023 70,000 70,000
Net book value
At 31 May 2023 0 0
At 31 May 2022 0 0

4. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 June 2022 112,875 8,470 121,345
Additions 0 899 899
At 31 May 2023 112,875 9,369 122,244
Accumulated depreciation
At 01 June 2022 104,409 8,247 112,656
Charge for the financial year 1,702 536 2,238
At 31 May 2023 106,111 8,783 114,894
Net book value
At 31 May 2023 6,764 586 7,350
At 31 May 2022 8,466 223 8,689

5. Debtors

2023 2022
£ £
Trade debtors 19,901 20,177
Other debtors 663 3,663
20,564 23,840

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 9,503 30,478
Taxation and social security 7,816 5,838
Other creditors 29,541 30,129
46,860 66,445

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £nil (2022-£5,369)