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Registration number: 09440348

Foremost Print Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Foremost Print Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Foremost Print Limited

Company Information

Directors

S J Ridler

L M Woodcock

Registered office

Unit 9A Vantage Business Park
Bloxham Road
Banbury
OX16 9UX

Accountants

Clement Rabjohns Limited
Chartered Accountants
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Foremost Print Limited

(Registration number: 09440348)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

9,753

7,901

Investments

5

85

85

 

9,838

7,986

Current assets

 

Debtors

6

76,477

20,041

Cash at bank and in hand

 

50,905

124,632

 

127,382

144,673

Creditors: Amounts falling due within one year

7

(81,150)

(30,831)

Net current assets

 

46,232

113,842

Total assets less current liabilities

 

56,070

121,828

Provisions for liabilities

(2,438)

(1,317)

Net assets

 

53,632

120,511

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

53,532

120,411

Shareholders' funds

 

53,632

120,511

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 November 2023 and signed on its behalf by:
 

 

Foremost Print Limited

(Registration number: 09440348)
Balance Sheet as at 28 February 2023

.........................................
L M Woodcock
Director

 

Foremost Print Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, UK.

The address of its registered office is:
Unit 9A Vantage Business Park
Bloxham Road
Banbury
OX16 9UX
England

These financial statements were authorised for issue by the Board on 27 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Foremost Print Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line

Office equipment

25% straight line

Motor vehicles

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Foremost Print Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Foremost Print Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

1,937

773

22,643

25,353

Additions

-

5,238

-

5,238

Disposals

(558)

(536)

-

(1,094)

At 28 February 2023

1,379

5,475

22,643

29,497

Depreciation

At 1 March 2022

903

595

15,954

17,452

Charge for the year

345

1,369

1,672

3,386

Eliminated on disposal

(558)

(536)

-

(1,094)

At 28 February 2023

690

1,428

17,626

19,744

Carrying amount

At 28 February 2023

689

4,047

5,017

9,753

At 28 February 2022

1,034

178

6,689

7,901

5

Investments

2023
£

2022
£

Investments in subsidiaries

85

85

 

Foremost Print Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Subsidiaries

£

Cost or valuation

At 1 March 2022

85

Provision

Carrying amount

At 28 February 2023

85

At 28 February 2022

85

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Foremost Print Limited (Ireland)

E6 Calmount Business Park
Calmount Avenue
Dublin 12
D12 C9C2

Ireland

Ordinary shares

100%

100%

Subsidiary undertakings

Foremost Print Limited (Ireland)

The principal activity of Foremost Print Limited (Ireland) is digital print and finishing services. Trading commenced in February 2022. The profit for the financial period of Foremost Print Limited (Ireland) was £15,116 and the aggregate amount of capital and reserves at the end of the period was £15,201.

 

Foremost Print Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

75,563

14,132

Other debtors

914

5,909

 

76,477

20,041

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

9,821

2,250

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

54,115

14,796

Taxation and social security

 

13,553

11,183

Accruals and deferred income

 

2,373

2,325

Other creditors

 

1,288

277

 

81,150

30,831

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

75

75

75

75

Ordinary B shares of £1 each

25

25

25

25

 

100

100

100

100

 

Foremost Print Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £800.00 (2022 - £280.00) per each Ordinary A shares

 

60,000

 

21,000

Interim dividend of £2,133.60 (2022 - £1,589.60) per each Ordinary B shares

 

53,340

 

39,740

   

113,340

 

60,740

10

Related party transactions

Unless otherwise disclosed, all related party transactions have been conducted under normal market conditions.

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

21,088

20,969

11

Parent and ultimate parent undertaking

The company's immediate parent is Foremost Magnets Ltd, incorporated in the United Kingdom.