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Registration number: 03712282

Rowtype Printers Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Rowtype Printers Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Rowtype Printers Limited

(Registration number: 03712282)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fiixed assets

 

Intangible assets

4

23,600

23,200

Tangible assets

5

171,931

215,021

 

195,531

238,221

Current assets

 

Stocks

6

190,836

93,836

Debtors

7

953,957

964,113

Cash at bank and in hand

 

251,702

634,059

 

1,396,495

1,692,008

Creditors: Amounts falling due within one year

8

(155,051)

(290,917)

Net current assets

 

1,241,444

1,401,091

Total assets less current liabilities

 

1,436,975

1,639,312

Creditors: Amounts falling due after more than one year

8

(23,869)

(46,712)

Provisions for liabilities

(32,667)

(41,671)

Net assets

 

1,380,439

1,550,929

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

1,380,437

1,550,927

Shareholders' funds

 

1,380,439

1,550,929

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 28 November 2023 and signed on its behalf by:
 

 

Rowtype Printers Limited

(Registration number: 03712282)
Balance Sheet as at 28 February 2023

.........................................
Mrs Karen Rowley
Company secretary and director

 

Rowtype Printers 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.

The address of its registered office is:
Unit 1,
Milton Road,
Stoke on Trent
Staffordshire
ST1 6LE

These financial statements were authorised for issue by the Board on 28 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.

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.

Tax

The tax expense for the period comprises 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.

 

Rowtype Printers Limited

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

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

Short leasehold

10% on cost

Plant and machinery

20% on reducing balance

Fixtures and fittings

20% on reducing balance

Motor vehicles

25% on reducing balance

Goodwill

Goodwill of £30,000 was from the purchase of a business during the year and would be amortised over 5 years.

Intangible assets

Goodwill, being the amount paid in connection with the aquisition of business`s in 2012 and 2013, is being amortised over their estimated useful of 5 and 2 years respectively.
Trade mark licence bought during the year, and with further purchasing payments withing next 12 months, is being armortised over the estimated useful life of 5 years.

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.

 

Rowtype Printers Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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. The share capital shown on the balance sheet is allotted called up and paid.

 

Rowtype Printers Limited

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

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.

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 20 (2022 - 20).

 

Rowtype Printers Limited

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

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 March 2022

83,834

-

83,834

Additions acquired separately

-

14,000

14,000

At 28 February 2023

83,834

14,000

97,834

Amortisation

At 1 March 2022

60,634

-

60,634

Amortisation charge

10,800

2,800

13,600

At 28 February 2023

71,434

2,800

74,234

Carrying amount

At 28 February 2023

12,400

11,200

23,600

At 28 February 2022

23,200

-

23,200

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 March 2022

42,331

45,073

4,750

1,023,424

At 28 February 2023

42,331

45,073

4,750

1,023,424

Depreciation

At 1 March 2022

42,331

31,454

3,039

823,733

Charge for the year

-

2,724

428

39,938

At 28 February 2023

42,331

34,178

3,467

863,671

Carrying amount

At 28 February 2023

-

10,895

1,283

159,753

At 28 February 2022

-

13,619

1,711

199,691

 

Rowtype Printers Limited

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

Total
£

Cost or valuation

At 1 March 2022

1,115,578

At 28 February 2023

1,115,578

Depreciation

At 1 March 2022

900,557

Charge for the year

43,090

At 28 February 2023

943,647

Carrying amount

At 28 February 2023

171,931

At 28 February 2022

215,021

 

Rowtype Printers Limited

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

6

Stocks

2023
£

2022
£

Other inventories

190,836

93,836

7

Debtors

Current

2023
£

2022
£

Trade debtors

264,371

285,641

Other debtors

689,586

678,472

 

953,957

964,113

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

22,843

22,843

Trade creditors

 

89,490

122,832

Taxation and social security

 

22,010

77,372

Accruals and deferred income

 

2,950

2,950

Other creditors

 

17,758

64,920

 

155,051

290,917

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

23,869

46,712

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         
 

Rowtype Printers Limited

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

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

23,869

46,712

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

22,843

22,843

11

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

At 28 February 2023
£

Mrs Karen Rowley

Overdrawn directors loan account

279,843

4,155

283,998

       
     

Mr Michael Rowley

Overdrawn directors loan account

279,842

4,155

283,997

       
     

 

2022

At 1 March 2021
£

Advances to director
£

At 28 February 2022
£

Mrs Karen Rowley

Overdrawn directors loan account

276,979

2,864

279,843

       
     

Mr Michael Rowley

Overdrawn directors loan account

276,979

2,863

279,842