Company registration number 06784454 (England and Wales)
BOX LITHO LIMITED
Unaudited Financial Statements
for the Year Ended 31 March 2023
BOX LITHO LIMITED
Contents
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
BOX LITHO LIMITED
Company Information
- 1 -
Directors
Mrs M K Evans
(Appointed 27 October 2021)
Mr N D Griffiths
(Appointed 27 October 2021)
Mr M Howchin
(Appointed 27 October 2021)
Mr C A Owen
(Appointed 27 October 2021)
Mr L G Rasmussen
(Appointed 27 October 2021)
Company number
06784454
Registered office
Woodforce House
Goat Mill Road
Dowlais
Merthyr Tydfil
CF48 3TD
Accountants
Mitchell Meredith Limited
The Business Park
Triangle Business Centre
Merthyr Tydfil
CF48 4TQ
BOX LITHO LIMITED
Balance Sheet
As at 31 March 2023
- 2 -
31 March 2023
31 December 2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
423,604
472,724
Current assets
Stocks
114,626
96,441
Debtors
5
768,857
628,938
Cash at bank and in hand
20,656
388,195
904,139
1,113,574
Creditors: amounts falling due within one year
6
(812,991)
(696,896)
Net current assets
91,148
416,678
Total assets less current liabilities
514,752
889,402
Provisions for liabilities
(73,465)
(54,350)
Net assets
441,287
835,052
Capital and reserves
Called up share capital
47,600
47,600
Share premium account
16,196
16,196
Capital redemption reserve
13,804
13,804
Profit and loss reserves
363,687
757,452
Total equity
441,287
835,052
BOX LITHO LIMITED
Balance Sheet
As at 31 March 2023
- 3 -

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

For the financial year ended 31 March 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 24 October 2023 and are signed on its behalf by:
Mrs M K Evans
Director
Company Registration No. 06784454
BOX LITHO LIMITED
Notes to the Financial Statements
For the Year Ended 31 March 2023
- 4 -
1
Accounting policies
Company information

Box Litho Limited is a private company limited by shares incorporated in England and Wales. The registered office is Woodforce House, Goat Mill Road, Dowlais, Merthyr Tydfil, CF48 3TD.

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 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 Turnover when:

The amount of Turnover 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.

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
10% and 25% reducing balance
Motor vehicles
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
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BOX LITHO LIMITED
Notes to the Financial Statements
For the Year Ended 31 March 2023
1
Accounting policies
- 5 -
1.6
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

1.7
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.

1.8
Retirement benefits

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

1.9
Leases

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.

BOX LITHO LIMITED
Notes to the Financial Statements
For the Year Ended 31 March 2023
- 6 -
2
Change in accounting policy

New standards, interpretations and amendments effective

The following have been applied for the first time from 1 October 2021 and have had an effect on the financial statements:

 

Plant and machinery depreciation policy

Depreciation policy changed for certain assets being written off at 10% or 25% on the reducing balance instead of straight line.

 

 

Relating to

Relating to

Relating to

 

the current

the prior

periods before

 

period

period

the prior

 

disclosed in

disclosed in

period

 

these financial

these financial

disclosed in

 

statements

statements

these financial

 

 

 

statements

 

£

£

£

 

 

 

 

Depreciation

0

-6,797

-120,353

 

 

 

 

Net Book Value of Plant & Machinery

0

6,797

120,353

 

The new accounting policy has been applied from 1 October 2021 and prior years have been recalculated on the revised basis. This now reflects a more accurate estimate of the useful life of the assets.

 

3
Employees

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

2023
2021
Number
Number
Total
18
18
BOX LITHO LIMITED
Notes to the Financial Statements
For the Year Ended 31 March 2023
- 7 -
4
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 October 2021
836,099
71,852
907,951
Additions
69,065
-
0
69,065
Disposals
-
0
(70,398)
(70,398)
At 31 March 2023
905,164
1,454
906,618
Depreciation and impairment
At 1 October 2021
395,641
39,586
435,227
Depreciation charged in the year
85,919
4,400
90,319
Eliminated in respect of disposals
-
0
(42,532)
(42,532)
At 31 March 2023
481,560
1,454
483,014
Carrying amount
At 31 March 2023
423,604
-
0
423,604
At 30 September 2021
440,458
32,266
472,724
5
Debtors
2023
2021
Amounts falling due within one year:
£
£
Trade debtors
518,857
615,720
Other debtors
250,000
13,218
768,857
628,938
6
Creditors: amounts falling due within one year
2023
2021
£
£
Trade creditors
357,915
570,852
Corporation tax
115,894
53,406
Other taxation and social security
47,289
56,040
Other creditors
291,893
16,598
812,991
696,896
7
Operating lease commitments
Lessee

The total amount of financial commitments not included in the balance sheet is £938,666 (2021 - £72,000). Made up of a 15 year rental lease agreement with total annual rent of £64,000 due to end in December 2037 and a 3 year vehicle lease agreement with annual rent of £6,296 due to end in October 2025.

BOX LITHO LIMITED
Notes to the Financial Statements
For the Year Ended 31 March 2023
- 8 -
8
Parent company

Other debtors includes a loan to the Parent Company, Box Litho Group Ltd. This is an unsecured interest free loan. The carrying amount at the balance sheet date was £250,000 (2022 - nil)

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