REGISTERED NUMBER: |
Financial Statements |
For The Year Ended 31 August 2023 |
for |
Systematic Print Management Limited |
REGISTERED NUMBER: |
Financial Statements |
For The Year Ended 31 August 2023 |
for |
Systematic Print Management Limited |
Systematic Print Management Limited (Registered number: 03890167) |
Contents of the Financial Statements |
For The Year Ended 31 August 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Systematic Print Management Limited |
Company Information |
For The Year Ended 31 August 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Newland House |
The Point |
Weaver Road |
LINCOLN |
Lincolnshire |
LN6 3QN |
BANKERS: |
Mercer Row |
LOUTH |
Lincolnshire |
LN11 9JH |
SOLICITORS: |
Cartergate House |
26 Chantry Lane |
GRIMSBY |
DN31 2LJ |
Systematic Print Management Limited (Registered number: 03890167) |
Abridged Balance Sheet |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Systematic Print Management Limited (Registered number: 03890167) |
Abridged Balance Sheet - continued |
31 August 2023 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Systematic Print Management Limited (Registered number: 03890167) |
Notes to the Financial Statements |
For The Year Ended 31 August 2023 |
1. | STATUTORY INFORMATION |
Systematic Print Management Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Long leasehold | - |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks and work in progress |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Work in progress includes studio hours not yet billed, calculated at normal hourly charge, which includes an element of direct and overhead costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Systematic Print Management Limited (Registered number: 03890167) |
Notes to the Financial Statements - continued |
For The Year Ended 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals payable under operating leases are charged against income on a straight line basis over the lease term. |
Pension costs and other post-retirement benefits |
The pension costs charged in the financial statements represent the contribution payable by the company during the year via a money purchase scheme. |
Financial instruments |
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: |
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. |
Cash at bank is classified as a basic financial instrument and is measured at transaction price. |
Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measures at the present value of future payments, discounted at a market rate of interest. |
Rent receivable |
Rental income is are recognised on an accruals basis over the term of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Systematic Print Management Limited (Registered number: 03890167) |
Notes to the Financial Statements - continued |
For The Year Ended 31 August 2023 |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 |
AMORTISATION |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 September 2022 |
Additions |
Disposals | ( |
) |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Cost or valuation at 31 August 2023 is represented by: |
Totals |
£ |
Valuation in 2016 | 51,158 |
Cost | 352,028 |
403,186 |
Systematic Print Management Limited (Registered number: 03890167) |
Notes to the Financial Statements - continued |
For The Year Ended 31 August 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
If long leasehold property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 128,281 | 128,281 |
Aggregate depreciation | 56,284 | 56,284 |
Long leasehold property was valued on an open market basis on 31 August 2016 by the directors . |
Additional corporation tax of £14,344 (2022: £14,344) would become due in the event of the long leasehold being sold at its revalued amount. |
6. | POST BALANCE SHEET EVENTS |
Subsequent to the 31 August 2023, the whole of the share capital in the company was sold on 01 November 2023 to Axial Media Limited and Systematic Print Management Limited became a wholly owned subsidiary of Axial Media Limited. |