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Registration number: 06699814

Graphic Image Solutions Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Graphic Image Solutions Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Graphic Image Solutions Limited

(Registration number: 06699814)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,355

10,080

Current assets

 

Stocks

5

3,200

3,500

Debtors

6

67,077

64,875

Cash at bank and in hand

 

194,442

222,954

 

264,719

291,329

Creditors: Amounts falling due within one year

7

(31,571)

(48,432)

Net current assets

 

233,148

242,897

Total assets less current liabilities

 

240,503

252,977

Creditors: Amounts falling due after more than one year

7

(8,529)

(16,935)

Provisions for liabilities

(1,399)

(1,925)

Net assets

 

230,575

234,117

Capital and reserves

 

Called up share capital

5,000

5,000

Capital redemption reserve

45,000

45,000

Profit and loss account

180,575

184,117

Total equity

 

230,575

234,117

 

Graphic Image Solutions Limited

(Registration number: 06699814)
Balance Sheet as at 31 January 2024

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 March 2024
 

.........................................
Mr Mathew Chalkley
Director

 

Graphic Image Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
134a Darkes Lane
Potters Bar
EN6 1AF

These financial statements were authorised for issue by the director on 4 March 2024.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

 

Graphic Image Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current 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

Plant and machinery

25% straight line

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Trade debtors are recognised at transaction price and are reviewed annually for bad debts. Any adjustment is made through the profit and loss account accordingly.

 

Graphic Image Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

2

Accounting policies (continued)

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 raw materials 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 at transaction price.

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.

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.

 

Graphic Image Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

2

Accounting policies (continued)

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 the director) during the year, was 2 (2023 - 2).

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

13,500

43,929

57,429

Additions

-

320

320

At 31 January 2024

13,500

44,249

57,749

Depreciation

At 1 February 2023

7,805

39,544

47,349

Charge for the year

1,424

1,621

3,045

At 31 January 2024

9,229

41,165

50,394

Carrying amount

At 31 January 2024

4,271

3,084

7,355

At 31 January 2023

5,695

4,385

10,080

 

Graphic Image Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

5

Stocks

2024
£

2023
£

Raw materials

3,200

3,500

6

Debtors

Current

2024
£

2023
£

Trade debtors

61,935

61,249

Prepayments

1,669

1,934

Other debtors

3,473

1,692

 

67,077

64,875

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,278

6,061

Taxation and social security

18,789

29,733

Accruals and deferred income

1,790

2,233

Other creditors

1,309

2,204

Loans and borrowings

8,405

8,201

31,571

48,432

Creditors under one year includes £2,392 (2023: £2,189) in relation to assets held on hire purchase agreements. These agreements are secured on the assets concerned.

Also included in creditors due under one year is £6,013 (2023: £6,013) in relation to loan under the Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for business, Energy and Industrial Strategy.

 

Graphic Image Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

7

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

8,529

16,935

Creditors due over 1 year includes £nil (2023: £2,392) in relation to assets held on hire purchase agreements. These agreements are secured on the assets concerned.

Also included in creditors due over 1 year is £8,529 (2022: £14,541) is a loan under the Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for business, Energy and Industrial Strategy.

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

8,529

14,543

HP and finance lease liabilities

-

2,392

8,529

16,935

2024
£

2023
£

Current loans and borrowings

Bank borrowings

6,012

6,012

HP and finance lease liabilities

2,393

2,189

8,405

8,201

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

5,000

5,000

5,000

5,000

         
 

Graphic Image Solutions Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

10

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £6.554 (2023 - £5.50) per ordinary share

 

32,770

 

27,500

         

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £12,750 (2023 - £21,750). The company has a lease on the business premises. The total amount disclosed is the total amount due to the break clause of the lease in June 2025. The annual rent is £9,000.

12

Related party transactions

Transactions with the director

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mr Mathew Chalkley

Directors loan account

(313)

45,466

(45,242)

(89)

         
       

 

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr Mathew Chalkley

Directors loan account

(3)

40,339

(40,649)

(313)

         
       

 


This loan is provided interest free and is repayable on demand.

13

Ultimate controlling party

The ultimate controlling party is Mr M Chalkley, by virtue of his shareholding.