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COMPANY REGISTRATION NUMBER: 02225111
PRESSED FLIGHTS LIMITED
FILLETED FINANCIAL STATEMENTS
30 June 2023
PRESSED FLIGHTS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 7
PRESSED FLIGHTS LIMITED
BALANCE SHEET
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
445,266
449,862
Current assets
Stocks
108,650
174,503
Debtors
7
300,152
459,584
Cash at bank and in hand
910,128
790,397
------------
------------
1,318,930
1,424,484
Creditors: amounts falling due within one year
8
779,511
893,601
------------
------------
Net current assets
539,419
530,883
------------
------------
Total assets less current liabilities
984,685
980,745
Provisions
Taxation including deferred tax
9
103,266
105,377
------------
------------
Net assets
881,419
875,368
------------
------------
Capital and reserves
Called up share capital
11
100
100
Profit and loss account
881,319
875,268
------------
------------
Shareholders funds
881,419
875,368
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 6 December 2023 , and are signed on behalf of the board by:
A G Taylor
Director
Company registration number: 02225111
PRESSED FLIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 6, Python Industrial Estate, Todmorden Road, Littleborough, OL15 9EG, Lancashire.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. 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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
20% straight line
Plant & machinery
-
10% reducing balance
Fixtures & fittings
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.
Defined contribution plans
Contributions to the defined contribution pension scheme are charged to the profit and loss account as they become payable.
4. Staff costs
The average number of persons employed by the company during the year amounted to 16 (2022: 17 ).
The aggregate employment costs incurred during the year were:
2023
2022
£
£
Wages and salaries
568,882
503,055
Social security costs
52,403
49,141
Other pension costs
19,699
19,056
------------
------------
640,984
571,252
------------
------------
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
23,184
36,392
Deferred tax:
Origination and reversal of timing differences
( 2,111)
44,465
------------
------------
Tax on profit
21,073
80,857
------------
------------
6. Tangible assets
Leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
41,933
654,335
122,273
82,953
901,494
Additions
24,652
3,380
26,000
54,032
Disposals
( 9,460)
( 9,460)
------------
------------
------------
------------
------------
At 30 June 2023
41,933
678,987
125,653
99,493
946,066
------------
------------
------------
------------
------------
Depreciation
At 1 July 2022
41,933
272,502
87,719
49,478
451,632
Charge for the year
40,648
3,793
12,504
56,945
Disposals
( 7,777)
( 7,777)
------------
------------
------------
------------
------------
At 30 June 2023
41,933
313,150
91,512
54,205
500,800
------------
------------
------------
------------
------------
Carrying amount
At 30 June 2023
365,837
34,141
45,288
445,266
------------
------------
------------
------------
------------
At 30 June 2022
381,833
34,554
33,475
449,862
------------
------------
------------
------------
------------
7. Debtors
2023
2022
£
£
Trade debtors
252,546
391,077
Prepayments and accrued income
47,606
67,838
Other debtors
669
------------
------------
300,152
459,584
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
161,289
303,222
Amounts owed to group undertakings
465,048
409,149
Accruals and deferred income
85,934
55,800
Corporation tax
23,184
36,392
Social security and other taxes
41,627
86,432
Other creditors
2,429
2,606
------------
------------
779,511
893,601
------------
------------
9. Provisions
Deferred tax (note 10)
£
At 1 July 2022
105,377
Charge against provision
( 2,111)
------------
At 30 June 2023
103,266
------------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions (note 9)
103,266
105,377
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
103,266
105,377
------------
------------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
22,776
23,524
Later than 1 year and not later than 5 years
24,971
35,889
------------
------------
47,747
59,413
------------
------------
13. Summary audit opinion
The auditor's report for the year dated 6 December 2023 was unqualified.
The senior statutory auditor was David Butterworth , for and on behalf of Wheawill & Sudworth Limited .
14. Related party transactions
The company has traded on normal commercial terms with other group companies during the period. Included in debtors and creditors are balances with group companies which are unsecured, repayable on demand and currently interest free. The company is a member of a group VAT registration with Pressed Flights (Holdings) Limited. The group VAT liability at 30 June 2023 was £30,651 (2022: £77,130).
15. Controlling party
Pressed Flights (Holdings) Limited is the company's immediate parent company . From 30 June 2022 the ultimate parent company was Pressed Flights Group Limited, a company registered in England and Wales. The group qualifies as small so no consolidated group accounts are required.
16. Ultimate controlling party
The ultimate controlling party is director A G Taylor .