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Registration number: 07647054

BAF Printers (1962) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

BAF Printers (1962) Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

BAF Printers (1962) Ltd

Company Information

Directors

Mrs T K Williams

Mrs A J Bond-Wallis

Mr S M G Wallis

Registered office

Portland House
Cross Chancellor Street
Leeds
LS6 2TG

Accountants

Botterill & Co
Chartered Certified Accountants
First Floor Offices
40 Norwood
Beverley
East Yorkshire
HU17 9EY

 

BAF Printers (1962) Ltd

Directors' Report for the Year Ended 30 June 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors of the company

The directors who held office during the year were as follows:

Mrs T K Williams

Mrs A J Bond-Wallis

Mr S M G Wallis

Principal activity

The principal activity of the company is manufacturer of bags and labels

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 31 August 2023 and signed on its behalf by:
 

.........................................
Mrs T K Williams
Director

.........................................
Mrs A J Bond-Wallis
Director

.........................................
Mr S M G Wallis
Director

 

BAF Printers (1962) Ltd

(Registration number: 07647054)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

160,000

170,000

Tangible assets

5

60,011

69,973

 

220,011

239,973

Current assets

 

Stocks

6

130,760

133,470

Debtors

7

364,345

248,739

Cash at bank and in hand

 

69,872

30,870

 

564,977

413,079

Creditors: Amounts falling due within one year

8

(444,830)

(380,352)

Net current assets

 

120,147

32,727

Total assets less current liabilities

 

340,158

272,700

Creditors: Amounts falling due after more than one year

8

(22,500)

(49,896)

Net assets

 

317,658

222,804

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

317,558

222,704

Shareholders' funds

 

317,658

222,804

For the financial year ending 30 June 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.

 

BAF Printers (1962) Ltd

(Registration number: 07647054)
Balance Sheet as at 30 June 2023

Approved and authorised by the Board on 31 August 2023 and signed on its behalf by:
 

.........................................
Mrs T K Williams
Director

.........................................
Mrs A J Bond-Wallis
Director

.........................................
Mr S M G Wallis
Director

 

BAF Printers (1962) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Portland House
Cross Chancellor Street
Leeds
LS6 2TG

These financial statements were authorised for issue by the Board on 31 August 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 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.

 

BAF Printers (1962) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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

15% Reducing balance

Fixtures and Fittings

15% Reducing Balance

Computer Equipment

15% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 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.

 

BAF Printers (1962) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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.

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.

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.

 

BAF Printers (1962) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

 

BAF Printers (1962) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

200,000

200,000

At 30 June 2023

200,000

200,000

Amortisation

At 1 July 2022

30,000

30,000

Amortisation charge

10,000

10,000

At 30 June 2023

40,000

40,000

Carrying amount

At 30 June 2023

160,000

160,000

At 30 June 2022

170,000

170,000

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

75,744

238,397

314,141

Additions

628

-

628

At 30 June 2023

76,372

238,397

314,769

Depreciation

At 1 July 2022

58,951

185,217

244,168

Charge for the year

2,613

7,977

10,590

At 30 June 2023

61,564

193,194

254,758

Carrying amount

At 30 June 2023

14,808

45,203

60,011

At 30 June 2022

16,793

53,180

69,973

 

BAF Printers (1962) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Stocks

2023
£

2022
£

Raw materials and consumables

130,760

133,470

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

277,970

230,947

Amounts owed by related parties

12

65,000

-

Prepayments

 

21,375

17,792

   

364,345

248,739

 

BAF Printers (1962) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

10,000

9,999

Trade creditors

 

373,151

325,757

Taxation and social security

 

59,619

42,187

Accruals and deferred income

 

1,100

1,912

Other creditors

 

960

497

 

444,830

380,352

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

22,500

49,896

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,500

32,500

Other borrowings

-

17,396

22,500

49,896

 

BAF Printers (1962) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

9,999

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil (2022 - £40.00) per each Ordinary

 

-

 

4,000

         

12

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

Mrs A J Bond-Wallis

(17,396)

17,396

-

       
     

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Mrs T K Williams

(14,666)

14,666

-

-

         
       

Mrs A J Bond-Wallis

(12,154)

44,258

(49,500)

(17,396)

         
       

Mr S M G Wallis

(20,400)

20,400

-

-