2022-09-012023-08-312023-08-31false05534564ERW PRINT FINISHERS 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ERW PRINT FINISHERS LIMITED

Registered Number
05534564
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2023

ERW PRINT FINISHERS LIMITED
Company Information
for the year from 1 September 2022 to 31 August 2023

Directors

WALKER, Barry John
WALKER, Elaine Rosemary
WALKER, Robin

Registered Address

Unit B10 Astra Park
Parkside Lane
Leeds
LS11 5SZ

Registered Number

05534564 (England and Wales)
ERW PRINT FINISHERS LIMITED
Statement of Financial Position
31 August 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets690,513139,062
90,513139,062
Current assets
Debtors7145,07398,122
Cash at bank and on hand2,96634,919
148,039133,041
Creditors amounts falling due within one year8(131,489)(90,332)
Net current assets (liabilities)16,55042,709
Total assets less current liabilities107,063181,771
Creditors amounts falling due after one year9(17,506)(27,512)
Provisions for liabilities10(24,300)(27,695)
Net assets65,257126,564
Capital and reserves
Called up share capital22
Profit and loss account65,255126,562
Shareholders' funds65,257126,564
The financial statements were approved and authorised for issue by the Board of Directors on 21 March 2024, and are signed on its behalf by:
WALKER, Barry John
Director
Registered Company No. 05534564
ERW PRINT FINISHERS LIMITED
Notes to the Financial Statements
for the year ended 31 August 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Principal activities
The principal activity of the company during the year continued to be that of print finishing.
3.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery10-
Vehicles25-
Office Equipment254
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Government grants and other government assistance policy
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
5.Employee information

20232022
Average number of employees during the year45
6.Property, plant and equipment

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 September 22209,8919,1254,243223,259
Additions6,545--6,545
Disposals(66,011)--(66,011)
At 31 August 23150,4259,1254,243163,793
Depreciation and impairment
At 01 September 2278,4283,5102,25984,197
Charge for year13,3201,40467315,397
On disposals(26,314)--(26,314)
At 31 August 2365,4344,9142,93273,280
Net book value
At 31 August 2384,9914,2111,31190,513
At 31 August 22131,4635,6151,984139,062
7.Debtors

2023

2022

££
Trade debtors / trade receivables138,66186,956
Other debtors4,4004,400
Prepayments and accrued income2,0126,766
Total145,07398,122
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors within one year

2023

2022

££
Trade creditors / trade payables22,82124,525
Bank borrowings and overdrafts10,03010,040
Taxation and social security28,37428,908
Other creditors70,26426,859
Total131,48990,332
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
9.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts17,50627,512
Total17,50627,512
10.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)24,30027,695
Total24,30027,695