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Registration number: 08131024

The Anchor Press (UK) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

The Anchor Press (UK) Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

The Anchor Press (UK) Limited

Company Information
__________________________________________________________________________

Directors

John Reading

Mr Martin Ellis

Registered office

24-25 South Road
Templefields
Harlow
Essex
CM20 2AR


 

Accountants

Brooks Green
Chartered Accountants
Abbey House
342 Regents Park Road
London
N3 2LJ

 

The Anchor Press (UK) Limited

(Registration number: 08131024)
Balance Sheet as at 31 July 2023
__________________________________________________________________________

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

41,043

47,272

Current assets

 

Stocks

4

14,177

14,185

Debtors

5

69,085

151,718

Cash at bank and in hand

 

72,288

99,672

 

155,550

265,575

Creditors: Amounts falling due within one year

6

(106,893)

(203,096)

Net current assets

 

48,657

62,479

Net assets

 

89,700

109,751

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

89,698

109,749

Shareholders' funds

 

89,700

109,751

For the financial year ending 31 July 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 April 2024 and signed on its behalf by:
 

.........................................
Mr Martin Ellis
Director

 

The Anchor Press (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
__________________________________________________________________________

1

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

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.

 

The Anchor Press (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
__________________________________________________________________________

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.

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.

 

The Anchor Press (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
__________________________________________________________________________

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 11).

 

The Anchor Press (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
__________________________________________________________________________

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

49,282

16,788

66,070

At 31 July 2023

49,282

16,788

66,070

Depreciation

At 1 August 2022

12,017

6,781

18,798

Charge for the year

2,502

3,727

6,229

At 31 July 2023

14,519

10,508

25,027

Carrying amount

At 31 July 2023

34,763

6,280

41,043

At 31 July 2022

37,265

10,007

47,272

4

Stocks

2023
£

2022
£

Work in progress

5,798

5,624

Other inventories

8,379

8,561

14,177

14,185

5

Debtors

Current

2023
£

2022
£

Trade debtors

68,537

150,970

Prepayments

548

548

Other debtors

-

200

 

69,085

151,718

6

Creditors

Creditors: amounts falling due within one year

 

The Anchor Press (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
__________________________________________________________________________

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

1,654

6,547

Trade creditors

 

73,787

153,269

Taxation and social security

 

23,472

35,168

Accruals and deferred income

 

1,908

1,636

Other creditors

 

6,072

6,476

 

106,893

203,096

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share capital of £1 each

2

2

2

2

       

8

Loans and borrowings