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REGISTERED NUMBER: 03890167 (England and Wales)













Financial Statements

For The Year Ended 31 August 2023

for

Systematic Print Management Limited

Systematic Print Management Limited (Registered number: 03890167)






Contents of the Financial Statements
For The Year Ended 31 August 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Systematic Print Management Limited

Company Information
For The Year Ended 31 August 2023







DIRECTORS: Mr B Crossfield
Mrs J Z Vear
Mr J E R Walker



REGISTERED OFFICE: Centurion Way
CAISTOR
Lincolnshire
LN7 6QA



REGISTERED NUMBER: 03890167 (England and Wales)



ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN



BANKERS: Lloyds TSB
Mercer Row
LOUTH
Lincolnshire
LN11 9JH



SOLICITORS: Wilkin Chapman
Cartergate House
26 Chantry Lane
GRIMSBY
DN31 2LJ

Systematic Print Management Limited (Registered number: 03890167)

Abridged Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 221,101 221,736
221,101 221,736

CURRENT ASSETS
Stocks 60,000 49,224
Debtors 528,698 657,312
Cash at bank and in hand 546,574 369,604
1,135,272 1,076,140
CREDITORS
Amounts falling due within one year 385,305 488,664
NET CURRENT ASSETS 749,967 587,476
TOTAL ASSETS LESS CURRENT
LIABILITIES

971,068

809,212

PROVISIONS FOR LIABILITIES 3,894 3,988
NET ASSETS 967,174 805,224

CAPITAL AND RESERVES
Called up share capital 12,000 12,000
Revaluation reserve 71,719 71,719
Capital redemption reserve 18,000 18,000
Retained earnings 865,455 703,505
SHAREHOLDERS' FUNDS 967,174 805,224

Systematic Print Management Limited (Registered number: 03890167)

Abridged Balance Sheet - continued
31 August 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2024 and were signed on its behalf by:





Mr B Crossfield - Director


Systematic Print Management Limited (Registered number: 03890167)

Notes to the Financial Statements
For The Year Ended 31 August 2023

1. STATUTORY INFORMATION

Systematic Print Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - not provided on land and buildings
Improvements to property - 4% on cost
Fixtures and fittings - at varying rates on cost and 15% - 33% reducing balance
Motor vehicles - 25% on cost

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress includes studio hours not yet billed, calculated at normal hourly charge, which includes an element of direct and overhead costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Systematic Print Management Limited (Registered number: 03890167)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The pension costs charged in the financial statements represent the contribution payable by the company during the year via a money purchase scheme.

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measures at the present value of future payments, discounted at a market rate of interest.

Rent receivable
Rental income is are recognised on an accruals basis over the term of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 18 ) .

Systematic Print Management Limited (Registered number: 03890167)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2023

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2022
and 31 August 2023 150,000
AMORTISATION
At 1 September 2022
and 31 August 2023 150,000
NET BOOK VALUE

At 31 August 2023 -
At 31 August 2022 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 September 2022 590,939
Additions 16,609
Disposals (204,362 )
At 31 August 2023 403,186
DEPRECIATION
At 1 September 2022 369,203
Charge for year 13,528
Eliminated on disposal (200,646 )
At 31 August 2023 182,085
NET BOOK VALUE
At 31 August 2023 221,101
At 31 August 2022 221,736

Cost or valuation at 31 August 2023 is represented by:

Totals
£   
Valuation in 2016 51,158
Cost 352,028
403,186

Systematic Print Management Limited (Registered number: 03890167)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2023

5. TANGIBLE FIXED ASSETS - continued

If long leasehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 128,281 128,281
Aggregate depreciation 56,284 56,284

Long leasehold property was valued on an open market basis on 31 August 2016 by the directors .

Additional corporation tax of £14,344 (2022: £14,344) would become due in the event of the long leasehold being sold at its revalued amount.

6. POST BALANCE SHEET EVENTS

Subsequent to the 31 August 2023, the whole of the share capital in the company was sold on 01 November 2023 to Axial Media Limited and Systematic Print Management Limited became a wholly owned subsidiary of Axial Media Limited.