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Registration number: 04114294

Presson Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Presson Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Presson Limited

Company Information

Directors

A M Wilson

A A Wilson

Registered office

Unit 5
Lordswood Industrial Estate
Revenge Road
Chatham
Kent
ME5 8UD

 

Presson Limited

(Registration number: 04114294)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

463,236

229,415

Investments

5

100

-

 

463,336

229,415

Current assets

 

Stocks

24,303

23,984

Debtors

6

605,196

342,315

Cash at bank and in hand

 

248,336

357,727

 

877,835

724,026

Creditors: Amounts falling due within one year

7

(748,818)

(500,252)

Net current assets

 

129,017

223,774

Total assets less current liabilities

 

592,353

453,189

Creditors: Amounts falling due after more than one year

7

(128,857)

(156,909)

Provisions for liabilities

(20,096)

(17,251)

Net assets

 

443,400

279,029

Capital and reserves

 

Called up share capital

50

50

Capital redemption reserve

40,050

50

Retained earnings

403,300

278,929

Shareholders' funds

 

443,400

279,029

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.

 

Presson Limited

(Registration number: 04114294)
Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 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.

Approved and authorised by the Board on 26 July 2024 and signed on its behalf by:
 

.........................................
A M Wilson
Director

 

Presson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Unit 5
Lordswood Industrial Estate
Revenge Road
Chatham
Kent
ME5 8UD

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 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.

Income is recognised when the outcome of a transaction for the rendering of services can be estimated reliably. When the outcome of a service cannot be estimated reliably the company only recognises income to the extent of the recoverable expenses recognised.

Tax

The tax expense for the period comprises current and deferred 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.

 

Presson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Land and buildings-leasehold

over term of lease

Fixtures and fittings

5 years straight line

Plant & machinery

2-5 years straight line

Motor vehicles

4 years straight line

Land and buildings-freehold

25 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.

 

Presson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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 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 comprise inventories required to deliver the company's services. They 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.

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 (including redeemable preference shares where appropriate) 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.

 

Presson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 14).

 

Presson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Land and buildings
£

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 January 2023

-

62,840

76,835

967,225

60,472

Additions

243,013

-

-

80,662

-

At 31 December 2023

243,013

62,840

76,835

1,047,887

60,472

Depreciation

At 1 January 2023

-

52,926

69,642

772,045

43,344

Charge for the year

7,720

6,284

2,268

67,126

6,456

At 31 December 2023

7,720

59,210

71,910

839,171

49,800

Carrying amount

At 31 December 2023

235,293

3,630

4,925

208,716

10,672

At 31 December 2022

-

9,914

7,193

195,180

17,128

Total
£

Cost or valuation

At 1 January 2023

1,167,372

Additions

323,675

At 31 December 2023

1,491,047

Depreciation

At 1 January 2023

937,957

Charge for the year

89,854

At 31 December 2023

1,027,811

Carrying amount

At 31 December 2023

463,236

At 31 December 2022

229,415

 

Presson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Investments

2023
£

2022
£

Investments in subsidiaries

100

-

Subsidiaries

£

Cost or valuation

Additions

100

Provision

Carrying amount

At 31 December 2023

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Presson Automotive Limited

Unit 5, Revenge Road, Chatham, Kent. ME5 8UD

England

Ordinary shares of £1 each

100%

0%

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

450,941

275,722

Amounts owed by group undertakings and undertakings in which the company has a participating interest.

9

65,728

-

Other debtors

 

54,793

29,500

Prepayments

 

33,734

37,093

   

605,196

342,315

 

Presson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

 

Loans and borrowings

299,359

125,884

Trade creditors

 

327,419

263,269

Taxation and social security

 

57,157

57,804

Other creditors

 

10,569

5,374

Accruals and deferred income

 

54,314

47,921

 

748,818

500,252

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

 

Loans and borrowings

128,857

156,909

Creditors within the category 'loans and borrowings' include net obligations under finance lease and hire purchase contracts which are secured of £84,165 (2022 - £109,596). The obligations under finance lease and hire purchases contracts are secured against items of plant and machinery and motor vehicles to which they relate that have a carrying value of £143,930 (2022 - £150,030).

The bank loan of £122,541 (2022- £171,537) is subject to a fixed and floating charge over the assets of the company. The loan is subject to the CBIL guarantee scheme with the Government providing a partial gurantee although the company is responsible for repaying the whole of the loan.

Also, within the category of loans and borrowings falling due within one year are 210,000 cumulative redeemable preference shares of £1 each. During the year, 250,000 cumulative redeemable preference shares of £1 each were issued at par, of which 40,000 were redeemed at par in the year.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £259,455 (2022 - £355,217).

 

Presson Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Financial commitments, guarantees and contingencies (continued)

The company has an annual commitment under its auto enrolment pension scheme equal to 3% of the qualifying earnings of those employees who elected to join the scheme. Contributions to the scheme in the year amounted to £9,572 (2022 - £10,953). The future annual commitment is not anticipated to change significantly in the foreseeable future.

9

Related party transactions

Included in debtors is £65,728 due from Presson Automotive Limited. This represents an interest free loan repayable on demand.

Presson Automotive Limited is a wholly owned subsidiary.

Loans to related parties

2023

Key management
£

Total
£

Advanced

39,796

39,796

At end of period

39,796

39,796

Terms of loans to related parties

The loan is repayable on demand and bears interest at 2.25%. The loan was repaid by 30 April 2024.