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Registration number: 03453892

Premier Printers Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Premier Printers Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 14

 

Premier Printers Limited

Company Information

Directors

Mr M J Busson

Mr S J Robinson

Company secretary

Mr S J Robinson

Registered office

Venture House
Boldero Road
Moreton Hall
Bury St Edmunds
Suffolk
IP32 7BS

Accountants

Hodson Lewis Limited
Certified Accountants and Business Advisors
1st Floor
Abbotsgate House
Hollow Road
Bury St Edmunds
Suffolk
IP32 7FA

 

Premier Printers Limited

Directors' Report for the Year Ended 30 November 2023

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

Directors of the company

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

Mr M J Busson

Mr S J Robinson

Principal activity

The principal activity of the company is that of printing

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 11 July 2024 and signed on its behalf by:
 

.........................................
Mr S J Robinson
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Premier Printers Limited
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Premier Printers Limited for the year ended 30 November 2023 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Premier Printers Limited, as a body, in accordance with the terms of our engagement letter dated 1 May 2009. Our work has been undertaken solely to prepare for your approval the accounts of Premier Printers Limited and state those matters that we have agreed to state to the Board of Directors of Premier Printers Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Premier Printers Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Premier Printers Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Premier Printers Limited. You consider that Premier Printers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Premier Printers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hodson Lewis Limited
Certified Accountants and Business Advisors
1st Floor
Abbotsgate House
Hollow Road
Bury St Edmunds
Suffolk
IP32 7FA

11 July 2024

 

Premier Printers Limited

Profit and Loss Account for the Year Ended 30 November 2023

Note

2023
£

2022
£

Turnover

 

625,782

602,302

Cost of sales

 

(390,999)

(388,696)

Gross profit

 

234,783

213,606

Administrative expenses

 

(218,981)

(201,790)

Other operating income

 

-

8,769

Operating profit

 

15,802

20,585

Other interest receivable and similar income

 

1,109

177

Interest payable and similar expenses

 

(824)

(1,067)

   

285

(890)

Profit before tax

4

16,087

19,695

Tax on profit

 

(4,268)

(5,421)

Profit for the financial year

 

11,819

14,274

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Premier Printers Limited

Statement of Comprehensive Income for the Year Ended 30 November 2023

2023
£

2022
£

Profit for the year

11,819

14,274

Total comprehensive income for the year

11,819

14,274

 

Premier Printers Limited

(Registration number: 03453892)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

76,103

83,778

Current assets

 

Stocks

7

11,329

11,600

Debtors

8

105,436

129,795

Cash at bank and in hand

 

87,409

98,874

 

204,174

240,269

Creditors: Amounts falling due within one year

9

(258,567)

(249,332)

Net current liabilities

 

(54,393)

(9,063)

Total assets less current liabilities

 

21,710

74,715

Creditors: Amounts falling due after more than one year

9

(15,638)

(25,463)

Net assets

 

6,072

49,252

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

5,972

49,152

Shareholders' funds

 

6,072

49,252

For the financial year ending 30 November 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.

Approved and authorised by the Board on 11 July 2024 and signed on its behalf by:
 

.........................................
Mr M J Busson
Director

 

Premier Printers Limited

Statement of Changes in Equity for the Year Ended 30 November 2023

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

100

49,153

49,253

Profit for the year

-

11,819

11,819

Dividends

-

(55,000)

(55,000)

At 30 November 2023

100

5,972

6,072

Share capital
£

Retained earnings
£

Total
£

At 1 December 2021

100

89,878

89,978

Profit for the year

-

14,274

14,274

Dividends

-

(55,000)

(55,000)

At 30 November 2022

100

49,152

49,252

 

Premier Printers Limited

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

1

General information

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

The address of its registered office is:
Venture House
Boldero Road
Moreton Hall
Bury St Edmunds
Suffolk
IP32 7BS

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.

Government grants

Government grants in relation to CARF are included on an accruals model. These grants are presented within other operating income.

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.

 

Premier Printers Limited

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

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.

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

Motor vehicles

25% reducing balance

Fixtures and fittings

25% reducing balance

Office equipment

25% reducing balance

Plant and machinery

25%/10% reducing balance

Factory improvements

25% 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.

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.

 

Premier Printers Limited

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

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.

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.

 

Premier Printers Limited

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

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 7 (2022 - 7).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

9,564

10,379

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

4,000

4,000

At 30 November 2023

4,000

4,000

Amortisation

At 1 December 2022

4,000

4,000

At 30 November 2023

4,000

4,000

Carrying amount

At 30 November 2023

-

-

 

Premier Printers Limited

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

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

9,426

211,768

14,791

764,287

1,000,272

Additions

-

1,889

-

-

1,889

At 30 November 2023

9,426

213,657

14,791

764,287

1,002,161

Depreciation

At 1 December 2022

9,397

207,500

14,439

685,158

916,494

Charge for the year

6

1,507

88

7,963

9,564

At 30 November 2023

9,403

209,007

14,527

693,121

926,058

Carrying amount

At 30 November 2023

23

4,650

264

71,166

76,103

At 30 November 2022

29

4,268

352

79,129

83,778

Included within the net book value of land and buildings above is £23 (2022 - £29) in respect of freehold land and buildings.
 

 

Premier Printers Limited

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

7

Stocks

2023
£

2022
£

Other inventories

11,329

11,600

8

Debtors

Current

2023
£

2022
£

Trade debtors

94,757

121,636

Prepayments

10,529

8,009

Other debtors

150

150

 

105,436

129,795

 

Premier Printers Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

10,000

10,000

Trade creditors

 

57,697

72,317

Taxation and social security

 

7,614

10,661

Accruals and deferred income

 

11,371

10,646

Other creditors

 

171,885

145,708

 

258,567

249,332

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

15,638

25,463

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

11

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

15,638

25,463

Current loans and borrowings

2023
£

2022
£

Other borrowings

10,000

10,000