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Company No: 05333142 (England and Wales)

ASHLEY HOUSE PRINTING COMPANY LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

ASHLEY HOUSE PRINTING COMPANY LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

ASHLEY HOUSE PRINTING COMPANY LTD

COMPANY INFORMATION

For the financial year ended 31 March 2024
ASHLEY HOUSE PRINTING COMPANY LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Lucy Otton
Robert Otton
SECRETARY Lucy Otton
REGISTERED OFFICE 1-3 Swallow Units Alphinbrook Road
Marsh Barton
Exeter
EX2 8QF
United Kingdom
COMPANY NUMBER 05333142 (England and Wales)
ACCOUNTANT Old Mill Accountancy Limited
Leeward House
Fitzroy Road
Exeter Business Park
Exeter
Devon
EX1 3LJ
ASHLEY HOUSE PRINTING COMPANY LTD

BALANCE SHEET

As at 31 March 2024
ASHLEY HOUSE PRINTING COMPANY LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 184,316 224,498
184,316 224,498
Current assets
Stocks 14,665 13,908
Debtors 4 253,161 210,687
Cash at bank and in hand 83,517 61,781
351,343 286,376
Creditors: amounts falling due within one year 5 ( 339,457) ( 279,453)
Net current assets 11,886 6,923
Total assets less current liabilities 196,202 231,421
Creditors: amounts falling due after more than one year 6 ( 51,155) ( 106,043)
Provision for liabilities ( 43,788) ( 40,569)
Net assets 101,259 84,809
Capital and reserves
Called-up share capital 50 50
Capital redemption reserve 50 50
Profit and loss account 101,159 84,709
Total shareholders' funds 101,259 84,809

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Ashley House Printing Company Ltd (registered number: 05333142) were approved and authorised for issue by the Board of Directors on 31 July 2024. They were signed on its behalf by:

Robert Otton
Director
Lucy Otton
Director
ASHLEY HOUSE PRINTING COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
ASHLEY HOUSE PRINTING COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ashley House Printing Company Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1-3 Swallow Units Alphinbrook Road, Marsh Barton, Exeter, EX2 8QF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for print services, graphic design and print fulfilment services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 % reducing balance
9 years straight line
Plant and machinery 15 % reducing balance
Vehicles 4 years straight line
Fixtures and fittings 15 % reducing balance
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 14

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 April 2023 178,455 1,395,631 79,165 95,759 116,192 1,865,202
Additions 0 1,000 0 1,606 2,946 5,552
Disposals 0 ( 220,000) 0 0 0 ( 220,000)
At 31 March 2024 178,455 1,176,631 79,165 97,365 119,138 1,650,754
Accumulated depreciation
At 01 April 2023 151,252 1,229,684 78,679 76,744 104,345 1,640,704
Charge for the financial year 2,189 23,424 162 3,121 5,186 34,082
Disposals 0 ( 208,348) 0 0 0 ( 208,348)
At 31 March 2024 153,441 1,044,760 78,841 79,865 109,531 1,466,438
Net book value
At 31 March 2024 25,014 131,871 324 17,500 9,607 184,316
At 31 March 2023 27,203 165,947 486 19,015 11,847 224,498

4. Debtors

2024 2023
£ £
Trade debtors 96,478 58,597
Other debtors 156,683 152,090
253,161 210,687

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 40,000 40,000
Trade creditors 201,386 157,638
Corporation tax 47,080 20,594
Other taxation and social security 9,846 10,021
Obligations under finance leases and hire purchase contracts (secured) 14,888 17,238
Other creditors 26,257 33,962
339,457 279,453

The bank loan is guaranteed by the government as part of the Coronavirus Business Interruption Loan Scheme (CBILS).

Finance leases and hire purchase contracts are secured against the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 46,667 86,667
Obligations under finance leases and hire purchase contracts (secured) 4,488 19,376
51,155 106,043

The bank loan is guaranteed by the government as part of the Coronavirus Business Interruption Loan Scheme (CBILS).

Finance leases and hire purchase contracts are secured against the assets to which they relate.

7. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 1,785 1,785

8. Related party transactions

Transactions with the entity's directors

Advances

During the year a Director maintained a Director's Loan Account with the company. Advances of £57,968 (2023: £59,973) and repayments of £59,000 (2023: £55,312) were made on this loan. Interest was charged on the loan, when overdrawn, at the HMRC effective rate of interest. At the balance sheet date, the director owed the company £57,960 (2023: £58,992). The loan is repayable on demand.

During the year another Director maintained a Director's Loan Account with the company. Advances of £57,968 (2023: £59,973) and repayments of £59,000 (2023: £55,312) were made on this loan. Interest was charged on the loan, when overdrawn, at the HMRC effective rate of interest. At the balance sheet date, the director owed the company £57,960 (2023: £58,992). The loan is repayable on demand.