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2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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06069944
2024-03-31
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2024-03-31
COMPANY REGISTRATION NUMBER:
06069944
Filleted Unaudited Abridged Financial Statements |
|
Abridged Financial Statements |
|
Year ended 31 March 2024
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements |
1 |
|
|
Abridged statement of financial position |
2 |
|
|
Statement of changes in equity |
4 |
|
|
Notes to the abridged financial statements |
5 |
|
|
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of
Ink Associates Ltd |
|
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Ink Associates Ltd for the year ended 31 March 2024, which comprise the abridged statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Ink Associates Ltd, as a body, in accordance with the terms of our engagement letter dated 11 March 2020. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Ink Associates Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ink Associates Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Ink Associates Ltd has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ink Associates Ltd. You consider that Ink Associates Ltd 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 abridged financial statements of Ink Associates Ltd. 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 abridged financial statements.
THE COOK PARTNERSHIP LTD
Chartered accountants
Unit 7, The Forum
Icknield Way
Tring
Hertfordshire
HP23 4JY
8 August 2024
Abridged Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
|
99,195 |
17,627 |
|
|
|
|
|
Current assets
Debtors |
474,229 |
|
876,727 |
Cash at bank and in hand |
426,946 |
|
1,258,816 |
|
--------- |
|
------------ |
|
901,175 |
|
2,135,543 |
|
|
|
|
Creditors: amounts falling due within one year |
726,283 |
|
615,719 |
|
--------- |
|
------------ |
Net current assets |
|
174,892 |
1,519,824 |
|
|
--------- |
------------ |
Total assets less current liabilities |
|
274,087 |
1,537,451 |
|
|
|
|
Provisions
Taxation including deferred tax |
|
21,000 |
4,409 |
|
|
--------- |
------------ |
Net assets |
|
253,087 |
1,533,042 |
|
|
--------- |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
252,987 |
1,532,942 |
|
|
--------- |
------------ |
Shareholders funds |
|
253,087 |
1,533,042 |
|
|
--------- |
------------ |
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the 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 members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued) |
|
31 March 2024
These abridged financial statements were approved by the
board of directors
and authorised for issue on
8 August 2024
, and are signed on behalf of the board by:
Company registration number:
06069944
Statement of Changes in Equity |
|
Year ended 31 March 2024
|
Called up share capital |
Profit and loss account |
Total |
|
£ |
£ |
£ |
At 1 April 2022 |
100 |
1,120,150 |
1,120,250 |
|
|
|
|
Profit for the year |
|
1,172,792 |
1,172,792 |
|
---- |
------------ |
------------ |
Total comprehensive income for the year |
– |
1,172,792 |
1,172,792 |
|
|
|
|
Dividends paid and payable |
– |
(
760,000) |
(
760,000) |
|
---- |
------------ |
------------ |
Total investments by and distributions to owners |
– |
(
760,000) |
(
760,000) |
|
|
|
|
At 31 March 2023 |
100 |
1,532,942 |
1,533,042 |
|
|
|
|
Profit for the year |
|
560,045 |
560,045 |
|
---- |
------------ |
------------ |
Total comprehensive income for the year |
– |
560,045 |
560,045 |
|
|
|
|
Dividends paid and payable |
– |
(
60,000) |
(
60,000) |
Capital contribution to EOT |
– |
(1,780,000) |
(1,780,000)
|
|
---- |
------------ |
------------ |
Total investments by and distributions to owners |
– |
(
1,840,000) |
(
1,840,000) |
|
|
|
|
|
---- |
------------ |
------------ |
At 31 March 2024 |
100 |
252,987 |
253,087 |
|
---- |
------------ |
------------ |
|
|
|
|
Notes to the Abridged Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lower Ground Floor, 83 Blackfriars Road, London, SE1 8HA.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Contribution to employee ownership trust
The Employee Ownership Trust has a controlling interest in the company. Controlling interest is measured by having more than 50% of the ordinary share capital, the voting rights, entitlement to profits available for distribution and assets on a winding up. The shares are held for the benefit of all eligible employees (as a group) in accordance with the trust deed and law. The contribution to the Employee Ownership Trust is accounted for as a deduction within equity and is funded out of distributable reserves.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Notes to the Abridged Financial Statements (continued) |
|
Year ended 31 March 2024
3.
Accounting policies
(continued)
Income tax
(continued)
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
over 5 years
|
|
Equipment |
- |
over 5 years
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
14
(2023:
15
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 April 2023 |
22,891 |
Additions |
109,694 |
|
--------- |
At 31 March 2024 |
132,585 |
|
--------- |
Depreciation |
|
At 1 April 2023 |
5,264 |
Charge for the year |
28,126 |
|
--------- |
At 31 March 2024 |
33,390 |
|
--------- |
Carrying amount |
|
At 31 March 2024 |
99,195 |
|
--------- |
At 31 March 2023 |
17,627 |
|
--------- |
|
|
6.
Employee ownership trust
On 16th August 2023, Ink Associates Limited Employee Share Trust ("EOT") acquired the entire share capital in the company. During the accounting year, £1,780,000 has been contributed from the company to the EOT and treated as a deduction within equity.