Company registration number 04317696 (England and Wales)
Falconer Print and Packaging Limited
FINANCIAL STATEMENTS
for the year ended 31 March 2024
PAGES FOR FILING WITH REGISTRAR
Falconer Print and Packaging Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Falconer Print and Packaging Limited
Statement Of Financial Position
as at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,225,709
809,710
Current assets
Stocks
31,974
55,186
Debtors
4
1,437,615
1,590,548
Cash at bank and in hand
2,293,419
1,945,362
3,763,008
3,591,096
Creditors: amounts falling due within one year
5
(1,371,657)
(1,593,329)
Net current assets
2,391,351
1,997,767
Total assets less current liabilities
3,617,060
2,807,477
Creditors: amounts falling due after more than one year
6
(19,167)
(2,101)
Provisions for liabilities
(284,273)
(176,203)
Net assets
3,313,620
2,629,173
Capital and reserves
Called up share capital
93
93
Capital redemption reserve
7
7
Profit and loss reserves
3,313,520
2,629,073
Total equity
3,313,620
2,629,173
Falconer Print and Packaging Limited
Statement Of Financial Position (continued)
as at 31 March 2024
31 March 2024
- 2 -
The director of the company has elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 12 August 2024
R Martin
Director
Company Registration No. 04317696
Falconer Print and Packaging Limited
Notes to the financial statements
for the year ended 31 March 2024
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the disclosure requirements available.
The financial statements of the company are consolidated in the financial statements of Falconer 2016 Limited. These consolidated financial statements are available from its registered office, Unit 5G, Navigation Close, Lowfields Business Park, Elland, HX5 9HB.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities. Turnover is recognised on supply of goods or upon the provision of services.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Straight line over term of the lease
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Falconer Print and Packaging Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies
(continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 represent accumulated differences between the company's taxable profit and its financial profit and arise primarily from the difference between the accelerated capital allowances and depreciation.
Deferred tax is measured on an undiscounted basis at tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date..
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
72
68
Falconer Print and Packaging Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 5 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
181,815
2,686,476
98,033
107,561
3,073,885
Additions
423,489
7,473
170,734
601,696
At 31 March 2024
181,815
3,109,965
105,506
278,295
3,675,581
Depreciation and impairment
At 1 April 2023
181,815
2,005,500
28,375
48,485
2,264,175
Depreciation charged in the year
134,591
11,006
40,100
185,697
At 31 March 2024
181,815
2,140,091
39,381
88,585
2,449,872
Carrying amount
At 31 March 2024
969,874
66,125
189,710
1,225,709
At 31 March 2023
680,976
69,658
59,076
809,710
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,207,272
1,307,951
Other debtors
157,970
218,370
Prepayments and accrued income
72,373
64,227
1,437,615
1,590,548
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
12,101
25,216
Trade creditors
603,954
601,331
Corporation tax
75,802
220,874
Other taxation and social security
296,387
356,467
Other creditors
3,029
Accruals and deferred income
383,413
386,412
1,371,657
1,593,329
The net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
Falconer Print and Packaging Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
19,167
2,101
The net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
James Bell
Statutory Auditor:
B M Howarth Ltd
Date of audit report:
12 August 2024
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
1,542,266
254,516
9
Related party transactions
In accordance with the exemptions available to the company, related party disclosures in respect of group transactions are not disclosed on the basis that the details of the subsidiary are included in the group financial statements of the parent company.
10
Parent company
The ultimate parent undertaking is considered to be Falconer 2016 Limited, a company incorporated in England and Wales
The immediate parent company is Falconer Holdings Limited, a company incorporated in England and Wales, by virtue of its 100% ownership of the ordinary share capital.
The registered office of the ultimate parent and immediate parent is located at Unit G5, Navigation Close, Lowfields Business Park, Elland, HX5 9HB.
11
Company information
Falconer Print and Packaging Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit G5 Navigation Close, Lowfields Business Park, Elland, HX5 9HB.