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Registration number: 03619315

Peter Scott Printers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Peter Scott Printers Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Peter Scott Printers Limited

Company Information

Director

Mr M J Dawson

Registered office

Dawson Court
Billington Road Estate
Burnley
Lancashire
BB11 5BW

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Peter Scott Printers Limited
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Peter Scott Printers Limited for the year ended 31 August 2023 as set out on pages 3 to 9 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Peter Scott Printers Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Peter Scott Printers Limited and state those matters that we have agreed to state to the Board of Directors of Peter Scott Printers Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peter Scott Printers Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Peter Scott 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 loss of Peter Scott Printers Limited. You consider that Peter Scott 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 Peter Scott 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.

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

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

27 August 2024

 

Peter Scott Printers Limited

(Registration number: 03619315)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

930,303

843,774

Current assets

 

Stocks

5

165,175

160,055

Debtors

6

286,596

343,008

Cash at bank and in hand

 

427

207

 

452,198

503,270

Creditors: Amounts falling due within one year

7

(393,344)

(352,584)

Net current assets

 

58,854

150,686

Total assets less current liabilities

 

989,157

994,460

Creditors: Amounts falling due after more than one year

7

(23,130)

(25,970)

Provisions for liabilities

(98,798)

(99,414)

Net assets

 

867,229

869,076

Capital and reserves

 

Called up share capital

10

10

Revaluation reserve

64,513

27,055

Retained earnings

802,706

842,011

Shareholders' funds

 

867,229

869,076

 

Peter Scott Printers Limited

(Registration number: 03619315)
Balance Sheet as at 31 August 2023

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 August 2024
 

.........................................
Mr M J Dawson
Director

 

Peter Scott Printers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Dawson Court
Billington Road Estate
Burnley
Lancashire
BB11 5BW

These financial statements were authorised for issue by the director on 27 August 2024.

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.

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.

Tax

The tax expense for the period comprises 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.

 

Peter Scott Printers Limited

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

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, based on their estimated residual values, as follows:

Asset class

Depreciation method and rate

Plant and machinery

2.5% straight line

Fixtures, fittings & equipment

5% straight line

Motor vehicles

25% reducing balance

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.

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.

 

Peter Scott Printers Limited

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

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 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.

3

Staff numbers

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

 

Peter Scott Printers Limited

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

4

Tangible assets

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

1,739,524

67,672

1,807,196

Revaluations

65,000

-

65,000

Additions

49,376

-

49,376

Disposals

-

(39,788)

(39,788)

At 31 August 2023

1,853,900

27,884

1,881,784

Depreciation

At 1 September 2022

923,681

39,741

963,422

Charge for the year

4,049

1,378

5,427

Eliminated on disposal

-

(17,368)

(17,368)

At 31 August 2023

927,730

23,751

951,481

Carrying amount

At 31 August 2023

926,170

4,133

930,303

At 31 August 2022

815,843

27,931

843,774

Revaluation

The fair value of the company's Plant and equipment was revalued on 31 August 2023. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £861,170 (2022 - £815,843).

5

Stocks

2023
£

2022
£

Work in progress

113,025

110,075

Other inventories

52,150

49,980

165,175

160,055

6

Debtors

2023
£

2022
£

Trade debtors

260,652

195,569

Prepayments

-

12,909

Other debtors

25,944

134,530

286,596

343,008

 

Peter Scott Printers Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

82,007

101,508

Trade creditors

 

248,664

233,486

Taxation and social security

 

31,315

15,308

Accruals and deferred income

 

7,708

1,995

Other creditors

 

23,650

287

 

393,344

352,584

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

23,130

25,970




 

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

23,130

25,970

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

30,157

25,517

Hire purchase contracts

51,850

75,991

82,007

101,508

The bank borrowings are secured by a charge over the company’s assets. Hire Purchase contracts are secured on the assets concerned.