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Registration number: 07438962

Impact Printing Services Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Impact Printing Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Impact Printing Services Limited

Company Information

Director

AJ Parsons-White

Registered office

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

Impact Printing Services Limited

(Registration number: 07438962)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

26,287

24,266

Current assets

 

Stocks

5

750

850

Debtors

6

60,954

71,589

 

61,704

72,439

Creditors: Amounts falling due within one year

7

(67,698)

(55,857)

Net current (liabilities)/assets

 

(5,994)

16,582

Total assets less current liabilities

 

20,293

40,848

Creditors: Amounts falling due after more than one year

7

(13,316)

(22,687)

Provisions for liabilities

(4,698)

(4,610)

Net assets

 

2,279

13,551

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,179

13,451

Shareholders' funds

 

2,279

13,551

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.

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.

 

Impact Printing Services Limited

(Registration number: 07438962)
Balance Sheet as at 30 November 2023

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 30 August 2024
 

.........................................
AJ Parsons-White
Director

 

Impact Printing Services 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.

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.

The presentation currency of the financial statements is Pound Sterling (£).

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 current and 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.

 

Impact Printing Services Limited

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

2

Accounting policies (continued)

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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

3 Years straight line

Plant and machinery

15% Reducing balance

Motor vehicles

25% Reducing balance

Land and buildings

No depreciation

 

Impact Printing Services Limited

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

2

Accounting policies (continued)

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.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.
 

 

Impact Printing Services Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Office equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

1,561

9,777

7,295

43,899

62,532

Additions

-

600

-

5,972

6,572

At 30 November 2023

1,561

10,377

7,295

49,871

69,104

Depreciation

At 1 December 2022

-

9,777

1,824

26,665

38,266

Charge for the year

-

150

1,368

3,033

4,551

At 30 November 2023

-

9,927

3,192

29,698

42,817

Carrying amount

At 30 November 2023

1,561

450

4,103

20,173

26,287

At 30 November 2022

1,561

-

5,471

17,234

24,266

Included within the net book value of land and buildings above is £1,561 (2022 - £1,561) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Stocks

750

850

 

Impact Printing Services Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

26,233

57,154

Prepayments

2,778

3,207

Other debtors

31,943

11,228

 

60,954

71,589

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

36,953

21,971

Trade creditors

 

14,271

15,700

Taxation and social security

 

8,364

12,589

Accruals and deferred income

 

3,074

2,330

Other creditors

 

5,036

3,267

 

67,698

55,857

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

13,316

22,687

 

Impact Printing Services Limited

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

8

Related party transactions

Transactions with the director

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

AJ Parsons-White

(3,190)

45,191

(23,027)

18,974

         

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

AJ Parsons-White

7,897

41,374

(52,461)

(3,190)

The loan is repayable on demand and interest has been paid at the official interest rate. No s455 tax has been paid as the loan has been repaid within 9 months of the year end.

 

Impact Printing Services Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

13,316

22,687

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,370

8,685

Bank overdrafts

27,583

13,286

36,953

21,971