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COMPANY REGISTRATION NUMBER: 03492594
St Andrews Press of Wells Ltd
Filleted Unaudited Financial Statements
31 March 2024
St Andrews Press of Wells Ltd
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
St Andrews Press of Wells Ltd
Officers and Professional Advisers
The board of directors
Mr S L Collins
Mr T W Wood
Company secretary
T W Wood
Registered office
Unit 3
Keward Mill Trading Estate
Wells
Somerset
BA5 1DA
Accountants
Chalmers HB Ltd
Chartered Accountants
20 Chamberlain Street
Wells
Somerset BA5 2PF
St Andrews Press of Wells Ltd
Statement of Financial Position
31 March 2024
2024
2023
(restated)
Note
£
£
£
Fixed assets
Intangible assets
5
26,937
27,587
Tangible assets
6
91,493
64,106
---------
--------
118,430
91,693
Current assets
Stocks
33,819
30,321
Debtors
7
82,916
93,589
Cash at bank and in hand
240,513
227,102
---------
---------
357,248
351,012
Creditors: amounts falling due within one year
8
112,261
122,667
---------
---------
Net current assets
244,987
228,345
---------
---------
Total assets less current liabilities
363,417
320,038
Creditors: amounts falling due after more than one year
9
22,440
39,889
Provisions
Taxation including deferred tax
25,458
16,504
---------
---------
Net assets
315,519
263,645
---------
---------
Capital and reserves
Called up share capital
136,146
136,146
Profit and loss account
179,373
127,499
---------
---------
Shareholders funds
315,519
263,645
---------
---------
These 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 statement of income and retained earnings 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 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 financial statements .
St Andrews Press of Wells Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 23 August 2024 , and are signed on behalf of the board by:
Mr S L Collins
Mr T W Wood
Director
Director
Company registration number: 03492594
St Andrews Press of Wells Ltd
Notes to the 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 Unit 3, Keward Mill Trading Estate, Wells, Somerset, BA5 1DA.
2. Statement of compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
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.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
-
15% reducing balance
-
15% reducing balance
-
25% reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 13 (2023: 10 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 (as restated)
59,484
Additions
7,808
--------
At 31 March 2024
67,292
--------
Amortisation
At 1 April 2023
31,897
Charge for the year
8,458
--------
At 31 March 2024
40,355
--------
Carrying amount
At 31 March 2024
26,937
--------
At 31 March 2023
27,587
--------
6. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023 (as restated)
8,492
124,304
26,598
159,394
Additions
49,197
( 4,433)
44,764
-------
---------
--------
---------
At 31 March 2024
8,492
173,501
22,165
204,158
-------
---------
--------
---------
Depreciation
At 1 April 2023
3,277
80,374
11,637
95,288
Charge for the year
782
13,963
2,632
17,377
-------
---------
--------
---------
At 31 March 2024
4,059
94,337
14,269
112,665
-------
---------
--------
---------
Carrying amount
At 31 March 2024
4,433
79,164
7,896
91,493
-------
---------
--------
---------
At 31 March 2023
5,215
43,930
14,961
64,106
-------
---------
--------
---------
7. Debtors
2024
2023
(restated)
£
£
Trade debtors
64,216
84,264
Other debtors
18,700
9,325
--------
--------
82,916
93,589
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Trade creditors
46,113
43,223
Corporation tax
36,924
36,476
Social security and other taxes
9,976
13,546
Other creditors
19,248
29,422
---------
---------
112,261
122,667
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
22,440
32,389
Other creditors > 1 year
7,500
--------
--------
22,440
39,889
--------
--------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
(restated)
£
£
Included in provisions
25,458
16,504
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
(restated)
£
£
Accelerated capital allowances
25,458
16,504
--------
--------
11.Guarantees and other financial commitments
At the balance sheet date the company had net obligations under operating leases of £468,510.40 (2023: £66,568.37). Of this, the commitment due within one year from the balance sheet date amounts to £103,012.98 (2023: £41,754.72). These are secured on the assets concerned.
12. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr T J Wood
3,112
1,129
4,241
-------
-------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr T J Wood
3,112
3,112
----
-------
-------
13. Related party transactions
Controlling party:- The company was under the control of Mr T J Wood throughout the current and previous year. Mr T J Wood is the managing director and majority shareholder.
14. Prior year adjustment and transition to frs102(1a)
Due to the size thresholds, the company has transitioned from preparing accounts under the micro-entity provisions of FRS105 to Small Company Provisions under FRS102(1A).
The 2023 comparatives have been restated for transition adjustments (deferred tax) with the effect on reserves being a reduction of £16,504.