Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-315digital printers2023-01-01false5The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetruefalse 5982967 2023-01-01 2023-12-31 5982967 2022-01-01 2022-12-31 5982967 2023-12-31 5982967 2022-12-31 5982967 c:Director1 2023-01-01 2023-12-31 5982967 c:Director2 2023-01-01 2023-12-31 5982967 d:PlantMachinery 2023-01-01 2023-12-31 5982967 d:PlantMachinery 2023-12-31 5982967 d:PlantMachinery 2022-12-31 5982967 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 5982967 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 5982967 d:FurnitureFittings 2023-01-01 2023-12-31 5982967 d:FurnitureFittings 2023-12-31 5982967 d:FurnitureFittings 2022-12-31 5982967 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 5982967 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 5982967 d:OfficeEquipment 2023-01-01 2023-12-31 5982967 d:OfficeEquipment 2023-12-31 5982967 d:OfficeEquipment 2022-12-31 5982967 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 5982967 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 5982967 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 5982967 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 5982967 d:CurrentFinancialInstruments 2023-12-31 5982967 d:CurrentFinancialInstruments 2022-12-31 5982967 d:Non-currentFinancialInstruments 2023-12-31 5982967 d:Non-currentFinancialInstruments 2022-12-31 5982967 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 5982967 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 5982967 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 5982967 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 5982967 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 5982967 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 5982967 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 5982967 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 5982967 d:ShareCapital 2023-12-31 5982967 d:ShareCapital 2022-12-31 5982967 d:RetainedEarningsAccumulatedLosses 2023-12-31 5982967 d:RetainedEarningsAccumulatedLosses 2022-12-31 5982967 c:FRS102 2023-01-01 2023-12-31 5982967 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 5982967 c:AbridgedAccounts 2023-01-01 2023-12-31 5982967 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 5982967 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 5982967 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 5982967 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 5982967 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 5982967 2 2023-01-01 2023-12-31 5982967 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 5982967









THE NEW INK PRINTING COMPANY LIMITED








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


 
THE NEW INK PRINTING COMPANY LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE NEW INK PRINTING COMPANY LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The New Ink Printing Company Limited for the year ended 31 December 2023 which comprise  the Balance sheet 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 https://www.icaew.com /regulation.

This report is made solely to the Board of directors of The New Ink Printing Company Limited, as a body, in accordance with the terms of our engagement letter dated 29 September 2023Our work has been undertaken solely to prepare for your approval the financial statements of The New Ink Printing Company Limited and state those matters that we have agreed to state to the Board of directors of The New Ink Printing Company Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The New Ink Printing Company Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that The New Ink Printing Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The New Ink Printing Company Limited. You consider that The New Ink Printing Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of The New Ink Printing Company 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 financial statements.

  



DMC Partnership Limited
 
Chartered Accountants
  
Yew Tree House
Lewes Road
Forest Row
East Sussex
RH18 5AA
30 August 2024
Page 1


 
THE NEW INK PRINTING COMPANY LIMITED
REGISTERED NUMBER:5982967

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
139,723
93,460

  
139,723
93,460

Current assets
  

Stocks
 5 
12,000
2,000

Debtors
 6 
106,860
99,480

Cash at bank and in hand
 7 
20,835
38,149

  
139,695
139,629

Creditors: amounts falling due within one year
 8 
(199,572)
(161,781)

Net current liabilities
  
 
 
(59,877)
 
 
(22,152)

Total assets less current liabilities
  
79,846
71,308

Creditors: amounts falling due after more than one year
 9 
(60,673)
(67,412)

Net assets
  
19,173
3,896


Capital and reserves
  

Called up share capital 
  
120
120

Profit and loss account
  
19,053
3,776

Shareholders' funds
  
19,173
3,896


Page 2


 
THE NEW INK PRINTING COMPANY LIMITED
REGISTERED NUMBER:5982967
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 August 2024.




S Morfield
A Ballam
Director
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3


 
THE NEW INK PRINTING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Company is incorporated in England and Wales and is limited by shares.  The registered office is located at Yew Tree House, Lewes Road, Forest Row, East Sussex, RH18 5AA.
The company's principal activity continues to be that of digital printers.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4


 
THE NEW INK PRINTING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 5


 
THE NEW INK PRINTING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
10%
reducing balance
Fixtures & fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6


 
THE NEW INK PRINTING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).


4.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
300,719
1,181
33,111
335,011


Additions
58,656
-
4,964
63,620



At 31 December 2023

359,375
1,181
38,075
398,631



Depreciation


At 1 January 2023
213,283
1,133
27,136
241,552


Charge for the year on owned assets
5,534
12
2,734
8,280


Charge for the year on financed assets
9,076
-
-
9,076



At 31 December 2023

227,893
1,145
29,870
258,908



Net book value



At 31 December 2023
131,482
36
8,205
139,723



At 31 December 2022
87,436
48
5,976
93,460


5.


Stocks

2023
2022
£
£

Raw materials and consumables
10,000
-

Work in progress (goods to be sold)
2,000
2,000

12,000
2,000


Page 7


 
THE NEW INK PRINTING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
90,856
71,474

Other debtors
1,066
11,581

Prepayments and accrued income
14,938
16,425

106,860
99,480



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
20,835
38,149

Less: bank overdrafts
(24,982)
-

(4,147)
38,149



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
24,982
-

Bank loans
22,845
65,916

Trade creditors
67,446
48,781

Corporation tax
7,451
17,918

Other taxation and social security
13,251
10,373

Obligations under finance lease and hire purchase contracts
24,785
7,619

Other creditors
36,252
8,614

Accruals and deferred income
2,560
2,560

199,572
161,781


Page 8


 
THE NEW INK PRINTING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
25,427
48,412

Net obligations under finance leases and hire purchase contracts
35,246
19,000

60,673
67,412



10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
22,845
65,916


22,845
65,916

Amounts falling due 1-2 years

Bank loans
19,666
22,845


19,666
22,845

Amounts falling due 2-5 years

Bank loans
5,761
25,567


5,761
25,567


48,272
114,328



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
24,785
7,619

Between 1-5 years
35,246
19,000

60,031
26,619

Page 9


 
THE NEW INK PRINTING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,016 (2022 - £1,864). Contributions totalling £173 (2022 - £173) were payable to the fund at the balance sheet date and are included in creditors.


13.


Transactions with directors

Included in other creditors due within one year is a loan from the director, A Ballam amounting to £136  [2022 debtor - £9,097]. During the year advances of £38,936 (2022 - £41,543 were made to the director and credits amounting to £48,169 (2022 - £53,251) were received from the directors. 
Included in other creditors due within one year is a loan from the director, S Morfield amounting to £375 [2022 debtor - £2,483]. During the year advances of £44,899 (2022 - £39,003) were made to the director and credits amounting to £47,757 (2022 - £52,123) were received from the directors. 


14.


Controlling party

The company was controlled throughout the current and previous period by its directors, A Ballam and S Morfield, by virtue of the fact that between them they own all of the company's ordinary issued share capital.

 
Page 10