Company No:
Contents
Note | 31.12.2023 | 30.06.2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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4,429 | 11,840 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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123,324 | 207,653 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (157,144) | (5,350) | ||
Total assets less current liabilities | (152,715) | 6,490 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Online Reprographics (London) Limited (registered number:
J M Foy
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
The company is a private company limited by share capital, incorporated in England.
The address of its registered office and principal place of business is:
Suite 116
The Business Design Centre
52 Upper Street
Islington Green
London
N1 0QH
England
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102 1A'), and with the Companies Act 2006.
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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial
statements. The directors note that the business has net liabilities of £270,248. The directors have confirmed that they
will continue to support the company through loans if required, and that these loan facilities will continue to be
available for at least 12 months from the date of signing these financial statements. Given the current position, the
directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial
statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
These financial statements are reporting the period from 1 July 2023 - 31 December 2023, an 18 month period (2022: 12 month period) .
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.
The tax expense for the period comprises current 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.
The current corporation 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
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company.
Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Goodwill |
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The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Leasehold improvements | depreciated over the life of the lease |
Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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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.
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.
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.
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.
Classification
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.
Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.
Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.
Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.
Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.
Loans and 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.
The company has adopted the accrual model for accounting for government grants. Grants relating to revenue are recognised in income on a systematic basis over the same period as the related costs for which the grant is intended to compensate. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.
Period from 01.07.2022 to 31.12.2023 |
Year ended 30.06.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2022 |
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At 31 December 2023 |
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Accumulated amortisation | |||
At 01 July 2022 |
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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At 30 June 2022 |
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Leasehold improve- ments |
Plant and machinery | Vehicles | Fixtures and fittings | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 July 2022 |
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Additions |
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Disposals |
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At 31 December 2023 |
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Accumulated depreciation | |||||||||
At 01 July 2022 |
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Charge for the financial period |
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Disposals |
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At 31 December 2023 |
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Net book value | |||||||||
At 31 December 2023 |
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At 30 June 2022 |
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31.12.2023 | 30.06.2022 | ||
£ | £ | ||
Stocks |
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31.12.2023 | 30.06.2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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31.12.2023 | 30.06.2022 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Other taxation and social security |
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Other creditors |
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31.12.2023 | 30.06.2022 | ||
£ | £ | ||
Bank loans (secured) |
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Commitments
Capital commitments are as follows:
31.12.2023 | 30.06.2022 | ||
£ | £ | ||
Contracted for but not provided for: | |||
Finance leases entered into | 35,794 | 107,375 |
Total future minimum lease payments under non-cancellable operating leases are as follows:
31.12.2023 | 30.06.2022 | ||
£ | £ | ||
within one year |
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