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Company No: 05048072 (England and Wales)

ONLINE REPROGRAPHICS (LONDON) LIMITED

Unaudited Financial Statements
For the financial period from 01 July 2022 to 31 December 2023
Pages for filing with the registrar

ONLINE REPROGRAPHICS (LONDON) LIMITED

Unaudited Financial Statements

For the financial period from 01 July 2022 to 31 December 2023

Contents

ONLINE REPROGRAPHICS (LONDON) LIMITED

BALANCE SHEET

As at 31 December 2023
ONLINE REPROGRAPHICS (LONDON) LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.2023 30.06.2022
£ £
Fixed assets
Tangible assets 4 4,429 11,840
4,429 11,840
Current assets
Stocks 5 19,458 25,465
Debtors 6 100,866 163,647
Cash at bank and in hand 3,000 18,541
123,324 207,653
Creditors: amounts falling due within one year 7 ( 280,468) ( 213,003)
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 ( 115,464) ( 175,728)
Net liabilities ( 268,179) ( 169,238)
Capital and reserves
Called-up share capital 3,000 3,000
Profit and loss account ( 271,179 ) ( 172,238 )
Total shareholders' deficit ( 268,179) ( 169,238)

For the financial period ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Online Reprographics (London) Limited (registered number: 05048072) were approved and authorised for issue by the Board of Directors on 17 September 2024. They were signed on its behalf by:

J M Foy
Director
ONLINE REPROGRAPHICS (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 July 2022 to 31 December 2023
ONLINE REPROGRAPHICS (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 July 2022 to 31 December 2023
1. Accounting policies

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.

General information and basis of accounting

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.

Going concern

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.

Reporting period length

These financial statements are reporting the period from 1 July 2023 - 31 December 2023, an 18 month period (2022: 12 month period) .

Turnover

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.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Tangible fixed 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 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 5 years straight line
Vehicles 5 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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

The Company as lessee
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.

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.

Trade and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. 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 transaction.

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 and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Financial instruments

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.

Government grants

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.

2. Employees

Period from
01.07.2022 to
31.12.2023
Year ended
30.06.2022
Number Number
Monthly average number of persons employed by the Company during the period, including directors 10 11

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2022 52,759 52,759
At 31 December 2023 52,759 52,759
Accumulated amortisation
At 01 July 2022 52,759 52,759
At 31 December 2023 52,759 52,759
Net book value
At 31 December 2023 0 0
At 30 June 2022 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 July 2022 11,765 91,337 30,412 69,966 203,480
Additions 0 0 0 875 875
Disposals 0 ( 4,900) 0 0 ( 4,900)
At 31 December 2023 11,765 86,437 30,412 70,841 199,455
Accumulated depreciation
At 01 July 2022 11,765 85,827 26,043 68,005 191,640
Charge for the financial period 0 3,798 3,823 665 8,286
Disposals 0 ( 4,900) 0 0 ( 4,900)
At 31 December 2023 11,765 84,725 29,866 68,670 195,026
Net book value
At 31 December 2023 0 1,712 546 2,171 4,429
At 30 June 2022 0 5,510 4,369 1,961 11,840

5. Stocks

31.12.2023 30.06.2022
£ £
Stocks 19,458 25,465

6. Debtors

31.12.2023 30.06.2022
£ £
Trade debtors 76,779 139,283
Other debtors 24,087 24,364
100,866 163,647

7. Creditors: amounts falling due within one year

31.12.2023 30.06.2022
£ £
Bank loans and overdrafts 67,172 39,729
Trade creditors 75,063 93,287
Other taxation and social security 36,695 45,191
Other creditors 101,538 34,796
280,468 213,003

8. Creditors: amounts falling due after more than one year

31.12.2023 30.06.2022
£ £
Bank loans (secured) 115,464 175,728

The bank loans totalling £189,411 are secured by a fixed and floating charge over the undertakings and all property and assets of the company.

9. Financial commitments

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 35,794 47,752