IRIS Accounts Production v24.1.4.33 03200492 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh032004922022-12-31032004922023-12-31032004922023-01-012023-12-31032004922021-12-31032004922022-01-012022-12-31032004922022-12-3103200492ns15:EnglandWales2023-01-012023-12-3103200492ns14:PoundSterling2023-01-012023-12-3103200492ns10:Director12023-01-012023-12-3103200492ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103200492ns10:SmallEntities2023-01-012023-12-3103200492ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3103200492ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3103200492ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103200492ns10:FullAccounts2023-01-012023-12-310320049212023-01-012023-12-3103200492ns10:OrdinaryShareClass12023-01-012023-12-3103200492ns10:Director22023-01-012023-12-3103200492ns10:Director32023-01-012023-12-3103200492ns10:RegisteredOffice2023-01-012023-12-3103200492ns5:CurrentFinancialInstruments2023-12-3103200492ns5:CurrentFinancialInstruments2022-12-3103200492ns5:Non-currentFinancialInstruments2023-12-3103200492ns5:Non-currentFinancialInstruments2022-12-3103200492ns5:ShareCapital2023-12-3103200492ns5:ShareCapital2022-12-3103200492ns5:RetainedEarningsAccumulatedLosses2023-12-3103200492ns5:RetainedEarningsAccumulatedLosses2022-12-3103200492ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103200492ns5:ComputerSoftware2022-12-3103200492ns5:ComputerSoftware2023-12-3103200492ns5:ComputerSoftware2022-12-3103200492ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103200492ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103200492ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3103200492ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-3103200492ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 03200492 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PRINT-RITE EUROPE LTD.

PRINT-RITE EUROPE LTD. (REGISTERED NUMBER: 03200492)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


PRINT-RITE EUROPE LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







Directors: Ms Y C G Fung
Mr H I Lei
Mr S W Weedon





Registered office: Print-Rite Europe Ltd
Amber Drive
Langley Mill
NG16 4BE





Registered number: 03200492 (England and Wales)





Accountants: Haines Watts
Chartered Accountants
10 Stadium Business Court
Millennium Way
Pride Park
Derby
DE24 8HP

PRINT-RITE EUROPE LTD. (REGISTERED NUMBER: 03200492)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £ £
Current assets
Debtors 6 11,572 32,646
Cash at bank 18,313 2,517
29,885 35,163
Creditors
Amounts falling due within one year 7 (19,149,608 ) (18,995,428 )
Net current liabilities (19,119,723 ) (18,960,265 )
Total assets less current liabilities (19,119,723 ) (18,960,265 )

Creditors
Amounts falling due after more than one
year

8

(17,365

)

(27,442

)
Net liabilities (19,137,088 ) (18,987,707 )

Capital and reserves
Called up share capital 9 10,000 10,000
Retained earnings (19,147,088 ) (18,997,707 )
Shareholders' funds (19,137,088 ) (18,987,707 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





Mr S W Weedon - Director


PRINT-RITE EUROPE LTD. (REGISTERED NUMBER: 03200492)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Print-Rite Europe Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Turnover
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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intangible assets are being amortised over their useful economic life of 10 years.

Tangible fixed 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 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:

Long leasehold property - 20 years
Plant and machinery - 5 years
Fixtures, fittings and equipment - 5 years

Investments in subsidiaries
Investments in subsidiary undertakings are measured at cost less any accumulated impairment loss.

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.


PRINT-RITE EUROPE LTD. (REGISTERED NUMBER: 03200492)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
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.

Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Going concern
The company has received written confirmation from its parent company, confirming their intention to support the company to enable it to meet its ongoing obligations as they fall due. Following the uncertainty from the Russian/Ukraine war and trade relationships between UK and Europe following Brexit, management decided to mitigate any potential risk and exposure by ceasing to trade in the UK during the year ended 31 December 2022. There are no immediate plans to recommence trading nor have management muted the possibility of closing the company down.

These financial statements do not contain any of the adjustments to be made were the company not to remain a going concern.

Consolidation
The company has taken the advantage of the option not to prepare consolidated financial statements contained in Section 401 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings are consolidated at a higher level in Print-Rite Holdings Limited, a company incorporated in Hong Kong.

Copies of the consolidated financial statements of Print-Rite Holdings Limited are available from Companies Registry, 14th floor, High Block, Queensway Government Offices, 66 Queensway, Hong Kong.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 9 ) .

5. INTANGIBLE FIXED ASSETS
Computer
software
£
Cost
At 1 January 2023
and 31 December 2023 236,384
Amortisation
At 1 January 2023
and 31 December 2023 236,384
Net book value
At 31 December 2023 -
At 31 December 2022 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 7,077 22,824
Other debtors 4,495 4,495
Prepayments and accrued income - 5,327
11,572 32,646

PRINT-RITE EUROPE LTD. (REGISTERED NUMBER: 03200492)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 10,077 11,349
Trade creditors 47,688 33,277
Amounts owed to group undertakings 18,884,220 18,740,497
Social security and other taxes 104,359 94,079
VAT 58,444 62,759
Other creditors - 18,213
Accruals and deferred income 44,820 35,254
19,149,608 18,995,428

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Bank loans - 2-5 years 17,365 27,442

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
10,000 Ordinary £1 10,000 10,000

10. ULTIMATE CONTROLLING PARTY

The company's ultimate parent company and controlling party is Starbo Investment Limited, a company incorporated in Hong Kong.

The company's immediate parent company and controlling party is Print-Rite Investment Limited, a company incorporated in the British Virgin Islands.

The smallest group in which the results of the company are consolidated is that headed by Print-Rite Holdings Limited, a company incorporated in Hong Kong.

The largest group in which the results of the company are consolidated is that headed by Starbo Investment Limited, a company incorporated in Hong Kong.