PRINTFORCE (STAFFS) LIMITED
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 6,241 12,250
Current assets
Stocks 1,960 1,710
Debtors 4 19,870 14,930
Cash at bank and in hand 44,997 69,477
66,827 86,117
Creditors: amounts falling due within one year 5 (52,005) (67,575)
Net current assets 14,822 18,542
Total assets less current liabilities 21,063 30,792
Creditors: amounts falling due after one year 6 (2,800) (4,400)
Provisions for liabilities (1,186) (2,327)
Net assets 17,077 24,065
Capital and reserves
Called up share capital 100 100
Profit and loss account 16,977 23,965
Shareholders' funds 17,077 24,065
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. S.P. Wyatt
Director
Approved by the board on 11 September 2024
PRINTFORCE (STAFFS) LIMITED
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Tools and equipment 10% reducing balance basis
Vehicles 20% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Tools and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2023 24,623 7,490 32,113
Disposals (9,200) - (9,200)
At 31 December 2023 15,423 7,490 22,913
Depreciation
At 1 January 2023 16,208 3,655 19,863
Charge for the year 353 767 1,120
On disposals (4,311) - (4,311)
At 31 December 2023 12,250 4,422 16,672
Net book value
At 31 December 2023 3,173 3,068 6,241
At 31 December 2022 8,415 3,835 12,250
4 Debtors 2023 2022
£ £
Trade debtors 19,870 14,930
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loan account (unsecured) 1,600 1,600
Trade creditors 19,745 19,951
Taxes and social security costs 6,040 9,010
Other creditors 24,620 37,014
52,005 67,575
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loan account (unsecured) 2,800 4,400
7 Contingent liabilities
There is a contingent liability for remedial work in respect of contractual warranties which cannot be estimated. No such liabilities had been notified at the date of the directors' report.
8 Controlling party
The directors of the company at the Balance Sheet date own 100% of the issued share capital of the company.
Other creditors includes amounts owed to the directors totalling £24,620 (2022: £37,014).
9 Other information
PRINTFORCE (STAFFS) LIMITED is a private company limited by shares and incorporated in England (Company Number 05655695). Its registered office is 21, Pembroke Drive, Westlands, Newcastle-under-Lyme, Staffordshire, ST5 2JW.
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