Company registration number 04656954 (England and Wales)
THE TRANSFER PRESS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE TRANSFER PRESS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
THE TRANSFER PRESS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
418,490
418,943
Current assets
Stocks
366,280
389,206
Debtors
4
9,845
19,725
Cash at bank and in hand
851
1,969
376,976
410,900
Creditors: amounts falling due within one year
5
(303,453)
(296,561)
Net current assets
73,523
114,339
Total assets less current liabilities
492,013
533,282
Creditors: amounts falling due after more than one year
6
(302,826)
(332,964)
Provisions for liabilities
(93)
(179)
Net assets
189,094
200,139
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
188,994
200,039
Total equity
189,094
200,139

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

THE TRANSFER PRESS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Ms J Williscroft
Director
Company registration number 04656954 (England and Wales)
THE TRANSFER PRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

The Transfer Press Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 The Laurels, Flightway Business Park, Dunkeswell, Honiton, Devon, EX14 4RS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold property
Not depreciated
Plant and machinery
20% straight line basis
Fixtures, fittings & equipment
20% straight line basis
Computer equipment
33% straight line basis
Motor vehicles
20% straight line basis

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.

 

Freehold property

The freehold property held by the company is not depreciated. This policy is a departure from FRS102 and the Companies Act which state that all tangible assets must be depreciated.

 

The directors are of the opinion that it would not present a true and fair view of the company's affairs to depreciate the property.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

THE TRANSFER PRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
THE TRANSFER PRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
418,000
31,468
449,468
Additions
-
0
108
108
At 31 December 2023
418,000
31,576
449,576
Depreciation and impairment
At 1 January 2023
-
0
30,525
30,525
Depreciation charged in the year
-
0
561
561
At 31 December 2023
-
0
31,086
31,086
Carrying amount
At 31 December 2023
418,000
490
418,490
At 31 December 2022
418,000
943
418,943
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,156
7,439
Other debtors
7,689
12,286
9,845
19,725
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
67,090
43,939
Trade creditors
68,370
57,944
Other taxation and social security
17,148
27,885
Other creditors
150,845
166,793
303,453
296,561

Bank loans and overdrafts are secured on the trade and assets of the company.

 

THE TRANSFER PRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
86,372
116,510
Other creditors
216,454
216,454
302,826
332,964

Bank loans and overdrafts are secured on the trade and assets of the company.

Amounts included above which fall due after five years are as follows:
Payable by instalments
2,487
13,938
7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
1,991
3,186
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