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Registered number: 02704484
PFP Print Ltd
Unaudited Financial Statements
For the Period 1 January 2023 to 31 March 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02704484
31 March 2024 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 3,187 8,500
Tangible Assets 5 16,593 25,165
19,780 33,665
CURRENT ASSETS
Stocks 6 1,006 1,006
Debtors 7 46,034 26,642
Cash at bank and in hand 12,253 70,531
59,293 98,179
Creditors: Amounts Falling Due Within One Year 8 (72,341 ) (110,887 )
NET CURRENT ASSETS (LIABILITIES) (13,048 ) (12,708 )
TOTAL ASSETS LESS CURRENT LIABILITIES 6,732 20,957
Creditors: Amounts Falling Due After More Than One Year 9 (3,167 ) (5,667 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,405 ) (4,649 )
NET ASSETS 160 10,641
CAPITAL AND RESERVES
Called up share capital 10 10 10
Profit and Loss Account 150 10,631
SHAREHOLDERS' FUNDS 160 10,641
Page 1
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For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jason Holder
Director
26th September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
PFP Print Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 02704484 . The registered office is Unit 9 Byford Court, Crockatt Road, Hadleigh, Ipswich, IP7 6RD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will follow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Intellectual Property - 5 years straight line
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 5% Reducing Balance
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 3 (2022: 3)
3 3
4. Intangible Assets
Goodwill Intellectual Property Total
£ £ £
Cost
As at 1 January 2023 50,000 35,000 85,000
As at 31 March 2024 50,000 35,000 85,000
Amortisation
As at 1 January 2023 41,500 35,000 76,500
Provided during the period 5,313 - 5,313
As at 31 March 2024 46,813 35,000 81,813
Net Book Value
As at 31 March 2024 3,187 - 3,187
As at 1 January 2023 8,500 - 8,500
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2023 1,502 65,744 2,450 38,088
Additions - - - 680
Disposals - (3,000 ) - -
As at 31 March 2024 1,502 62,744 2,450 38,768
...CONTINUED
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Page 5
Depreciation
As at 1 January 2023 806 47,693 2,250 34,029
Provided during the period 44 5,407 62 1,269
Disposals - (1,219 ) - -
As at 31 March 2024 850 51,881 2,312 35,298
Net Book Value
As at 31 March 2024 652 10,863 138 3,470
As at 1 January 2023 696 18,051 200 4,059
Computer Equipment Total
£ £
Cost
As at 1 January 2023 46,537 154,321
Additions - 680
Disposals - (3,000 )
As at 31 March 2024 46,537 152,001
Depreciation
As at 1 January 2023 44,378 129,156
Provided during the period 689 7,471
Disposals - (1,219 )
As at 31 March 2024 45,067 135,408
Net Book Value
As at 31 March 2024 1,470 16,593
As at 1 January 2023 2,159 25,165
6. Stocks
31 March 2024 31 December 2022
£ £
Stock 1,006 1,006
7. Debtors
31 March 2024 31 December 2022
£ £
Due within one year
Trade debtors 45,398 23,834
Other debtors 636 2,808
46,034 26,642
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8. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 December 2022
£ £
Trade creditors 9,171 8,817
Bank loans and overdrafts 2,087 2,384
Amounts owed to participating interests 23,385 -
Other creditors 25,999 89,129
Taxation and social security 11,699 10,557
72,341 110,887
9. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 December 2022
£ £
Bank loans 3,167 5,667
3,167 5,667
10. Share Capital
31 March 2024 31 December 2022
£ £
Allotted, Called up and fully paid 10 10
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