Handprinted Limited 07579479 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is retail sale of art and printing supplies via mail order houses or internet orders. Digita Accounts Production Advanced 6.30.9574.0 true true 07579479 2023-04-01 2024-03-31 07579479 2024-03-31 07579479 bus:Director1 1 2024-03-31 07579479 bus:OrdinaryShareClass1 2024-03-31 07579479 bus:OrdinaryShareClass2 2024-03-31 07579479 core:CurrentFinancialInstruments 2024-03-31 07579479 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 07579479 core:Non-currentFinancialInstruments 2024-03-31 07579479 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 07579479 core:FurnitureFittingsToolsEquipment 2024-03-31 07579479 core:LandBuildings 2024-03-31 07579479 bus:SmallEntities 2023-04-01 2024-03-31 07579479 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07579479 bus:FilletedAccounts 2023-04-01 2024-03-31 07579479 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07579479 bus:RegisteredOffice 2023-04-01 2024-03-31 07579479 bus:Director1 2023-04-01 2024-03-31 07579479 bus:Director1 1 2023-04-01 2024-03-31 07579479 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 07579479 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 07579479 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07579479 bus:Agent1 2023-04-01 2024-03-31 07579479 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 07579479 core:LandBuildings 2023-04-01 2024-03-31 07579479 core:MotorVehicles 2023-04-01 2024-03-31 07579479 core:OfficeEquipment 2023-04-01 2024-03-31 07579479 core:PlantMachinery 2023-04-01 2024-03-31 07579479 countries:England 2023-04-01 2024-03-31 07579479 2023-03-31 07579479 bus:Director1 1 2023-03-31 07579479 core:FurnitureFittingsToolsEquipment 2023-03-31 07579479 core:LandBuildings 2023-03-31 07579479 2022-04-01 2023-03-31 07579479 2023-03-31 07579479 bus:Director1 1 2023-03-31 07579479 bus:OrdinaryShareClass1 2023-03-31 07579479 bus:OrdinaryShareClass2 2023-03-31 07579479 core:CurrentFinancialInstruments 2023-03-31 07579479 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07579479 core:Non-currentFinancialInstruments 2023-03-31 07579479 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07579479 core:FurnitureFittingsToolsEquipment 2023-03-31 07579479 core:LandBuildings 2023-03-31 07579479 bus:Director1 1 2022-04-01 2023-03-31 07579479 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 07579479 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 07579479 bus:Director1 1 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07579479

Handprinted Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Handprinted Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Handprinted Limited

Company Information

Director

Ms S Scott

Registered office

22 Arun Business Park
Shripney Road
Bognor Regis
West Sussex
PO22 9SX

Accountants

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Handprinted Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Handprinted Limited for the year ended 31 March 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Handprinted Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Handprinted Limited and state those matters that we have agreed to state to the Board of Directors of Handprinted Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Handprinted Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Handprinted Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Handprinted Limited. You consider that Handprinted Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Handprinted Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

23 September 2024

 

Handprinted Limited

(Registration number: 07579479)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

238,843

218,257

Current assets

 

Stocks

5

126,048

137,136

Debtors

6

36,219

14,777

Cash at bank and in hand

 

224,332

219,019

 

386,599

370,932

Creditors: Amounts falling due within one year

7

(99,409)

(98,101)

Net current assets

 

287,190

272,831

Total assets less current liabilities

 

526,033

491,088

Creditors: Amounts falling due after more than one year

7

(52,426)

(60,916)

Provisions for liabilities

(4,531)

(619)

Net assets

 

469,076

429,553

Capital and reserves

 

Called up share capital

8

2

2

Share premium reserve

17,400

17,400

Revaluation reserve

32,250

32,250

Retained earnings

419,424

379,901

Shareholders' funds

 

469,076

429,553

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 September 2024
 

.........................................
Ms S Scott
Director

 

Handprinted Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
22 Arun Business Park
Shripney Road
Bognor Regis
West Sussex
PO22 9SX

These financial statements were authorised for issue by the director on 23 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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 financial statements have been prepared on a going concern basis.

Revenue recognition

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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 income 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.

 

Handprinted Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible 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

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

-

Plant and machinery

33% Reducing balance

Motor vehicles

33% Reducing balance

Office equipment

33% Straight line

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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 creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Handprinted Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 5).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

215,000

34,413

249,413

Additions

-

24,369

24,369

At 31 March 2024

215,000

58,782

273,782

Depreciation

At 1 April 2023

-

31,156

31,156

Charge for the year

-

3,783

3,783

At 31 March 2024

-

34,939

34,939

Carrying amount

At 31 March 2024

215,000

23,843

238,843

At 31 March 2023

215,000

3,257

218,257

Included within the net book value of land and buildings above is £215,000 (2023 - £215,000) in respect of freehold land and buildings.
 

 

Handprinted Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Stocks

2024
£

2023
£

Other inventories

126,048

137,136

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

5,324

1,947

Amounts owed by related parties

11

27,888

11,933

Prepayments

 

3,007

897

   

36,219

14,777

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

9,727

8,494

Trade creditors

 

57,484

40,466

Taxation and social security

 

26,464

43,961

Accruals and deferred income

 

1,348

1,200

Other creditors

 

4,386

3,980

 

99,409

98,101

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

52,426

60,916

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Class A shares of £1 each

1

1

1

1

Class B shares of £1 each

1

1

1

1

2

2

2

2

 

Handprinted Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

52,426

60,916

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,727

8,494

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £32,147.00 (2023 - £21,962.50) per each Class A shares

32,147

21,963

Interim dividend of £Nil (2023 - £6,684.00) per each Class B shares

-

6,684

32,147

28,647

11

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Ms S Scott

Balance owed (to)/from director

(881)

41,794

(41,342)

(429)

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Ms S Scott

Balance owed (to)/from director

(66,968)

84,012

(17,924)

(881)