Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Mrs A Hutchings Mr G Hutchings 05/03/2008 03 October 2024 The principal activity of the Company during the financial year was that of printing. 06524412 2024-05-31 06524412 bus:Director2 2024-05-31 06524412 2023-05-31 06524412 core:CurrentFinancialInstruments 2024-05-31 06524412 core:CurrentFinancialInstruments 2023-05-31 06524412 core:ShareCapital 2024-05-31 06524412 core:ShareCapital 2023-05-31 06524412 core:RetainedEarningsAccumulatedLosses 2024-05-31 06524412 core:RetainedEarningsAccumulatedLosses 2023-05-31 06524412 core:Goodwill 2023-05-31 06524412 core:Goodwill 2024-05-31 06524412 core:PlantMachinery 2023-05-31 06524412 core:OfficeEquipment 2023-05-31 06524412 core:PlantMachinery 2024-05-31 06524412 core:OfficeEquipment 2024-05-31 06524412 bus:OrdinaryShareClass1 2024-05-31 06524412 2023-06-01 2024-05-31 06524412 bus:FilletedAccounts 2023-06-01 2024-05-31 06524412 bus:SmallEntities 2023-06-01 2024-05-31 06524412 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 06524412 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 06524412 bus:Director1 2023-06-01 2024-05-31 06524412 bus:Director2 2023-06-01 2024-05-31 06524412 core:Goodwill core:TopRangeValue 2023-06-01 2024-05-31 06524412 core:PlantMachinery core:TopRangeValue 2023-06-01 2024-05-31 06524412 core:OfficeEquipment core:BottomRangeValue 2023-06-01 2024-05-31 06524412 core:OfficeEquipment core:TopRangeValue 2023-06-01 2024-05-31 06524412 2022-06-01 2023-05-31 06524412 core:PlantMachinery 2023-06-01 2024-05-31 06524412 core:OfficeEquipment 2023-06-01 2024-05-31 06524412 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 06524412 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06524412 (England and Wales)

LAUNCESTON PRINT LTD

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

LAUNCESTON PRINT LTD

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

LAUNCESTON PRINT LTD

BALANCE SHEET

As at 31 May 2024
LAUNCESTON PRINT LTD

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 5,337 7,350
5,337 7,350
Current assets
Stocks 9,247 8,123
Debtors 5 16,872 20,564
Cash at bank and in hand 12,238 12,071
38,357 40,758
Creditors: amounts falling due within one year 6 ( 42,035) ( 46,860)
Net current liabilities (3,678) (6,102)
Total assets less current liabilities 1,659 1,248
Provision for liabilities ( 1,014) ( 1,160)
Net assets 645 88
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 643 86
Total shareholders' funds 645 88

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

Directors' responsibilities:

The financial statements of Launceston Print Ltd (registered number: 06524412) were approved and authorised for issue by the Board of Directors on 03 October 2024. They were signed on its behalf by:

Mrs A Hutchings
Director
LAUNCESTON PRINT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
LAUNCESTON PRINT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Launceston Print Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 19 Merchants Quay 19 Merchants Quay, Pennygillam Industrial Estate, Launceston, PL15 7QA, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 3 years straight line
Office equipment 4 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2023 70,000 70,000
At 31 May 2024 70,000 70,000
Accumulated amortisation
At 01 June 2023 70,000 70,000
At 31 May 2024 70,000 70,000
Net book value
At 31 May 2024 0 0
At 31 May 2023 0 0

4. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 June 2023 112,875 9,369 122,244
Additions 0 151 151
At 31 May 2024 112,875 9,520 122,395
Accumulated depreciation
At 01 June 2023 106,111 8,783 114,894
Charge for the financial year 1,539 625 2,164
At 31 May 2024 107,650 9,408 117,058
Net book value
At 31 May 2024 5,225 112 5,337
At 31 May 2023 6,764 586 7,350

5. Debtors

2024 2023
£ £
Trade debtors 16,872 19,901
Other debtors 0 663
16,872 20,564

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 13,275 9,503
Taxation and social security 5,311 7,816
Other creditors 23,449 29,541
42,035 46,860

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2