Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mrs J Woodward 02/03/2015 Mr M N Woodward 08/08/2006 02 October 2024 The principal activity of the company continued to be that of the production of printed paper cups. 05899688 2024-03-31 05899688 bus:Director1 2024-03-31 05899688 bus:Director2 2024-03-31 05899688 2023-03-31 05899688 core:CurrentFinancialInstruments 2024-03-31 05899688 core:CurrentFinancialInstruments 2023-03-31 05899688 core:Non-currentFinancialInstruments 2024-03-31 05899688 core:Non-currentFinancialInstruments 2023-03-31 05899688 core:ShareCapital 2024-03-31 05899688 core:ShareCapital 2023-03-31 05899688 core:RetainedEarningsAccumulatedLosses 2024-03-31 05899688 core:RetainedEarningsAccumulatedLosses 2023-03-31 05899688 core:Goodwill 2023-03-31 05899688 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 05899688 core:Goodwill 2024-03-31 05899688 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 05899688 core:LeaseholdImprovements 2023-03-31 05899688 core:PlantMachinery 2023-03-31 05899688 core:OfficeEquipment 2023-03-31 05899688 core:LeaseholdImprovements 2024-03-31 05899688 core:PlantMachinery 2024-03-31 05899688 core:OfficeEquipment 2024-03-31 05899688 core:CostValuation 2023-03-31 05899688 core:CostValuation 2024-03-31 05899688 core:ImmediateParent core:CurrentFinancialInstruments 2024-03-31 05899688 core:ImmediateParent core:CurrentFinancialInstruments 2023-03-31 05899688 2023-04-01 2024-03-31 05899688 bus:FilletedAccounts 2023-04-01 2024-03-31 05899688 bus:SmallEntities 2023-04-01 2024-03-31 05899688 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05899688 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05899688 bus:Director1 2023-04-01 2024-03-31 05899688 bus:Director2 2023-04-01 2024-03-31 05899688 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-04-01 2024-03-31 05899688 core:Goodwill 2023-04-01 2024-03-31 05899688 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 05899688 core:LeaseholdImprovements core:TopRangeValue 2023-04-01 2024-03-31 05899688 core:PlantMachinery 2023-04-01 2024-03-31 05899688 core:OfficeEquipment 2023-04-01 2024-03-31 05899688 2022-04-01 2023-03-31 05899688 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2024-03-31 05899688 core:LeaseholdImprovements 2023-04-01 2024-03-31 05899688 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 05899688 (England and Wales)

THE PRINTED CUP COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

THE PRINTED CUP COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

THE PRINTED CUP COMPANY LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
THE PRINTED CUP COMPANY LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
DIRECTORS Mrs J Woodward
Mr M N Woodward
SECRETARY Mrs J Woodward
REGISTERED OFFICE Unit 3 Mearley Brooke Commercial Centre
Taylor Street
Clitheroe
BB7 1NL
United Kingdom
COMPANY NUMBER 05899688 (England and Wales)
CHARTERED ACCOUNTANTS PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
BB1 5QB
THE PRINTED CUP COMPANY LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
THE PRINTED CUP COMPANY LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 559 954
Tangible assets 4 208,804 247,276
Investments 5 1 1
209,364 248,231
Current assets
Stocks 310,986 325,949
Debtors 6 175,674 204,109
Cash at bank and in hand 15,923 735
502,583 530,793
Creditors: amounts falling due within one year 7 ( 343,960) ( 441,557)
Net current assets 158,623 89,236
Total assets less current liabilities 367,987 337,467
Creditors: amounts falling due after more than one year 8 ( 249,510) ( 307,712)
Provision for liabilities ( 35,006) ( 12,286)
Net assets 83,471 17,469
Capital and reserves
Called-up share capital 200 200
Profit and loss account 83,271 17,269
Total shareholder's funds 83,471 17,469

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.

Directors' responsibilities:

The financial statements of The Printed Cup Company Limited (registered number: 05899688) were approved and authorised for issue by the Board of Directors on 02 October 2024. They were signed on its behalf by:

Mrs J Woodward
Director
THE PRINTED CUP COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
THE PRINTED CUP COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 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

The Printed Cup Company Limited (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 Unit 3 Mearley Brooke Commercial Centre, Taylor Street, Clitheroe, BB7 1NL, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 not amortised
Trademarks, patents and licences 5 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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 or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 6 years straight line
Plant and machinery 15 % reducing balance
Office equipment 25 % reducing balance

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.

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.

Leases

The Company as lessee
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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 21 23

3. Intangible assets

Goodwill Trademarks, patents
and licences
Total
£ £ £
Cost
At 01 April 2023 1 1,975 1,976
At 31 March 2024 1 1,975 1,976
Accumulated amortisation
At 01 April 2023 1 1,021 1,022
Charge for the financial year 0 395 395
At 31 March 2024 1 1,416 1,417
Net book value
At 31 March 2024 0 559 559
At 31 March 2023 0 954 954

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Office equipment Total
£ £ £ £
Cost
At 01 April 2023 56,604 710,356 62,088 829,048
Additions 0 0 841 841
At 31 March 2024 56,604 710,356 62,929 829,889
Accumulated depreciation
At 01 April 2023 54,367 481,067 46,338 581,772
Charge for the financial year 825 34,393 4,095 39,313
At 31 March 2024 55,192 515,460 50,433 621,085
Net book value
At 31 March 2024 1,412 194,896 12,496 208,804
At 31 March 2023 2,237 229,289 15,750 247,276

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 1
At 31 March 2024 1
Carrying value at 31 March 2024 1
Carrying value at 31 March 2023 1

6. Debtors

2024 2023
£ £
Trade debtors 37,112 36,848
Amounts owed by Parent undertakings 120,600 120,600
Other debtors 17,962 46,661
175,674 204,109

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 31,000 36,729
Trade creditors 92,163 140,224
Other taxation and social security 153,728 164,385
Other creditors 67,069 100,219
343,960 441,557

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 33,583 64,583
Other creditors 215,927 243,129
249,510 307,712

There are no amounts included above in respect of which any security has been given by the small entity.

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 225,000 285,000

10. Related party transactions

The company has a long term loan outstanding from a director of £196,552 (2023 - £198,676). This loan is interest free.

11. Ultimate controlling party

Parent Company:

The company is wholly owned by TPCC Holdings Limited, whose registered office is Unit 3 Mearley Brook Commercial Centre, Clitheroe, Lancashire, England, BB7 1NL