REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st March 2024 |
for |
HECKFORD PRINTERS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st March 2024 |
for |
HECKFORD PRINTERS LIMITED |
HECKFORD PRINTERS LIMITED (REGISTERED NUMBER: 01402909) |
Contents of the Financial Statements |
for the Year Ended 31st March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
HECKFORD PRINTERS LIMITED |
Company Information |
for the Year Ended 31st March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
41 St Thomas's Road |
Chorley |
Lancashire |
PR7 1JE |
HECKFORD PRINTERS LIMITED (REGISTERED NUMBER: 01402909) |
Balance Sheet |
31st March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Investments | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
HECKFORD PRINTERS LIMITED (REGISTERED NUMBER: 01402909) |
Balance Sheet - continued |
31st March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
HECKFORD PRINTERS LIMITED (REGISTERED NUMBER: 01402909) |
Notes to the Financial Statements |
for the Year Ended 31st March 2024 |
1. | STATUTORY INFORMATION |
Heckford Printers Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the value of goods and services, excluding value added tax, provided to customers during the year. |
Sale of goods and services: |
Revenue from the sale of goods and services is recognised when the following conditions are satisfied: |
- the Company has transferred to the buyer the significant risks and rewards of ownership of the goods and associated services; |
- 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. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Long leasehold improvements | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
In a departure from FRS 102 Section 1A for small entities, no depreciation is provided in respect of freehold properties. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. The directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the financial statements giving a true and fair view. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
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 items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
HECKFORD PRINTERS LIMITED (REGISTERED NUMBER: 01402909) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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, loans to common controlled companies and cash and bank balances, are initially measured at transaction price including transaction costs. They 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. |
Other financial assets |
All the company's financial assets fall to be classified as basic financial assets under Section 11 of FRS 102 and the company therefore holds no other financial assets. |
Basic financial liabilities |
Basic financial liabilities, including creditors, 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 receipts 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. |
Other financial liabilities |
All the companies financial liabilities fall to be classified as basic financial liabilities under Section 11 of FRS 102 and the company therefore has no other financial instruments. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
HECKFORD PRINTERS LIMITED (REGISTERED NUMBER: 01402909) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Listed investments |
In accordance with the Financial Reporting Standards 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" the use of fair value for investments in shares which are publicly traded or where the fair value can be measured reliably is required. Movements in fair value are recognised in the Trading profit & Loss Account. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st April 2023 |
and 31st March 2024 |
AMORTISATION |
At 1st April 2023 |
and 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
HECKFORD PRINTERS LIMITED (REGISTERED NUMBER: 01402909) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
5. | TANGIBLE FIXED ASSETS |
Long |
Freehold | leasehold | Plant and |
property | improvements | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1st April 2023 |
Additions |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st April 2023 |
Additions |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
Included in cost or valuation of land and buildings is freehold land of £ 160,000 (2023 - £ 160,000 ) which is not depreciated. |
HECKFORD PRINTERS LIMITED (REGISTERED NUMBER: 01402909) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31st March 2024 is represented by: |
Long |
Freehold | leasehold | Plant and |
property | improvements | machinery |
£ | £ | £ |
Valuation in 2016 | 50,000 | - | - |
Valuation in 2018 | (140,840 | ) | - | - |
Valuation in 2019 | 15,000 | - | - |
Cost | 975,840 | 52,656 | 846,940 |
900,000 | 52,656 | 846,940 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Valuation in 2016 | - | - | 50,000 |
Valuation in 2018 | - | - | (140,840 | ) |
Valuation in 2019 | - | - | 15,000 |
Cost | 101,837 | 69,148 | 2,046,421 |
101,837 | 69,148 | 1,970,581 |
Under the Financial Reporting Standard 102 Section 1A, a cost model policy has been adopted and so the properties are valued at deemed cost and are subject to regular impairment reviews. Deferred tax is provided on these movements. Gains and losses arising from changes in the fair values are included in the Statement of Income in the period in which they arise. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2023 |
and 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
7. | STOCKS |
31.3.24 | 31.3.23 |
£ | £ |
Raw materials and consumables |
Work-in-progress |
HECKFORD PRINTERS LIMITED (REGISTERED NUMBER: 01402909) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Directors' current accounts | 1,719 | 2,051 |
Tax |
Prepayments and accrued income |
9. | CURRENT ASSET INVESTMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Listed investments | 377,508 | 368,470 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Social security and other taxes |
Directors' current accounts | 1,509 | 2,413 |
Accruals and deferred income |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
12. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the company was owed £210 from its directors (2023: £362 owed to directors). There is no interest charged on this loan and it is repayable on demand. |
13. | CONTROLLING PARTY |
Throughout the current and previous year, Mr & Mrs S Scurr, have controlled the company by virtue of their majority shareholding in the company. |