Silverfin false false 29/02/2024 01/03/2023 29/02/2024 A C N Bunter 06/08/2007 G T Bunter S Clark 03/10/2017 G Coombs 04/11/2014 03 October 2024 The principal activity of the Company during the financial year was that of printing and publishing. 01479229 2024-02-29 01479229 bus:Director1 2024-02-29 01479229 bus:Director3 2024-02-29 01479229 bus:Director4 2024-02-29 01479229 2023-02-28 01479229 core:CurrentFinancialInstruments 2024-02-29 01479229 core:CurrentFinancialInstruments 2023-02-28 01479229 core:Non-currentFinancialInstruments 2024-02-29 01479229 core:Non-currentFinancialInstruments 2023-02-28 01479229 core:ShareCapital 2024-02-29 01479229 core:ShareCapital 2023-02-28 01479229 core:RetainedEarningsAccumulatedLosses 2024-02-29 01479229 core:RetainedEarningsAccumulatedLosses 2023-02-28 01479229 core:Goodwill 2023-02-28 01479229 core:Goodwill 2024-02-29 01479229 core:PlantMachinery 2023-02-28 01479229 core:Vehicles 2023-02-28 01479229 core:PlantMachinery 2024-02-29 01479229 core:Vehicles 2024-02-29 01479229 core:ImmediateParent core:CurrentFinancialInstruments 2024-02-29 01479229 core:ImmediateParent core:CurrentFinancialInstruments 2023-02-28 01479229 core:CurrentFinancialInstruments core:Secured 2024-02-29 01479229 core:WithinOneYear 2024-02-29 01479229 core:WithinOneYear 2023-02-28 01479229 core:BetweenOneFiveYears 2024-02-29 01479229 core:BetweenOneFiveYears 2023-02-28 01479229 2023-03-01 2024-02-29 01479229 bus:FilletedAccounts 2023-03-01 2024-02-29 01479229 bus:SmallEntities 2023-03-01 2024-02-29 01479229 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 01479229 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 01479229 bus:Director1 2023-03-01 2024-02-29 01479229 bus:Director2 2023-03-01 2024-02-29 01479229 bus:Director3 2023-03-01 2024-02-29 01479229 bus:Director4 2023-03-01 2024-02-29 01479229 core:Goodwill core:TopRangeValue 2023-03-01 2024-02-29 01479229 core:PlantMachinery 2023-03-01 2024-02-29 01479229 core:Vehicles 2023-03-01 2024-02-29 01479229 2022-03-01 2023-02-28 01479229 core:Goodwill 2023-03-01 2024-02-29 01479229 core:CurrentFinancialInstruments 2023-03-01 2024-02-29 01479229 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Company No: 01479229 (England and Wales)

REMOUS PRINT LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

REMOUS PRINT LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

REMOUS PRINT LIMITED

BALANCE SHEET

As at 29 February 2024
REMOUS PRINT LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 53,301 79,405
Tangible assets 4 179,457 127,478
232,758 206,883
Current assets
Stocks 5 105,201 150,559
Debtors 6 471,782 486,511
Cash at bank and in hand 6,694 46,683
583,677 683,753
Creditors: amounts falling due within one year 7 ( 764,925) ( 688,653)
Net current liabilities (181,248) (4,900)
Total assets less current liabilities 51,510 201,983
Creditors: amounts falling due after more than one year 8 ( 146,486) ( 251,980)
Provision for liabilities 9 ( 5,251) ( 6,251)
Net liabilities ( 100,227) ( 56,248)
Capital and reserves
Called-up share capital 400 400
Profit and loss account ( 100,627 ) ( 56,648 )
Total shareholder's deficit ( 100,227) ( 56,248)

For the financial year ending 29 February 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 Remous Print Limited (registered number: 01479229) were approved and authorised for issue by the Board of Directors on 03 October 2024. They were signed on its behalf by:

A C N Bunter
Director
REMOUS PRINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
REMOUS PRINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 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

Remous Print 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 4 Barton View Business Park, Sheeplands Lane, Sherborne, DT9 4FW, 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 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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account 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. Tax is recognised in the profit and loss account, 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.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

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. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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:

Plant and machinery 10 - 20 % reducing balance
Vehicles 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.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 23 24

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 March 2023 328,842 328,842
At 29 February 2024 328,842 328,842
Accumulated amortisation
At 01 March 2023 249,437 249,437
Charge for the financial year 26,104 26,104
At 29 February 2024 275,541 275,541
Net book value
At 29 February 2024 53,301 53,301
At 28 February 2023 79,405 79,405

4. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 March 2023 323,961 49,698 373,659
Additions 85,692 0 85,692
Disposals 0 ( 35,003) ( 35,003)
At 29 February 2024 409,653 14,695 424,348
Accumulated depreciation
At 01 March 2023 214,309 31,872 246,181
Charge for the financial year 19,885 2,362 22,247
Disposals 0 ( 23,537) ( 23,537)
At 29 February 2024 234,194 10,697 244,891
Net book value
At 29 February 2024 175,459 3,998 179,457
At 28 February 2023 109,652 17,826 127,478

5. Stocks

2024 2023
£ £
Stocks 63,361 84,910
Work in progress 41,840 65,649
105,201 150,559

6. Debtors

2024 2023
£ £
Trade debtors 304,374 321,293
Amounts owed by Group undertakings 40,538 0
Amounts owed by Parent undertakings 112,276 127,235
Other debtors 14,594 37,983
471,782 486,511

Amounts owed by Group and Parent undertakings are repayable on demand and do not bear interest.

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 105,869 102,663
Trade creditors 320,923 265,107
Amounts owed to Group undertakings 7,952 0
Other taxation and social security 24,005 17,226
Obligations under finance leases and hire purchase contracts (secured) 29,503 23,476
Other creditors 276,673 280,181
764,925 688,653

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

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

2024 2023
£ £
Bank loans (secured) 75,623 181,492
Obligations under finance leases and hire purchase contracts (secured) 64,863 58,488
Other creditors 6,000 12,000
146,486 251,980

Within other creditors under one year is an amount of £199,893 which is secured by a fixed and floating charge over the company assets. The bank overdraft is secured by a fixed and floating charge over the company assets.

Within bank loans is a balance of £87,193 (2023 - £127,193) relating to an outstanding amount due from two Coronavirus Business Interruption Loans. The UK government have guaranteed 80% of the value of the original loans (being £175,000).

The hire purchase contracts are secured on the assets concerned which are included within plant and machinery and motor vehicles. The total net book value of the assets held on hire purchase is £130,953 (2023 - £76,055).

9. Provision for liabilities

2024 2023
£ £
Deferred tax 5,251 6,251

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 56,064 53,730
between one and five years 51,692 109,014
107,756 162,744

11. Related party transactions

Transactions with the entity's directors

Advances

A C N Bunter

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 March 2023, the balance owed by the director was £9,020. During the year, £49,446 was advanced to the director, and £53,727 was repaid by the director. At 29 February 2024, the balance owed by the director was £4,739.

At 1 March 2022, the balance owed by the director was £260. During the year, £46,858 was advanced to the director, and £38,098 was repaid by the director. At 28 February 2023, the balance owed by the director was £9,020.

12. Ultimate controlling party

Parent Company:

Remous Group Limited
Unit 4 Barton View Business Park, Sheeplands Lane, Sherborne, Dorset, United Kingdom, DT9 4FW