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Registration number: 01807261

T. Print Limited

Annual Report and Unaudited Financial Statements (Filleted)

for the Year Ended 31 January 2024

 

T. Print Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 12

 

T. Print Limited

Company Information

Director

Mr A Bainbridge

Company secretary

Mr P Bainbridge

Registered office

Apparel House
Bristol Avenue
Bispham
Lancashire
FY2 0JF

Accountants

Horne Brooke Shenton
Chartered Accountants
15 Olympic Court Boardmans Way
Whitehills Business Park
Blackpool
FY4 5GU

 

T. Print Limited

(Registration number: 01807261)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed Assets

 

Intangible assets

4

-

1,463

Tangible Assets

5

376,729

405,818

 

376,729

407,281

Current assets

 

Stocks

6

285,891

310,214

Debtors

7

265,141

554,792

Cash at bank and in hand

 

16,110

65,138

 

567,142

930,144

Creditors: Amounts falling due within one year

8

(599,303)

(1,268,727)

Net current liabilities

 

(32,161)

(338,583)

Total assets less current liabilities

 

344,568

68,698

Creditors: Amounts falling due after more than one year

8

(510,146)

(83,437)

Net liabilities

 

(165,578)

(14,739)

Capital and Reserves

 

Called up share capital

10

202

202

Retained Earnings

(165,780)

(14,941)

Shareholders' deficit

 

(165,578)

(14,739)

For the financial year ending 31 January 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 his 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 and in accordance with the provisions of FRS 102 Section 1A.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 31 October 2024
 

.........................................
Mr A Bainbridge
Director

 

T. Print Limited

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

1

General information

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

The address of its registered office is:
Apparel House
Bristol Avenue
Bispham
Lancashire
FY2 0JF

These financial statements were authorised for issue by the director on 31 October 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 small entities - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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. The director believes this to be appropriate as management accounts to date show a significant increase in profitability and trading should continue to improve in the future, in the meantime the company will continue to have the support of the shareholders.

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.

Government grants

Whether of a capital or revenue nature, government grants have been recognised on an accruals basis and recognised in the accounts in the period in which they become receivable.

Grants of a revenue nature are recognised in "other operating income"; within the profit and loss account of the same period as the related expenditure.

 

T. Print Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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.

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.

 

T. Print Limited

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

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:

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 at the age and in the condition expected at the end of its useful economic life.

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

15% straight line

Motor vehicles

25% reducing balance

Computer equipment

33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Lease property

10% straight line

Website design

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.

 

T. Print Limited

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

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

T. Print Limited

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

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 53 (2023 - 56).

 

T. Print Limited

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

4

Intangible assets

Goodwill
 £

Website development costs
£

Property lease costs
£

Total
£

Cost or valuation

At 1 February 2023

60,000

11,670

14,648

86,318

At 31 January 2024

60,000

11,670

14,648

86,318

Amortisation

At 1 February 2023

60,000

11,670

13,185

84,855

Amortisation charge

-

-

1,463

1,463

At 31 January 2024

60,000

11,670

14,648

86,318

Carrying amount

At 31 January 2024

-

-

-

-

At 31 January 2023

-

-

1,463

1,463

5

Tangible Assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

126,448

243,623

959,346

140,998

46,594

1,517,009

Additions

-

22,025

20,181

8,748

-

50,954

Disposals

-

-

(29,000)

-

-

(29,000)

At 31 January 2024

126,448

265,648

950,527

149,746

46,594

1,538,963

Depreciation

At 1 February 2023

-

210,063

758,978

136,667

5,483

1,111,191

Charge for the year

-

12,622

52,764

4,212

10,278

79,876

Eliminated on disposal

-

-

(28,833)

-

-

(28,833)

At 31 January 2024

-

222,685

782,909

140,879

15,761

1,162,234

Carrying amount

At 31 January 2024

126,448

42,963

167,618

8,867

30,833

376,729

At 31 January 2023

126,448

33,560

200,368

4,331

41,111

405,818

Included within the net book value of land and buildings above is £126,448 (2023 - £126,448) in respect of freehold land and buildings.
 

 

T. Print Limited

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

6

Stocks

2024
£

2023
£

Other inventories

285,891

310,214

7

Debtors

Current

2024
£

2023
£

Trade Debtors

98,615

396,062

Prepayments

21,984

24,708

Other debtors

144,542

134,022

 

265,141

554,792

 

T. Print Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

28,814

31,174

Trade Creditors

 

347,676

1,026,740

Taxation and social security

 

147,733

156,334

Accruals and deferred income

 

54,250

52,022

Other creditors

 

20,830

2,457

 

599,303

1,268,727

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

510,146

83,437

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

30,834

40,833

Finance lease liabilities

18,587

42,604

Other borrowings

460,725

-

510,146

83,437

2024
£

2023
£

Current loans and borrowings

Finance lease liabilities

28,814

31,174

 

T. Print Limited

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

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

100 Ordinary shares of £1 each

100

100

100

100

51 Ordinary Class A shares of £1 each

51

51

51

51

49 Ordinary Class B shares of £1 each

49

49

49

49

1 Ordinary Class C share of £1 each

1

1

1

1

1 Ordinary Class D share of £1 each

1

1

1

1

 

202

202

202

202

11

Related party transactions

Transactions with the director

2024

At 1 February 2023
£

Repayments by director
£

At 31 January 2024
£

Mr A Bainbridge

Current account with the director

(32,345)

32,345

-

2023

At 1 February 2022
£

Repayments by director
£

At 31 January 2023
£

Mr A Bainbridge

Current account with the director

(32,921)

576

(32,345)

Loans made to the Director are interest free and repayable on demand. The amount has been wholly repaid after the year end.

 

T. Print Limited

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

Summary of transactions with other related parties

Mr Alan Bainbridge
 During the year the company paid dividends totalling £Nil (2023 - £Nil) to Mr A. Bainbridge

During the year the company also paid dividends totalling £Nil (2023 - £Nil) to the Bainbridge Family Trust, of which Mr Alan Bainbridge is a trustee.

No dividends were paid to any other shareholders.

The company is leasing 261 Bristol Avenue from the T Print Limited Benefits Scheme. The rent charged in the period was, £110,000 (2023: £165,000) (VAT exclusive). Mr Bainbridge is a trustee of the Retirement Benefits Scheme. During the year the company took advantage of a rent holiday offered to assist with cashflow.