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Company No: 10569930 (England and Wales)

INFORM PRINTED SOLUTIONS LIMITED

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

INFORM PRINTED SOLUTIONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

INFORM PRINTED SOLUTIONS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
INFORM PRINTED SOLUTIONS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 76,619 0
Tangible assets 4 399,363 192,159
475,982 192,159
Current assets
Stocks 180,718 105,902
Debtors 5 377,786 235,766
Cash at bank and in hand 6 427,545 475,572
986,049 817,240
Creditors: amounts falling due within one year 7 ( 925,982) ( 535,109)
Net current assets 60,067 282,131
Total assets less current liabilities 536,049 474,290
Creditors: amounts falling due after more than one year 8 ( 385,274) ( 205,385)
Provision for liabilities 9 ( 63,345) ( 47,602)
Net assets 87,430 221,303
Capital and reserves
Called-up share capital 100 100
Profit and loss account 87,330 221,203
Total shareholders' funds 87,430 221,303

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.

Directors' responsibilities:

The financial statements of Inform Printed Solutions Limited (registered number: 10569930) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

T R Tassie
Director
T S Tassie
Director

30 October 2024

INFORM PRINTED SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
INFORM PRINTED SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 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

Inform Printed Solutions 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 57 Turbine Way, Swaffham, PE37 7XD, 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 £.

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 Statement of Financial Position 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.

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 Statement of Financial Position 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:

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

Leasehold improvements 6.67 years straight line
Plant and machinery 25 % reducing balance
Office equipment 25 % reducing balance
Computer 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
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.

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.

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.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 39 21

3. Intangible assets

Website costs Total
£ £
Cost
At 01 February 2023 0 0
Additions 79,950 79,950
At 31 January 2024 79,950 79,950
Accumulated amortisation
At 01 February 2023 0 0
Charge for the financial year 3,331 3,331
At 31 January 2024 3,331 3,331
Net book value
At 31 January 2024 76,619 76,619
At 31 January 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 February 2023 24,398 196,381 21,269 33,105 275,153
Additions 86,360 184,690 2,213 19,959 293,222
Disposals 0 ( 2,205) ( 167) ( 453) ( 2,825)
At 31 January 2024 110,758 378,866 23,315 52,611 565,550
Accumulated depreciation
At 01 February 2023 305 65,080 7,529 10,080 82,994
Charge for the financial year 5,723 66,814 3,873 8,873 85,283
Disposals 0 ( 1,598) ( 112) ( 380) ( 2,090)
At 31 January 2024 6,028 130,296 11,290 18,573 166,187
Net book value
At 31 January 2024 104,730 248,570 12,025 34,038 399,363
At 31 January 2023 24,093 131,301 13,740 23,025 192,159
Leased assets included above:
Net book value
At 31 January 2024 0 19,521 0 0 19,521
At 31 January 2023 0 26,028 0 0 26,028

5. Debtors

2024 2023
£ £
Trade debtors 149,587 49,180
Amounts owed by associates 110,791 110,891
Amounts owed by directors 43,994 0
Prepayments 69,553 75,695
Other debtors 3,861 0
377,786 235,766

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 227,552 475,572
Short-term deposits 199,993 0
427,545 475,572

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 80,928 43,949
Trade creditors 521,493 332,473
Amounts owed to directors 0 291
Accruals 124,406 64,379
Taxation and social security 74,634 80,891
Obligations under finance leases and hire purchase contracts (secured) 35,426 11,349
Other creditors 89,095 1,777
925,982 535,109

Obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.

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

2024 2023
£ £
Bank loans 323,452 194,380
Obligations under finance leases and hire purchase contracts (secured) 61,822 11,005
385,274 205,385

Obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.

9. Provision for liabilities

2024 2023
£ £
Deferred tax 63,345 47,602

10. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,708 1,538

11. Related party transactions

Transactions with owners holding a participating interest in the entity

At the year end the Company was owed £110,791 (2023- £110,891) by a company with the same controlling interest, the loan is interest free and repayable on demand.

At the year end the Company was owed £44,994 (2023- £nil) by the directors, the loan is interest free and repayable on demand.

At the year end the Company owed the directors £nil, (2022- £291) the amount is interest free and repayable on demand.