REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31st January 2024 |
for |
COLLECTOR SET PRINTERS LTD |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31st January 2024 |
for |
COLLECTOR SET PRINTERS LTD |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Contents of the Financial Statements |
for the year ended 31st January 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Profit and Loss Account | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Notes to the Financial Statements | 14 |
COLLECTOR SET PRINTERS LTD |
Company Information |
for the year ended 31st January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
Monometer House |
Rectory Grove |
Leigh on Sea |
Essex |
SS9 2HN |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Strategic Report |
for the year ended 31st January 2024 |
INTRODUCTION |
The directors have pleasure in presenting their strategic report for the year ended 31 January 2024. The directors aim to present a balanced and comprehensive review of the development and performance of the company's business during the year and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties that the company faces. |
REVIEW OF BUSINESS |
The directors are delighted to report continued turnover growth in this financial year (1.4%) which is very encouraging given the drive toward digitisation within a core market sector that the company operates within. The company will continue to invest in both processes and innovation to maintain and improve upon current levels of turnover, seeking a wider diversification of market penetration to secure continuing growth from identified market opportunities. |
The company reports a small decline in the level of gross profit margins reported (to 38.5% from 40.3%), This gross margin reduction is representative of operating within a competitive, tendered marketplace as well as a slight change in mix of work that has seen a large increase in sub-contractor costs (76.8%) for services that are provided by third parties as well as other corporate group members. |
With the impacts of competition and change in mix of work, the Board are satisfied with the level of operating profits reported in the current year (at 7.0%). |
Last year, the statutory accounts were prepared with the inclusion of a dilapidations provision in relation to a proposed relocation of the business to the Delga Group Head Offices, moving away from the properties leased for many years in Aylesford. Following extensive negotiations with the landlords, the Board are delighted to be able to advise that, effective from August 2024, the company relocated to the Group Head Office function housed at Seaplane House and secured a full and final settlement that has given rise to a release of an excess provision of £135,881. |
Consequently, the company reports a small increase in profitability at £712,545 before tax (8.5%) as compared to the strong performance last year of £673,777 (8.1%). |
The directors are confident that, resultant from the relocation and absorption of overhead, management and operational savings across the group, the company will continue to deliver strong levels of profitability in the coming year. |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Strategic Report |
for the year ended 31st January 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors recognise that risk is inherent in any business and seek to manage risk in a controlled manner. |
The key business risks are set out as follows: |
Economic - the company is subject to many of the same general economic risks faced by other businesses especially during periods of economic downturn. The company seeks to mitigate this risk by having a diverse geographical and sector mix of customers. |
Commercial - the company operates in a competitive marketplace and faces competition from other manufacturers. The company seeks to mitigate this risk by continually developing and expanding their product range, and offering an extensive range of high quality products. |
Financing - the company's funding requirements are met through a combination of medium term loans and short term invoice discounting facilities. |
Financial - the company has a specific exposure to credit risk, liquidity risk, and interest rate fluctuations. The company has established a number of policies and management tools to mitigate the risks presented. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The key performance indicators are as follows: |
2024 | 2023 |
£'000 | £'000 |
Turnover | 8,418 | 8,305 |
Gross profit | 3,239 | 3,347 |
Operating profit | 585 | 1,101 |
Pre-tax profit | 713 | 674 |
The directors monitor a range of KPIs on a regular basis including operating efficiency, asset utilisation, liquidity and asset ratios, as well as cash flow forecasting systems. |
ON BEHALF OF THE BOARD: |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Report of the Directors |
for the year ended 31st January 2024 |
The directors present their report with the financial statements of the company for the year ended 31st January 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of The principal activities of the company continued to be that of printers, printed packaging and fulfilment specialists. |
DIVIDENDS |
No dividends will be distributed for the year ended 31st January 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st February 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- select suitable accounting policies and then apply them consistently |
- make judgments and accounting estimates that are reasonable and prudent |
- state whether applicable UK Accounting Standards have been followed, subject to any material departures, disclosed and explained in the financial statements |
- prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the company will continue in business |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Report of the Directors |
for the year ended 31st January 2024 |
AUDITORS |
The auditors, Barrons Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Collector Set Printers Ltd |
Opinion |
We have audited the financial statements of Collector Set Printers Ltd (the 'company') for the year ended 31st January 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31st January 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Collector Set Printers Ltd |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Collector Set Printers Ltd |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. |
The following laws and regulations were identified as being of significance to the entity: |
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. |
- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include health and safety legislation. |
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Collector Set Printers Ltd |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
Monometer House |
Rectory Grove |
Leigh on Sea |
Essex |
SS9 2HN |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Profit and Loss Account |
for the year ended 31st January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
2,653,908 | 2,246,156 |
OPERATING PROFIT | 5 |
Dilapidation costs | 6 | ( |
) |
721,267 | 683,076 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Other Comprehensive Income |
for the year ended 31st January 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Balance Sheet |
31st January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 16 | ( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Statement of Changes in Equity |
for the year ended 31st January 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st February 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st January 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31st January 2024 |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Notes to the Financial Statements |
for the year ended 31st January 2024 |
1. | STATUTORY INFORMATION |
Collector Set Printers Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Turnover |
The turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is recognised: |
Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- | the Company has transferred the significant risks and rewards of ownership to the buyer; |
- | the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- | the amount of revenue can be measured reliably; |
- | it is probable that the Company will receive the consideration due under the transaction; and |
- | the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- | the amount of revenue can be measured reliably; |
- | it is probable that the Company will receive the consideration due under the contract; |
- | the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- | the costs incurred and the costs to complete the contract can be measured reliably. |
Goodwill |
Goodwill represents the amount paid in connection with the acquisition of the company's trading activities at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and Loss Account over its useful economic life. |
The estimated useful life is as follows: |
Goodwill - Straight line over 10 years |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Notes to the Financial Statements - continued |
for the year ended 31st January 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below. |
Depreciation is provided on the following basis: |
Plant and machinery - straight line or diminishing value over estimated useful life |
Fixtures and fittings - straight line over estimated useful life |
Motor vehicles - straight line over estimated useful life |
Computer equipment - straight line over estimated useful life |
The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
At each balance sheet date, stocks are assessed for impairment. If Stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Notes to the Financial Statements - continued |
for the year ended 31st January 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 |
Assets obtained under hire purchase contacts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit and loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
The Company only enters into basic financial instruments 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 non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Notes to the Financial Statements - continued |
for the year ended 31st January 2024 |
2. | ACCOUNTING POLICIES - continued |
Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using effective interest method, less any impairment. |
Holiday pay accrual |
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date. |
Invoice discounting |
The company has an agreement with HSBC Bank Plc whereby the majority of its trade debtors are invoice discounted with recourse after 60 days. On the basis that the benefits and risks attaching to the debts remain with the company, a separate presentation has been adopted, in accordance with FRS102 section 2. On this basis the gross debts are included as an asset within trade debtors and the proceeds received are included within bank loans as a liability. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Notes to the Financial Statements - continued |
for the year ended 31st January 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 2 | 2 |
Administration | 12 | 11 |
Distribution | 7 | 7 |
Marketing | 1 | - |
Production | 29 | 30 |
Repro | 5 | 6 |
Sales | 3 | 4 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Goodwill amortisation |
Auditors' remuneration |
Auditors non audit service fees |
6. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Dilapidation costs | ( |
) |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Factor interest |
Hire purchase |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Notes to the Financial Statements - continued |
for the year ended 31st January 2024 |
8. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Deferred tax | ( |
) | ( |
) |
Tax on profit | ( |
) | ( |
) |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances | - |
Effects of change in tax rate | - | 1,827 |
Group relief | (180,413 | ) | (140,990 | ) |
Deferred tax | (338 | ) | - |
Non-tax deductible amortisation of goodwill and impairment | - | 190 |
Total tax credit | (338 | ) | (3,535 | ) |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim |
10. | LEASEHOLD DILAPIDATIONS |
A provision was made in the prior year financial statements for the expected cost of leasehold dilapidations amounting to £417,500. This provision is based upon an assessment undertaken by a third party expert of the condition of leasehold properties and their estimate of the cost of the necessary work required to comply with the lease terms. |
In the current year the provision has been reversed by £135,881 to reflect an after date agreement with the landlord to reduce the total future cost of the dilapidation works. |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Notes to the Financial Statements - continued |
for the year ended 31st January 2024 |
11. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st February 2023 |
and 31st January 2024 |
AMORTISATION |
At 1st February 2023 |
Amortisation for year |
At 31st January 2024 |
NET BOOK VALUE |
At 31st January 2024 |
At 31st January 2023 |
12. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st February 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31st January 2024 |
DEPRECIATION |
At 1st February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31st January 2024 |
NET BOOK VALUE |
At 31st January 2024 |
At 31st January 2023 |
The net book value of assets held under finance leases or hire purchase contracts, included above is |
£103,833 (2023: £121,633). |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Notes to the Financial Statements - continued |
for the year ended 31st January 2024 |
13. | STOCKS |
2024 | 2023 |
£ | £ |
Raw materials |
Work-in-progress |
Finished goods |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 206 | 66 |
Prepayments and accrued income |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 17) |
Hire purchase contracts (see note 18) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 252,946 | 262,709 |
Other creditors |
Accruals and deferred income |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 18) |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Notes to the Financial Statements - continued |
for the year ended 31st January 2024 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Notes to the Financial Statements - continued |
for the year ended 31st January 2024 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts | 26,521 | 58,211 |
The amounts disclosed within bank loans relates to an invoice financing account facility, which is secured on the debts arising from the business. |
Obligations under hire purchase agreements are guarenteed within the group and secured by a charge over the individual assets that are subject of the agreement. |
20. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 54,866 | 55,204 |
Other provisions | 281,619 | 417,500 |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1st February 2023 |
Utilised during year | ( |
) |
Unused amounts reversed during year | ( |
) |
Balance at 31st January 2024 |
Other provisions relate to estimated dilapidation costs required to restore leasehold properties to their original condition at the end of the lease term. |
21. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Share capital 1 | £1 | 6,000 | 6,000 |
COLLECTOR SET PRINTERS LTD (REGISTERED NUMBER: 01237987) |
Notes to the Financial Statements - continued |
for the year ended 31st January 2024 |
22. | RESERVES |
Retained |
earnings |
£ |
At 1st February 2023 |
Profit for the year |
At 31st January 2024 |
23. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
As at 31 January 2024, one of the directors owed the company £206 (2023: £66). |
24. | ULTIMATE PARENT COMPANY |
The Meliora Group Limited is the ultimate parent company for the current year due to its shareholding in the company. The Meliora Group Limited prepares consolidated financial statements and these may be obtained from their registered office at Seaplane House, Sir Thomas Longley Road, Medway City Estate, Rochester, Kent, ME2 4DP. |