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COMPANY REGISTRATION NUMBER: 04631730
PRINT EVOLUTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
31 March 2024
PRINT EVOLUTION LIMITED
FINANCIAL STATEMENTS
Year ended 31 March 2024
CONTENTS
PAGE
Directors' report
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5
The following pages do not form part of the financial statements
Detailed profit and loss account
11
PRINT EVOLUTION LIMITED
DIRECTORS' REPORT
Year ended 31 March 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024 .
Directors
The directors who served the company during the year were as follows:
Ms L P George
Mr M George
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 11 November 2024 and signed on behalf of the board by:
Warning: please do not remove and statements as these control pagination. If you are using the reportpad as the signatory please ensure there are tags included or you will not be allowed to continue iXBRL generation for use with a Director signature L George Director
** Position ** ** Position **
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** Name (line 2) ** ** Position **
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRINT EVOLUTION LIMITED
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Print Evolution Limited for the year ended 31 March 2024, which comprise the profit and loss account, balance sheet and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Print Evolution Limited, as a body, in accordance with the terms of our engagement letter dated 18 August 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Print Evolution Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Print Evolution Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Print Evolution Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Print Evolution Limited. You consider that Print Evolution Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Print Evolution Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HUW SHEPPARD FOR AND ON BEHALF OF KILSBY & WILLIAMS LLP Chartered Accountants
Cedar House Hazell Drive Newport NP10 8FY
14 November 2024
PRINT EVOLUTION LIMITED
PROFIT AND LOSS ACCOUNT
Year ended 31 March 2024
2024
2023
Note
£
£
TURNOVER
151,590
144,489
Cost of sales
( 38,938)
( 37,203)
---------
---------
GROSS PROFIT
112,652
107,286
Administrative expenses
( 106,065)
( 100,916)
---------
---------
OPERATING PROFIT
6,587
6,370
Interest payable and similar expenses
( 1,910)
( 3,592)
---------
---------
PROFIT BEFORE TAXATION
5
4,677
2,778
Tax on profit
2
-------
-------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
4,677
2,780
-------
-------
RETAINED LOSSES AT THE START OF THE YEAR
( 23,845)
( 26,625)
--------
--------
RETAINED LOSSES AT THE END OF THE YEAR
( 19,168)
( 23,845)
--------
--------
All the activities of the company are from continuing operations.
PRINT EVOLUTION LIMITED
BALANCE SHEET
31 March 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
6
34,700
37,740
CURRENT ASSETS
Stocks
3,475
3,475
Debtors
7
14,535
13,944
Cash at bank and in hand
6,989
7,575
--------
--------
24,999
24,994
CREDITORS: amounts falling due within one year
8
( 21,990)
( 17,348)
--------
--------
NET CURRENT ASSETS
3,009
7,646
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
37,709
45,386
CREDITORS: amounts falling due after more than one year
9
( 16,877)
( 29,231)
--------
--------
NET ASSETS
20,832
16,155
--------
--------
CAPITAL AND RESERVES
Called up share capital
40,000
40,000
Profit and loss account
( 19,168)
( 23,845)
--------
--------
SHAREHOLDERS FUNDS
20,832
16,155
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 11 November 2024 , and are signed on behalf of the board by:
Ms L P George
Director
Company registration number: 04631730
PRINT EVOLUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in United Kindgom. The address of the registered office is Unit 2 Merthyr Industrial Park, Pentrebach, Merthyr Tydfil, Mid Glamorgan, CF48 4DR, United Kingdom.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company made a profit of £4,677 in the year but continued to maintain retained losses of £19,168. The directors believe they can maintain sufficient cashflows and working capital levels to meet all debts as they fall due. On this basis the directors consider it appropriate to prepare the accounts on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% and 10% straight line
Fixtures and fittings
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. PROFIT BEFORE TAXATION
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
3,403
3,962
-------
-------
6. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
98,725
8,691
107,416
Additions
247
116
363
--------
-------
---------
At 31 March 2024
98,972
8,807
107,779
--------
-------
---------
Depreciation
At 1 April 2023
61,626
8,050
69,676
Charge for the year
3,237
166
3,403
--------
-------
---------
At 31 March 2024
64,863
8,216
73,079
--------
-------
---------
Carrying amount
At 31 March 2024
34,109
591
34,700
--------
-------
---------
At 31 March 2023
37,099
641
37,740
--------
-------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 March 2024
22,218
--------
At 31 March 2023
25,116
--------
7. DEBTORS
2024
2023
£
£
Trade debtors
14,443
13,864
Other debtors
92
80
--------
--------
14,535
13,944
--------
--------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,000
5,000
Trade creditors
3,206
2,254
Social security and other taxes
2,101
2,125
Other creditors
11,683
7,969
--------
--------
21,990
17,348
--------
--------
Finance lease creditors of £7,355 (2023: £5,796) are secured upon the related plant and machinery.
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,250
11,250
Other creditors
10,627
17,981
--------
--------
16,877
29,231
--------
--------
Finance lease creditors of £10,627 (2023: £17,981) are secured upon the related plant and machinery.
PRINT EVOLUTION LIMITED
MANAGEMENT INFORMATION
Year ended 31 March 2024
The following pages do not form part of the financial statements.
PRINT EVOLUTION LIMITED
DETAILED PROFIT AND LOSS ACCOUNT
Year ended 31 March 2024
2024
2023
Variance
£
£
£
%
TURNOVER
Sales
151,590
144,489
7,101
4.91
---------
---------
-------
-----
COST OF SALES
Print Purchases
38,873
36,825
2,048
5.56
Miscellaneous Purchases
65
378
(313)
(82.80)
--------
--------
-------
-------
38,938
37,203
1,735
4.66
--------
--------
-------
-------
GROSS PROFIT
112,652
107,286
5,366
5.00
---------
---------
-------
-----
GROSS PROFIT PERCENTAGE
74.31%
74.25%
-------
-------
ADMINISTRATIVE EXPENSES
Rent
7,200
7,200
Rent rates and water
1,522
3,152
(1,630)
(51.71)
Light and heat
2,990
2,629
361
13.73
Insurance
1,100
713
387
54.28
Repairs and maintenance
928
793
135
17.02
Wages and salaries
73,392
68,517
4,875
7.12
Staff pension contributions
4,391
4,391
Motor expenses
14
(14)
(100.00)
Travel and subsistence
2,736
2,432
304
12.50
Hire costs
820
820
Telephone
1,756
1,452
304
20.94
Equipment Hire
2
2
Printing postage and stationery
866
1,080
(214)
(19.81)
Advertising
122
(122)
(100.00)
Staff welfare & training
70
148
(78)
(52.70)
Charitable donations
52
52
Subscriptions
1,807
1,506
301
19.99
Premises expenses
254
416
(162)
(38.94)
Bad debts written off
47
(47)
(100.00)
Bank charges & credit card charges
688
298
390
130.87
Legal and professional fees
848
753
95
12.62
Accountancy fees
1,240
1,289
(49)
(3.80)
Depreciation of tangible assets
3,403
3,962
(559)
(14.11)
---------
---------
-------
--------
106,065
100,916
5,149
5.10
---------
---------
-------
--------
FINANCE COSTS
Interest on bank loans and overdrafts
350
474
(124)
(26.16)
Interest on hire purchase and finance lease contracts
1,560
3,118
(1,558)
(49.97)
-------
-------
-------
-------
1,910
3,592
(1,682)
(46.83)
-------
-------
-------
-------
PROFIT BEFORE TAXATION
4,677
2,778
1,899
68.36
-------
-------
-------
-------
PROFIT BEFORE TAXATION PERCENTAGE
3.09%
1.92%
-----
-----
TAXATION ON ORDINARY ACTIVITIES
Corporation tax charge
(2)
2
(100.00)
----
----
----
--------
PROFIT AFTER TAXATION
4,677
2,780
1,897
68.24
-------
-------
-------
-------
PROFIT AFTER TAXATION PERCENTAGE
3.09%
1.92%
-----
-----