Company registration number 6587623 (England and Wales)
PRINT BUREAU TEAM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
PRINT BUREAU TEAM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PRINT BUREAU TEAM LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
169,635
149,813
Current assets
Stocks
11,714
17,637
Debtors
4
70,012
64,049
Cash at bank and in hand
203,669
111,303
285,395
192,989
Creditors: amounts falling due within one year
5
(105,670)
(119,814)
Net current assets
179,725
73,175
Total assets less current liabilities
349,360
222,988
Creditors: amounts falling due after more than one year
6
(134,269)
(24,525)
Provisions for liabilities
(31,046)
Net assets
184,045
198,463
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
183,945
198,363
Total equity
184,045
198,463
PRINT BUREAU TEAM LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 20 November 2024
Mr Jeremy Levick
Director
Company registration number 6587623 (England and Wales)
PRINT BUREAU TEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Print Bureau Team Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Ruston Road, Grantham, Lincolnshire, NG31 9SW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
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.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% straight line
Fixtures and fittings
15% straight line
Computers
33% straight line
Motor vehicles
25% straight line
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.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
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 current liabilities.
PRINT BUREAU TEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
PRINT BUREAU TEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
9
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
355,435
18,350
41,303
9,885
424,973
Additions
111,254
692
111,946
At 31 May 2024
466,689
19,042
41,303
9,885
536,919
Depreciation and impairment
At 1 June 2023
226,721
15,145
29,321
3,973
275,160
Depreciation charged in the year
82,848
1,062
6,736
1,478
92,124
At 31 May 2024
309,569
16,207
36,057
5,451
367,284
Carrying amount
At 31 May 2024
157,120
2,835
5,246
4,434
169,635
At 31 May 2023
128,714
3,205
11,982
5,912
149,813
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
58,919
59,535
Other debtors
11,093
4,514
70,012
64,049
PRINT BUREAU TEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
35,406
16,373
Trade creditors
29,522
60,530
Corporation tax
34,041
26,686
Other taxation and social security
4,205
9,759
Directors loan account
889
4,861
Accruals and deferred income
1,607
1,605
105,670
119,814
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
134,269
24,525