Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2023-04-01falseNo description of principal activity33trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00688853 2023-04-01 2024-03-31 00688853 2022-04-01 2023-03-31 00688853 2024-03-31 00688853 2023-03-31 00688853 c:Director1 2023-04-01 2024-03-31 00688853 d:Buildings 2023-04-01 2024-03-31 00688853 d:Buildings 2024-03-31 00688853 d:Buildings 2023-03-31 00688853 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00688853 d:LandBuildings 2024-03-31 00688853 d:LandBuildings 2023-03-31 00688853 d:PlantMachinery 2023-04-01 2024-03-31 00688853 d:PlantMachinery 2024-03-31 00688853 d:PlantMachinery 2023-03-31 00688853 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00688853 d:FurnitureFittings 2023-04-01 2024-03-31 00688853 d:FurnitureFittings 2024-03-31 00688853 d:FurnitureFittings 2023-03-31 00688853 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00688853 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00688853 d:CurrentFinancialInstruments 2024-03-31 00688853 d:CurrentFinancialInstruments 2023-03-31 00688853 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 00688853 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00688853 d:ShareCapital 2024-03-31 00688853 d:ShareCapital 2023-03-31 00688853 d:RevaluationReserve 2024-03-31 00688853 d:RevaluationReserve 2023-03-31 00688853 d:RetainedEarningsAccumulatedLosses 2024-03-31 00688853 d:RetainedEarningsAccumulatedLosses 2023-03-31 00688853 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 00688853 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 00688853 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 00688853 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00688853 c:FRS102 2023-04-01 2024-03-31 00688853 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00688853 c:FullAccounts 2023-04-01 2024-03-31 00688853 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00688853 2 2023-04-01 2024-03-31 00688853 5 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 00688853










MODERN GRAPHIC ARTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
MODERN GRAPHIC ARTS LIMITED
REGISTERED NUMBER: 00688853

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
46,332
47,802

  
46,332
47,802

Current assets
  

Stocks
 5 
3,974
4,591

Debtors: amounts falling due within one year
 6 
10,224
12,849

Cash at bank and in hand
 7 
39,628
32,751

  
53,826
50,191

Creditors: amounts falling due within one year
 8 
(9,977)
(8,826)

Net current assets
  
 
 
43,849
 
 
41,365

Total assets less current liabilities
  
90,181
89,167

Provisions for liabilities
  

Deferred tax
 10 
(200)
(266)

  
 
 
(200)
 
 
(266)

Net assets
  
89,981
88,901


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Revaluation reserve
  
40,966
40,966

Profit and loss account
  
48,015
46,935

  
89,981
88,901


Page 1

 
MODERN GRAPHIC ARTS LIMITED
REGISTERED NUMBER: 00688853

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2024.




R.J. Bultitude
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MODERN GRAPHIC ARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Modern Graphic Arts Limited is a limited company incorporated in England and Wales. The Registered
Office is 52/54 Milton Road, Westcliff-On-Sea, Essex, SS0 7JX. The registered number is 00688853.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 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.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
MODERN GRAPHIC ARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model 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.

Page 4

 
MODERN GRAPHIC ARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Straight line over 50 years
Plant and machinery
-
25% reducing balance
Computer equipment
-
Straight line over 3 years

The assets' 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.

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the 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 or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
MODERN GRAPHIC ARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.13

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.

 
2.14

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 at an annual general meeting.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
2



Administration
1
1

3
3

Page 6

 
MODERN GRAPHIC ARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Computers
Total

£
£
£
£



Cost or valuation


At 1 April 2023
80,000
157,045
23,845
260,890



At 31 March 2024

80,000
157,045
23,845
260,890



Depreciation


At 1 April 2023
33,600
155,643
23,845
213,088


Charge for the year on owned assets
1,120
350
-
1,470



At 31 March 2024

34,720
155,993
23,845
214,558



Net book value



At 31 March 2024
45,280
1,052
-
46,332



At 31 March 2023
46,400
1,402
-
47,802




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
45,280
46,400

45,280
46,400


Land and buildings with a carrying value of £46,400 were last revalued on 5 October 1992.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
15,582
15,582

Accumulated depreciation
(7,660)
(7,442)

Net book value
7,922
8,140

Page 7

 
MODERN GRAPHIC ARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Stocks

2024
2023
£
£

Raw materials and consumables
3,964
4,143

Work in progress (goods to be sold)
10
448

3,974
4,591



6.


Debtors

2024
2023
£
£


Trade debtors
8,960
11,736

Prepayments and accrued income
1,264
1,113

10,224
12,849



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
39,628
32,751

39,628
32,751



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
6,046
4,631

Corporation tax
1,254
1,892

Other taxation and social security
962
1,322

Other creditors
11
11

Accruals and deferred income
1,704
970

9,977
8,826


Page 8

 
MODERN GRAPHIC ARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
39,628
32,751




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


10.


Deferred taxation




2024


£






At beginning of year
266


Charged to profit or loss
(66)



At end of year
200

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
200
266

200
266


11.


Related party transactions

During the year dividends were paid to directors amounting to £2,864 (2023 £3,717)


Page 9