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Registration number: 07889639

Print Logic Reprographics Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Print Logic Reprographics Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Print Logic Reprographics Ltd

Company Information

Director

Mr P Edwards

Registered office

3 Durley Park Close
North Cheshire Trading Estate
Prenton
Wirral
CH43 3DZ

Accountants

G W Kelly & Company
Chartered Certified Accountants
3 Stadium Court
Plantation Road
Bromborough
Merseyside
CH62 3QG

 

Print Logic Reprographics Ltd

(Registration number: 07889639)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

112,094

140,600

Current assets

 

Stocks

5

5,000

5,000

Debtors

6

535,795

227,493

Cash at bank and in hand

 

471,005

438,039

 

1,011,800

670,532

Creditors: Amounts falling due within one year

7

(421,400)

(248,987)

Net current assets

 

590,400

421,545

Net assets

 

702,494

562,145

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

701,494

561,145

Shareholders' funds

 

702,494

562,145

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 November 2024
 

.........................................
Mr P Edwards
Director

 

Print Logic Reprographics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
3 Durley Park Close
North Cheshire Trading Estate
Prenton
Wirral
CH43 3DZ

These financial statements were authorised for issue by the director on 21 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Print Logic Reprographics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and Buildings

10% on cost

Plant and machinery

15%, 25% and 33% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Print Logic Reprographics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 23 (2023 - 12).

 

Print Logic Reprographics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

163,548

123,839

287,387

Additions

-

1,716

1,716

At 29 February 2024

163,548

125,555

289,103

Depreciation

At 1 March 2023

74,039

72,748

146,787

Charge for the year

16,354

13,868

30,222

At 29 February 2024

90,393

86,616

177,009

Carrying amount

At 29 February 2024

73,155

38,939

112,094

At 28 February 2023

89,509

51,091

140,600

Included within the net book value of land and buildings above is £73,155 (2023 - £89,509) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

5,000

5,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

283,881

215,130

Other debtors

251,914

12,363

 

535,795

227,493

 

Print Logic Reprographics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

228

-

Trade creditors

 

127,292

41,493

Taxation and social security

 

166,931

91,620

Accruals and deferred income

 

111,077

83,077

Other creditors

 

15,872

32,797

 

421,400

248,987

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

228

-

9

Related party transactions

Transactions with the director

2024

At 1 March 2023
£

Advances to director
£

At 29 February 2024
£

Mr P Edwards

Loan at official interest rate

-

39,112

39,112

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,570

12,576

Contributions paid to money purchase schemes

40,000

-

52,570

12,576