Company registration number 07288382 (England and Wales)
PRINTACOM LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PRINTACOM LTD
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 7
PRINTACOM LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRINTACOM LTD FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Printacom Ltd for the year ended 30 September 2024 which comprise, the statement of financial position 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of Printacom Ltd, as a body, in accordance with the terms of our engagement letter dated 8 May 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Printacom Ltd and state those matters that we have agreed to state to the board of directors of Printacom Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Printacom Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Printacom Ltd 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 Printacom Ltd. You consider that Printacom Ltd 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 Printacom Ltd. 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.
Bishops
2 December 2024
Chartered Accountants
1 Croft Court
Plumpton Close
Whitehills Business Park
Blackpool
Lancashire
FY4 5PR
PRINTACOM LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
135,568
36,518
Current assets
Stocks
14,405
14,405
Debtors
5
71,590
53,171
Cash at bank and in hand
100,453
126,872
186,448
194,448
Creditors: amounts falling due within one year
6
(82,002)
(76,330)
Net current assets
104,446
118,118
Total assets less current liabilities
240,014
154,636
Creditors: amounts falling due after more than one year
7
(94,734)
(30,647)
Provisions for liabilities
(15,111)
(9,130)
Net assets
130,169
114,859
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
129,169
113,859
Total equity
130,169
114,859
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PRINTACOM LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 30 November 2024 and are signed on its behalf by:
Mr M Almeida
Director
Company Registration No. 07288382
PRINTACOM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information
Printacom Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Harley House, Cocker Street Trading Estate, Blackpool, Lancashire, FY1 2EP.
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. 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
Intangible fixed assets - goodwill
Goodwill, being the amount paid with the acquisition of the business in 2010, is being amortised over its estimate useful life of 10 years.
1.4
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, or if held under finance lease, over the lease term, whichever is the shorter, on the following bases:
Plant and equipment
25% on reducing balance
Computers
33% on cost
Motor vehicles
25% on cost
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.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PRINTACOM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
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 in which they relate.
1.8
Leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchases contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
PRINTACOM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
870,000
Amortisation and impairment
At 1 October 2023 and 30 September 2024
870,000
Carrying amount
At 30 September 2024
At 30 September 2023
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
347,133
10,786
26,000
383,919
Additions
63,470
1,313
79,921
144,704
At 30 September 2024
410,603
12,099
105,921
528,623
Depreciation and impairment
At 1 October 2023
310,935
10,466
26,000
347,401
Depreciation charged in the year
24,917
757
19,980
45,654
At 30 September 2024
335,852
11,223
45,980
393,055
Carrying amount
At 30 September 2024
74,751
876
59,941
135,568
At 30 September 2023
36,198
320
36,518
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
68,008
52,354
Prepayments and accrued income
3,582
817
71,590
53,171
PRINTACOM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Obligations under finance leases
36,920
2,821
Trade creditors
2,078
2,276
Corporation tax
4,034
25,548
Other taxation and social security
22,855
31,029
Other creditors
2,595
1,136
Accruals and deferred income
3,520
3,520
82,002
76,330
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,222
24,222
Hire Purchase Contracts
80,512
6,425
94,734
30,647