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Registration number: 09129805

Seaton Print & Design Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Seaton Print & Design Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Seaton Print & Design Ltd

(Registration number: 09129805)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

62,420

73,617

Current assets

 

Stocks

6

16,000

15,000

Debtors

7

5,339

7,996

Cash at bank and in hand

 

73,403

49,963

 

94,742

72,959

Creditors: Amounts falling due within one year

8

(102,077)

(93,673)

Net current liabilities

 

(7,335)

(20,714)

Total assets less current liabilities

 

55,085

52,903

Creditors: Amounts falling due after more than one year

8

(32,867)

(40,210)

Provisions for liabilities

(6,301)

(3,997)

Net assets

 

15,917

8,696

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

15,817

8,596

Shareholders' funds

 

15,917

8,696

 

Seaton Print & Design Ltd

(Registration number: 09129805)
Statement of Financial Position as at 31 March 2024 (continued)

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 


Mr T R Churchill
Director

 

Seaton Print & Design Ltd

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2024

1

General information

The address of its registered office is:
Harbour Road
Seaton
Devon
EX12 2LX

Principal activity

The principal activity of the company is printing and design

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

Seaton Print & Design Ltd

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Fitting fixtures and equipment

20% reducing balance

Motor vehicle

25% reducing balance

Impairment

 

Seaton Print & Design Ltd

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

Borrowings

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 statement of comprehensive income 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.

 

Seaton Print & Design Ltd

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Seaton Print & Design Ltd

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

31,800

31,800

At 31 March 2024

31,800

31,800

Amortisation

At 1 April 2023

31,800

31,800

At 31 March 2024

31,800

31,800

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

94,378

33,828

128,206

Additions

5,986

-

5,986

At 31 March 2024

100,364

33,828

134,192

Depreciation

At 1 April 2023

46,132

8,457

54,589

Charge for the year

10,840

6,343

17,183

At 31 March 2024

56,972

14,800

71,772

Carrying amount

At 31 March 2024

43,392

19,028

62,420

At 31 March 2023

48,246

25,371

73,617

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

16,000

15,000

 

Seaton Print & Design Ltd

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2024 (continued)

7

Debtors

2024
£

2023
£

Trade debtors

2,904

5,554

Prepayments

2,435

2,442

5,339

7,996

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

7,739

7,738

Trade creditors

 

4,517

3,996

Taxation and social security

 

321

318

Accruals and deferred income

 

3,183

3,165

Other creditors

 

86,317

78,456

 

102,077

93,673

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Bank loans and overdrafts

10

32,867

40,210

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Seaton Print & Design Ltd

Notes to the Unaudited Financial Statements for the
Year Ended 31 March 2024 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

26,660

31,024

Hire purchase contracts

6,207

9,186

32,867

40,210

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,760

4,759

Hire purchase contracts

2,979

2,979

7,739

7,738

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

-

5,704