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Registration number: 02663669

Avenue Printing Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants
Brebners
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Avenue Printing Limited

Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

555

1,072

Current assets

 

Debtors

5

92,185

68,721

Cash at bank and in hand

 

69,992

99,545

 

162,177

168,266

Creditors: Amounts falling due within one year

6

(113,737)

(126,228)

Net current assets

 

48,440

42,038

Total assets less current liabilities

 

48,995

43,110

Creditors: Amounts falling due after more than one year

6

(33,424)

(38,026)

Provisions for liabilities

(106)

(204)

Net assets

 

15,465

4,880

Capital and reserves

 

Called up share capital

668

668

Capital redemption reserve

334

334

Retained earnings

14,463

3,878

Shareholders' funds

 

15,465

4,880

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Avenue Printing Limited

Statement of Financial Position as at 31 March 2024

Approved and authorised by the Board on 19 December 2024 and signed on its behalf by:
 

.........................................

Mr P Evans

Director

Company registration number: 02663669

 

Avenue Printing Limited

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

1

General information

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

The address of its registered office is:
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of printing brokerage.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 31 March 2024 and had net assets at that date amounting to £15,465.

The company has adequate bank facilities in place and the cash flow forecasts indicate the company has sufficient working capital for a period of at least 12 months from the date of the approval of the financial statements.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

Turnover is recognised upon the satisfactory delivery of printing to the customer. The company acts as principal and turnover is therefore stated as the gross amount.

 

Avenue Printing Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.

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

Computer and office equipment

over 4 years straight line

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.

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 income statement 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.

 

Avenue Printing Limited

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

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 during the year, was 6 (2023 - 6).

4

Tangible assets

Computer and office equipment
£

Cost or valuation

At 1 April 2023

9,581

At 31 March 2024

9,581

Depreciation

At 1 April 2023

8,509

Charge for the year

517

At 31 March 2024

9,026

Carrying amount

At 31 March 2024

555

At 31 March 2023

1,072

5

Debtors

2024
£

2023
£

Trade debtors

92,185

62,787

Other debtors

-

5,934

92,185

68,721

 

Avenue Printing Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

7

4,603

4,400

Trade creditors

 

98,877

106,545

Taxation and social security

 

7,438

12,563

Other creditors

 

2,819

2,720

 

113,737

126,228

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

7

33,424

38,026

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank loans

4,603

4,400

2024
£

2023
£

Non-current loans and borrowings

Bank loans

33,424

38,026

Bank loans include an amount of £12,809 (2023: £18,314) payable by instalments falling due after more than five years:

8

Directors' advances and guarantees

At 31 March 2024 an amount of £Nil (2023: £5,934) was due from the directors. During the year, there were repayments of £5,934. No interest is payable to the company and there are no agreed terms.