Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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HARLOW PRINTING LIMITED
COMPANY INFORMATION
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HARLOW PRINTING LIMITED
CONTENTS
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HARLOW PRINTING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The principal activity of the Company continued to be that of specialised printing, print management and software solutions for organisations primarily in the healthcare sector, whilst also providing reliable digital solutions, mailing and fulfilment services to businesses and the public sector. The Company also provides specific print and digital products for child health and maternity units.
During the year the company reported revenue of £12.9m and profit before tax of £2.1m. The results for the year were considered very satisfactory by the directors, as pre-tax profits increased despite the decrease in revenue.
The Company continued to expand into new markets and expand the range of services provided to customers. During the last quarter of the financial year, the business secured contract awards across new and established markets. The positive effect of these are expected to reflect in the next financial year as mobilisation of these contracts progress. On 28 September 2023 Silverbaton Capital Limited, a subsidiary of Silverbaton Holdings, acquired Harlow Printing Limited. The acquisition significantly supports the Company’s growth trajectory, enhancing our capacity to expand into adjacent markets while leveraging established core operations. As well as maintaining the Company's existing business activities, it strengthens our position and enables us to capitalise on opportunities within related sectors. The Position of the Company at the Year End The directors believe that the Company is in a strong position to deal with the risk and uncertainties it faces. Trading to date for the year ending 30 April 2025 has been very encouraging. By maintaining a strong balance sheet which includes considerable financial resources, we have been able to withstand unforeseen events and expand into new markets.
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HARLOW PRINTING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
Market and competition risk
The Company is exposed to the risk that customers may seek to obtain services it provides elsewhere or shift to a digital alternative. However, services offered by the business is increasingly diversified and the Directors are confident that the Company is innovating and adjusting to challenges to ensure it adapts accordingly. Legislative risks The company is governed by a wide range of legislation and takes great care to keep up to date with all relevant legislation to ensure that it can maintain its business. Financial risks The main financial risk for any business is liquidity risk, which is the risk that an entity will encounter difficulty in meeting its financial obligations. The Company mitigates liquidity risk by the continual review of its cash management and by financing capital expenditure by borrowing when it is deemed necessary. Macro-economic pressures The Company is exposed to inflationary pressures in its cost base. To retain margins and attract customers, the business continues to innovate, review pricing and optimise processes and procedures. Staff retention and recruitment To recruit and retain staff, pay rates and benefits are periodically reviewed and adjusted where needed. The Company is exposed to increases in national minimum wages and plans accordingly to continue to improve processes to dampen the effect of the wage cost increases. Contract risk The Company has a number of contracts with customers. The Company focuses on retaining these contracts and regularly reviews internal resources to ensure sufficient levels are available to meet contractual obligations.
The financial key performance indicators for the year show that: -
• turnover decreased by 7.8% to £12,899,429 (2023 - £13,991,145) • the gross profit percentage increased to 49.0% (2023 - 45.7%); and • the company experienced a net cash outflow of £1,904,629 (2023 cash inflow - £1,139,771) during the year. The cash outflow recorded at the end of the year was primarily attributable to distributions made to previous shareholders as part of the acquisition of the Company. This one-time outflow does not impact the Company's operational cash flow or its capacity to support ongoing business activities and growth initiatives.
This report was approved by the board on 22 January 2025 and signed on its behalf.
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HARLOW PRINTING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £1,643,077 (2023 - £1,455,710).
The directors do not recommend the payment of a final dividend in respect of the year ended 30 April 2024 (2023 - £nil).
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Company will seek to nurture deeper partnerships with new and existing customers or partners to further the development of our products and services. We seek to maintain our leading position within the specialist healthcare market while growing into adjacent markets. We will also continue to innovate for new products in the specialist areas of child health and maternity.
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HARLOW PRINTING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
There have been no significant events affecting the Company since the year end.
This report was approved by the board on
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HARLOW PRINTING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARLOW PRINTING LIMITED
We have audited the financial statements of Harlow Printing Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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HARLOW PRINTING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARLOW PRINTING LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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HARLOW PRINTING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARLOW PRINTING LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which the audit was considered capable of detecting irregularities including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: • the Responsible Individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the printing sector; • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation, employment and health and safety legislation; • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and • we ensured that the identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - • making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - • performed analytical procedures to identify any unusual or unexpected relationships; • tested journal entries to identify unusual transactions; and • assessed whether judgements and assumptions made in determining the accounting estimates set out in the notes to the financial statements were indicative of potential bias. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - • agreeing financial statement disclosures to underlying supporting documentation; • reading the minutes of meetings of those charged with governance; and • enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
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HARLOW PRINTING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARLOW PRINTING LIMITED (CONTINUED)
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
32 Portland Terrace
Jesmond
Newcastle upon Tyne
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HARLOW PRINTING LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024
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HARLOW PRINTING LIMITED
REGISTERED NUMBER: 00435445
BALANCE SHEET
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 27 form part of these financial statements.
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HARLOW PRINTING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
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HARLOW PRINTING LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024
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HARLOW PRINTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The Company is a private company limited by shares, which is incorporated and registered in England
and Wales (no. 00435445). The address of the registered office is Maxwell Street, South Shields, Tyne and Wear, NE33 4PU. The principal activity of the Company continued to be that of specialised printing, print management and software solutions for organisations primarily in the healthcare sector, whilst also providing reliable digital solutions, mailing and fulfilment services to businesses and the public sector. The Company also provides specific print and digital products for child health and maternity units.
2.Accounting policies
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 (see note 3).
Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
A review of the Company's business activities is provided within the strategic report. In addition, the
strategic report discloses the Company's principal risks and uncertainties, including exposures to competitive, legislative and financial risk. The Company has considerable financial resources and, as a consequence, the directors believe that the Company is well placed to manage its business risks successfully and continue in existence for the foreseeable future. For this reason the directors continue to adopt the going concern basis of preparation for these financial statements.
Functional and presentation currency
Transactions and balances
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HARLOW PRINTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
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HARLOW PRINTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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HARLOW PRINTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line or reducing balance method as outlined below..
Depreciation is provided on the following basis:
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.
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HARLOW PRINTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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HARLOW PRINTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider matters such as future market conditions and the remaining estimated life of the asset to calculate their net present values. Stock provisioning The value of finished good stocks has been reduced by a provision for slow-moving or obsolete stock. The provision applies assumptions based on the age and predicted future use of stock based on demand in the preceding twelve months. Carrying value of stocks and work in progress The accounting policy for stock is set out in note 2.12. Management use judgement and experience to estimate some labour and machine rates for work in progress and finished goods which are reviewed and adjusted on an annual basis.
The whole of the turnover is attributable to the company's principal activity.
Analysis of turnover by country of destination:
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HARLOW PRINTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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HARLOW PRINTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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HARLOW PRINTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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HARLOW PRINTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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HARLOW PRINTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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HARLOW PRINTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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HARLOW PRINTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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HARLOW PRINTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £161,623 (2023 - £190,262). Contributions totalling £5,649 (2023 - £3,252) were payable to the fund at the balance sheet date and are included in creditors.
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HARLOW PRINTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The Company's immediate parent entity is Silverbaton Capital Limited, it's registered office address is 128 City Road, London EC1V 2NX. The Company's ultimate parent is Silverbaton Holdings Limited, a company registered in England and Wales.
The smallest and largest group in which the results of the Company are consolidated is that headed by Silverbaton Holdings Limited. Group financial statements are available at 128 City Road, London, United Kingdom, EC1V 2NX.
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