Systematic Print Management Limited 03890167 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is Printing Digita Accounts Production Advanced 6.30.9574.0 true true true 03890167 2023-09-01 2024-08-31 03890167 2024-08-31 03890167 core:CapitalRedemptionReserve 2024-08-31 03890167 core:RetainedEarningsAccumulatedLosses 2024-08-31 03890167 core:RevaluationReserve 2024-08-31 03890167 core:ShareCapital 2024-08-31 03890167 core:CurrentFinancialInstruments 2024-08-31 03890167 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 03890167 core:Goodwill 2024-08-31 03890167 core:FurnitureFittingsToolsEquipment 2024-08-31 03890167 core:LandBuildings 2024-08-31 03890167 core:MotorVehicles 2024-08-31 03890167 bus:SmallEntities 2023-09-01 2024-08-31 03890167 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 03890167 bus:FilletedAccounts 2023-09-01 2024-08-31 03890167 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 03890167 bus:RegisteredOffice 2023-09-01 2024-08-31 03890167 bus:Director1 2023-09-01 2024-08-31 03890167 bus:Director2 2023-09-01 2024-08-31 03890167 bus:Director3 2023-09-01 2024-08-31 03890167 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 03890167 core:Goodwill 2023-09-01 2024-08-31 03890167 core:FurnitureFittings 2023-09-01 2024-08-31 03890167 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 03890167 core:LandBuildings 2023-09-01 2024-08-31 03890167 core:LeaseholdImprovements 2023-09-01 2024-08-31 03890167 core:MotorVehicles 2023-09-01 2024-08-31 03890167 1 2023-09-01 2024-08-31 03890167 countries:AllCountries 2023-09-01 2024-08-31 03890167 2023-08-31 03890167 core:Goodwill 2023-08-31 03890167 core:FurnitureFittingsToolsEquipment 2023-08-31 03890167 core:LandBuildings 2023-08-31 03890167 core:MotorVehicles 2023-08-31 03890167 2022-09-01 2023-08-31 03890167 2023-08-31 03890167 core:CapitalRedemptionReserve 2023-08-31 03890167 core:RetainedEarningsAccumulatedLosses 2023-08-31 03890167 core:RevaluationReserve 2023-08-31 03890167 core:ShareCapital 2023-08-31 03890167 core:CurrentFinancialInstruments 2023-08-31 03890167 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 03890167 core:FurnitureFittingsToolsEquipment 2023-08-31 03890167 core:LandBuildings 2023-08-31 03890167 core:MotorVehicles 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 03890167

Systematic Print Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Systematic Print Management Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Systematic Print Management Limited

(Registration number: 03890167)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

378,359

221,101

Current assets

 

Stocks

6

30,874

60,000

Debtors

7

964,405

528,698

Cash at bank and in hand

 

202,830

546,574

 

1,198,109

1,135,272

Creditors: Amounts falling due within one year

8

(406,222)

(385,305)

Net current assets

 

791,887

749,967

Total assets less current liabilities

 

1,170,246

971,068

Provisions for liabilities

(19,095)

(3,894)

Net assets

 

1,151,151

967,174

Capital and reserves

 

Called up share capital

12,000

12,000

Capital redemption reserve

18,000

18,000

Revaluation reserve

151,719

71,719

Retained earnings

969,432

865,455

Shareholders' funds

 

1,151,151

967,174

For the financial year ending 31 August 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 Profit and Loss Account.

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

 

Systematic Print Management Limited

(Registration number: 03890167)
Balance Sheet as at 31 August 2024

.........................................
B Crossfield
Director

.........................................
J Z Vear
Director

.........................................
J E R Walker
Director

 

Systematic Print Management Limited

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

1

General information

The Company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Systematic Print Management Limited
Centurion Way
Caistor
Market Rasen
Lincolnshire
LN7 6QA
United Kingdom

These financial statements were authorised for issue by the Board on 25 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).

These financial statements cover the individual entity, Systematic Print Management Limted.

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 have been prepared in sterling and are rounded to the nearest pound.

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 and 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.

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.

 

Systematic Print Management Limited

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Long leasehold

not provided on land and buildings

Improvements to property

4% on cost

Fixtures and fittings

at varying rates on cost and 15%-33% reducing balance

Motor vehicles

25% on cost

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:

Asset class

Amortisation method and rate

Goodwill

10 year 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.

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.

 

Systematic Print Management Limited

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

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.

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.

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 Directors) during the year, was 18 (2023 - 18).

 

Systematic Print Management Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

150,000

150,000

At 31 August 2024

150,000

150,000

Amortisation

At 1 September 2023

150,000

150,000

At 31 August 2024

150,000

150,000

Carrying amount

At 31 August 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

324,052

58,838

35,304

418,194

Additions

119,826

48,778

-

168,604

Disposals

-

(22,083)

(1,304)

(23,387)

At 31 August 2024

443,878

85,533

34,000

563,411

Depreciation

At 1 September 2023

118,807

42,982

35,304

197,093

Charge for the year

2,489

8,720

-

11,209

Eliminated on disposal

-

(21,946)

(1,304)

(23,250)

At 31 August 2024

121,296

29,756

34,000

185,052

Carrying amount

At 31 August 2024

322,582

55,777

-

378,359

At 31 August 2023

205,245

15,856

-

221,101

Included within the net book value of land and buildings above is £322,582 (2023 - £205,245) in respect of long leasehold land and buildings.
 

Revaluation

The fair value of the Company's Land and buildings was revalued on 31 August 2024 by an independent valuer. . The name and qualification of the independent valuer are Brown & Co property and business consultants.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £151,435 (2023 - £136,427).

 

Systematic Print Management Limited

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

6

Stocks

2024
£

2023
£

Other inventories

30,874

60,000

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

483,941

495,560

Amounts owed by related parties

10

468,413

-

Prepayments

 

8,811

32,723

Other debtors

 

3,240

415

   

964,405

528,698

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

230,343

228,116

Taxation and social security

137,204

112,345

Accruals and deferred income

38,675

44,844

406,222

385,305

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £98,666 (2023 - £114,666). There is a 10 year rental agrement in place at £16,000 per annum which expires on 3 November 2030

10

Related party transactions

The company has taken advantage of the exemption in section 33 of FRS102 "Related Party Disclosures" from disclosing transactions with other members of the group where each member party to the transaction is wholly owned by the group.

 

Systematic Print Management Limited

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

11

Parent and ultimate parent undertaking

The Company's immediate parent is Axial Media Limited, incorporated in England.

  These financial statements are available upon request from the registered office, as stated on page 1.