Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-01falseNo description of principal activity3532truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05360059 2023-07-01 2024-06-30 05360059 2022-07-01 2023-06-30 05360059 2024-06-30 05360059 2023-06-30 05360059 1 2023-07-01 2024-06-30 05360059 d:Director7 2023-07-01 2024-06-30 05360059 c:Buildings c:LongLeaseholdAssets 2023-07-01 2024-06-30 05360059 c:Buildings c:LongLeaseholdAssets 2024-06-30 05360059 c:Buildings c:LongLeaseholdAssets 2023-06-30 05360059 c:PlantMachinery 2023-07-01 2024-06-30 05360059 c:PlantMachinery 2024-06-30 05360059 c:PlantMachinery 2023-06-30 05360059 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 05360059 c:MotorVehicles 2023-07-01 2024-06-30 05360059 c:MotorVehicles 2024-06-30 05360059 c:MotorVehicles 2023-06-30 05360059 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 05360059 c:FurnitureFittings 2023-07-01 2024-06-30 05360059 c:FurnitureFittings 2024-06-30 05360059 c:FurnitureFittings 2023-06-30 05360059 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 05360059 c:ComputerEquipment 2023-07-01 2024-06-30 05360059 c:ComputerEquipment 2024-06-30 05360059 c:ComputerEquipment 2023-06-30 05360059 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 05360059 c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 05360059 c:Goodwill 2024-06-30 05360059 c:Goodwill 2023-06-30 05360059 c:CurrentFinancialInstruments 2024-06-30 05360059 c:CurrentFinancialInstruments 2023-06-30 05360059 c:Non-currentFinancialInstruments 2024-06-30 05360059 c:Non-currentFinancialInstruments 2023-06-30 05360059 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 05360059 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 05360059 c:Non-currentFinancialInstruments c:AfterOneYear 2024-06-30 05360059 c:Non-currentFinancialInstruments c:AfterOneYear 2023-06-30 05360059 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-06-30 05360059 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-06-30 05360059 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-06-30 05360059 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-06-30 05360059 c:ShareCapital 2024-06-30 05360059 c:ShareCapital 2023-06-30 05360059 c:SharePremium 2024-06-30 05360059 c:SharePremium 2023-06-30 05360059 c:RetainedEarningsAccumulatedLosses 2024-06-30 05360059 c:RetainedEarningsAccumulatedLosses 2023-06-30 05360059 d:FRS102 2023-07-01 2024-06-30 05360059 d:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 05360059 d:FullAccounts 2023-07-01 2024-06-30 05360059 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05360059 c:WithinOneYear 2024-06-30 05360059 c:WithinOneYear 2023-06-30 05360059 c:BetweenOneFiveYears 2024-06-30 05360059 c:BetweenOneFiveYears 2023-06-30 05360059 2 2023-07-01 2024-06-30 05360059 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 05360059









Company Cards Limited







Unaudited

Financial statements

Information for filing with the registrar

For the year ended 30 June 2024

 
Company Cards Limited
Registered number: 05360059

Balance Sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
599,962
648,625

Current assets
  

Stocks
 6 
451,333
600,929

Debtors: amounts falling due within one year
 7 
3,329,913
2,919,023

Cash at bank and in hand
 8 
725,734
1,013,630

  
4,506,980
4,533,582

Creditors: amounts falling due within one year
 9 
(1,154,344)
(585,736)

Net current assets
  
 
 
3,352,636
 
 
3,947,846

Total assets less current liabilities
  
3,952,598
4,596,471

Creditors: amounts falling due after more than one year
 10 
-
(653,409)

Provisions for liabilities
  

Deferred tax
  
(51,883)
(55,752)

Net assets
  
3,900,715
3,887,310


Capital and reserves
  

Called up share capital 
  
1,124
1,124

Share premium account
  
146,293
146,293

Profit and loss account
  
3,753,298
3,739,893

  
3,900,715
3,887,310


Page 1

 
Company Cards Limited
Registered number: 05360059
    
Balance Sheet (continued)
As at 30 June 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


S J Masters
Director
Date: 31 January 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
Company Cards Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 June 2024

1.


General information

Company Cards Limited  is a private company limited by share capital incorporated in England, registered number 05360059. The registered office address is Worsley Brow, Sutton, St Helens, Merseyside, WA9 3EZ. The principal activity is the provision of print finishing services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
Company Cards Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
Company Cards Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Page 5

 
Company Cards Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
2%
straight line
Plant and machinery
-
20%
reducing balance
Motor vehicles
-
50%
reducing balance
Fixtures and fittings
-
10%
straight line
Computer equipment
-
50%
straight line

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.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
Company Cards Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 35 (2023 - 32).


4.


Intangible assets




Goodwill

£



Cost


At 1 July 2023
130,000



At 30 June 2024

130,000



Amortisation


At 1 July 2023
130,000



At 30 June 2024

130,000



Net book value



At 30 June 2024
-



At 30 June 2023
-



Page 7

 
Company Cards Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 June 2024

5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 July 2023
366,047
1,528,105
13,155
114,510
172,783
2,194,600


Additions
-
46,975
-
-
4,395
51,370



At 30 June 2024

366,047
1,575,080
13,155
114,510
177,178
2,245,970



Depreciation


At 1 July 2023
82,301
1,237,522
12,744
90,154
123,254
1,545,975


Charge for the year on owned assets
7,321
64,550
206
9,196
18,760
100,033



At 30 June 2024

89,622
1,302,072
12,950
99,350
142,014
1,646,008



Net book value



At 30 June 2024
276,425
273,008
205
15,160
35,164
599,962



At 30 June 2023
283,746
290,583
411
24,356
49,529
648,625


6.


Stocks

2024
2023
£
£

Raw materials and consumables
451,333
600,929


Page 8

 
Company Cards Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 June 2024

7.


Debtors

2024
2023
£
£


Trade debtors
775,750
422,355

Amounts owed by group undertakings
2,525,137
2,459,137

Prepayments and accrued income
29,026
37,531

3,329,913
2,919,023



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
725,734
1,013,630



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
653,409
284,091

Trade creditors
135,217
86,337

Corporation tax
-
29,884

Other taxation and social security
140,632
101,856

Other creditors
23,532
22,266

Accruals and deferred income
201,554
61,302

1,154,344
585,736


Secured loans
A CBILS bank loan was taken out 27th May 2021 with Santander UK PLC for £1,000,000 and is subject to
an interest rate of 3.8% plus base rate per annum and is repayable 5 years after the loan is drawn.  At the year end, the company breached one of  its bank covenants, making the entirety of the loan repayable on demand in accordance with the terms and conditions.  Subsequent to the year end, the bank indicated it was not its intention to recall the loan, although this did not constitute a formal waiver.  The loan was repaid on 18 December 2024.


10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
653,409


Page 9

 
Company Cards Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 June 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
653,409
284,091

Amounts falling due 1-2 years

Bank loans
-
340,909

Amounts falling due 2-5 years

Bank loans
-
312,500


653,409
937,500


Secured loans
A CBILS bank loan was taken out 27th May 2021 with Santander UK PLC for £1,000,000 and is subject to
an interest rate of 3.8% plus base rate per annum and is repayable 5 years after the loan is drawn. At the year end, the company breached one of  its bank covenants, making the entirety of the loan repayable on demand in accordance with the terms and conditions.  Subsequent to the year end, the bank indicated it was not its intention to recall the loan, although this did not constitute a formal waiver.  The loan was repaid on 18 December 2024.


12.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
29,864
27,920

Later than 1 year and not later than 5 years
13,000
34,764

42,864
62,684


13.


Post balance sheet events

On 20 December 2024, a management buy-out was completed and the ultimate controlling party from that date is Company Cards Group Limited.  As part of the deal, the inter-company balance with Print Topco Limited of £2.5m was written off.  As this event occurred after the balance sheet date and does not provide additional evidence of conditions that existed at the balance sheet date, it has been classified as a non-adjusting event and these amounts are not reflected in the financial statements as of 30 June 2024.

Page 10

 
Company Cards Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 June 2024

14.


Controlling party

The company's immediate and ultimate parent undertaking is Print Topco Limited, a company incorporated in England and Wales, company number 11460908. 

 
Page 11