Caseware UK (AP4) 2023.0.135 2023.0.135 4truefalsefalse2023-07-01No description of principal activity4trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11460908 2023-07-01 2024-06-30 11460908 2022-07-01 2023-06-30 11460908 2024-06-30 11460908 2023-06-30 11460908 1 2023-07-01 2024-06-30 11460908 d:Director7 2023-07-01 2024-06-30 11460908 c:CurrentFinancialInstruments 2024-06-30 11460908 c:CurrentFinancialInstruments 2023-06-30 11460908 c:Non-currentFinancialInstruments 2024-06-30 11460908 c:Non-currentFinancialInstruments 2023-06-30 11460908 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 11460908 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 11460908 c:Non-currentFinancialInstruments c:AfterOneYear 2024-06-30 11460908 c:Non-currentFinancialInstruments c:AfterOneYear 2023-06-30 11460908 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-06-30 11460908 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-06-30 11460908 c:ShareCapital 2024-06-30 11460908 c:ShareCapital 2023-06-30 11460908 c:SharePremium 2024-06-30 11460908 c:SharePremium 2023-06-30 11460908 c:RetainedEarningsAccumulatedLosses 2024-06-30 11460908 c:RetainedEarningsAccumulatedLosses 2023-06-30 11460908 d:FRS102 2023-07-01 2024-06-30 11460908 d:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 11460908 d:FullAccounts 2023-07-01 2024-06-30 11460908 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 11460908 6 2023-07-01 2024-06-30 11460908 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 11460908









Print Topco Limited







Unaudited

Financial statements

Information for filing with the registrar

For the year ended 30 June 2024

 
Print Topco Limited
Registered number: 11460908

Balance Sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
2,645,826
3,316,420

Current assets
  

Debtors: amounts falling due within one year
 5 
2,330
2,140

Cash at bank and in hand
 6 
906
848

  
3,236
2,988

Creditors: amounts falling due within one year
 7 
(2,525,137)
(2,459,137)

Net current liabilities
  
 
 
(2,521,901)
 
 
(2,456,149)

Total assets less current liabilities
  
123,925
860,271

Creditors: amounts falling due after more than one year
 8 
(4,032,783)
(3,953,760)

  

Net liabilities
  
(3,908,858)
(3,093,489)


Capital and reserves
  

Called up share capital 
  
86
86

Share premium account
  
490,574
490,574

Profit and loss account
  
(4,399,518)
(3,584,149)

  
(3,908,858)
(3,093,489)


Page 1

 
Print Topco Limited
Registered number: 11460908
    
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 comprehensive income 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 6 form part of these financial statements.

Page 2

 
Print Topco Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 June 2024

1.


General information

Print Topco Limited is a private company limited by shares and incorporated in England. The address of the registered office and its principal place of business is Worsley Brow, Sutton, St Helens, Merseyside, United Kingdom, WA9 3EZ. The company's registered number is 11460908.

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

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The following paragraphs set out the
basis of which the directors have reached their conclusion.
The Company has net liabilities totalling £3,908,858 (
2023: £3,093,489) at 30 June 2024 due to vendor and funding loan note interest that has been accrued but not paid and the impairment of its investment.  The directors have received assurances that the loan note interest will not be payable within 12 months of the approval of the accounts.
The Group currently meets its working capital requirements through its cash balances and bank funding.  The group has renegotiated group banking facilities, and repayment of subordinate funding and vendor loan notes has now been revised under an Amendment Deed dated 20 September 2023.  Originally due to be settled in September 2023, the Amendment Deed now extends this to September 2025.  This has been reflected in Note 9.
Based on the Group's forecasts and projections, the directors believe they have sufficient facilities to trade
through the next 12 month period.
Therefore, the directors believe it is appropriate to prepare the accounts to 30 June 2024 on a going concern
basis and there will be no adverse effect on solvency for more than 12 months after the date of approval of the financial statements.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

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

Page 3

 
Print Topco Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the consolidated statement of comprehensive income.

Page 4

 
Print Topco Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 June 2024

3.


Employees




The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
5,180,875



At 30 June 2024

5,180,875



Impairment


At 1 July 2023
1,864,455


Charge for the period
670,594



At 30 June 2024

2,535,049



Net book value



At 30 June 2024
2,645,826



At 30 June 2023
3,316,420


5.


Debtors

2024
2023
£
£


Other debtors
2,330
2,140



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
906
848


Page 5

 
Print Topco Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 June 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

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



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Loan notes
2,600,000
2,600,000

Accruals and deferred income
1,432,783
1,353,760

4,032,783
3,953,760


Secured loans
Loan notes are secured by way of a fixed and floating charge over the assets of the group.


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£



Amounts falling due 2-5 years

Loan notes
2,600,000
2,600,000



10.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.


11.


Post balance sheet events

On 20 December 2024, a management buy-out was completed and the controlling party from that date is Company Cards Group Limited.  As part of the deal, £2.1m of the unpaid loan notes and the associated interest of £1.4m was written off, along with the inter-company balance with Company Cards Limited of £2.5m.  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 6