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Registered number: 01105180










WHITTINGTON MOOR PRINTING WORKS LIMITED

Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 October 2024

 
WHITTINGTON MOOR PRINTING WORKS LIMITED
 

Company Information


Directors
P Gamble 
B Mackie 




Company secretary
B Mackie



Registered number
01105180



Registered office
Unit 5 Stonegravels Lane
Sheffield Road

Chesterfield

S41 7LF





 
WHITTINGTON MOOR PRINTING WORKS LIMITED
Registered number: 01105180

Balance sheet
As at 31 October 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,386,458
888,314

  
1,386,458
888,314

Current assets
  

Stocks
  
184,421
122,100

Debtors
  
1,590,236
1,740,525

Cash at bank and in hand
  
134,037
16,804

  
1,908,694
1,879,429

Creditors: amounts falling due within one year
  
(1,832,153)
(1,680,016)

Net current assets
  
 
 
76,541
 
 
199,413

Total assets less current liabilities
  
1,462,999
1,087,727

Creditors: amounts falling due after more than one year
  
(713,393)
(373,961)

Provisions for liabilities
  
(176,736)
(150,952)

Net assets
  
572,870
562,814


Capital and reserves
  

Called up share capital 
 5 
2,236
2,236

Other reserves
  
1,250
1,250

Profit and loss account
  
569,384
559,328

  
572,870
562,814


Page 1

 
WHITTINGTON MOOR PRINTING WORKS LIMITED
Registered number: 01105180

Balance sheet (continued)
As at 31 October 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 on 31 January 2025.




P Gamble
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
WHITTINGTON MOOR PRINTING WORKS LIMITED
 

 
Notes to the financial statements
For the year ended 31 October 2024

1.


General information

Whittington Moor Printing Works Limited is a private company limited by shares incorporated in England within the United Kingdom.  The address of the registered office is given in the company information page of these financial statements.  
The financial statements are presented in sterling which is the functional currency of the company.

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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of 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.

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
WHITTINGTON MOOR PRINTING WORKS LIMITED
 

 
Notes to the financial statements
For the year ended 31 October 2024

2.Accounting policies (continued)

 
2.3

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:

Short-term leasehold property
-
over the lease term
Plant and machinery
-
10%-33% straight line
Motor vehicles
-
33% 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.

 
2.4

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.

 
2.5

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.

 
2.6

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.

Page 4

 
WHITTINGTON MOOR PRINTING WORKS LIMITED
 

 
Notes to the financial statements
For the year ended 31 October 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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.

 
2.8

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.

 
2.9

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.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
WHITTINGTON MOOR PRINTING WORKS LIMITED
 

 
Notes to the financial statements
For the year ended 31 October 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

Borrowing costs

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

 
2.14

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.

 
2.15

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.

Page 6

 
WHITTINGTON MOOR PRINTING WORKS LIMITED
 

 
Notes to the financial statements
For the year ended 31 October 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 51 (2023 -49).


4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 November 2023
160,365
2,071,766
55,473
2,287,604


Additions
4,595
742,031
-
746,626


Disposals
-
(112,531)
-
(112,531)



At 31 October 2024

164,960
2,701,266
55,473
2,921,699



Depreciation


At 1 November 2023
149,084
1,219,117
31,090
1,399,291


Charge for the year on owned assets
11,012
230,819
6,650
248,481


Disposals
-
(112,531)
-
(112,531)



At 31 October 2024

160,096
1,337,405
37,740
1,535,241



Net book value



At 31 October 2024
4,864
1,363,861
17,733
1,386,458



At 31 October 2023
11,282
852,649
24,383
888,314

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
968,667
430,886

Motor vehicles
17,733
24,383

986,400
455,269

Page 7

 
WHITTINGTON MOOR PRINTING WORKS LIMITED
 

 
Notes to the financial statements
For the year ended 31 October 2024

5.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,684 (2023 -1,684) Ordinary A shares of £1 each
1,684
1,684
496 (2023 -496) Ordinary B shares of £1 each
496
496
56 (2023 -56) Ordinary C shares of £1 each
56
56

2,236

2,236



6.


Commitments under operating leases

At 31 October 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
136,320
112,759

Later than 1 year and not later than 5 years
255,360
265,769

Later than 5 years
-
38,000

391,680
416,528

Page 8

 
WHITTINGTON MOOR PRINTING WORKS LIMITED
 

 
Notes to the financial statements
For the year ended 31 October 2024

7.


Secured loans


2024
2023
£
£

Amounts falling due within one year

Bank loans
70,000
70,000

Invoice discounting account
582,778
333,986

Obligations under finance lease and hire purchase contracts
242,410
171,299


895,188
575,285


Amounts falling due 2-5 years

Bank loans
35,000
105,000

Obligations under finance lease and hire purchase contracts
581,363
268,960


616,363
373,960


1,511,551
949,245


The bank loan is secured by a partial guarantee given to the bank by the UK government under the CBILS loan scheme and a  fixed and floating charge over assets of the company.
The invoice discounting account is secured upon the book debts of the company and a floating charge over assets of the company.
The hire purchase accounts are secured by a fixed charge upon the assets financed.


8.


Related party transactions

The balance outstanding from Gamble Investments Limited the parent company at the year end included in debtors due within one year is £430,690 (2023 - £480,690).  The loan is unsecured and interest free.


9.


Controlling party

The company is a subsidiary of Gamble Investments Limited incorporation in England. The ultimate controlling party is P Gamble. 


Page 9