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Registration number: 04944600

Prepared for the registrar

Orchard Press (Cheltenham) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Orchard Press (Cheltenham) Limited

(Registration number: 04944600)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

-

8,344

Tangible assets

4

21,942

1,310,057

 

21,942

1,318,401

Current assets

 

Stocks

3,500

17,400

Debtors

6

47,360

239,595

Cash at bank and in hand

 

347,925

125,074

 

398,785

382,069

Creditors: Amounts falling due within one year

7

(277,056)

(698,364)

Net current assets/(liabilities)

 

121,729

(316,295)

Total assets less current liabilities

 

143,671

1,002,106

Creditors: Amounts falling due after more than one year

7

(25,312)

(85,097)

Provisions

9

(97,680)

-

Deferred tax liabilities

10

1,090

(279,090)

Provisions for liabilities

(96,590)

(279,090)

Net assets

 

21,769

637,919

Capital and reserves

 

Called up share capital

171,944

171,944

Capital redemption reserve

500,000

500,000

Retained earnings

(650,175)

(34,025)

Shareholders' funds

 

21,769

637,919

For the financial year ending 30 June 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 27 March 2025 and signed on its behalf by:
 


A R Williams
Director

 

Orchard Press (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit K Northway Trading Estate
Northway
Tewkesbury
Gloucestershire
GL20 8JH

 

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).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

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 and after eliminating sales within the company.

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 the profit and loss account, except that a charge 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.

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.

 

Orchard Press (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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

Leasehold improvements

Over lease term

Plant and machinery

10 - 25% on cost

Fixtures and fittings/Computer equipment

20% reducing balance and 25% on cost

Motor vehicles

25% reducing balance

Intangible assets

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.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

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

Straight line over 8 years

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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.

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.

 

Orchard Press (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

An onerous lease provision is recognised when the lease contract becomes onerous, meaning the unavoidable costs of meeting the obligations under the lease exceed the economic benefits expected to be received. This typically occurs when the leased property is no longer used or is subleased at a loss. The provision is measured at the lower of the cost of fulfilling the lease obligations and the cost of exiting the lease, including any penalties. The measurement takes into account the time value of money, where applicable.

Hire purchase

Assets held under hire purchase are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Orchard Press (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

Orchard Press (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

5

Intangible assets

Goodwill
 £

Cost

At 1 July 2023

500,000

At 30 June 2024

500,000

Amortisation

At 1 July 2023

491,656

Amortisation charge

8,344

At 30 June 2024

500,000

Carrying amount

At 30 June 2024

-

At 30 June 2023

8,344

 

6

Debtors

2024
£

2023
£

Trade debtors

35,545

188,552

Prepayments

1,070

24,647

Other debtors

10,745

26,396

47,360

239,595

 

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

22,485

212,450

Trade creditors

 

96,705

353,057

Taxation and social security

 

107,499

40,664

Accruals and deferred income

 

48,751

90,596

Other creditors

 

1,616

1,597

 

277,056

698,364

 

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

16,200

16,200

Hire purchase contracts

6,278

195,886

Other borrowings

7

364

22,485

212,450

 

Orchard Press (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

18,900

35,100

Hire purchase contracts

6,412

49,997

25,312

85,097

 

9

Provisions

Onerous contracts
£

Total
£

Additional provisions

97,680

97,680

At 30 June 2024

97,680

97,680

The provision pertains to a factory lease that is no longer required for operations. The lease has two years remaining.

The provision has been initially recognised at £97,680, representing the present value of the remaining lease payments.

The provision assumes that there will be no sublease income for the remaining lease term and that no discount is required.

 

10

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Fixed asset timing differences

1,090

1,090

2023

Liability
£

Fixed asset timing differences

279,261

Short term timing differences

(171)

279,090

 

11

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 £Nil (2023: £108,173).

 

Orchard Press (Cheltenham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

12

Related party transactions

Summary of transactions with directors

At 30 June 2024, the amount owed to A R Williams and C Williams was £7 (2023: £364) in the form of a directors loan account. The loan is unsecured, interest free and repayable on demand.

At 30 June 2024, the amount owed to R C Williams and M E Williams was £1,616 (2023: £305 owed by R C Williams and M E Williams) in the form a directors loan account. The loan is unsecured, interest free and repayable on demand.