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Registration number: 02936984

The Water Mill Press Limited

Filleted Financial Statements

for the Year Ended 31 December 2024

 

The Water Mill Press Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

The Water Mill Press Limited

Company Information

Directors

Mr Lee Mullaney

Dietrich Barsch

Patrik Jenemark

Registered office

33-35 Pitcliffe Way
Upper Castle Street
Bradford
West Yorkshire
BD5 7SG

Auditors

Brown Butler Leigh House
28-32 St Paul's Street
Leeds
West Yorkshire
LS1 2JT

 

The Water Mill Press Limited

(Registration number: 02936984)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

405,859

488,899

Current assets

 

Stocks

6

649,699

785,363

Debtors

7

2,392,756

2,418,181

Cash at bank and in hand

 

1,194,358

526,726

 

4,236,813

3,730,270

Creditors: Amounts falling due within one year

8

(1,110,278)

(790,664)

Net current assets

 

3,126,535

2,939,606

Total assets less current liabilities

 

3,532,394

3,428,505

Provisions for liabilities

(72,637)

(81,854)

Net assets

 

3,459,757

3,346,651

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

3,459,657

3,346,551

Shareholders' funds

 

3,459,757

3,346,651

These financial statements have been prepared and 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 12 February 2025 and signed on its behalf by:
 

.........................................
Mr Lee Mullaney
Director

 

The Water Mill Press Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
33-35 Pitcliffe Way
Upper Castle Street
Bradford
West Yorkshire
BD5 7SG

These financial statements were authorised for issue by the Board on 12 February 2025.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

The Water Mill Press Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Audit report

The Independent Auditor's Report was qualified.
The option not to file the Audit Report has been taken. However, the following information is relevant:

We were not appointed as auditor of the company until after 31 December 2023 and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £785,363 held at 31 December 2023 by using other audit procedures.

Consequently, we were unable to determine whether any adjustment to these amounts at 31 December 2023 was necessary or whether there was any consequential effect on the cost of sales for the period ended 31 December 2024.

The name of the Senior Statutory Auditor who signed the audit report on 12 February 2025 was Kevin Hoult BA FCA, who signed for and on behalf of Brown Butler.

.........................................

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

The Water Mill Press Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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 property improvements

Over the term of the lease

Plant and equipment

Reducing balance - 25%

Computer equipment

Straight line - 33%

Motor vehicles

Reducing balance - 25%

Office equipment

Reducing balance - 25%

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.

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.

 

The Water Mill Press Limited

Notes to the Financial Statements for the Year Ended 31 December 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 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 24 (2023 - 25).

 

The Water Mill Press Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

114,899

106,129

5

Tangible assets

Leasehold Property Improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

688,559

2,031,240

20,580

2,740,379

Additions

10,897

22,085

-

32,982

Disposals

-

-

(20,580)

(20,580)

At 31 December 2024

699,456

2,053,325

-

2,752,781

Depreciation

At 1 January 2024

438,298

1,793,887

19,295

2,251,480

Charge for the year

43,326

71,411

162

114,899

Eliminated on disposal

-

-

(19,457)

(19,457)

At 31 December 2024

481,624

1,865,298

-

2,346,922

Carrying amount

At 31 December 2024

217,832

188,027

-

405,859

At 31 December 2023

250,261

237,353

1,285

488,899

6

Stocks

2024
£

2023
£

Other inventories

649,699

785,363

7

Debtors

Current

2024
£

2023
£

Trade debtors

2,032,347

2,104,093

Prepayments

354,634

314,088

Other debtors

5,775

-

 

2,392,756

2,418,181

 

The Water Mill Press Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

444,171

450,043

Taxation and social security

548,086

256,730

Accruals and deferred income

104,851

73,526

Other creditors

13,170

10,365

1,110,278

790,664

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

85

85

85

85

Ordinary B shares of £1 each

15

15

15

15

100

100

100

100

10

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 £170,774 (2023 - £206,464).

11

Parent and ultimate parent undertaking

The company's immediate parent is Nordvalls Etikett AB, incorporated in Sweden.

 The ultimate parent is L. Possehl & Co. mbH, incorporated in Germany.