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Company registration number: 00662586
Buxton Press Limited
Financial statements
30 September 2024
Buxton Press Limited
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
Buxton Press Limited
Directors and other information
Directors Mr B Galloway
Mr K A Galloway
Secretary K A Galloway
Company number 00662586
Registered office Palace Road
Buxton
Derbyshire
SK17 6AE
Business address Palace Road
Buxton
Derbyshire
SK17 6AE
Auditor Downham Morris & Co
45/49 Greek Street
Stockport
Cheshire
SK3 8AX
Bankers Lloyds Bank Plc
33 Old Broad Street
London
EC2N 1HZ
Buxton Press Limited
Strategic report
Year ended 30th September 2024
Review of the business
The directors present their strategic report on the company for the year ended 30th September 2024.
Principal activities
The principal activity of the company during the year was printing, finishing and mailing of publications: magazines, catalogues and brochures.
Business review
Impact of the Covid-19 pandemic and strategic response
The Covid-19 pandemic of 2020 - 2022 dealt a severe blow to our printing business with sales and output declining sharply. This period however provided management with a valuable opportunity to undertake a comprehensive review and analysis of the company to reassess its strategic direction and in itself pose the question as to whether to scale back or believe in and invest in UK print.
The directors' ongoing intentions are to create a self-funding printing operation capable of producing impressive performance figures with the smallest carbon footprint.
Strategic investment
An in-depth evaluation of existing plant, machinery, processes, and procedures was undertaken by the company's management team and senior operators in collaboration with independent consultants. In October 2023, the board approved the CEO's proposal to implement all the report's recommendations and recognised that to achieve all the objectives, the Project could extend for up to two years.
This undertaking would involve the replacement of many key pieces of equipment plus the adoption of new manufacturing processes and procedures and the targeted reduction or elimination of inefficiencies in material usage and operating costs.
The Project has two primary objectives:
- to reduce prime production costs;
- to significantly lower the company's carbon footprint over the next decade.
Scope and complexity of the Project
The company's endeavours represent the most ambitious, capital-intensive and technically challenging undertaking in the company's long history.
The challenge is not only to select major purchases and install a vast array of new equipment but also has to always ensure work in progress can continue through the factory on schedule which would require meticulous daily planning, not least as all the equipment is also to be installed in a newly reconfigured factory layout in order to more efficiently handle increased factory loadings.
Environmental commitment
The new installations feature the latest in clean, energy-efficient technology, delivering improved operational efficiencies, lower power consumption, increased automation, and advanced robotics. These upgrades are designed not only to boost productivity but also to improve the staff experience and help to further reduce the company's environmental footprint.
In parallel with this operational overhaul, the company has launched a broader green energy initiative. This includes the exploration of solar and wind power solutions, as well as emerging clean technologies - further reinforcing the company's long-term commitment to environmental sustainability.
Financial performance and outlook
At the financial year end 30 September 2024, the directors are pleased to report encouraging performance trends as shown below which are a testament to the strength, dedication and unwavering commitment of the company's employees.
In particular, management has been inspired by the exceptional support shown by factory personnel whose adaptability and enthusiasm for the Project have been vital to its ongoing progress and whose sterling efforts exemplify the deeply rooted "can do" culture that underpins the whole company and continues to drive it forward.
- Turnover increased +0.7% to £18,935,987 (2023: £18,808,728)
- Gross profit increased +4.3% to £7,103,237 (2023: £6,813,242)
- Operating profit increased +16.3% to £3,717,231 (2023: £3,195,608)
The Project is ongoing and will continue into 2025. The purchase of tangible assets in the financial year ending 30 September 2024 amounted to £7,222,564 and £5,550,000 is budgeted for 2025.
Final dividends of £3,500,000 (2023: £-) were declared.
The company concluded the financial year with substantial liquid reserves and no external debt - strengthening the company's capacity for future growth and supporting further strategic developments.
Going concern
The company has a number of customers and suppliers across different geographical areas and industries. The directors consider that the company has sufficient liquid reserves and a significant asset base which may be utilised for funding to remain solvent during future periods of turbulence and, as a consequence, believe the company is well placed to manage its business risks successfully despite the uncertain economic outlook.
The directors' assessment of going concern is based on the latest available financial and non-financial information and government guidance. Stress testing has been conducted and considered, taking into account any potential business disruptions and impact on revenue that may occur from future economic uncertainty.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report and accounts.
Key Performance Indicators
The directors consider the key performance indicators of the company to be measured by both turnover and profit levels as described above.
The directors monitor sales orders, associated expenditure and bank payments on a regular basis and interim management accounts are produced for review by the board for the purpose of performance analysis.
The directors do not believe that there are any non-financial key performance indicators that are relevant.
Principal risks and uncertainties
The risks facing the company are assessed on an ongoing basis by the directors. They evaluate the likelihood and potential impact of each risk and ensure appropriate action is taken to mitigate them.
Financial risk
The company's objective of financial risk management is to reduce the impact of price fluctuations and other factors of uncertainty in financial markets on earnings, cash flows and balance sheet, as well as to ensure sufficient liquidity.
Credit risk
The company monitors credit risk closely and considers that its current policies of credit checks meet its objectives of managing exposure to credit risk.
Liquidity risk
The company manages liquidity risk by having sufficient amounts of cash available and by having a balanced maturity profile of long-term debt.
Fraud
The company has a strong control framework in respect of potential fraud or other dishonest behaviour which is regularly reviewed by the directors.
Research and development
The company continues to conduct research and development activities into innovative new products and services.
This report was approved by the board of directors on 16th June 2025 and signed on behalf of the board by:
.........................
Mr B Galloway
Director
Buxton Press Limited
Directors report
Year ended 30th September 2024
The directors present their report and the financial statements of the company for the year ended 30th September 2024.
Incorporation
Buxton Press Limited is a company incorporated and domiciled in England and has its registered office and principal place of business at Palace Road, Buxton, Derbyshire, SK17 6AE.
Directors
The directors who served the company during the year were as follows:
Mr B Galloway
Mr K A Galloway
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Future developments
The company seeks to continue its commitment to the environment via investment to reduce waste, prevent pollution and minimise carbon emissions and the directors look forward to the forthcoming financial year with a continuing level of confidence.
Financial instruments
Financial instruments that are debt instruments measured at amortised cost comprise of trade debtors, intercompany loans and cash at bank and in hand.
Financial liabilities measured at amortised cost consist of intercompany loans, obligations under finance leases, directors' loans and trade creditors.
The company also holds financial instruments that comprise of portfolio investments, the return on which is dependent on variable market rates and subject to market risk. FRS 102 requires such financial instruments to be recognised at fair value using investment reports at the year end date as supplied by the investment providers.
The main risks arising from these financial instruments are credit risk, interest rate risk and liquidity risk. The risks facing the company are assessed on an ongoing basis by the directors and appropriate action is taken to mitigate them.
Events after the end of the reporting period
There have been no significant events affecting the company since the year end.
Disclosure of information in the strategic report.
The company's business activities, together with factors likely to affect its future development, financial position, financial risk management objectives and exposures to risk are described in the strategic report on pages 2 - 4. The company has disclosed an indication of its activities in the field of research and development and this can be found in the strategic report. The directors' assessment of going concern can be found in the strategic report.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 16 June 2025 and signed on behalf of the board by:
.........................
Mr B Galloway
Director
Buxton Press Limited
Independent auditor's report to the members of
Buxton Press Limited
Year ended 30th September 2024
Opinion
We have audited the financial statements of Buxton Press Limited (the 'company') for the year ended 30th September 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 30th September 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding and accumulated knowledge of the company and the sector in which it operates, we considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud and whether such actions or non-compliance might have a material effect on the financial statements. These included but were not limited to those that relate to the form and content of the financial statements, such as the company accounting policies, the financial reporting framework and the UK Companies Act 2006. All team members were briefed to ensure they were aware of any relevant regulations in relation to their work.We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates as well as inappropriate revenue cut-off. Our audit procedures included, but were not limited to:- Agreement of the financial statement disclosures to underlying supporting documentation;- Identifying and testing journal entries, with a focus on journals indicating large or unusual transactions based on our understanding of the business;- Discussions with management, including consideration of known or suspected instances of non- compliance with laws and regulation and fraud; - Obtaining an understanding of the control environment in monitoring compliance with laws and regulations.Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
.........................
Ian Gwynfor Morris FCCA (Senior Statutory Auditor)
For and on behalf of
Downham Morris & Co
Statutory Auditor
45/49 Greek Street
Stockport
Cheshire
SK3 8AX
16 June 2025
Buxton Press Limited
Statement of comprehensive income
Year ended 30th September 2024
2024 2023
Note £ £
Turnover 5 18,935,987 18,808,728
Cost of sales ( 11,832,750) ( 11,995,486)
_______ _______
Gross profit 7,103,237 6,813,242
Administrative expenses ( 3,386,006) ( 3,617,634)
_______ _______
Operating profit 6 3,717,231 3,195,608
Gain on financial assets at fair value through profit or loss 376,745 85,668
Other interest receivable and similar income 9 223,826 60,748
Interest payable and similar expenses 10 ( 668) ( 7,372)
_______ _______
Profit before taxation 4,317,134 3,334,652
Tax on profit 11 ( 1,017,776) ( 672,077)
_______ _______
Profit for the financial year and total comprehensive income 3,299,358 2,662,575
_______ _______
All the activities of the company are from continuing operations.
Buxton Press Limited
Statement of financial position
30th September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 13 7,972,844 2,521,523
Investments 14 3,288,477 2,911,732
_______ _______
11,261,321 5,433,255
Current assets
Stocks 15 108,739 139,672
Debtors 16 3,817,653 6,280,240
Cash at bank and in hand 5,577,280 4,910,542
_______ _______
9,503,672 11,330,454
Creditors: amounts falling due
within one year 17 ( 7,948,757) ( 5,452,160)
_______ _______
Net current assets 1,554,915 5,878,294
_______ _______
Total assets less current liabilities 12,816,236 11,311,549
Provisions for liabilities 18 ( 1,813,514) ( 108,185)
_______ _______
Net assets 11,002,722 11,203,364
_______ _______
Capital and reserves
Called up share capital 21 1,000 1,000
Profit and loss account 22 11,001,722 11,202,364
_______ _______
Shareholders funds 11,002,722 11,203,364
_______ _______
These financial statements were approved by the board of directors and authorised for issue on 16 June 2025 , and are signed on behalf of the board by:
.........................
Mr B Galloway
Director
Company registration number: 00662586
Buxton Press Limited
Statement of changes in equity
Year ended 30th September 2024
Called up share capital Profit and loss account Total
£ £ £
At 1st October 2022 1,000 8,539,789 8,540,789
Profit for the year 2,662,575 2,662,575
_______ _______ _______
Total comprehensive income for the year - 2,662,575 2,662,575
_______ _______ _______
At 30th September 2023 and 1st October 2023 1,000 11,202,364 11,203,364
Profit for the year 3,299,358 3,299,358
_______ _______ _______
Total comprehensive income for the year - 3,299,358 3,299,358
Dividends paid and payable ( 3,500,000) ( 3,500,000)
_______ _______ _______
Total investments by and distributions to owners - ( 3,500,000) ( 3,500,000)
_______ _______ _______
At 30th September 2024 1,000 11,001,722 11,002,722
_______ _______ _______
Buxton Press Limited
Statement of cash flows
Year ended 30th September 2024
2024 2023
£ £
Cash flows from operating activities
Profit for the financial year 3,299,358 2,662,575
Adjustments for:
Depreciation of tangible assets 1,561,181 741,008
Gain/(loss) on financial assets at fair value through profit or loss (376,745) (85,668)
Other interest receivable and similar income ( 223,826) ( 60,748)
Interest payable and similar expenses 668 7,372
Gain/(loss) on disposal of tangible assets ( 1,054,636) -
Tax on profit 1,141,439 672,077
Accrued expenses/(income) ( 526) 17,458
Changes in:
Stocks 30,933 9,564
Trade and other debtors 3,124,062 ( 3,019,518)
Trade and other creditors ( 851,563) 596,208
_______ _______
Cash generated from operations 6,650,345 1,540,328
Interest paid ( 668) ( 7,372)
Interest received 223,826 60,748
Tax paid ( 457,256) ( 507,778)
_______ _______
Net cash from operating activities 6,416,247 1,085,926
_______ _______
Cash flows from investing activities
Purchase of tangible assets ( 7,222,564) ( 875,574)
Proceeds from sale of tangible assets 1,264,699 -
_______ _______
Net cash used in investing activities ( 5,957,865) ( 875,574)
_______ _______
Cash flows from financing activities
Proceeds from borrowings ( 1,500) ( 1,800)
Proceeds from loans from group undertakings 3,733,606 ( 806,941)
Payment of finance lease liabilities ( 23,750) ( 95,000)
Equity dividends paid ( 3,500,000) -
_______ _______
Net cash from/(used in) financing activities 208,356 ( 903,741)
_______ _______
Net increase/(decrease) in cash and cash equivalents 666,738 ( 693,389)
Cash and cash equivalents at beginning of year 4,910,542 5,603,931
_______ _______
Cash and cash equivalents at end of year 5,577,280 4,910,542
_______ _______
Buxton Press Limited
Notes to the financial statements
Year ended 30th September 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Palace Road, Buxton, Derbyshire, SK17 6AE.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Interest income is recognised as interest accrues using the effective interest method.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Research and development
Research expenditure is written off in the year in which it is incurred.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.The carrying values of tangible fixed assets are reviewed for impairment when events and changes in circumstances indicate the carrying value may not be recoverable.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Critical accounting policies
In the application of the company's accounting policies, which are described in note 3, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Critical judgements in applying the company's accounting policies
The directors do not consider that the amounts recognised in the current or prior financial period's financial statements have been significantly affected by any critical judgements made in the process of applying the company's accounting policies.
Key sources of estimation uncertainty
Provision against bad and doubtful debts receivable
Customer and other debtors are reviewed on a line-by-line basis at each financial period end. Provision against bad debts, which is netted against the debtors to which it relates, is made when notification is received from the administrators. Prior to this point, the risk of doubtful debts is mitigated through regular credit reviews. As at the year end, the directors have no material concerns over the recoverability of the company's debtors.
Provision against slow-moving, obsolete or irrecoverable stock
Stock is reviewed on an ongoing basis and a provision made where the directors are of the opinion that specific raw materials and goods for resale may be irrecoverable. As at the year end, the directors have no material concerns over the recoverability of the company's stock.
5. Turnover
Turnover arises from:
2024 2023
£ £
Sale of goods 18,524,249 18,413,181
Other income 117,862 90,915
Income from recycled materials 293,876 304,632
_______ _______
18,935,987 18,808,728
_______ _______
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024 2023
£ £
United Kingdom 18,703,381 18,808,728
Europe 232,266 -
_______ _______
18,935,647 18,808,728
_______ _______
6. Operating profit
Operating profit is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 1,561,181 741,008
(Gain)/loss on disposal of tangible assets ( 1,054,636) -
Impairment of trade debtors 16,965 58,560
Operating lease rentals 708 695
Fees payable for the audit of the financial statements 42,950 29,750
_______ _______
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024 2023
Administrative and sales 27 27
Production 83 80
_______ _______
110 107
_______ _______
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 4,184,508 3,790,509
Other pension costs 45,495 39,335
_______ _______
4,230,003 3,829,844
_______ _______
8. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2024 2023
£ £
Remuneration 433,387 423,843
Company contributions to pension schemes in respect of qualifying services 7,871 10,494
_______ _______
441,258 434,337
_______ _______
The number of directors who accrued benefits under company pension plans was as follows:
2024 2023
Number Number
Defined contribution plans 1 1
_______ _______
Remuneration of the highest paid directors in respect of qualifying services:
2024 2023
£ £
Aggregate remuneration 222,852 213,308
Company contributions to pension plans in respect of qualifying services - -
_______ _______
222,852 213,308
_______ _______
9. Other interest receivable and similar income
2024 2023
£ £
Bank deposits 207,351 60,748
Gain on fair value adjustment of financial assets at fair value through profit or loss 376,745 85,668
Other interest receivable and similar income 16,475 -
_______ _______
600,571 146,416
_______ _______
10. Interest payable and similar expenses
2024 2023
£ £
Other loans made to the company:
Finance leases and hire purchase contracts 622 2,490
Other interest payable and similar expenses 46 4,882
_______ _______
668 7,372
_______ _______
11. Tax on profit
Major components of tax expense
2024 2023
£ £
UK current tax expense - 563,892
Adjustments in respect of previous periods ( 563,892) -
_______ _______
Total current tax ( 563,892) 563,892
Deferred tax:
Origination and reversal of timing differences 1,581,668 108,185
_______ _______
Tax on profit 1,017,776 672,077
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25.00 % (2023: 25.00%).
2024 2023
£ £
Profit before taxation 4,317,134 3,334,652
_______ _______
Profit multiplied by rate of tax 1,079,284 833,663
Adjustments in respect of prior periods ( 563,892) -
Effect of expenses not deductible for tax purposes ( 354,138) ( 15,920)
Effect of capital allowances and depreciation ( 1,441,621) ( 154,086)
Utilisation of tax losses 563,892 -
Unrelieved tax losses 60,017 -
Group relief 15,911 -
Adjustment for tax charge change in year 76,655 ( 99,765)
Deferred tax charge 1,581,668 108,185
_______ _______
Tax on profit 1,017,776 672,077
_______ _______
12. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 3,500,000 -
_______ _______
13. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1st October 2023 16,225,727 312,120 210,921 16,748,768
Additions 7,110,602 80,072 31,890 7,222,564
Disposals ( 4,351,691) - ( 195,921) ( 4,547,612)
_______ _______ _______ _______
At 30th September 2024 18,984,638 392,192 46,890 19,423,720
_______ _______ _______ _______
Depreciation
At 1st October 2023 13,790,608 248,500 188,136 14,227,244
Charge for the year 1,526,379 27,257 7,545 1,561,181
Disposals ( 4,158,775) - ( 178,774) ( 4,337,549)
_______ _______ _______ _______
At 30th September 2024 11,158,212 275,757 16,907 11,450,876
_______ _______ _______ _______
Carrying amount
At 30th September 2024 7,826,426 116,435 29,983 7,972,844
_______ _______ _______ _______
At 30th September 2023 2,435,119 63,620 22,785 2,521,524
_______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 30th September 2024 -
_______
At 30th September 2023 176,970
_______
14. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1st October 2023 2,911,732 2,911,732
Revaluations 376,745 376,745
_______ _______
At 30th September 2024 3,288,477 3,288,477
_______ _______
Impairment
At 1st October 2023 and 30th September 2024 - -
_______ _______
Carrying amount
At 30th September 2024 3,288,477 3,288,477
_______ _______
At 30th September 2023 2,911,732 2,911,732
_______ _______
Listed investments
£ £
At 30 September 2024
Carrying value 1,875,000 1,875,000
Market value 3,288,477 3,288,477
_______ _______
At 30th September 2023
Carrying value 1,875,000 1,875,000
Market value 2,911,732 2,911,732
_______ _______
15. Stocks
2024 2023
£ £
Raw materials 108,739 139,672
_______ _______
The amount of stock recognised in cost of sales within the statement of comprehensive income during the year totalled £7,635,186 (2023: £7,925,441). There are no write-downs or reversals of write-downs of stocks in the current or prior year.
16. Debtors
2024 2023
£ £
Trade debtors 2,637,190 2,485,482
Deferred tax asset (note 19) 60,017 -
Prepayments and accrued income 236,698 165,632
Other debtors 883,748 3,629,126
_______ _______
3,817,653 6,280,240
_______ _______
Provision for the impairment of trade debtors as at 30 September 2024 was £53,709 (2023: £106,140).
17. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 2,451,824 2,501,721
Amounts owed to group undertakings 5,089,767 1,356,161
Accruals and deferred income 172,301 172,827
Corporation tax - 359,670
Social security and other taxes 89,672 86,870
Obligations under finance leases - 23,750
Director loan accounts 133,501 135,001
Other creditors 11,692 816,160
_______ _______
7,948,757 5,452,160
_______ _______
Amounts owed to group undertakings have no set repayment terms and attract no interest.
18. Provisions
Deferred tax (note 19) Total
£ £
At 1st October 2023 108,185 108,185
Charges against provisions 1,705,329 1,705,329
_______ _______
At 30th September 2024 1,813,514 1,813,514
_______ _______
19. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in debtors (note 16) 60,017 -
Included in provisions (note 18) ( 1,813,514) ( 108,185)
_______ _______
( 1,753,497) ( 108,185)
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances ( 1,813,514) ( 108,185)
Unused tax losses 60,017 -
_______ _______
(1,753,497) (108,185)
_______ _______
20. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 45,495 (2023: £ 39,335 ).
21. Called up share capital
Issued, called up and fully paid
22. Reserves
The profit and loss account reserve records retained earnings and accumulated losses.
23. Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
2024 2023 £ £ Tangible assets 47,500 4,037,499 _______ _______
The company entered into contracts before the year end date to purchase plant and equipment. Delivery and installation of this capital expenditure was carried out after the year end.
24. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr B Galloway ( 135,001) 1,500 ( 133,501)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr B Galloway ( 136,801) 1,800 ( 135,001)
_______ _______ _______
No interest is payable on loan amounts due to and from directors and loans are repayable on demand.
25. Key management personnel
The board considers that key management is effectively comprised of the directors only.
26. Controlling party
The company is a wholly owned subsidiary of Buxton Consortium Limited whose registered office and principal place of business is Palace Road, Buxton, Derbyshire, SK17 6AE.Buxton Consortium Limited is a wholly owned subsidiary of Buxton Printing Group Limited, a company whose registered office and principal place of business is situated at the same address.In the opinion of the directors, the company is under the control of its ultimate parent undertaking, Buxton Printing Group Limited, a company registered in England and Wales.Buxton Printing Group Limited is under the control of Mr B Galloway .