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1
2023-10-01
2024-09-30
Company registration number:
00352820
The Buxton Printing Company Limited
Filleted financial statements
30 September 2024
The Buxton Printing Company Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
The Buxton Printing Company Limited
Directors and other information
|
|
|
|
Directors |
Mr B Galloway |
|
|
Mr K A Galloway |
|
|
|
|
|
|
|
Secretary |
Mr K A Galloway |
|
|
|
|
|
|
|
Company number |
00352820 |
|
|
|
|
|
|
|
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 |
|
|
|
The Buxton Printing Company Limited
Directors responsibilities statement
Year ended 30 September 2024
The directors are responsible for preparing the 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.
The Buxton Printing Company Limited
Statement of financial position
30 September 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
|
Tangible assets |
|
|
15,070,000 |
|
|
|
19,885,000 |
|
|
|
Investments |
|
6 |
- |
|
|
|
1,000 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
15,070,000 |
|
|
|
19,886,000 |
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Debtors |
|
7 |
56,652 |
|
|
|
862,502 |
|
|
|
Cash at bank and in hand |
|
|
119,320 |
|
|
|
14,468 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
175,972 |
|
|
|
876,970 |
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
36,794) |
|
|
|
(
5,623,639) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
Net current assets/(liabilities) |
|
|
|
|
139,178 |
|
|
|
(
4,746,669) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Total assets less current liabilities |
|
|
|
|
15,209,178 |
|
|
|
15,139,331 |
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
566,322) |
|
|
|
(
888,552) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Net assets |
|
|
|
|
14,642,856 |
|
|
|
14,250,779 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
61,000 |
|
|
|
61,000 |
|
Non-distributable profit and loss account |
|
|
|
|
1,698,968 |
|
|
|
2,665,660 |
|
Profit and loss account |
|
|
|
|
12,882,888 |
|
|
|
11,524,119 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Shareholders funds |
|
|
|
|
14,642,856 |
|
|
|
14,250,779 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
09 May 2025
, and are signed on behalf of the board by:
.........................
Mr B Galloway
Director
Company registration number:
00352820
The Buxton Printing Company Limited
Statement of changes in equity
Year ended 30 September 2024
|
|
Called up share capital |
|
Non-distributable profit and loss account |
|
Profit and loss account |
Total |
|
|
|
|
|
£ |
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 October 2022 |
|
61,000 |
|
2,088,020 |
|
11,796,881 |
13,945,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the year |
|
|
|
|
|
(
272,762) |
(
272,762) |
|
|
|
|
Other comprehensive income for the year: |
|
|
|
|
|
|
|
|
|
|
|
Revaluation of tangible assets |
|
- |
|
770,186 |
|
- |
770,186 |
|
|
|
|
Deferred tax charge arising from revaluation of investment property |
|
- |
|
(192,546) |
|
- |
(192,546) |
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
|
Total comprehensive income for the year |
|
- |
|
577,640 |
|
(
272,762) |
304,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
|
At 30 September 2023 and 1 October 2023 |
|
61,000 |
|
2,665,660 |
|
11,524,119 |
14,250,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) for the year |
|
|
|
|
|
70,847 |
70,847 |
|
|
|
|
Other comprehensive income for the year: |
|
|
|
|
|
|
|
|
|
|
|
Reclassification from revaluation reserve to profit and loss account |
|
|
|
|
|
1,288,922 |
1,288,922
|
|
|
|
|
Revaluation of tangible assets |
|
- |
|
(
1,288,922) |
|
- |
(
1,288,922) |
|
|
|
|
Deferred tax charge arising from revaluation of investment property |
|
- |
|
322,230
|
|
- |
322,230
|
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
|
Total comprehensive income for the year |
|
- |
|
(
966,692) |
|
1,359,769 |
393,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
|
|
(
1,000) |
(
1,000) |
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
- |
|
(
1,000) |
(
1,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
|
At 30 September 2024 |
|
61,000 |
|
1,698,968 |
|
12,882,888 |
14,642,856 |
|
|
|
|
|
_______ |
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Buxton Printing Company Limited
Notes to the financial statements
Year ended 30 September 2024
1.
General information
The principal activity of the company is that of property rental and management.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, '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.
Turnover
Turnover represents rent receivable, net of VAT, from the properties held and is recognised on an accruals basis in accordance with tenancy agreements.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Tangible assets
|
|
Freehold and leasehold properties |
Total |
|
|
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
|
|
At 1 October 2023 |
19,885,000 |
19,885,000 |
|
|
|
|
|
|
|
|
Disposals |
(
4,815,000) |
(
4,815,000) |
|
|
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
At 30 September 2024 |
15,070,000 |
15,070,000 |
|
|
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
|
|
At 1 October 2023 and 30 September 2024 |
- |
- |
|
|
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
|
|
At 30 September 2024 |
15,070,000 |
15,070,000 |
|
|
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
At 30 September 2023 |
19,885,000 |
19,885,000 |
|
|
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property
Investment property is stated at its fair value at the year end date as far as practicable. The carrying value of investment property on the historical cost basis is in the sum of £12,806,237 (30 September 2023: £16,330,787).
6.
Investments
|
|
Shares in group undertakings |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 October 2023 |
1,000 |
1,000 |
|
|
|
|
|
Disposals |
(
1,000) |
(
1,000) |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 30 September 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 October 2023 and 30 September 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 30 September 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 30 September 2023 |
1,000 |
1,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
Investment in the wholly owned subsidiary undertaking disposed of during the year relates to Buxton Press Limited, a company registered in England and whose registered office is located at Palace Road, Buxton, Derbyshire, SK17 6AE.
7.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Amounts owed by group undertakings |
|
- |
806,933 |
|
Other debtors |
|
56,652 |
55,569 |
|
|
|
_______ |
_______ |
|
|
|
56,652 |
862,502 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Amounts owed to group undertakings |
|
- |
5,612,500 |
|
Corporation tax |
|
23,616 |
7,461 |
|
Other creditors |
|
13,178 |
3,678 |
|
|
|
_______ |
_______ |
|
|
|
36,794 |
5,623,639 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Summary audit opinion
The auditor's report dated
09 May 2025
was unqualified.
The senior statutory auditor was
Ian Gwynfor Morris FCCA
for and on behalf of
Downham Morris & Co
10.
Directors advances, credits and guarantees
|
|
Balance brought forward and o/standing |
Balance brought forward and o/standing |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Mr K A Galloway |
3,678 |
3,678 |
|
|
_______ |
_______ |
|
|
|
|
No interest is payable on loan amounts due to and from directors and loans are repayable on demand.
11.
Related party transactions
During the year, an intra-group reorganisation was carried out to effectively demerge the company from a group under the control of Buxton Consortium Limited. On demerger:Property with a fair value of £4,815,000 was transferred to Buxton Consortium Limited and the revalued uplift related to these properties was allotted to the profit and loss reserve account in the sum of £1,288,922;Shares held as investment in the company's subsidiary undertaking were distributed in full at net book value to Buxton Consortium Limited by way of a dividend in specie in the sum of £1,000;The company's shares were fully transferred to Bollington Property Limited.
12.
Controlling party
The company is a wholly owned subsidiary of Bollington Property Limited whose registered office and principal place of business is Palace Road, Buxton, Derbyshire, SK17 6AE.