Printed Systems Limited - Filleted accounts

Registered number

03916554

Printed Systems Limited

Filleted Accounts

31 December 2024

Printed Systems Limited
Registered number:		03916554
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	3		326,548			431,816

Current assets
Stocks		1,018,617			1,221,986
Debtors	4	800,520			1,211,482
Cash at bank and in hand		566,291			782,013
		2,385,428			3,215,481

Creditors: amounts falling due within one year	5	(673,388)			(1,092,188)

Net current assets			1,712,040			2,123,293

Total assets less current liabilities			2,038,588			2,555,109

Creditors: amounts falling due after more than one year	6		(51,042)			(152,786)

Provisions for liabilities - deferred taxation			(58,000)			(84,000)


Net assets			1,929,546			2,318,323

Capital and reserves
Called up share capital			1,000			1,000
Profit and loss account			1,928,546			2,317,323

Shareholders' funds			1,929,546			2,318,323

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




P A Cowen CA
Director
Approved by the board on 11 September 2025

Printed Systems Limited
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:


	Leasehold land and buildings	25% reducing balance
	Plant and machinery	25% reducing balance


	Stocks
	Stock is valued at the lower of cost and net realisable value. Stock comprises finished goods together with the cost value of work in progress. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. Research and Development tax credits are set off against the Corporation Tax provision for the year, or a repayment is claimed and credited to the taxation charge, as appropriate.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.






2	Employees			2024		2023
Number					Number

	Average number of persons employed by the company			83		89


3	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Total
£			£		£
	Cost
	At 1 January 2024	66,643		2,720,430		2,787,073
	Additions	-		3,581		3,581
	At 31 December 2024	66,643		2,724,011		2,790,654

	Depreciation
	At 1 January 2024	63,563		2,291,694		2,355,257
	Charge for the year	770		108,079		108,849
	At 31 December 2024	64,333		2,399,773		2,464,106

	Net book value
	At 31 December 2024	2,310		324,238		326,548
	At 31 December 2023	3,080		428,736		431,816


4	Debtors			2024		2023
£					£

	Trade debtors			705,118		1,179,674
	Other debtors			95,402		31,808
				800,520		1,211,482


5	Creditors: amounts falling due within one year			2024		2023
£					£

	Obligations under finance lease and hire purchase contracts			4,593		4,593
	Trade creditors			358,452		539,151
	Taxation and social security costs			99,692		159,472
	Other creditors			210,651		388,972
				673,388		1,092,188


6	Creditors: amounts falling due after one year			2024		2023
£					£

	Obligations under finance lease and hire purchase contracts			383		4,976
	Other creditors			50,659		147,810
				51,042		152,786


7	Loans			2024		2023
£					£
	Creditors include:

	Secured loans			147,810		244,961

	Raymond Gordon has a debenture charge over the assets of the company secured against all loans due to him.


8	Events after the reporting date

	The company's dispute with a customer over significant unpaid sales invoices was settled after the year end.


9	Other financial commitments			2024		2023
£					£

	Total future minimum payments under non-cancellable operating leases			560,580		792,544


10	Related party transactions

	Raymond Gordon, director, has provided loans to the company as set out below: 5 year loan of £125,000 with interest of 4% per annum. Outstanding £39,583 (2023: £64,583). 4 year loan of £288,604 with interest at 4.5% per annum. Outstanding £108,227 (2023: £180,378).


11	Controlling party

	The four directors control the company with no single director having overall control.


12	Other information

	Printed Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Units 6 & 7, Eastman Way
	Stevenage Business Park
	Pin Green
	Stevenage, Herts.
	SG1 4SZ