COMPANY REGISTRATION NUMBER:
02256309
|
Filleted Unaudited Abridged Financial Statements |
|
|
Abridged Statement of Financial Position |
|
31 March 2025
|
31 Mar 25 |
31 Dec 23 |
|
Note |
£ |
£ |
£ |
|
|
|
|
Fixed assets
|
Tangible assets |
5 |
|
1,996,232 |
1,847,556 |
|
|
|
|
|
Current assets
|
Stocks |
101,049 |
|
74,002 |
|
Debtors |
1,128,779 |
|
1,016,169 |
|
Cash at bank and in hand |
375,662 |
|
467,389 |
|
------------ |
|
------------ |
|
1,605,490 |
|
1,557,560 |
|
|
|
|
|
Creditors: amounts falling due within one year |
1,015,467 |
|
1,047,416 |
|
------------ |
|
------------ |
|
Net current assets |
|
590,023 |
510,144 |
|
|
------------ |
------------ |
|
Total assets less current liabilities |
|
2,586,255 |
2,357,700 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
|
184,756 |
505,921 |
|
|
|
|
Provisions
|
Taxation including deferred tax |
|
410,714 |
223,903 |
|
|
------------ |
------------ |
|
Net assets |
|
1,990,785 |
1,627,876 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
|
Called up share capital |
|
300 |
300 |
|
Profit and loss account |
|
1,990,485 |
1,627,576 |
|
|
------------ |
------------ |
|
Shareholders funds |
|
1,990,785 |
1,627,876 |
|
|
------------ |
------------ |
|
|
|
|
These abridged 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 income and retained earnings has not been delivered.
For the period ending 31 March 2025 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 abridged financial statements for the period in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of financial position for the period ending 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.
|
Abridged Statement of Financial Position (continued) |
|
31 March 2025
These abridged financial statements were approved by the
board of directors
and authorised for issue on
8 December 2025
, and are signed on behalf of the board by:
Company registration number:
02256309
|
Notes to the Abridged Financial Statements |
|
Period from 1 January 2024 to 31 March 2025
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1, Quorn Road, Nottingham, NG51 1DT, England.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Income tax
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
|
Leasehold Property |
- |
10% straight line |
|
Plant and Machinery |
- |
15% Straight Line (10% SL on presses with 20% residual value) |
|
Fixtures and Fittings |
- |
25% straight line |
|
Motor Vehicles |
- |
25% straight line |
|
|
|
|
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 abridged 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
26
(2023:
26
).
5.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 January 2024 |
3,390,537 |
|
Additions |
444,826 |
|
Disposals |
(
107,250) |
|
------------ |
|
At 31 March 2025 |
3,728,113 |
|
------------ |
|
Depreciation |
|
|
At 1 January 2024 |
1,542,981 |
|
Charge for the period |
296,150 |
|
Disposals |
(
107,250) |
|
------------ |
|
At 31 March 2025 |
1,731,881 |
|
------------ |
|
Carrying amount |
|
|
At 31 March 2025 |
1,996,232 |
|
------------ |
|
At 31 December 2023 |
1,847,556 |
|
------------ |
|
|
6.
Financial instruments
For financial instruments measured at fair value, the basis for determining fair value must be disclosed. When a valuation technique is used, the assumptions applied in determining fair value for each class of financial assets or financial liabilities must be disclosed. If a reliable measure of fair value is no longer available for ordinary or preference shares measured at fair value through profit or loss, this must also be disclosed.
7.
Controlling party
The ultimate parent undertaking is Willsons Printers Limited, a company incorporated in the United Kingdom.