Papersmiths Limited - Filleted accounts

Registered number

07678045

Papersmiths Limited

Filleted Accounts for the year ended

30 June 2025

Papersmiths Limited
Registered number:		07678045
Balance Sheet
as at 30 June 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		1,554			3,338

Current assets
Stocks		197,491			170,998
Debtors	4	111,223			83,751
Cash at bank and in hand		72,799			105,664
		381,513			360,413

Creditors: amounts falling due within one year	5	(147,095)			(144,474)

Net current assets			234,418			215,939

Total assets less current liabilities			235,972			219,277

Creditors: amounts falling due after more than one year	6		-			(10,000)



Net assets			235,972			209,277

Capital and reserves
Called up share capital			2			2
Profit and loss account			235,970			209,275

Shareholder's funds			235,972			209,277

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.




S Warren
Director
Approved by the board on 9 January 2026

Papersmiths Limited
Notes to the Accounts
for the year ended 30 June 2025


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 of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	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:

	Land and buildings			5 years straight line
	Plant and machinery			4 years straight line
	Computer equipment			3 years straight line

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. 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.

	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.

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


2	Employees					2025		2024
Number							Number

	Average number of persons employed by the company					18		19


3	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Computer equipment		Total
£			£		£		£
	Cost
	At 1 July 2024	84,098		6,039		6,565		96,702
	Disposals	-		-		(1,665)		(1,665)
	At 30 June 2025	84,098		6,039		4,900		95,037

	Depreciation
	At 1 July 2024	82,977		6,038		4,349		93,364
	Charge for the year	279		-		1,505		1,784
	On disposals	-		-		(1,665)		(1,665)
	At 30 June 2025	83,256		6,038		4,189		93,483

	Net book value
	At 30 June 2025	842		1		711		1,554
	At 30 June 2024	1,121		1		2,216		3,338


4	Debtors					2025		2024
£							£

	Accrued income and prepayments					52,086		45,722
	Other debtors					59,137		38,029
						111,223		83,751


5	Creditors: amounts falling due within one year					2025		2024
£							£

	Bank loans and overdrafts					10,000		10,000
	Trade creditors					53,423		47,516
	Directors loan					12,020		20,403
	Taxation and social security costs					36,900		59,797
	Other creditors					34,752		6,758
						147,095		144,474


6	Creditors: amounts falling due after one year					2025		2024
£							£

	Bank loans					-		10,000


7	Related party transactions

	As at 30th June 2025 the company was owed £5,442 (2024: £5,442) by Studio B Ltd, a company in which the former director K M Clarke has a controlling interest in. This is included in other debtors. There is no set repayment date. These loans have been made on an interest free basis.


8	Transactions with the director

	As at 30th June 2025 the company owed the director S Warren £12,020 (2024 - £20,403) There is no fixed interest on this loan.


9	Controlling party

	The controlling party is S Warren who holds 100% of the issued share capital of the company.


10	Other information

	Papersmiths Limited is a private company limited by shares and incorporated in England. Its registered office is:
	21 Sydney Street
	Brighton
	England
	BN1 4EN