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Registered number: 05360059
Company Cards Limited
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 30 June 2025
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Company Cards Limited
Registered number: 05360059
Balance Sheet
As at 30 June 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Company Cards Limited
Registered number: 05360059
Balance Sheet (continued)
As at 30 June 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 14 form part of these financial statements.
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Company Cards Limited
Notes to the Financial Statements
For the year ended 30 June 2025
Company Cards Limited is a private company limited by share capital incorporated in England, registered number 05360059. The registered office address is Worsley Brow, Sutton, St Helens, Merseyside, WA9 3EZ. The principal activity is the provision of print finishing services.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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Company Cards Limited
Notes to the Financial Statements
For the year ended 30 June 2025
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Company Cards Limited
Notes to the Financial Statements
For the year ended 30 June 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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Company Cards Limited
Notes to the Financial Statements
For the year ended 30 June 2025
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods.
Depreciation is provided on the following basis:
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Long-term leasehold property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
A review of the useful economic lives of the assets has been undertaken in the year. As a result of this review, the depreciation rates have been amended for Long-term leasehold property and Plant and machinery. Long-term leasehold property was amended from 2% straight-line to being depreciated over 5 years and Plant and machinery was amended from 20% reducing balance to 13% straight-line. These changes in depreciation rates result in additonal depreciation charges of £134,520.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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Company Cards Limited
Notes to the Financial Statements
For the year ended 30 June 2025
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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The average monthly number of employees, including directors, during the year was 36 (2024 - 35).
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Inter-company balance write off
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Following the completion of the management buy-out on 20 December 2024, the inter-company balance with Print Topco Limited of £3.0m was written off.
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Company Cards Limited
Notes to the Financial Statements
For the year ended 30 June 2025
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Company Cards Limited
Notes to the Financial Statements
For the year ended 30 June 2025
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Long-term leasehold property
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Company Cards Limited
Notes to the Financial Statements
For the year ended 30 June 2025
6.Tangible fixed assets (continued)
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Raw materials and consumables
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Company Cards Limited
Notes to the Financial Statements
For the year ended 30 June 2025
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Company Cards Limited
Notes to the Financial Statements
For the year ended 30 June 2025
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Secured loans
A CBILS bank loan was taken out 27th May 2021 with Santander UK PLC for £1,000,000 and was subject to
an interest rate of 3.8% plus base rate per annum. The loan was repaid on 18 December 2024.
Funding was acquired on 22nd November 2024 with FW Capital for £400,000. The loan is subject to a fixed interest rate of 7.5% per annum and is repayable 5 years after the loan is drawn. The loan is secured by a Composite Guarantee over the assets of Company Cards Limited, Print Topco Limited, and Company Cards Group Limited, supported by a personal guarantee of £50,000 from a director, and subject to consent of Close Brothers Limited and Close Invoice Finance Limited.
Obligations under finance lease contracts are secured over the assets to which they relate.
Bank overdrafts are secured on the unpaid sales invoices of the company and a fixed charge over the assets of the company.
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Secured loans
Funding was acquired on 22nd November 2024 with FW Capital for £400,000. The loan is subject to a fixed interest rate of 7.5% per annum and is repayable 5 years after the loan is drawn. The loan is secured by a Composite Guarantee over the assets of Company Cards Limited, Print Topco Limited, and Company Cards Group Limited, supported by a personal guarantee of £50,000 from a director, and subject to consent of Close Brothers Limited and Close Invoice Finance Limited.
Obligations under finance lease contracts are secured over the assets to which they relate.
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Company Cards Limited
Notes to the Financial Statements
For the year ended 30 June 2025
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Secured loans
A CBILS bank loan was taken out 27th May 2021 with Santander UK PLC for £1,000,000 and was subject to
an interest rate of 3.8% plus base rate per annum. The loan was repaid on 18 December 2024.
Funding was acquired on 22nd November 2024 with FW Capital for £400,000. The loan is subject to a fixed interest rate of 7.5% per annum and is repayable 5 years after the loan is drawn. The loan is secured by a Composite Guarantee over the assets of Company Cards Limited, Print Topco Limited, and Company Cards Group Limited, supported by a personal guarantee of £50,000 from a director, and subject to consent of Close Brothers Limited and Close Invoice Finance Limited.
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Company Cards Limited
Notes to the Financial Statements
For the year ended 30 June 2025
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Commitments under operating leases
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At 30 June 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The company's immediate parent company is Print Topco Limited, company number 11460908. The ultimate parent company is Company Cards Group Limited, company number 16073222. Both companies are incorporated in England and Wales.
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