AST Print Group Limited Company accounts

AST PRINT GROUP LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03068020

AST Print Group Limited

Unaudited Financial Statements

30 November 2018

AST Print Group Limited

Financial Statements

Year ended 30 November 2018

Contents	Pages

Officers and professional advisers	1

Directors' report	2

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	3

Statement of income and retained earnings	4

Statement of financial position	5 to 6

Notes to the financial statements	7 to 11

AST Print Group Limited

Officers and Professional Advisers

The board of directors	Mr A Davies
	Mr T K Martin
	Mr P James

Registered office	Ipswich Road
	Cardiff
	CF3 7AQ

Accountants	Roblins
	Chartered accountants
	3 Deryn Court
	Wharfedale Road
	Pentwyn
	Cardiff
	CF23 7HA

Bankers	Lloyds Bank plc
	18 Wyndham Street
	Bridgend

AST Print Group Limited

Directors' Report

Year ended 30 November 2018

The directors present their report and the unaudited financial statements of the company for the year ended 30 November 2018 .

Directors

The directors who served the company during the year were as follows:

Mr A Davies
Mr T K Martin
Mr P James

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 20 August 2019 and signed on behalf of the board by:

Mr A Davies

Director

Registered office:

Ipswich Road

Cardiff

CF3 7AQ

AST Print Group Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of AST Print Group Limited

Year ended 30 November 2018

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 November 2018, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Roblins Chartered accountants

3 Deryn Court Wharfedale Road Pentwyn Cardiff CF23 7HA

20 August 2019

AST Print Group Limited

Statement of Income and Retained Earnings

Year ended 30 November 2018

	2018	2017
Note	£	£
Turnover	890,087	942,918

Cost of sales	310,505	293,686
	---------	---------
Gross profit	579,582	649,232

Distribution costs	19,551	19,122
Administrative expenses	653,750	546,803
Other operating income	1,245	7,179
	---------	---------
Operating (loss)/profit	( 92,474)	90,486

Interest payable and similar expenses		2,126	5,700
		---------	---------
(Loss)/profit before taxation	5	( 94,600)	84,786

Tax on (loss)/profit	7,486	–
	---------	--------
(Loss)/profit for the financial year and total comprehensive income	( 102,086)	84,786
	---------	--------

Retained earnings at the start of the year	208,732	123,946
	---------	---------
Retained earnings at the end of the year	106,646	208,732
	---------	---------

All the activities of the company are from continuing operations.

AST Print Group Limited

Statement of Financial Position

30 November 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	7		120,971	155,080

Current assets

Stocks		15,416	16,783
Debtors	8	289,306	383,025
Cash at bank and in hand		6	107
		---------	---------
		304,728	399,915

Creditors: amounts falling due within one year	9	295,747		303,978
		---------		---------
Net current assets			8,981	95,937
			---------	---------
Total assets less current liabilities			129,952	251,017

Creditors: amounts falling due after more than one year	10	13,306	32,285
		---------	---------
Net assets		116,646	218,732
		---------	---------

AST Print Group Limited

Statement of Financial Position (continued)

30 November 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Share premium account	9,900	9,900
Profit and loss account	106,646	208,732
	---------	---------
Shareholders funds	116,646	218,732
	---------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 30 November 2018 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 financial statements for the year 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 financial statements .

These financial statements were approved by the board of directors and authorised for issue on 20 August 2019 , and are signed on behalf of the board by:

Mr A Davies

Director

Company registration number: 03068020

AST Print Group Limited

Notes to the Financial Statements

Year ended 30 November 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ipswich Road, Cardiff, CF3 7AQ.

2. Statement of compliance

These 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 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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

		-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Plant and machinery	-	20% and 25% on a reducing balance.
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Certain computer equipment included within plant and machinery has been depreciated on a straight line basis varying between two to four years.

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

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 year amounted to 16 (2017: 17 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2018	2017
	£	£
Depreciation of tangible assets	34,109	43,952
	--------	--------

6. Intangible assets

	Goodwill
	£
Cost
At 1 December 2017 and 30 November 2018	254,780
	---------
Amortisation
At 1 December 2017 and 30 November 2018	254,780
	---------
Carrying amount
At 30 November 2018	–
	---------
At 30 November 2017	–
	---------

7. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 December 2017 and 30 November 2018	63,087	1,699,162	29,233	112,139	1,903,621
	--------	------------	--------	---------	------------
Depreciation
At 1 December 2017	63,087	1,605,547	28,622	51,285	1,748,541
Charge for the year	–	18,743	153	15,213	34,109
	--------	------------	--------	---------	------------
At 30 November 2018	63,087	1,624,290	28,775	66,498	1,782,650
	--------	------------	--------	---------	------------
Carrying amount
At 30 November 2018	–	74,872	458	45,641	120,971
	--------	------------	--------	---------	------------
At 30 November 2017	–	93,615	611	60,854	155,080
	--------	------------	--------	---------	------------

8. Debtors

	2018	2017
	£	£
Trade debtors	163,867	188,282
Other debtors	125,439	194,743
	---------	---------
	289,306	383,025
	---------	---------

9. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	70,849	63,768
Trade creditors	138,599	129,082
Corporation tax	3,518	5,606
Social security and other taxes	13,086	26,005
Other creditors	69,695	79,517
	---------	---------
	295,747	303,978
	---------	---------

10. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loan - > 1 Yr	–	2,403
Other creditors	13,306	29,882
	--------	--------
	13,306	32,285
	--------	--------

11. Directors' advances, credits and guarantees

A director owed the company £56,693 at the year end (2017;£69,353).

12. Related party transactions

Included in debtors (Note 8) is £16,849(2017:£30,325) owed by a sh areholder . The company benefited in the 2017 year by the reclaim of £229,717 of ground rent paid, over an extended period, on behalf of the AST Print Group Limited Pension Scheme (of which some of the the company's directors and a former director are beneficiaries). In the 2016 accounts the company benefited from a 6 month rent free period between leases saving it £27,000 together with the waiver of £37,000 of rent arrears. It was agreed with the Pension Scheme trustees subsequently that this was payable. The 2017 accounts thus included a charge for £118,000 of rent payable to the Scheme. Included in Note 8 Other debtors totalling £125,439 is £24,497 due from the Scheme, (2017:£166,910 owed by the Scheme).

13.