The Printing House Limited - Limited company accounts 18.2

REGISTERED NUMBER: 02594094 (England and Wales)

Report of the Directors and

Financial Statements

for the Year Ended 31 March 2019

for

The Printing House Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Statement of Comprehensive Income

5

Statement of Financial Position

6

Statement of Changes in Equity

7

Notes to the Financial Statements

8

DIRECTORS:

M P Haase

D H Kinsman

SECRETARY:

Mrs D Brandon-Sweeney

REGISTERED OFFICE:

Arnold Haase House

Duchy Road

Crewe

Cheshire

CW1 6ND

REGISTERED NUMBER:

02594094 (England and Wales)

AUDITORS:

Banks Sheridan

Datum House

Electra Way

Crewe

Cheshire

CW1 6ZF

BANKERS:

National Westminster Bank Plc

41 Greengate Street

Stafford

Staffordshire

ST16 2JD

The directors present their report with the financial statements of the company for the year ended 31 March 2019.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2018 to the date of this report.

M P Haase

D H Kinsman

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken

as a director in order to make himself aware of any relevant audit information and to establish that the company's

auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

M P Haase - Director

26 July 2019

Opinion

We have audited the financial statements of The Printing House Limited (the 'company') for the year ended

31 March 2019 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of

Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The

financial reporting framework that has been applied in their preparation is applicable law and United Kingdom

Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the

UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2019 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.

Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the

financial statements section of our report. We are independent of the company in accordance with the ethical

requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard,

and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit

evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to

you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of

the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise

explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing

so, consider whether the other information is materially inconsistent with the financial statements or our knowledge

obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or

apparent material misstatements, we are required to determine whether there is a material misstatement in the financial

statements or a material misstatement of the other information. If, based on the work we have performed, we conclude

that there is a material misstatement of this other information, we are required to report that fact. We have nothing to

report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit,

we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you

if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible

for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such

internal control as the directors determine necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a

going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic

alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs

(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting

Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those

matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's

members as a body, for our audit work, for this report, or for the opinions we have formed.

Stuart Banks BSc FCA (Senior Statutory Auditor)

for and on behalf of Banks Sheridan

Datum House

Electra Way

Crewe

Cheshire

CW1 6ZF

26 July 2019

TURNOVER

1,745,840

1,076,647

Cost of sales

(1,431,631

)

(833,328

)

GROSS PROFIT

314,209

243,319

Distribution costs

(123,730

)

(44,552

)

Administrative expenses

(410,160

)

(243,894

)

(219,681

)

(45,127

)

Other operating income

10,996

3,361

OPERATING LOSS

5

(208,685

)

(41,766

)

Interest payable and similar expenses

6

(19,931

)

(17,366

)

LOSS BEFORE TAXATION

(228,616

)

(59,132

)

Tax on loss

7

9,998

10,563

LOSS FOR THE FINANCIAL YEAR

(218,618

)

(48,569

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(218,618

)

(48,569

)

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

240,322

292,295

240,322

292,295

CURRENT ASSETS

Stocks

10

39,741

44,486

Debtors: amounts falling due within one year

11

191,191

185,059

Cash in hand

-

106

230,932

229,651

CREDITORS

Amounts falling due within one year

12

(877,485

)

(676,448

)

NET CURRENT LIABILITIES

(646,553

)

(446,797

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(406,231

)

(154,502

)

CREDITORS

Amounts falling due after more than one year

13

(21,370

)

(47,537

)

PROVISIONS FOR LIABILITIES

17

(55,081

)

(62,025

)

NET LIABILITIES

(482,682

)

(264,064

)

CAPITAL AND RESERVES

Called up share capital

18

220

220

Retained earnings

19

(482,902

)

(264,284

)

SHAREHOLDERS' FUNDS

(482,682

)

(264,064

)

The financial statements were approved by the Board of Directors on 26 July 2019 and were signed on its behalf by:

M P Haase - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 September 2017

220

(215,715

)

(215,495

)

Changes in equity

Total comprehensive loss

-

(48,569

)

(48,569

)

Balance at 31 March 2018

220

(264,284

)

(264,064

)

Changes in equity

Total comprehensive loss

-

(218,618

)

(218,618

)

Balance at 31 March 2019

220

(482,902

)

(482,682

)

1.	STATUTORY INFORMATION

The Printing House Limited ('The Company') are primarily engaged in the supply of printing services.

The company is a private company limited by shares and is incorporated in England and Wales. The address of

the principal place of business and of the registered office is Arnold Haase House, Duchy Road, Crewe,

Cheshire, CW1 6ND. The registered number can be found on the Company Information page.

The functional and presentational currency of the financial statements is the Pound Sterling (£). Monetary

amounts in these financial statements are rounded to the nearest £.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Summary of significant accounting policies

The financial statements have been prepared under the historical cost convention.

The principle accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented, unless otherwise stated.

Basis of preparation

The company is a subsidiary of SG World Limited and the parent company has agreed to support the company

for a period of not less than twelve months from the date of these financial statements.

No material uncertainties that may cast significant doubt about the ability of the company to continue as a going

concern have been identified by the directors.

On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements,

as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d);

•

the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of Section 12 Other Financial Instruments paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirement of Section 33 Related Party Disclosures paragraph 33.7.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts

receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership

have transferred to them.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

Straight line over 20 years

Fixtures and fittings

-

Straight line over 5 to 10 years

Office equipment

-

Straight line over 2 to 4 years

Stocks

Stocks are stated at the lower of cost and selling price less costs to complete and sell. Cost includes all direct

expenditure and an appropriate proportion of fixed and variable overheads.

An impairment loss is recognised for damaged, discontinued and slow-moving stock where appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive

Income, except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the end of the financial year.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the end of

the financial year.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase are capitalised in the balance sheet. Those held under hire purchase

contracts are depreciated over their estimated useful lives.

The interest element of those obligations is charged to the profit and loss account so as to provide a periodic

charge on the remaining balance of the obligation for each accounting period. The capital element of the future

payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account so as to produce a constant

periodic charge for each accounting period up to the end of the lease or next renewal date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Impairment of assets

Assets not measured at fair value are reviewed for any indications that the asset may be impaired at each

statement of financial position date. If such indications exists the recoverable amount of the asset or the assets

cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its

recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the

impairment loss is a revaluation decrease.

Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the

appropriate heading.

4.	EMPLOYEES AND DIRECTORS

Period

1.9.17

Year Ended

to

31.3.19

31.3.18

£

£

Wages and salaries

629,383

397,346

Social security costs

52,757

25,361

Other pension costs

7,302

1,396

689,442

424,103

The average number of employees during the year was as follows:

Period

1.9.17

Year Ended

to

31.3.19

31.3.18

Production

21

18

Sales and distribution

3

3

Administration

6

6

30

27

Period

1.9.17

Year Ended

to

31.3.19

31.3.18

£

£

Directors' remuneration

-

-

5.	OPERATING LOSS

The operating loss is stated after charging:

Year

Period

1.4.18

1.9.17

to

to

31.3.19

31.3.18

£

£

Hire of plant and machinery

6,202

3,664

Other operating leases

60,000

35,000

Depreciation of tangible fixed assets:

- owned assets

21,223

17,331

- assets held under hire purchase contracts

31,854

28,874

(Profit)/loss on disposal of fixed assets

-

(10,040

)

Auditors' remuneration

3,500

3,500

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.9.17

Year Ended

to

31.3.19

31.3.18

£

£

Bank interest

5,880

2,914

Other loan interest

-

929

Hire purchase

14,051

13,523

19,931

17,366

7.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

Period

1.9.17

Year Ended

to

31.3.19

31.3.18

£

£

Deferred tax

(9,998

)

(10,563

)

Tax on loss

(9,998

)

(10,563

)

At as 31 March 2019, there are tax losses to carry forward of £8,320.

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

139,544

AMORTISATION

At 1 April 2018

and 31 March 2019

139,544

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

9.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Office

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2018

529,955

3,716

49,339

583,010

Additions

193

-

911

1,104

Disposals

-

-

(4,047

)

(4,047

)

At 31 March 2019

530,148

3,716

46,203

580,067

DEPRECIATION

At 1 April 2018

241,257

3,716

45,742

290,715

Charge for year

50,868

-

2,209

53,077

Eliminated on disposal

-

-

(4,047

)

(4,047

)

At 31 March 2019

292,125

3,716

43,904

339,745

NET BOOK VALUE

At 31 March 2019

238,023

-

2,299

240,322

At 31 March 2018

288,698

-

3,597

292,295

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 April 2018

and 31 March 2019

253,584

DEPRECIATION

At 1 April 2018

61,714

Charge for year

31,854

At 31 March 2019

93,568

NET BOOK VALUE

At 31 March 2019

160,016

At 31 March 2018

191,870

10.

STOCKS

2019

2018

£

£

Stocks

39,741

44,486

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

182,571

173,493

Other debtors

2,544

826

VAT

2,273

-

Prepayments and accrued income

3,803

10,740

191,191

185,059

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts (see note 14)

78,588

113,181

Hire purchase contracts (see note 15)

25,865

63,977

Trade creditors

187,437

213,949

Amounts owed to group undertakings

521,457

168,791

Social security and other taxes

15,734

18,904

VAT

-

37,838

Other creditors

1,313

15,527

Accruals and deferred income

47,091

44,281

877,485

676,448

Amounts owed to group undertakings are unsecured, interest free and payable on demand.