Passion Print Limited Filleted accounts for Companies House (small and micro)

PASSION PRINT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08388347

PASSION PRINT LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

29 February 2020

PASSION PRINT LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 29 FEBRUARY 2020

CONTENTS	PAGE

Statement of financial position	1

Notes to the financial statements	3

PASSION PRINT LIMITED

STATEMENT OF FINANCIAL POSITION

29 February 2020

	2020		2019
Note	£	£	£

FIXED ASSETS

Intangible assets	6	17,696	21,158
Tangible assets	7	56,014	42,209
		----------	----------
		73,710	63,367

CURRENT ASSETS

Stocks		1,750	1,750
Debtors	8	284,956	341,584
Cash at bank and in hand		84,808	38,865
		------------	------------
		371,514	382,199

CREDITORS: amounts falling due within one year	9	351,662		404,103
		------------		------------
NET CURRENT ASSETS/(LIABILITIES)			19,852	( 21,904)
			----------	----------
TOTAL ASSETS LESS CURRENT LIABILITIES			93,562	41,463

CREDITORS: amounts falling due after more than one year	10	58,973	41,176
		----------	----------
NET ASSETS		34,589	287
		----------	----------

PASSION PRINT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

29 February 2020

	2020		2019
Note	£	£	£

CAPITAL AND RESERVES

Called up share capital	6	6
Profit and loss account	34,583	281
	----------	-----
SHAREHOLDERS FUNDS	34,589	287
	----------	-----

These 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 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 income statement has not been delivered.

For the year ending 29 February 2020 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 17 May 2020 , and are signed on behalf of the board by:

Mr R T Grundy

Director

Company registration number: 08388347

PASSION PRINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 29 FEBRUARY 2020

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Onega House, 112 Main Road, Sidcup, Kent, DA14 6NE, United Kingdom.

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.

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 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.

Taxation

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

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:

Goodwill	-	10% straight line
Lease Costs	-	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:

Fixtures & Fittings	-	25% straight line
Motor Vehicles	-	25% straight line
Equipment	-	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

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

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 15 (2019: 14 ).

5. TAX ON PROFIT

Major components of tax expense

	2020	2019
	£	£

Current tax:

UK current tax expense	53,414	18,228
	----------	----------
Tax on profit	53,414	18,228
	----------	----------

6. INTANGIBLE ASSETS

	Goodwill	Lease costs	Total
	£	£	£
Cost
At 1 March 2019 and 29 February 2020	20,000	14,620	34,620
	----------	----------	----------
Amortisation
At 1 March 2019	12,000	1,462	13,462
Charge for the year	2,000	1,462	3,462
	----------	----------	----------
At 29 February 2020	14,000	2,924	16,924
	----------	----------	----------
Carrying amount
At 29 February 2020	6,000	11,696	17,696
	----------	----------	----------
At 28 February 2019	8,000	13,158	21,158
	----------	----------	----------

7. TANGIBLE ASSETS

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 March 2019	12,353	8,000	293,032	313,385
Additions	–	–	50,000	50,000
	----------	--------	------------	------------
At 29 February 2020	12,353	8,000	343,032	363,385
	----------	--------	------------	------------
Depreciation
At 1 March 2019	11,847	8,000	251,329	271,176
Charge for the year	423	–	35,772	36,195
	----------	--------	------------	------------
At 29 February 2020	12,270	8,000	287,101	307,371
	----------	--------	------------	------------
Carrying amount
At 29 February 2020	83	–	55,931	56,014
	----------	--------	------------	------------
At 28 February 2019	506	–	41,703	42,209
	----------	--------	------------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Equipment
	£
At 29 February 2020	46,727
	----------
At 28 February 2019	23,593
	----------

8. DEBTORS

	2020	2019
	£	£
Trade debtors	86,597	172,360
Other debtors	198,359	169,224
	------------	------------
	284,956	341,584
	------------	------------

9. CREDITORS: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	10,000	10,000
Trade creditors	33,907	97,570
Accruals and deferred income	216,795	203,500
Corporation tax	53,414	58,045
Social security and other taxes	15,343	18,769
Obligations under finance leases and hire purchase contracts	22,203	12,226
Other creditors	–	3,993
	------------	------------
	351,662	404,103
	------------	------------

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

	2020	2019
	£	£
Bank loans and overdrafts	23,333	33,333
Obligations under finance leases and hire purchase contracts	35,640	7,843
	----------	----------
	58,973	41,176
	----------	----------

11. FINANCE LEASES AND HIRE PURCHASE CONTRACTS

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2020	2019
	£	£
Not later than 1 year	22,203	12,226
Later than 1 year and not later than 5 years	35,640	7,843
	----------	----------
	57,843	20,069
	----------	----------

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 29 February 2020 the directors owed Passion Print Limited £157,212 (2019: £133,283). There are no terms attached to the loans provided to the directors and they have been provided by the company interest free.