The Carlton Press (Sheffield) Limited Company Accounts

THE CARLTON PRESS (SHEFFIELD) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 00652954

THE CARLTON PRESS (SHEFFIELD) LIMITED

FINANCIAL STATEMENTS

31 August 2014

SHIELD ACCOUNTING SERVICES

Chartered Management Accountants

Unit 1.22

SOAR Enterprise Centre

Knutton Road

Sheffield

S5 9NU

THE CARLTON PRESS (SHEFFIELD) LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 AUGUST 2014

The directors present their report and the unaudited financial statements of the company for the year ended 31 August 2014.

PRINCIPAL ACTIVITIES

The principal activity of the company in the year under review was that of a printing press.

DIRECTORS

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

G E Kilner
Mr H Suckling

SMALL COMPANY PROVISIONS

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

Registered office: Signed by order of the directors

Layco Works

Smithfield

Sheffield

S3 7AR

H. Suckling

Director

Approved by the directors on 24 April 2015

THE CARLTON PRESS (SHEFFIELD) LIMITED

ACCOUNTANTS' REPORT TO THE DIRECTORS OF THE CARLTON

PRESS (SHEFFIELD) LIMITED

YEAR ENDED 31 AUGUST 2014

As described on the balance sheet, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 August 2014, which comprise the Profit and Loss Account, Balance Sheet, principal Accounting Policies 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 unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

SHIELD ACCOUNTING SERVICES Chartered Management Accountants

Unit 1.22 SOAR Enterprise Centre Knutton Road Sheffield S5 9NU

24 April 2015

THE CARLTON PRESS (SHEFFIELD) LIMITED

PROFIT AND LOSS ACCOUNT

YEAR ENDED 31 AUGUST 2014

	2014	2013
Note	£	£
TURNOVER	160,424	161,591

Cost of sales	57,712	64,281
	----------	---------
GROSS PROFIT	102,712	97,310

Distribution costs		6,228	7,259
Administrative expenses		89,584	100,956
		----------	----------
OPERATING PROFIT/(LOSS)	1	6,900	( 10,905)

Interest payable and similar charges		1,886	1,181

		-------	---------
PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION		5,014	( 12,086)

Tax on profit/(loss) on ordinary activities	1,003	( 920)

	-------	---------
PROFIT/(LOSS) FOR THE FINANCIAL YEAR	4,011	( 11,166)

Balance brought forward	( 82,613)	( 71,447)
	---------	---------
Balance carried forward	(78,602)	(82,613)
	---------	---------

THE CARLTON PRESS (SHEFFIELD) LIMITED

BALANCE SHEET

31 August 2014

	2014		2013
Note	£	£	£

FIXED ASSETS

Tangible assets	2	11,108	14,611
		---------	---------
		11,108	14,611
		---------	---------

CURRENT ASSETS

Stocks		8,750		16,414
Debtors	3	20,540		23,380
		---------		---------
		29,290		39,794
CREDITORS: Amounts falling due within one year	4	51,502		59,093
		---------		---------
NET CURRENT LIABILITIES			( 22,212)	( 19,299)
			---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES			( 11,104)	( 4,688)

CREDITORS: Amounts falling due after more than one year	5	52,472	62,199
		---------	---------
		( 63,576)	( 66,887)
		---------	---------

CAPITAL AND RESERVES

Called-up equity share capital	6	6,000	6,000
Revaluation reserve		6,804	6,804
Hedging reserve	7	2,222	2,922
Profit and loss account		( 78,602)	( 82,613)
		---------	---------
DEFICIT		( 63,576)	( 66,887)
		---------	---------

For the year ended 31 August 2014 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 accounts for the year in question in accordance with section 476; and

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

These accounts were approved by the directors and authorised for issue on 24 April 2015 , and are signed on their behalf by:

Mr H Suckling

Company Registration Number: 00652954

THE CARLTON PRESS (SHEFFIELD) LIMITED

ACCOUNTING POLICIES

YEAR ENDED 31 AUGUST 2014

Basis of accounting

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Amortisation

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

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

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

Plant & Machinery - 25% reducing balance

Fixtures & Fittings - 15% reducing balance

Motor Vehicles - 25% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

THE CARLTON PRESS (SHEFFIELD) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2014

1. OPERATING PROFIT/(LOSS)

Operating profit/(loss) is stated after charging:

	2014	2013
	£	£
Directors' remuneration	–	–
Staff pension contributions	–	897
Depreciation of owned fixed assets	3,503	4,601
	-------	-------

2. TANGIBLE FIXED ASSETS

Plant & Machinery	Fixtures & Fittings	Motor Vehicles	Computer equipment	Total
£	£	£	£	£

COST OR VALUATION

At 1 September 2013 and 31 August 2014	150,563	37,151	10,662	36,639	235,015
	----------	---------	---------	---------	----------

DEPRECIATION

At 1 September 2013	138,469	35,429	9,867	36,639	220,404
Charge for the year	3,023	258	222	–	3,503
	----------	---------	---------	---------	----------
At 31 August 2014	141,492	35,687	10,089	36,639	223,907
	----------	---------	---------	---------	----------

NET BOOK VALUE

At 31 August 2014	9,071	1,464	573	–	11,108
	-------	-------	----	----	---------
At 31 August 2013	12,094	1,722	795	–	14,611
	---------	-------	----	----	---------

3. DEBTORS

	2014	2013
	£	£
Trade debtors	16,762	18,925
Other debtors	3,778	4,455
	---------	---------
	20,540	23,380
	---------	---------

4. CREDITORS: Amounts falling due within one year

	2014	2013
	£	£
Overdrafts	22,241	22,748
Trade creditors	12,880	25,381
Amounts owed to group undertakings	3,543	3,543
Corporation tax	1,703	–
Other taxation and social security	9,535	6,621
Other creditors	1,600	800
	---------	---------
	51,502	59,093
	---------	---------

5. CREDITORS: Amounts falling due after more than one year

	2014	2013
	£	£
Bank loans	26,955	36,728
Other creditors	25,517	25,471
	---------	---------
	52,472	62,199
	---------	---------

6. SHARE CAPITAL

Allotted, called up and fully paid:

	2014		2013
	No	£	No	£
Ordinary shares of £ 1 each	6,000	6,000	6,000	6,000
	-------	-------	-------	-------
	6,000	6,000	6,000	6,000
	-------	-------	-------	-------

7. HEDGING RESERVE

	2014	2013
	£	£
Deferred tax	2,222	2,922
	-------	-------
Balance carried forward	2,222	2,922
	-------	-------

THE CARLTON PRESS (SHEFFIELD) LIMITED

MANAGEMENT INFORMATION

YEAR ENDED 31 AUGUST 2014

The following pages do not form part of the statutory financial statements .

THE CARLTON PRESS (SHEFFIELD) LIMITED

DETAILED PROFIT AND LOSS ACCOUNT

YEAR ENDED 31 AUGUST 2014

	2014		2013
	£	£	£
TURNOVER		160,424	161,591

COST OF SALES

Opening stock and work-in-progress	16,414	23,449
Purchases	50,048	57,246
	---------	---------
	66,462	80,695

Closing stock and work-in-progress	(8,750)		(16,414)
	---------		---------
		57,712	64,281
		----------	----------
GROSS PROFIT		102,712	97,310
		----------	----------

OVERHEADS

Distribution costs	6,228		7,259
Administrative expenses	89,584		100,956
	---------		----------
		95,812	108,215
		---------	----------
OPERATING PROFIT/(LOSS)		6,900	( 10,905)

Bank interest payable	(1,886)	(1,181)
	-------	---------
PROFIT/(LOSS) ON ORDINARY ACTIVITIES	5,014	( 12,086)
	-------	---------

NOTES:

DISTRIBUTION COSTS

Freight and carriage	2,649	2,585
Advertising	76	73
Depreciation of plant and machinery	3,023	4,032
Depreciation of fixtures and fittings	258	304
Depreciation of motor vehicles	222	265
	-------	-------
	6,228	7,259
	-------	-------

ADMINISTRATIVE EXPENSES

Personnel costs

Wages and salaries	53,450		61,216
Staff pension contributions	–		897
	---------		---------
		53,450	62,113
			---------

Establishment expenses

Rent	10,000		12,000
Rates and water	7,288		5,061
Light and heat	3,154		5,266
Licences & insurance	1,439		1,951
Cleaning of premises	–		1,214
	---------		---------
		21,881	25,492
			---------

General expenses

Motor expenses	4,227		3,781
Telephone	1,848		1,489
Equipment repairs and renewals	1,265		844
Printing, stationery and postage	–		94
Staff welfare	2,339		2,700
Sundry expenses	500		262
Donations	–		210
Consultancy fees & training	–		360
Legal and professional fees	884		1,450
Accountancy fees	–		320
	---------		---------
		11,063	11,510
			---------

Financial costs

Bad debts written off	671		1,048
Bank charges	1,506		286
Bank loan interest (Non statutory disclosure)	1,013		507
	-------		-------
		3,190	1,841
		---------	----------
		89,584	100,956
		---------	----------