Fisherprint Limited Filleted accounts for Companies House (small and micro)

FISHERPRINT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02489142

Fisherprint Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2022

Fisherprint Limited

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5	629,820	766,226
Investments	6	426,004	426,004
		------------	------------
		1,055,824	1,192,230

Current assets

Stocks		107,050	39,611
Debtors	7	848,396	682,269
		---------	---------
		955,446	721,880

Creditors: amounts falling due within one year	8	938,221		974,592
		---------		---------
Net current assets/(liabilities)			17,225	( 252,712)
			------------	------------
Total assets less current liabilities			1,073,049	939,518

Creditors: amounts falling due after more than one year	9		933,562	570,526

Provisions

Taxation including deferred tax	( 51,767)	3,564
	------------	---------
Net assets	191,254	365,428
	------------	---------

Fisherprint Limited

Statement of Financial Position (continued)

31 March 2022

	2022		2021
Note	£	£	£

Capital and reserves

Called up share capital	1,400,003	1,400,003
Profit and loss account	( 1,208,749)	( 1,034,575)
	------------	------------
Shareholders funds	191,254	365,428
	------------	------------

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 Section 1A of 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 statement of comprehensive income has not been delivered.

For the year ending 31 March 2022 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 25 October 2022 , and are signed on behalf of the board by:

M Fisher

Director

Company registration number: 02489142

Fisherprint Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Padholme Road, Peterborough, Cambridgeshire, PE1 5UL.

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.

Going concern

During 2020 and into 2021 the worldwide spread of Coronavirus has occurred and from March 2020 has affected the UK. This has, and continues to, affect the way the company operates and the markets it operates in. The company is making appropriate adjustments in terms of how it operates and to protect its employees. The UK Government is providing a package of financial support to protect companies and these are being accessed as necessary.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Depreciation The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both external and internal factors.

Revenue recognition

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 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 material 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Leasehold property	-	20% straight line
Plant & Machinery	-	5% to 33% straight line
Fixtures & Fittings	-	20% to 50% straight line
Motor vehicles	-	33.3% to 50% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 35 (2021: 34 ).

5. Tangible assets

	Leasehold property improvements	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2021	50,710	3,298,739	126,394	50,243	3,526,086
Additions	–	4,449	–	–	4,449
	--------	------------	---------	--------	------------
At 31 March 2022	50,710	3,303,188	126,394	50,243	3,530,535
	--------	------------	---------	--------	------------
Depreciation
At 1 April 2021	40,121	2,565,224	115,734	38,781	2,759,860
Charge for the year	4,036	126,869	4,119	5,831	140,855
	--------	------------	---------	--------	------------
At 31 March 2022	44,157	2,692,093	119,853	44,612	2,900,715
	--------	------------	---------	--------	------------
Carrying amount
At 31 March 2022	6,553	611,095	6,541	5,631	629,820
	--------	------------	---------	--------	------------
At 31 March 2021	10,589	733,515	10,660	11,462	766,226
	--------	------------	---------	--------	------------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2021 and 31 March 2022	426,004
	---------
Impairment
At 1 April 2021 and 31 March 2022	–
	---------

Carrying amount
At 31 March 2022	426,004
	---------
At 31 March 2021	426,004
	---------

The company owns 100% of the issued share capital of the companies listed below:

Wonderprint Limited

Pharmaprint Limited

Fisher Finishing Limited

TLC Signs and Banners Limited

All of the above companies are dormant and have not traded in the current or previous year with the exception of TLC Signs and Banners Limited.

Under the provision of s398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.

7. Debtors

	2022	2021
	£	£
Trade debtors	420,092	313,232
Amounts owed by group undertakings and undertakings in which the company has a participating interest	197,994	250,008
Other debtors	230,310	119,029
	---------	---------
	848,396	682,269
	---------	---------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	270,708	440,902
Trade creditors	459,732	247,938
Social security and other taxes	48,294	83,948
Sundry creditors	25,533	15,025
Other creditors	133,954	186,779
	---------	---------
	938,221	974,592
	---------	---------

The bank loan and overdraft are secured on the assets of the company and those of the parent company.

Included within other creditors are hire purchase liabilities of £97,049 (2021 - £66,092) which are secured on the assets to which they relate.

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

	2022	2021
	£	£
Bank loans and overdrafts	469,479	512,215
Other creditors	464,083	58,311
	---------	---------
	933,562	570,526
	---------	---------

The bank loan is secured on the assets of the company and those of the parent company.

Included within other creditors are hire purchase liabilities of £464,083 (2021 - £58,311) which are secured on the assets to which they relate.

10. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2022	2021
	£	£

Recognised in other operating income:

Government grants recognised directly in income	39,553	74,064
	--------	--------

11. Directors' advances, credits and guarantees

At the start of the year Director 1 owed the company £46,204. £10,975 was repaid and a further £6,000 advanced. At the end of the year the balance owed to the company was £41,229. No interest was charged . At the start of the year Director 2 owed the company £1,609. This was repaid in full in the year. At the end of the year the balance owed to the company was £Nil. No interest was charged.

12. Controlling party

The company is essentially a wholly owned subsidiary of G.H.Fisher & Sons (Printers) Limited, a company incorporated in England and Wales. G.H.Fisher & Sons (Printers) Limited owns 99.9999% of the issued share capital.