Compass Print Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC505234 (Scotland)

Financial Statements for the Period 1 February 2020 to 31 July 2021

for

Compass Print Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S T Greig

R E Massie

S Scott

Mrs J M Wilson

C W Wilson

REGISTERED OFFICE:

Hareness Road

Altens

Aberdeen

AB12 3LE

REGISTERED NUMBER:

SC505234 (Scotland)

ACCOUNTANTS:

Findlay Brown Ltd

53 Huntly Street

Aberdeen

AB10 1TH

FIXED ASSETS

Intangible assets

4

485,417

653,446

Tangible assets

5

766,146

820,544

1,251,563

1,473,990

CURRENT ASSETS

Stocks

6

11,398

20,109

Debtors

7

246,667

467,633

Cash at bank

331,361

273,272

589,426

761,014

CREDITORS

Amounts falling due within one year

8

366,976

348,195

NET CURRENT ASSETS

222,450

412,819

TOTAL ASSETS LESS CURRENT LIABILITIES

1,474,013

1,886,809

CREDITORS

Amounts falling due after more than one year

9

(2,080,958

)

(2,010,863

)

PROVISIONS FOR LIABILITIES

(11,487

)

(14,612

)

NET LIABILITIES

(618,432

)

(138,666

)

CAPITAL AND RESERVES

Called up share capital

11

10,000

10,000

Retained earnings

(628,432

)

(148,666

)

SHAREHOLDERS' FUNDS

(618,432

)

(138,666

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2022 and were signed on its behalf by:

S T Greig - Director

R E Massie - Director

C W Wilson - Director

Mrs J M Wilson - Director

1.	STATUTORY INFORMATION

Compass Print Group Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Accounting convention

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

The company has made a loss for the year due to continuing challenging market conditions. The directors continue to take steps to reduce costs and are confident that the company will be profitable in future periods. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to meet liabilities as they fall due for the foreseeable future, with renewal of banking facilities.Therefore the accounts are prepared on a going concern basis. Management has considered the consequences of COVID-19 and other events and conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the entity’s ability to continue as a going concern.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill representing the excess of the consideration for an acquired business compared with the fair value of net assets acquired is capitalised and written off evenly over 10 years as in the opinion of the directors this represents the period over which the goodwill is effective. The useful economic lives are reviewed at the end of each reporting period.

Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Heritable property 2% straight line

Tenants improvements 20% reducing balance

Plant and machinery 20% reducing balance

Motor vehicles 20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets

At each reporting period end date. the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

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

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets. other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The

impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was

recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial liabilities

Basic financial liabilities, including trade and other creditors. bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Equity Instruments

Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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 period 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is Included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 25 (2020 - 29 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2020

and 31 July 2021

1,120,192

AMORTISATION

At 1 February 2020

466,746

Amortisation for period

168,029

At 31 July 2021

634,775

NET BOOK VALUE

At 31 July 2021

485,417

At 31 January 2020

653,446

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 February 2020

758,698

280,049

1,038,747

Additions

-

490

490

At 31 July 2021

758,698

280,539

1,039,237

DEPRECIATION

At 1 February 2020

61,581

156,622

218,203

Charge for period

22,762

32,126

54,888

At 31 July 2021

84,343

188,748

273,091

NET BOOK VALUE

At 31 July 2021

674,355

91,791

766,146

At 31 January 2020

697,117

123,427

820,544

6.

STOCKS

31.7.21

31.1.20

£

£

Stocks

11,398

20,109

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.1.20

£

£

Trade debtors

202,418

437,509

Other debtors

44,249

30,124

246,667

467,633

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.1.20

£

£

Bank loans and overdrafts

57,763

57,763

Trade creditors

115,577

114,060

Taxation and social security

21,641

83,534

Other creditors

171,995

92,838

366,976

348,195

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Following a renegotiation of repayment terms all redeemable preference shares are estimated to be repayable in 2025. The debt is measured at present value of the future payments under FRS102; the revised redeemable preference shares at the year end is £1,839,474 (2020 - £1,720,539) and are included in other creditors due after more than one year.

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.21

31.1.20

£

£

Bank loans

299,247

348,087

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.21

31.1.20

value:

£

£

10,000

Ordinary Shares

1

10,000

10,000