Print 40 Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 05438827

PRINT 40 LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

5 April 2021

PRINT 40 LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2021

Contents	Pages

Balance sheet 1

Notes to the financial statements 2 to 4

PRINT 40 LIMITED

BALANCE SHEET

5 April 2021

	2021	2020
Note	£	£

Current assets

Debtors	7	2,960	1,243
Investments	8	77,773	113,557
Cash at bank and in hand		16,024	7,994
		------------	------------
		96,757	122,794

Creditors: amounts falling due within one year	9	( 13,193)	( 34,457)
		------------	------------
Net current assets		83,564	88,337
		------------	------------
Total assets less current liabilities		83,564	88,337
		------------	------------
Net assets		83,564	88,337
		------------	------------

Capital and reserves

Called up share capital	10	100	100
Profit and loss account		83,464	88,237
		------------	------------
Shareholders funds		83,564	88,337
		------------	------------

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 profit and loss account has not been delivered.

For the year ending 5 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 30 November 2021 , and are signed on behalf of the board by:

P C Jowett
Director

Company registration number: 05438827

PRINT 40 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, HD1 1PA.

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Investments

Investments are recorded at market value.

Pension costs

Contributions to defined contribution pension schemes are charged to the profit and loss account when paid.

Turnover

Turnover represents the value of goods sold and services provided net of value added tax.

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.

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:

	Equipment and vechicles	-	33% straight line

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Turnover

The company's turnover was derived entirely within the United Kingdom.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).

6. Tangible assets

	Equipment and vehicles
	£
Cost
At 6 April 2020 and 5 April 2021	61,800
	------------
Depreciation
At 6 April 2020 and 5 April 2021	61,800
	------------
Carrying amount
At 5 April 2021	–
	------------
At 5 April 2020	–
	------------

7. Debtors

	2021	2020
	£	£
Trade debtors	2,960	1,243
	------------	------------

8. Investments

	2021	2020
	£	£
Shares and securities at cost	77,773	113,557
	------------	------------

9. Creditors: amounts falling due within one year

	2021	2020
	£	£
Accruals and deferred income	4,142	2,605
Corporation tax	1,129	–
Social security and other taxes	2,087	552
Director loan accounts	5,835	31,300
	------------	------------
	13,193	34,457
	------------	------------

10. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	------------	------------	------------	------------

11. Related party transactions

The loan set out above is owed to the director. It is unsecured, repayable on demand and currently interest free. The company is controlled by P C Jowett .