The Printing House Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 02594094 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 August 2015

for

The Printing House Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Statement by the Directors

8

Accountants' Independent Assurance Report

9

DIRECTORS:

P Springthorpe

P Harrison

R A Sproson

REGISTERED OFFICE:

Marshfield Bank Employment Park

Marshfield

Crewe

Cheshire

CW2 8UY

REGISTERED NUMBER:

02594094 (England and Wales)

ACCOUNTANTS:

Banks Sheridan

Datum House

Electra Way

Crewe

Cheshire

CW1 6ZF

BANKERS:

National Westminster Bank Plc

41 Greengate Street

Stafford

Staffordshire

ST16 2JD

FIXED ASSETS

Intangible assets

2

84,884

45,249

Tangible assets

3

544,298

502,771

629,182

548,020

CURRENT ASSETS

Stocks

18,186

15,745

Debtors: amounts falling due within one year

431,436

451,699

Debtors: amounts falling due after more than one year

4

-

250,000

Cash at bank and in hand

50,278

116

499,900

717,560

CREDITORS

Amounts falling due within one year

5

667,517

599,292

NET CURRENT (LIABILITIES)/ASSETS

(167,617

)

118,268

TOTAL ASSETS LESS CURRENT LIABILITIES

461,565

666,288

CREDITORS

Amounts falling due after more than one year

5

(213,748

)

(463,549

)

PROVISIONS FOR LIABILITIES

(113,870

)

(128,379

)

NET ASSETS

133,947

74,360

CAPITAL AND RESERVES

Called up share capital

6

220

220

Profit and loss account

133,727

74,140

SHAREHOLDERS' FUNDS

133,947

74,360

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 3 November 2015 and were signed on its behalf by:

P Harrison - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company's balance sheet shows a net current liability position. However the directors are satisfied that there

will be adequate resources available to the company for it to continue in operational existence for the foreseeable

future. These views were made after considering the financial and trading positions of the company and after

reviewing forecasts covering the twelve month period from the date of signing the financial statements. The

directors also confirm they will not withdraw the amounts due to them on their loan accounts unless the finances

of the company permits them to do so.

No other material uncertainties that may cast significant doubt about the ability of the company to continue as a

going concern have been identified by the directors.

On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Revenue (described as turnover) is the value of goods (net of VAT) provided to customers during the year, plus

the value of work (net of VAT) performed during the year with respect to service and is recognised when the

company obtains the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses in 2012 and 2014, is being

amortised over their useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

Straight line over 5 years

Plant and machinery

-

Straight line over 20 years

Fixtures and fittings

-

Straight line over 5 to 10 years

Motor vehicles

-

Straight line over 4 years

Office equipment

-

Straight line over 2 to 4 years

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowances

for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

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

sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase are capitalised in the balance sheet. Those held under hire purchase

contracts are depreciated over their estimated useful lives.

The interest element of those obligations is charged to the profit and loss account so as to provide a periodic

charge on the remaining balance of the obligation for each accounting period. The capital element of the future

payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account so as to produce a constant

periodic charge for each accounting period up to the end of the lease or next renewal date.

Pension costs and other post-retirement benefits

Contributions payable by the company to the employees' pension schemes are charged to the profit and loss

account in the period to which they relate. The assets of those schemes are held separately from the business in

independently administered funds.

Deferred government grants

Capital based government grants are credited to the operating profit over the estimated useful economic lives of

the assets to which they relate. The deferred element of grant received are separately disclosed within creditors.

Dilapidation costs

A provision is made to cover the expected costs of making good property dilapidations where such work is

required by the terms of the lease agreement.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2014

67,500

Additions

72,044

At 31 August 2015

139,544

AMORTISATION

At 1 September 2014

22,251

Amortisation for year

32,409

At 31 August 2015

54,660

NET BOOK VALUE

At 31 August 2015

84,884

At 31 August 2014

45,249

On 1 September 2014 the trade, undertakings, assets and liabilities of Vector Bomb Limited, a fellow group

company, were transferred to the company. Details of the goodwill arising on this transaction are shown in note

21.

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2014

1,025,490

Additions

111,402

Disposals

(212,408

)

Transfer to ownership

(9,000

)

At 31 August 2015

915,484

DEPRECIATION

At 1 September 2014

522,719

Charge for year

69,875

Eliminated on disposal

(212,408

)

Transfer to ownership

(9,000

)

At 31 August 2015

371,186

NET BOOK VALUE

At 31 August 2015

544,298

At 31 August 2014

502,771

4.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 0 (2014 - £ 250,000 )

5.

CREDITORS

Creditors include an amount of £ 407,366 (2014 - £ 390,788 ) for which security has been given.

The bank overdraft is secured by an unscheduled mortgage debenture dated 15 July 1994 incorporating a fixed

and floating charge over all current and future assets of the company.

Liabilities under hire purchase contracts are secured over the financed assets.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

200

Ordinary

£1

200

200

20

Ordinary B

£1

20

20

220

220

7.	ULTIMATE PARENT COMPANY

The company is a 100% subsidiary of The Printing House Holdings Limited (a company incorporated in England

and Wales), which is the ultimate parent company. The Printing House Holdings Limited is under the control of

P Springthorpe, P Harrison and R A Sproson, who at the date of this report hold a 90% controlling interest in the

issued share capital.

8.	DIRECTORS' MATERIAL INTEREST IN CONTRACTS

P Springthorpe, P Harrison and R A Sproson are designated members of IDENTA-TEE LLP, an LLP which

commenced trading on 6 April 2014.

Recharges to IDENTA-TEE LLP in the period amounted to £16,000.

In addition to the above, The Printing House Limited has made purchases on behalf of IDENTA-TEE LLP,

which have been transferred at cost.

At 31 August 2015, an amount of £31,190 is due from IDENTA-TEE LLP and this is disclosed within other

debtors: amounts falling due within one year.

At 31 August 2015, amounts of £23,215 and £30,000 are owed to the directors and these are disclosed separately

within creditors: amounts falling due within one year and creditors: amounts falling due after more than one year.

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages two to seven) have been prepared.

We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to:

-	ensure that the company has kept proper accounting records;

-	prepare financial statements which give a true and fair view of the state of the company as at 31 August 2015 and of its profit for that period in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008); and

-	follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements.

ON BEHALF OF THE BOARD:

P Harrison - Director

3 November 2015

The following reproduces the text of the report prepared for the directors and members in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to seven) have been prepared.

We have performed certain procedures in respect of the company's unaudited financial statements for the year ended 31 August 2015 on pages three to fourteen, made enquiries of the company's directors and assessed accounting policies adopted by the directors, in order to gather sufficient evidence for our conclusion in this report.

This report is made solely to the company's directors and to the company's members, in each case in accordance with our terms of engagement. It has been released to the directors and the members on the basis that this report shall not be copied, referred to or disclosed, in whole (save for the directors' own internal purposes or amongst the directors and members or as may be required by law or by a competent regulator) or in part, without our prior written consent. Our work has been undertaken so that we might state to the directors and the members those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body and to company's members, as a body, for our work, for this report or the conclusions we have formed.

Respective responsibilities

The company's directors have confirmed that they have met their duty as set out in the directors' statement on page fifteen. They consider that the company is exempt from the statutory requirement for an audit for the year. Our responsibility is to form and express an independent conclusion, based on the work carried out, to the company's directors and the members on the financial statements.

Scope

We conducted our engagement in accordance with the Institute of Chartered Accountants in England & Wales Interim

Technical Release AAF 03/06. Our work was based primarily upon enquiry, analytical procedures and assessing

accounting policies in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). If

we considered it to be necessary, we also performed limited examination of evidence relevant to certain balances and

disclosures in the financial statements where we became aware of matters that might indicate a risk of material

misstatement in the financial statements.

The terms of our engagement exclude any requirement to carry out a comprehensive assessment of the risks of material

misstatement, a consideration of fraud, laws, regulations or internal controls, and we have not done so. We are not

required to, and we do not, express an audit opinion on these financial statements.

Conclusion

Based on our work, nothing has come to our attention to refute the directors' confirmation that in accordance with the Companies Act 2006 the financial statements give a true and fair view of the state of the company's affairs as at 31 August 2015 and of its profit for the year then ended and have been properly prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Banks Sheridan

Datum House

Electra Way

Crewe

Cheshire

CW1 6ZF

3 November 2015