Pad Printers Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04190049 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

PAD PRINTERS LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

Mrs D A Hernon

SECRETARY:

Mrs D A Hernon

REGISTERED OFFICE:

123 Wellington Road South

Stockport

Cheshire

SK1 3TH

REGISTERED NUMBER:

04190049 (England and Wales)

ACCOUNTANTS:

Allens Accountants Limited

Chartered Accountants

123 Wellington Road South

Stockport

Cheshire

SK1 3TH

FIXED ASSETS

Intangible assets

4

2,700

-

Tangible assets

5

326,601

345,091

329,301

345,091

CURRENT ASSETS

Stocks

305,923

292,780

Debtors

6

227,765

227,220

Cash at bank and in hand

2,065

26,786

535,753

546,786

CREDITORS

Amounts falling due within one year

7

530,035

469,026

NET CURRENT ASSETS

5,718

77,760

TOTAL ASSETS LESS CURRENT LIABILITIES

335,019

422,851

CREDITORS

Amounts falling due after more than one year

8

(161,489

)

(251,439

)

PROVISIONS FOR LIABILITIES

10

(48,161

)

(46,312

)

NET ASSETS

125,369

125,100

CAPITAL AND RESERVES

Called up share capital

11

100

100

Revaluation reserve

12

36,641

37,877

Retained earnings

88,628

87,123

SHAREHOLDERS' FUNDS

125,369

125,100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director and authorised for issue on 6 October 2023 and were signed by:

Mrs D A Hernon - Director

1.	STATUTORY INFORMATION

Pad Printers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents the total amount receivable by the company for goods supplied and services provided, excluding value added tax and trade discounts.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on reducing balance, 25% on reducing balance, 15% on reducing balance, 5% on reducing balance and over period of lease to residual value

Stocks

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

Taxation

Taxation for the year 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 year 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Debt factoring

The company factors its sales invoices and due to the nature of the factoring contract shows its gross debts as a current asset and its liability to the factoring agent as a current liability. Expenses and interest charged by the factoring agent are charged to the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

3,000

At 31 March 2023

3,000

AMORTISATION

Charge for year

300

At 31 March 2023

300

NET BOOK VALUE

At 31 March 2023

2,700

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST OR VALUATION

At 1 April 2022

444,550

Additions

7,395

At 31 March 2023

451,945

DEPRECIATION

At 1 April 2022

99,459

Charge for year

25,885

At 31 March 2023

125,344

NET BOOK VALUE

At 31 March 2023

326,601

At 31 March 2022

345,091

Cost or valuation at 31 March 2023 is represented by:

Plant and

machinery

etc

£

Valuation in 2019

49,973

Cost

401,972

451,945

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/23

31/3/22

£

£

Trade debtors

216,862

220,040

Other debtors

10,903

7,180

227,765

227,220

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/23

31/3/22

£

£

Bank loans and overdrafts

86,786

86,786

Hire purchase contracts

3,165

13,809

Trade creditors

203,576

151,020

Taxation and social security

39,412

21,042

Other creditors

197,096

196,369

530,035

469,026

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/23

31/3/22

£

£

Bank loans

161,489

248,274

Hire purchase contracts

-

3,165

161,489

251,439

9.	SECURED DEBTS

a. Creditors: amounts falling due within one year

Creditors include sales invoice financing, hire purchase contracts and a loan from a pension scheme which are secured of £268,806 (2022 £276,618). The sales invoice financing is secured by a charge over the company's debtors, the hire purchase contracts are secured on the assets concerned and the loan from the pension scheme is secured on certain items of plant and machinery.

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

Creditors include hire purchase contracts and a loan from a pension scheme which are secured of £161,489 (2022 £251,439). The hire purchase contracts are secured on the assets concerned and the loan from the pension scheme is secured on certain items of plant and mac

10.	PROVISIONS FOR LIABILITIES

31/3/23

31/3/22

£

£

Deferred tax

48,161

46,312

Deferred

tax

£

Balance at 1 April 2022

46,312

Charge to Income Statement during year

1,849

Transfer from profit and loss

Balance at 31 March 2023

48,161

Deferred tax arises as a result of accelerated capital allowances on fixed assets and revaluation of plant and machinery.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/23

31/3/22

value:

£

£

100

Ordinary A shares

£0.50

50

50

100

Ordinary B shares

£0.50

50

50

100

100

12.

RESERVES

Revaluation

reserve

£

At 1 April 2022

37,877

Transfer to fair value reserve

(1,236

)

At 31 March 2023

36,641