Martins The Printers Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02731178 (England and Wales)

Martins The Printers Limited

Unaudited Financial Statements

for the Year Ended 31st March 2023

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

8

Directors:

C Hardie

Mrs. E M A Hardie

R D Martin

Secretary:

W Hardie

Registered office:

18 Castle Terrace

Berwick upon Tweed

Northumberland

TD15 1NP

Registered number:

02731178 (England and Wales)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Intangible assets

4

-

-

Tangible assets

5

510,800

576,533

510,800

576,533

Current assets

Stocks

192,884

211,958

Debtors

6

774,105

873,868

Cash at bank and in hand

116,303

188,809

1,083,292

1,274,635

Creditors

Amounts falling due within one year

7

419,368

591,072

Net current assets

663,924

683,563

Total assets less current liabilities

1,174,724

1,260,096

Creditors

Amounts falling due after more than one year

8

(209,186

)

(292,733

)

Provisions for liabilities

(96,532

)

(108,906

)

Net assets

869,006

858,457

Capital and reserves

Called up share capital

20,000

20,000

Retained earnings

849,006

838,457

Shareholders' funds

869,006

858,457

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th December 2023 and were signed on its behalf by:

C Hardie - Director

1.	Statutory information

Martins The 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.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales invoiced during the year, or the fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of printing services is recognised as contract activity progresses and the right to consideration is earned.

Goodwill

Acquired goodwill has been fully written off in equal instalments over its estimated useful economic life of 10 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 the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

10% on reducing balance

Fixtures & equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value. Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the stock and work in progress to completion.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, directors loans, bank loans and hire purchase contracts.

Hire purchase contracts and bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the balance sheet date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account.

Pension costs and other post-retirement benefits

The pension costs charged in the financial statements represent the contribution payable by the company during the year.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

Going concern

The directors have considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and have an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

3.	Employees and directors

The average number of employees during the year was 42 (2022 - 30 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1st April 2022

and 31st March 2023

45,000

Amortisation

At 1st April 2022

and 31st March 2023

45,000

Net book value

At 31st March 2023

-

At 31st March 2022

-

5.	Tangible fixed assets

Plant and

Fixtures

Motor

Computer

machinery

& equipment

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1st April 2022

681,761

13,984

4,075

12,881

712,701

Additions

4,980

803

-

-

5,783

Disposals

(16,000

)

-

-

-

(16,000

)

At 31st March 2023

670,741

14,787

4,075

12,881

702,484

Depreciation

At 1st April 2022

112,325

10,113

849

12,881

136,168

Charge for year

53,539

1,170

807

-

55,516

At 31st March 2023

165,864

11,283

1,656

12,881

191,684

Net book value

At 31st March 2023

504,877

3,504

2,419

-

510,800

At 31st March 2022

569,436

3,871

3,226

-

576,533

6.

Debtors: amounts falling due within one year

2023

2022

£

£

Trade debtors

710,409

775,383

Other debtors

63,696

98,485

774,105

873,868

7.

Creditors: amounts falling due within one year

2023

2022

£

£

Bank loans and overdrafts

79,900

79,900

Hire purchase contracts

3,647

11,188

Trade creditors

167,831

277,769

Amounts owed to group undertakings

75,302

119,319

Taxation and social security

26,713

35,490

Other creditors

65,975

67,406

419,368

591,072

8.

Creditors: amounts falling due after more than one year

2023

2022

£

£

Bank loans

199,750

279,650

Hire purchase contracts

9,436

13,083

209,186

292,733

9.	Secured debts

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

279,650

359,550

Hire purchase contracts

13,083

24,271

292,733

383,821

Hire purchase liabilities are secured against the assets to which they relate.

HSBC holds security over the company for the value of the loan.