Prestige Print (Telford) Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 11712447 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

PRESTIGE PRINT (TELFORD) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

H Dhulashia

J Patel

SECRETARY:

J Patel

REGISTERED OFFICE:

Print House

Halesfield 17

Telford

Shropshire

TF7 4PW

REGISTERED NUMBER:

11712447 (England and Wales)

ACCOUNTANTS:

D.R.E. & Co. Limited

Chartered Accountants

Kingsland House

39 Abbey Foregate

Shrewsbury

Shropshire

SY2 6BL

FIXED ASSETS

Tangible assets

5

279,678

224,383

CURRENT ASSETS

Stocks

13,213

6,228

Debtors

6

153,899

183,544

Cash at bank and in hand

85,098

118,843

252,210

308,615

CREDITORS

Amounts falling due within one year

7

122,885

153,784

NET CURRENT ASSETS

129,325

154,831

TOTAL ASSETS LESS CURRENT LIABILITIES

409,003

379,214

CREDITORS

Amounts falling due after more than one year

8

(27,692

)

-

PROVISIONS FOR LIABILITIES

(51,179

)

(44,848

)

NET ASSETS

330,132

334,366

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

330,032

334,266

330,132

334,366

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 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 6 July 2023 and were signed on its behalf by:

H Dhulashia - Director

1.	STATUTORY INFORMATION

Prestige Print (Telford) 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention. The accounts have been prepared on a going concern basis.

The financial statements are presented in Sterling (£) rounded to the nearest £1.

Turnover

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

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.

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

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 only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit and loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party.

Basic financial liabilities including trade and other creditors are initially recognised at transaction price and subsequently carried at amortised cost.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 15 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2022

269,469

12,035

4,503

773

286,780

Additions

86,098

1,054

-

2,284

89,436

Disposals

(1,288

)

-

-

-

(1,288

)

At 31 March 2023

354,279

13,089

4,503

3,057

374,928

DEPRECIATION

At 1 April 2022

53,399

4,237

4,503

258

62,397

Charge for year

30,217

2,906

-

1,018

34,141

Eliminated on disposal

(1,288

)

-

-

-

(1,288

)

At 31 March 2023

82,328

7,143

4,503

1,276

95,250

NET BOOK VALUE

At 31 March 2023

271,951

5,946

-

1,781

279,678

At 31 March 2022

216,070

7,798

-

515

224,383

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

Additions

75,000

At 31 March 2023

75,000

DEPRECIATION

Charge for year

7,500

At 31 March 2023

7,500

NET BOOK VALUE

At 31 March 2023

67,500

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

101,552

114,124

Amounts owed by group undertakings

1,414

17,070

Directors' current accounts

10,000

-

Tax

3,992

-

VAT

5,875

20,073

Prepayments

31,066

32,277

153,899

183,544

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Hire purchase contracts (see note 9)

15,989

-

Trade creditors

98,003

110,005

Tax

-

36,224

Social security and other taxes

3,980

2,716

Pensions

-

399

Accrued expenses

4,913

4,440

122,885

153,784

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Hire purchase contracts (see note 9)

27,692

-

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.3.23

31.3.22

£

£

Net obligations repayable:

Within one year

15,989

-

Between one and five years

27,692

-

43,681

-

Non-cancellable

operating leases

31.3.23

31.3.22

£

£

Within one year

10,173

-

Between one and five years

848

-

11,021

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Hire Purchases

43,681

-

The hire purchase is secured on the asset to which it relates.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23

31.3.22

£

£

H Dhulashia

Balance outstanding at start of year

-

-

Amounts advanced

10,000

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

10,000

-

The loan was repaid within nine months of the year end date.

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Prestige Print (Telford) Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Prestige Print (Telford) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Prestige Print (Telford) Limited and state those matters that we have agreed to state to the Board of Directors of Prestige Print (Telford) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prestige Print (Telford) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Prestige Print (Telford) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Prestige Print (Telford) Limited. You consider that Prestige Print (Telford) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Prestige Print (Telford) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

D.R.E. & Co. Limited

Chartered Accountants

Kingsland House

39 Abbey Foregate

Shrewsbury

Shropshire

SY2 6BL

7 July 2023