Passion Print Limited Company accounts

PASSION PRINT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08388347

PASSION PRINT LIMITED

UNAUDITED FINANCIAL STATEMENTS

29 February 2024

PASSION PRINT LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 29 FEBRUARY 2024

CONTENTS	PAGE

Directors' report	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Income statement	3

Statement of financial position	4

Notes to the financial statements	6

PASSION PRINT LIMITED

DIRECTORS' REPORT

YEAR ENDED 29 FEBRUARY 2024

The directors present their report and the unaudited financial statements of the company for the year ended 29 February 2024 .

DIRECTORS

The directors who served the company during the year were as follows:

Mr R T Grundy
Mr L Deeks

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 12 June 2024 and signed on behalf of the board by:

Mr R T Grundy

Director

Registered office:

Onega House

112 Main Road

Sidcup

Kent

United Kingdom

DA14 6NE

PASSION PRINT LIMITED

CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PASSION PRINT LIMITED

YEAR ENDED 29 FEBRUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Passion Print Limited for the year ended 29 February 2024, which comprise the income statement, statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Passion Print Limited, as a body, in accordance with the terms of our engagement letter dated 2 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Passion Print Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Passion Print Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Passion Print 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 Passion Print Limited. You consider that Passion Print 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 Passion Print 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.

DYER & CO Chartered Accountants

Onega House 112 Main Road Sidcup Kent DA14 6NE

12 June 2024

PASSION PRINT LIMITED

INCOME STATEMENT

YEAR ENDED 29 FEBRUARY 2024

	2024	2023
Note	£	£
TURNOVER	1,236,223	1,264,222

Cost of sales	262,347	207,799
	---------------	---------------
GROSS PROFIT	973,876	1,056,423

Administrative expenses	823,654	765,281
	-----------	---------------
OPERATING PROFIT	150,222	291,142

Other interest receivable and similar income		506	138
Interest payable and similar expenses		18,028	15,027
		-----------	---------------
PROFIT BEFORE TAXATION	4	132,700	276,253

Tax on profit	5	21,252	55,038
		-----------	-----------
PROFIT FOR THE FINANCIAL YEAR		111,448	221,215
		-----------	-----------

All the activities of the company are from continuing operations.

The company has no other recognised items of income and expenses other than the results for the year as set out above.

PASSION PRINT LIMITED

STATEMENT OF FINANCIAL POSITION

29 February 2024

	2024	2023
Note	£	£

FIXED ASSETS

Intangible assets	6	5,848	7,310
Tangible assets	7	48,938	–
		----------	--------
		54,786	7,310

CURRENT ASSETS

Stocks		1,750	1,750
Debtors	8	488,685	399,190
Cash at bank and in hand		30,681	43,225
		-----------	-----------
		521,116	444,165

CREDITORS: amounts falling due within one year	9	496,028	350,728
		-----------	-----------
NET CURRENT ASSETS		25,088	93,437
		----------	-----------
TOTAL ASSETS LESS CURRENT LIABILITIES		79,874	100,747

CREDITORS: amounts falling due after more than one year	10	78,908	95,000
		----------	-----------
NET ASSETS		966	5,747
		----------	-----------

PASSION PRINT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

29 February 2024

	2024	2023
Note	£	£

CAPITAL AND RESERVES

Called up share capital	7	6
Profit and loss account	959	5,741
	-----	--------
SHAREHOLDERS FUNDS	966	5,747
	-----	--------

These financial statements have been prepared 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'.

For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 12 June 2024 , and are signed on behalf of the board by:

Mr R T Grundy

Director

Company registration number: 08388347

PASSION PRINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 29 FEBRUARY 2024

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Onega House, 112 Main Road, Sidcup, Kent, DA14 6NE, United Kingdom.

2. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	10% straight line
Lease Costs	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Fixtures & Fittings	-	25% straight line
Motor Vehicles	-	25% straight line
Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 9 (2023: 10 ).

4. PROFIT BEFORE TAXATION

Profit before taxation is stated after charging:

	2024	2023
	£	£
Amortisation of intangible assets	1,462	3,462
Depreciation of tangible assets	16,312	12,500
	----------	----------

5. TAX ON PROFIT

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	21,252	55,038
	----------	----------
Tax on profit	21,252	55,038
	----------	----------

6. INTANGIBLE ASSETS

	Goodwill	Lease costs	Total
	£	£	£
Cost
At 1 March 2023 and 29 February 2024	20,000	14,620	34,620
	----------	----------	----------
Amortisation
At 1 March 2023	20,000	7,310	27,310
Charge for the year	–	1,462	1,462
	----------	----------	----------
At 29 February 2024	20,000	8,772	28,772
	----------	----------	----------
Carrying amount
At 29 February 2024	–	5,848	5,848
	----------	----------	----------
At 28 February 2023	–	7,310	7,310
	----------	----------	----------

7. TANGIBLE ASSETS

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 March 2023	12,353	8,000	343,032	363,385
Additions	–	–	65,250	65,250
	----------	--------	-----------	-----------
At 29 February 2024	12,353	8,000	408,282	428,635
	----------	--------	-----------	-----------
Depreciation
At 1 March 2023	12,353	8,000	343,032	363,385
Charge for the year	–	–	16,312	16,312
	----------	--------	-----------	-----------
At 29 February 2024	12,353	8,000	359,344	379,697
	----------	--------	-----------	-----------
Carrying amount
At 29 February 2024	–	–	48,938	48,938
	----------	--------	-----------	-----------
At 28 February 2023	–	–	–	–
	----------	--------	-----------	-----------

8. DEBTORS

	2024	2023
	£	£
Trade debtors	140,480	123,019
Other debtors	348,205	276,171
	-----------	-----------
	488,685	399,190
	-----------	-----------

9. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	56,189	35,498
Trade creditors	146,992	49,976
Corporation tax	82,967	107,129
Social security and other taxes	24,613	23,095
Other creditors	185,267	135,030
	-----------	-----------
	496,028	350,728
	-----------	-----------

10. CREDITORS: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	78,908	95,000
	----------	----------

11. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	–	7,254
	-----	--------

12. CHARGES ON ASSETS

Included within other creditors is an amount of £109,714 (2023: £85,324) in relation to a loan. The loan is secured by a charge over the assets of the company.

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 29 February 2024 the directors owed Passion Print Limited £321,724 (2023: £265,671). There are no terms attached to the loans provided to the directors and they have been provided by the company interest free.