Peter Scott Printers Limited - Period Ending 2016-08-31

Registration number: 03619315

Peter Scott Printers Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016
 

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

Peter Scott Printers Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 7

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 7) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Peter Scott Printers Limited
for the Year Ended 31 August 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Peter Scott Printers Limited for the year ended 31 August 2016 set out on pages 4 to 14 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 icaew.com/membershandbook.

This report is made solely to the Board of Directors of Peter Scott Printers Limited. Our work has been undertaken solely to prepare for your approval the accounts of Peter Scott Printers Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peter Scott Printers Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Peter Scott Printers Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Peter Scott Printers Limited. You consider that Peter Scott Printers 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 accounts of Peter Scott Printers 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 accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

27 March 2017

Page 1

Peter Scott Printers Limited
(Registration number: 03619315)
Abbreviated Balance Sheet at 31 August 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			889,464			524,006
Current assets
Stocks					91,302			59,970
Debtors					684,599			783,916
Cash at bank and in hand					38			442
					775,939			844,328
Creditors: Amounts falling due within one year					(480,995)			(468,466)
Net current assets					294,944			375,862
Total assets less current liabilities					1,184,408			899,868
Creditors: Amounts falling due after more than one year					(207,726)			(3,709)
Provisions for liabilities					(106,492)			(61,532)
Net assets					870,190			834,627
Capital and reserves
Called up share capital		4			10			10
Revaluation reserve					108,226			135,283
Profit and loss account					761,954			699,334
Shareholders' funds					870,190			834,627

The notes on pages 4 to 7 form an integral part of these financial statements.
Page 2

Peter Scott Printers Limited
(Registration number: 03619315)
Abbreviated Balance Sheet at 31 August 2016
......... continued

For the year ending 31 August 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 27 March 2017

.........................................
Mr M J Dawson
Director

The notes on pages 4 to 7 form an integral part of these financial statements.
Page 3

Peter Scott Printers Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

The company recognises revenue from the provision of services on completion of the service and is stated net of discount and value added tax.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	5% straight line
Fixtures and fittings	15% reducing balance
Motor vehicles	25% reducing balance
Computer equpiment	20% reducing balance

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 4

Peter Scott Printers Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2015		1,207,377			1,207,377
Additions		455,766			455,766
Disposals		(21,088)			(21,088)
At 31 August 2016		1,642,055			1,642,055
Depreciation
At 1 September 2015		683,371			683,371
Charge for the year		77,618			77,618
Eliminated on disposals		(8,398)			(8,398)
At 31 August 2016		752,591			752,591
Net book value
At 31 August 2016		889,464			889,464
At 31 August 2015		524,006			524,006

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		100,185			127,274
Amounts falling due after more than one year		207,726			3,709
Total secured creditors		307,911			130,983

Page 5

Peter Scott Printers Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		10			10			10			10

Page 6

Peter Scott Printers Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

5	Related party transactions

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr M J Dawson
This loan is unsecured and interest is charged at 3.00%	2,350	100,000	153,296	102,000

Page 7