Impression Technologies Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 08013870 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2016

for

Impression Technologies Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Professor J Lin

R H Bahns

Mercia Fund Management (Nominees) Ltd

I T Jenks

J M Watkins

REGISTERED OFFICE:

Unit E, Lyons Park

46 Sayer Drive

Coventry

West Midlands

CV5 9PF

REGISTERED NUMBER:

08013870 (England and Wales)

ACCOUNTANTS:

Silvester Parker Limited

The Spinney

Beausale

Warwick

Warwickshire

CV35 7NU

FIXED ASSETS

Tangible assets

4

19,634

1,034

Investments

5

1

1

19,635

1,035

CURRENT ASSETS

Debtors

6

2,801,447

1,727,267

Cash at bank and in hand

637,442

210,447

3,438,889

1,937,714

CREDITORS

Amounts falling due within one year

7

123,361

76,943

NET CURRENT ASSETS

3,315,528

1,860,771

TOTAL ASSETS LESS CURRENT LIABILITIES

3,335,163

1,861,806

CREDITORS

Amounts falling due after more than one year

8

(4,000,000

)

(2,000,000

)

PROVISIONS FOR LIABILITIES

(3,927

)

(207

)

ACCRUALS AND DEFERRED INCOME

(310,004

)

-

NET LIABILITIES

(978,768

)

(138,401

)

CAPITAL AND RESERVES

Called up share capital

629

465

Share premium

919,816

913,668

Other reserves

6,848

-

Retained earnings

(1,906,061

)

(1,052,534

)

SHAREHOLDERS' FUNDS

(978,768

)

(138,401

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 31 May 2017 and were signed on its behalf by:

J M Watkins - Director

1.	STATUTORY INFORMATION

Impression Technologies 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Plant and machinery etc

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 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.

Research and development

Expenditure on research and development is treated as revenue expenditure and written off in the year in which it

is incurred.

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.

The company has also made contributions to the director's personal pension plan during the year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

1,128

Additions

21,080

At 31 December 2016

22,208

DEPRECIATION

At 1 January 2016

94

Charge for year

2,480

At 31 December 2016

2,574

NET BOOK VALUE

At 31 December 2016

19,634

At 31 December 2015

1,034

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2016

and 31 December 2016

1

NET BOOK VALUE

At 31 December 2016

1

At 31 December 2015

1

6.

DEBTORS

31.12.16

31.12.15

£

£

Amounts falling due within one year:

Trade debtors

21,405

2,446

Other debtors

103,945

70,291

125,350

72,737

31.12.16

31.12.15

£

£

Amounts falling due after more than one year:

Amounts owed by group undertakings

2,312,317

1,290,991

Other debtors

363,780

363,539

2,676,097

1,654,530

Aggregate amounts

2,801,447

1,727,267

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade creditors

82,945

46,293

Taxation and social security

25,022

12,701

Other creditors

15,394

17,949

123,361

76,943

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

During the year the company has issued unsecured fixed rate loan notes as follows:

2016

2015

Imperial Innovations Businesses LLP

£1,250,000

£1,250,000

Mercia Investments Limited

£750,000

£750,000

Interest is payable in accordance with the loan note conditions which state that no interest is payable until after

the fifth anniversary of the issue of the loan notes.

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.16

31.12.15

£

£

In more than five years

1,809,466

1,923,570

10.	RELATED PARTY DISCLOSURES

Coventry International Pressing Company Limited

Subsidiary

During the year the company has re-charged £72,000 (2015 £70,000) of costs to Coventry International Pressing

Company Limited to cover a proportion of the shared salaries and overhead costs which have been borne by

Impression Technologies as the parent company. Coventry International Pressing Company Limited have

recharged a share of their site costs totalling £47,653, to Impression Technologies Limited.

At the 31 December 2016 the company had a debtor balance with Coventry International Pressing Company

Limited of £2,312,317 (2015 £1,290,991). Interest has been charged on the average balance at prevailing

market rates. The total interest charged in the year was £44,617.

11.	NET DEFICIENCY OF ASSETS

The balance sheet shows a net liability position. However, net current assets are strongly positive and the

directors are confident that the company has the resources available to continue trading for the foreseeable future.