Abbreviated Company Accounts - PRINT CONCERN LTD
Abbreviated Company Accounts - PRINT CONCERN LTD
Registered Number 02696097
PRINT CONCERN LTD
Abbreviated Accounts
30 September 2016
PRINT CONCERN LTD Registered Number 02696097
Abbreviated Balance Sheet as at 30 September 2016
Notes | 2016 | 2015 | |
---|---|---|---|
£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
|
|
Investments | 3 |
|
|
|
|||
Current assets | |||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: amounts falling due within one year | 4 |
( |
( |
Net current assets (liabilities) |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year | 4 |
( |
( |
Total net assets (liabilities) |
|
|
|
Capital and reserves | |||
Called up share capital | 5 |
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
For the year ending 30 September 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 directors acknowledge their 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 Board on
And signed on their behalf by:
PRINT CONCERN LTD Registered Number 02696097
Notes to the Abbreviated Accounts for the period ended 30 September 2016
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
L/Term Leasehold Property - 25% reducing balance
Plant & machinery - 25% reducing balance
Motor vehicles - 25% reducing balance
Fixtures & fittings - 25% reducing balance
Office equipment - 25% reducing balance
Other fixed assets - 25% reducing balance
Intangible assets amortisation policy
Other accounting policies
Investments held as fixed assets are shown at cost less provision for impairment.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Leasing and hire purchase
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. 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 a constant periodic rate of charge on the net obligation outstanding in each period.
Operating leases
Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
Deferred taxation
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
Factored debts
Invoice discounting is provided to the company on a recourse basis, therefore the company retains the significant benefits and risks relating to factored debts.
Gross factored debts are shown separately as an asset on the company's balance sheet and a corresponding liability in respect of the proceeds received from the debt factor is recognised within creditors. If the factoring agent owes the company proceeds at the balance sheet date, then this balance is recognised in other debtors.
The interest element of the factor's charges and other factoring costs are recognised as they accrue and included in the profit and loss account.
£ | |
---|---|
Cost | |
At 1 October 2015 |
|
Additions |
|
Disposals |
( |
Revaluations |
|
Transfers |
|
At 30 September 2016 |
|
Depreciation | |
At 1 October 2015 |
|
Charge for the year |
|
On disposals |
( |
At 30 September 2016 |
|
Net book values | |
At 30 September 2016 | 855,029 |
At 30 September 2015 | 889,335 |
3Fixed assets Investments
At 1 October 2015: £200,000
Disposals during the year: (£200,000)
At 30 September 2016: £Nil
Net book value:
At 30 September 2016: £Nil
At 30 September 2015: £200,000
2016
£ |
2015
£ |
|
---|---|---|
Secured Debts |
|
|
Instalment debts due after 5 years |
|
|