M P T Colour Graphics Limited - Filleted accounts

M P T COLOUR GRAPHICS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2016

Company Registration Number: 01497270

M P T COLOUR GRAPHICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 9

M P T COLOUR GRAPHICS LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2016
DIRECTOR
D R B Finch
SECRETARY
Ms C Sullivan
REGISTERED OFFICE
3 St Andrews Court
Wellington Street
Thame
Oxfordshire
OX9 3WT
COMPANY REGISTRATION NUMBER
01497270 England and Wales

M P T COLOUR GRAPHICS LIMITED
BALANCE SHEET
AS AT 31 December 2016
			Notes		2016				2015
									as restated
					£				£
FIXED ASSETS
Investments			8				154,149				154,149
CURRENT ASSETS
Debtors			9		187,206				133,720
Cash at bank and in hand					7,087				19,227
					194,293				152,947
CREDITORS: Amounts falling due			10		191,467				191,986
within one year
NET CURRENT ASSETS / (LIABILITIES)							2,826				(39,039)
TOTAL ASSETS LESS CURRENT LIABILITIES							156,975				115,110
CREDITORS: Amounts falling due			11				78,072				67,083
after more than one year
NET ASSETS							78,903				48,027
CAPITAL AND RESERVES
Called up share capital							16,320				16,320
Share premium account							10,768				10,768
Distributable profit and loss account							47,815				16,939
Capital redemption reserve							4,000				4,000
SHAREHOLDER'S FUNDS							78,903				48,027
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
D R B Finch
Director
Date approved by the board: 22 September 2017

M P T COLOUR GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
1	GENERAL INFORMATION
	M P T Colour Graphics Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	3 St Andrews Court
	Wellington Street
	Thame
	Oxfordshire
	OX9 3WT
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable and represents the value of goods and services provided, stated net of trade discounts and value added tax.
	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Investments
	Investments in subsidiaries are shown at cost less accumulated impairment losses.
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost using the effective interest method.
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
	Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.

	Current and deferred tax assets and liabilities are not discounted.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Foreign currencies

	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
	Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Non-monetary items that are measured at hisorical cost are translated at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit or loss.

	Consolidation
	The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has therefore taken advantage of the option provided by section 398 of the Companies Act 2006 not to prepare group accounts.
3	RESTATEMENT OF COMPARATIVES
	The comparative figures have been restated as a result of dividends not being correctly disclosed in the previous accounting period.
4	TRANSITION TO FRS 102
	This is the first year in which the financial statements have been prepared under FRS 102. Note 13 gives an explanation of the effects of the transition.
5	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
	No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
6	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2016		2015
	Average number of employees								3		3
7	DIRECTOR'S REMUNERATION
									2016		2015
									£		£
	Remuneration paid to the director during the year was:								7,800		21,540
8	FIXED ASSET INVESTMENTS
											Investment in subsidiary
											£
	Cost
	At 1 January 2016										154,149
	At 31 December 2016										154,149
	Net book value
	At 1 January 2016										154,149
	At 31 December 2016										154,149
9	DEBTORS
									2016		2015
									£		£
	Trade debtors								7,489		-
	Amounts to group undertakings								176,217		129,320
	Other debtors								3,500		4,400
									187,206		133,720
10	CREDITORS: Amounts falling due within one year
									2016		2015
											as restated
									£		£
	Trade creditors								2,887		11,205
	Corporation tax								8,414		7,330
	Other taxation and social security								16,055		-
	Accruals and deferred income								15,030		8,855
	Other creditors								149,081		164,596
									191,467		191,986
11	CREDITORS: Amounts falling due after more than one year
									2016		2015
									£		£
	Other creditors								78,072		67,083
12	RELATED PARTY TRANSACTIONS
	The director made an advance to the company during the year. The following amount was due to the director at the year end:
									2016		2015
											as restated
									£		£
	D R B Finch								115,996		129,596
	During the year, the following transactions with related parties took place:
	Purple Frog Studios Limited
	Subsidiary company								2016		2015
									£		£
	Management fees invoiced by / (to) Purple Frog Studios Limited								81,000		(69,000)
	Amount due from related party at 31 December 2016								144,728		93,320
	Photogether Limited
	Associated company								2016		2015
									£		£
	Sales invoiced by Photogether Limited in year								18,476		3,707
	Amount due from related party at 31 December 2016								12,449		36,000
	OxLink Limited
	Associated company								2016		2015
									£		£
	Management fees invoiced to OxLink Limited								59,400		-
	Amount due from related party at 31 December 2016								19,040		-
	D R B Finch is a director and shareholder in all of the above companies.
	D R B Finch
	Director								2016		2015
											as restated
									£		£
	Dividends Paid								6,000		20,000
	Mrs M Finch
	Connected party								2016		2015
											as restated
									£		£
	Dividends Paid								3,500		10,000
13	RECONCILIATIONS ON ADOPTION OF FRS 102
	These financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102. The date of transition to FRS 102 is 1 January 2015.
	Profit and loss for the year ended 31 December 2015										£
	Profit for the year under former UK GAAP										46,939
	Profit for the year under FRS 102										46,939
	Balance sheet at 31 December 2015										£
	Equity under former UK GAAP - as restated										48,027
	Equity under FRS 102 - as restated										48,027
	Balance sheet at 1 January 2015										£
	Equity under former UK GAAP										48,793
	Equity under FRS 102										48,793