Compass Print Group Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC505234 (Scotland)

Financial Statements for the Year Ended 31 January 2017

for

Compass Print Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S T Greig

R E Massie

J M Murchie

S Scott

M M Smith

Mrs J M Wilson

C W Wilson

REGISTERED OFFICE:

Hareness Road

Altens

Aberdeen

AB12 3LE

REGISTERED NUMBER:

SC505234 (Scotland)

ACCOUNTANTS:

Findlay Brown Ltd

53 Huntly Street

Aberdeen

AB10 1TH

FIXED ASSETS

Intangible assets

4

989,503

1,101,522

Tangible assets

5

966,622

1,070,943

1,956,125

2,172,465

CURRENT ASSETS

Stocks

6

22,188

25,447

Debtors

7

546,038

819,801

Cash at bank

311,122

170,822

879,348

1,016,070

CREDITORS

Amounts falling due within one year

8

1,060,508

857,464

NET CURRENT (LIABILITIES)/ASSETS

(181,160

)

158,606

TOTAL ASSETS LESS CURRENT LIABILITIES

1,774,965

2,331,071

CREDITORS

Amounts falling due after more than one year

9

(1,754,894

)

(2,138,885

)

PROVISIONS FOR LIABILITIES

(32,671

)

(39,009

)

NET (LIABILITIES)/ASSETS

(12,600

)

153,177

CAPITAL AND RESERVES

Called up share capital

11

10,000

10,000

Retained earnings

(22,600

)

143,177

SHAREHOLDERS' FUNDS

(12,600

)

153,177

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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 27 October 2017 and were signed on its behalf by:

M M Smith - Director

J M Murchie - Director

R E Massie - Director

S T Greig - Director

S Scott - Director

C W Wilson - Director

Mrs J M Wilson - Director

1.	STATUTORY INFORMATION

Compass Print Group Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Accounting convention

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.

Going Concern

The company has made a loss for the period due to challenging market conditions. The directors have taken

steps to reduce costs after the year end and are confident that the company will be profitable in future periods.

At the time of approving the financial statements, the directors have a reasonable expectation that the company

has adequate resources to meet liabilities as they fall due for the foreseeable future. Therefore the accounts are

prepared on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill representing the excess of the consideration for an acquired business compared with the fair value of

net assets acquired is capitalised and written off evenly over 10 years as in the opinion of the directors this

represents the period over which the goodwill is effective. The useful economic lives are reviewed at the end of

each reporting period.

Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their

useful lives on the following bases:

Heritable property Tenants improvements Plant and machinery Motor vehicles

2% straight line

20% reducing balance

20% reducing balance

20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and

the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets

At each reporting period end date. the company reviews the carrying amounts of its tangible and intangible assets

to determine whether there is any indication that those assets have suffered an impairment loss. If any such

indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the

impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the

company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the

estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects

current market assessments of the time value of money and the risks specific to the asset for which the estimates

of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount,

the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment

loss is recognised immediately in profit or loss. unless the relevant asset is carried at a revalued amount, in which

case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other

Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the

instrument.

Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there

is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or

to realise the asset and settle the liability simultaneously.

Financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured

at transaction price including transaction costs and are subsequently carried at amortised cost using the effective

interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured

at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets. other than those held at fair value through profit and loss, are assessed for indicators of

impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that

occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If

an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of

the estimated cash flows discounted at the asset's original effective interest rate. The

impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was

recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed

what the carrying amount would have been, had the impairment not previously been recognised. The impairment

reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership

to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has

transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the company after deducting all of its liabilities.

Financial liabilities

Basic financial liabilities, including trade and other creditors. bank loans, loans from fellow group companies

and preference shares that are classified as debt, are initially recognised at transaction price unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of

the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged,

cancelled, or they expire.

Equity Instruments

Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue

costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the

discretion of the company.

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 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2016 - 32 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2016

and 31 January 2017

1,120,192

AMORTISATION

At 1 February 2016

18,670

Amortisation for year

112,019

At 31 January 2017

130,689

NET BOOK VALUE

At 31 January 2017

989,503

At 31 January 2016

1,101,522

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 February 2016

731,941

352,873

1,084,814

Disposals

-

(29,280

)

(29,280

)

At 31 January 2017

731,941

323,593

1,055,534

DEPRECIATION

At 1 February 2016

2,776

11,095

13,871

Charge for year

16,655

62,380

79,035

Eliminated on disposal

-

(3,994

)

(3,994

)

At 31 January 2017

19,431

69,481

88,912

NET BOOK VALUE

At 31 January 2017

712,510

254,112

966,622

At 31 January 2016

729,165

341,778

1,070,943

6.

STOCKS

31.1.17

31.1.16

£

£

Stocks

22,188

25,447

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Trade debtors

515,770

735,183

Other debtors

30,268

84,618

546,038

819,801

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Bank loans and overdrafts

126,534

131,588

Trade creditors

99,543

163,774

Taxation and social security

67,727

122,646

Other creditors

766,704

439,456

1,060,508

857,464

Redeemable preference shares totalling £701,169 were outstanding at the period end and are included in other

creditors. .

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.17

31.1.16

£

£

Bank loans

453,237

505,388

Other creditors

1,301,657

1,633,497

1,754,894

2,138,885

Redeemable preference shares totalling £1,289,869 were outstanding at the period end and are included in other

creditors due after more than one year.

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.17

31.1.16

£

£

Bank loans

579,771

636,976

Hire Purchase

34,174

74,942

613,945

711,918

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.17

31.1.16

value:

£

£

10,000

Ordinary Shares

1

10,000

10,000

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 January 2017 and the period

ended 31 January 2016:

31.1.17

31.1.16

£

£

M M Smith

Balance outstanding at start of year

(8,628

)

-

Amounts repaid

8,628

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(8,628

)

K A Massie

Balance outstanding at start of year

36,351

-

Amounts repaid

(36,351

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

36,351

S Scott

Balance outstanding at start of year

(6,168

)

-

Amounts repaid

6,168

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(6,168

)

J M Murchie

Balance outstanding at start of year

(6,976

)

-

Amounts repaid

6,976

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(6,976

)

C W Wilson

Balance outstanding at start of year

(6,168

)

-

Amounts repaid

6,168

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(6,168

)