T. Print Limited - Period Ending 2017-01-31
T. Print Limited - Period Ending 2017-01-31
Registration number:
T. Print Limited
for the Year Ended 31 January 2017
Chartered Accountants
15 Olympic Court Boardmans Way
Whitehills Business Park
Blackpool
FY4 5GU
T. Print Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
T. Print Limited
Company Information
Director |
Mr A Bainbridge |
Company secretary |
Mr P Bainbridge |
Registered office |
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Accountants |
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Page 1 |
T. Print Limited
(Registration number: 01807261)
Balance Sheet as at 31 January 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director 's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Mr A Bainbridge
Director
Page 2 |
T. Print Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A small entities - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
This is the first year in which the financial statements have been prepared in accordance with FRS 102 Section 1A. The date of transition is 1st February 2015.
The transition to FRS 102 Section 1A small entities has resulted in a small number of changes to accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note 13.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Foreign currency transactions and balances
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 3 |
T. Print Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, If the asset were already at the age and in the condition expected at the end of its useful economic life.
Asset class |
Depreciation method and rate |
Plant and machinery |
25% reducing balance |
Fixtures and fittings |
15% straight line |
Motor vehicles |
25% reducing balance |
Computer equipment |
33% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Page 4 |
T. Print Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
20% straight line |
Lease property |
10% straight line |
Website design |
33% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 5 |
T. Print Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 6 |
T. Print Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was 59 (2016 - 58).
Intangible assets |
Goodwill |
Website development costs |
Property lease costs |
Total |
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Cost or valuation |
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At 1 February 2016 |
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At 31 January 2017 |
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Amortisation |
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At 1 February 2016 |
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Amortisation charge |
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At 31 January 2017 |
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Carrying amount |
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At 31 January 2017 |
- |
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At 31 January 2016 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
Page 7 |
T. Print Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 February 2016 |
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Additions |
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- |
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Disposals |
- |
( |
( |
( |
At 31 January 2017 |
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Depreciation |
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At 1 February 2016 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
( |
At 31 January 2017 |
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Carrying amount |
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At 31 January 2017 |
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At 31 January 2016 |
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Stocks |
2017 |
2016 |
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Other inventories |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Page 8 |
T. Print Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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2017 |
2016 |
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Current loans and borrowings |
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Finance lease liabilities |
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Dividends |
Interim dividends paid
2017 |
2016 |
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Interim dividend of £ |
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- |
Interim dividend of £ |
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Page 9 |
T. Print Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Related party transactions |
Summary of transactions with other related parties
The company is leasing 261 Bristol Avenue from the T Print Limited Benefits Scheme. The rent charged in the period was, £165,000 (2016: £165,000) (VAT exclusive). Mr Bainbridge is a trustee of the Retirement Benefits Scheme. At the balance sheet date the amount due to Mr Alan Bainbridge was £49,744 (2016 - £5,109).
Transition to FRS 102 |
This is the first year that the company has presented its financial statements under Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The last financial statements under previous UK GAAP were for the year ended 31st January 2016 and the date of transition to FRS 102 was therefore 1st February 2015. The only adjustment arising on transition to FRS102 is in relation to short-term compensated absences asdetailed below:
Prior to the adoption of FRS102, T Print Limited did not make provision for holiday pay earned but not taken before the year end. FRS 102 requires the cost of short-term compensated absences to be recognised when employees render the services that increases their entitlement.
Consequently an additional wage accrual of £3,000 at 1st February 2015 has been made to reflect this. The provision at 31st January 2016 had increased to £3,200 and the increase in provision of £200 has been charged to equity reserves in the year ended 31st January 2016.
1st February 2015 |
31st January 2016 |
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£ |
£ |
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Shareholders' funds (as previously stated) |
390,911 |
295,490 |
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Adjustment for holiday pay accrual |
(3,000) |
(3,200) |
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Shareholders' funds (as restated) |
387,911 |
292,290 |
Year ended |
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31st January 2016 |
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Profit for the year after tax (as previously stated) |
(60,421) |
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Movement in holiday pay accrual |
(200) |
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Profit for the year after tax (as restated) |
(60,621) |
Page 10 |