Martins The Printers Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02731178 (England and Wales)

Martins The Printers Limited

Financial Statements

for the Year Ended 31st March 2017

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

7

Directors:

C Hardie

Mrs. E M A Hardie

R D Martin

Secretary:

W Hardie

Registered office:

18 Castle Terrace

Berwick upon Tweed

Northumberland

TD15 1NP

Registered number:

02731178 (England and Wales)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Intangible assets

4

7,875

12,375

Tangible assets

5

45,959

144

53,834

12,519

Current assets

Stocks

103,765

89,994

Debtors

6

471,172

442,292

Cash at bank and in hand

47,349

45,219

622,286

577,505

Creditors

Amounts falling due within one year

7

207,709

185,318

Net current assets

414,577

392,187

Total assets less current liabilities

468,411

404,706

Creditors

Amounts falling due after more than one year

8

(36,178

)

-

Provisions for liabilities

(8,231

)

(29

)

Net assets

424,002

404,677

Capital and reserves

Called up share capital

20,000

20,000

Retained earnings

404,002

384,677

Shareholders' funds

424,002

404,677

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors on 22nd December 2017 and were signed on its behalf by:

C Hardie - Director

1.	Statutory information

Martins The Printers 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.

Changes in accounting policies

The principal accounting policies adopted in the preparation of the financial statements are set out

below.

The financial statements for the year ended 31st March 2017 are the first financial statements that

comply with FRS 102 Section 1A for small entities. The date of transition is 1st April 2015.

There has been no impact to the financial statements on the transition date.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales invoiced during the

year, or the fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of

ownership have passed to the buyer. Turnover arising from the provision of services is recognised as

contract activity progresses and the right to consideration is earned.

Goodwill

Acquired goodwill is written off in equal instalments over its estimated useful economic life of 10 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

10% on reducing balance

Fixtures & equipment

-

25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment

losses.

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value. Cost includes all

direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is

based on estimated selling prices less further costs expected to be incurred in bringing the stock and

work in progress to completion.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade

creditors and bank loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate

of interest, and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss

is recognised in the Statement of Income and Retained Earnings.

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.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the

rates of exchange prevailing at the balance sheet date. Transactions in foreign currencies are

recorded at the date of the transactions. All differences are taken to the Profit and Loss account.

Hire purchase and leasing commitments

Rentals payable under operating leases are charged against income on a straight line basis over the

lease term.

Pension costs and other post-retirement benefits

The pension costs charged in the financial statements represent the contribution payable by the

company during the year.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event

prior to the balance sheet date and that a payment will be required in settlement that can be estimated

reliably. Where material, provisions are calculated on a discounted basis.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of

Income and Retained Earnings in the period in which they are incurred.

Going concern

The directors have considered the company's financial position for a period of 12 months from the date

of signing these financial statements and have reasonable expectation that the company has adequate

resources to continue in operational existence for the foreseeable future. Accordingly, they continue to

adopt the going concern basis in preparing these financial statements.

3.	Employees and directors

The average number of employees during the year was 32 .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1st April 2016

and 31st March 2017

45,000

Amortisation

At 1st April 2016

32,625

Amortisation for year

4,500

At 31st March 2017

37,125

Net book value

At 31st March 2017

7,875

At 31st March 2016

12,375

5.	Tangible fixed assets

Plant and

Fixtures

machinery

& equipment

Totals

£

£

£

Cost

At 1st April 2016

-

7,865

7,865

Additions

47,950

-

47,950

At 31st March 2017

47,950

7,865

55,815

Depreciation

At 1st April 2016

-

7,721

7,721

Charge for year

2,099

36

2,135

At 31st March 2017

2,099

7,757

9,856

Net book value

At 31st March 2017

45,851

108

45,959

At 31st March 2016

-

144

144

6.

Debtors: amounts falling due within one year

2017

2016

£

£

Trade debtors

210,625

75,378

Amounts owed by group undertakings

99,149

171,306

Other debtors

161,398

195,608

471,172

442,292

7.

Creditors: amounts falling due within one year

2017

2016

£

£

Bank loans and overdrafts

89,369

76,881

Hire purchase contracts

9,128

-

Trade creditors

87,695

81,517

Taxation and social security

8,406

11,377

Other creditors

13,111

15,543

207,709

185,318

8.

Creditors: amounts falling due after more than one year

2017

2016

£

£

Hire purchase contracts

36,178

-

9.	Secured debts

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

86,208

67,577

Bank loans

3,161

9,304

Hire purchase contracts

45,306

-

134,675

76,881

HSBC holds a fixed and floating charge over all assets of the company.

The HP liabilities are secured against the assets to which they relate.