Printing World Limited - Period Ending 2017-03-31

Registration number: 05309387

Printing World Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Printing World Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 10

Printing World Limited

Company Information

Director

Mr R J Hayes

Company secretary

Mrs L A Hayes

Registered office

21 Navigation Business Village Navigation Way Ashton-on-Ribble Preston PR2 2YP

Bankers

Santander Bootle Merseyside L30 4GB

Accountants

Rotherham Taylor Limited Chartered Accountants 21 Navigation Business Village Navigation Way Ashton-on-Ribble Preston PR2 2YP

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Printing World Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Printing World Limited for the year ended 31 March 2017 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Printing World Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Printing World Limited and state those matters that we have agreed to state to the Board of Directors of Printing World Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Printing World Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Printing World Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Printing World Limited. You consider that Printing World Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Printing World Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Rotherham Taylor Limited
Chartered Accountants
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

22 December 2017

Page 2

Printing World Limited

(Registration number: 05309387)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	6,529	7,998
Current assets
Stocks	5	400	7,909
Debtors	6	2,791	11,516
Cash at bank and in hand		15,964	50,884
		19,155	70,309
Creditors: Amounts falling due within one year	7	(5,405)	(55,650)
Net current assets		13,750	14,659
Total assets less current liabilities		20,279	22,657
Provisions for liabilities		(1,032)	(1,332)
Net assets		19,247	21,325
Capital and reserves
Called up share capital		100	100
Profit and loss account		19,147	21,225
Total equity		19,247	21,325

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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.

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.

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 3

Printing World Limited

(Registration number: 05309387)
Balance Sheet as at 31 March 2017

Approved and authorised by the director on 22 December 2017
 

.........................................

Mr R J Hayes

Director

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 4

Printing World Limited

Statement of Changes in Equity for the Year Ended 31 March 2017

	Share capital £	Profit and loss account £	Total £
At 1 April 2016	100	21,225	21,325
Profit for the year	-	2,217	2,217
Total comprehensive income	-	2,217	2,217
Dividends	-	(4,295)	(4,295)
At 31 March 2017	100	19,147	19,247

	Share capital £	Profit and loss account £	Total £
At 1 April 2015	100	26,173	26,273
Profit for the year	-	24,052	24,052
Total comprehensive income	-	24,052	24,052
Dividends	-	(29,000)	(29,000)
At 31 March 2016	100	21,225	21,325

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 5

Printing World Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

The principal place of business is:
5 Croston House
Lancashire Business Park
Centurion Way
Leyland
PR26 6TU

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and office equipment	25% reducing balance
Motor vehicles	25% reducing balance
Plant and machinery	15% reducing balance

Page 6

Printing World Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

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.

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.

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 stocks 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.

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 and subsequently measured at amortised cost using the effective interest method.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Page 7

Printing World Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

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.

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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and 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 profit or loss. 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 amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 2).

Page 8

Printing World Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Tangible assets

	Furniture, fittings and office equipment £	Motor vehicles  £	Plant and machinery £	Total £
Cost or valuation
At 1 April 2016	9,783	11,044	11,885	32,712
At 31 March 2017	9,783	11,044	11,885	32,712
Depreciation
At 1 April 2016	7,705	10,422	6,587	24,714
Charge for the year	519	155	795	1,469
At 31 March 2017	8,224	10,577	7,382	26,183
Carrying amount
At 31 March 2017	1,559	467	4,503	6,529
At 31 March 2016	2,078	622	5,298	7,998

5

Stocks

	2017 £	2016 £
Work in progress	-	7,309
Other inventories	400	600
	400	7,909

6

Debtors

	2017 £	2016 £
Trade debtors	2,391	11,360
Other debtors	400	156
	2,791	11,516

Page 9

Printing World Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

7

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and borrowings	8	-	24,720
Trade creditors		2,069	22,783
Taxation and social security		1,726	1,039
Other creditors		1,610	7,108
		5,405	55,650

8	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Director's loan account	-	24,720

The director's loan account is non-interest bearing and has no formal repayment terms.

9

Dividends

	2017	2016
	£	£
Interim dividend of £4,295.00 (2016 - £29,000.00) per ordinary share	4,295	29,000

10	Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £5,830 (2016 - £ Nil).

11	Transition to FRS 102

This is the first year that the company has presented its results under FRS 102. The last financial statements under UK GAAP were for the year ended 31 March 2016. The date of transition to FRS 102 was 1 April 2015. There are no transitional adjustments arising from the first time adoption of FRS 102.

Page 10