Inpress Limited - Period Ending 2017-03-31
Inpress Limited - Period Ending 2017-03-31
Registration number:
Inpress Limited
for the Year Ended 31 March 2017
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Inpress Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Inpress Limited
Company Information
Chairman |
I Grant |
Directors |
H J Bannister M R Felton T Chivers S M Booker E D Wright S O'Neill S M Potter I Grant |
Registered office |
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Accountants |
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Page 1 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Inpress 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 Inpress 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of Inpress 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 Inpress Limited and state those matters that we have agreed to state to the Board of Directors of Inpress Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Inpress Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Inpress 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 Inpress Limited. You consider that Inpress 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 Inpress 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.
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Chartered Certified Accountants
Prudhoe
Northumberland
NE42 5PU
Page 2 |
Inpress Limited
(Registration number: 04537051)
Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Current assets |
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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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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Revaluation reserve |
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- |
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Profit and loss account |
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Total equity |
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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.
Directors' responsibilities:
• |
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• |
The directors acknowledge their 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.
Page 3 |
Inpress Limited
(Registration number: 04537051)
Balance Sheet as at 31 March 2017
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
.........................................
S O'Neill
Director
.........................................
I Grant
Chairman
Page 4 |
Inpress Limited
Statement of Changes in Equity for the Year Ended 31 March 2017
Revaluation reserve |
Profit and loss account |
Total |
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Brought forward |
- |
46,107 |
46,107 |
Surplus for the year |
- |
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Other comprehensive income |
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( |
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Total comprehensive income |
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At 31 March 2017 |
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Profit and loss account |
Total |
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At 1 April 2015 |
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Deficit for the year |
( |
( |
Total comprehensive income |
( |
( |
At 31 March 2016 |
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Page 5 |
Inpress Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a company limited by guarantee incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Churchill House
12 Mosley Street
Newcastle upon Tyne
NE1 1DE
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 - '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.
Other grants
Grants in respect of capital expenditure are credited to a deferred income account and are released to income over the expected useful lives of the relevant assets by equal annual instalments.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 6 |
Inpress Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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.
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:
Asset class |
Depreciation method and rate |
Office Equipment |
25% straight line basis |
Website |
25% reducing balance basis |
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 fair value and is subsequently measured at fair value less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the fair value less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
25% straight line basis |
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.
Page 7 |
Inpress Limited
Notes to the Financial Statements for the Year Ended 31 March 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 and subsequently measured at amortised cost using the effective interest method.
Page 8 |
Inpress Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 March 2017 |
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Amortisation |
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Amortisation charge |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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Tangible assets |
Office equipment |
Plant and equipment |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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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 9 |
Inpress Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Transition to FRS 102 |
The transition to FRS 102 has resulted in the following changes in accounting policies:
Holiday Pay accrual
Prior to the adoption of FRS 102, Inpress Limited did not include a provision for holiday pay earned but not taken before the year end. Consequently an additional accrual of £466 has been included via an adjustment to the brought forward reserves.
Deferred tax
As a result of the requirement to account for deferred tax an adjustment of £1,022 has been included via an adjustment to the brought forward reserves to reflect the value at the date of transition.
Page 10 |