Printalicious Limited - Filleted accounts

Printalicious Limited - Filleted accounts

PRINTALICIOUS LIMITED - Company Information

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Registered number
05378360
Printalicious Limited
Filleted Accounts
31 March 2017
Printalicious Limited
Registered number: 05378360
Balance Sheet
as at 31 March 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 71,190 63,269
Current assets
Debtors 3 260,088 288,075
Cash at bank and in hand 161,448 95,988
421,536 384,063
Creditors: amounts falling due within one year 4 (324,904) (317,753)
Net current assets 96,632 66,310
Total assets less current liabilities 167,822 129,579
Creditors: amounts falling due after more than one year 5 (36,720) (23,639)
Net assets 131,102 105,940
Capital and reserves
Called up share capital 6 6
Profit and loss account 131,096 105,934
Shareholders' funds 131,102 105,940
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Yeats
Director
Approved by the board on 30 December 2017
Printalicious Limited
Notes to the Accounts
for the year ended 31 March 2017
1 Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.

Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible fixed assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other
comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Freehold buildings 25% reducing balance
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or
preference shares are publicly traded or their fair value can otherwise be measured reliably, the
investment is subsequently measured at fair value with changes in fair value recognised in profit or loss.
All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
2 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2016 2,104 159,907 42,676 204,687
Additions - 34,720 - 34,720
At 31 March 2017 2,104 194,627 42,676 239,407
Depreciation
At 1 April 2016 1,947 124,225 15,246 141,418
Charge for the year 40 19,843 6,916 26,799
At 31 March 2017 1,987 144,068 22,162 168,217
Net book value
At 31 March 2017 117 50,559 20,514 71,190
At 31 March 2016 157 35,682 27,430 63,269
3 Debtors 2017 2016
£ £
Trade debtors 167,965 172,064
Amounts owed by group undertakings and undertakings in which the company has a participating interest 82,771 82,771
Other debtors 9,352 33,240
260,088 288,075
4 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 40,767 607
Obligations under finance lease and hire purchase contracts 14,379 14,379
Trade creditors 128,279 166,550
Amounts owed to group undertakings and undertakings in which the company has a participating interest 40,792 3,172
Corporation tax 34,248 57,976
Other taxes and social security costs 15,439 24,025
Other creditors 51,000 51,044
324,904 317,753
5 Creditors: amounts falling due after one year 2017 2016
£ £
Obligations under finance lease and hire purchase contracts 36,720 23,639
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr M Yeats
2017 (2,679) - (37,620) (40,299)
2016 (4,325) 1,646 - (2,679)
Mr C J Beesley
2017 (493) - - (493)
2016 (8,532) 8,039 - (493)
(16,029) 9,685 (37,620) (43,964)
7 Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

Reconciliation of equity
No transitional adjustments were required.

Reconciliation of profit or loss for the year
No transitional adjustments were required.
8 Controlling party
The directors control the company by virtue of their shareholdings in the company.
9 Other information
Printalicious Limited is a private company limited by shares and incorporated in England. Its registered office is:
Doshi Accountants Limited
6th Floor AMP House
Dingwall Road
Croydon
CR0 2LX
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