Speedprint (Highland) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC195628 (Scotland)

SPEEDPRINT (HIGHLAND) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

D E Rennie

D E G Rennie

SECRETARY:

Mrs S Rennie

REGISTERED OFFICE:

Redwood

19 Culduthel Road

Inverness

IV2 4AA

REGISTERED NUMBER:

SC195628 (Scotland)

ACCOUNTANTS:

MacKenzie Kerr Limited

Chartered Accountants

Redwood

19 Culduthel Road

Inverness

IV2 4AA

FIXED ASSETS

Tangible assets

4

200,475

176,451

Investment property

5

283,333

283,333

483,808

459,784

CURRENT ASSETS

Stocks

10,000

10,000

Debtors

6

78,829

85,126

Cash at bank and in hand

12,751

6,550

101,580

101,676

CREDITORS

Amounts falling due within one year

7

95,693

257,047

NET CURRENT ASSETS/(LIABILITIES)

5,887

(155,371

)

TOTAL ASSETS LESS CURRENT LIABILITIES

489,695

304,413

CREDITORS

Amounts falling due after more than one year

8

(183,724

)

(8,683

)

PROVISIONS FOR LIABILITIES

9

(15,209

)

(19,168

)

NET ASSETS

290,762

276,562

CAPITAL AND RESERVES

Allotted, called up and fully

paid share capital

100

100

Revaluation reserve

10

100,349

101,052

Retained earnings

10

190,313

175,410

SHAREHOLDERS' FUNDS

290,762

276,562

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 22 January 2018 and were signed on its behalf by:

D E G Rennie - Director

1.	STATUTORY INFORMATION

Speedprint (Highland) Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Fundamental accounting concept

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 except for the revaluation of certain fixed assets and except that the alternative

rules set out in the 1st Schedule to the Companies Act 2006 have been adopted in respect of investment

properties. As explained in the investment property note, no depreciation is provided in respect of

investment properties as it is considered that this policy is necessary in order for the financial statements to

show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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 shown in the Reconciliations of Equity

and Reconciliation of Profit in the notes to these accounts.

Turnover

Turnover represents net invoiced sales of goods and services from printing, excluding value added tax.

Tangible fixed assets

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

Freehold property

-

1% on cost

Improvements to property

-

10% on cost

Plant and machinery

-

25% on cost and 20% on cost

Fixed assets are stated at cost, being purchase price, less accumulated depreciation.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the

current or past reporting periods. It is measured at the amount expected to be paid or recovered using the

tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial

statements of current and previous periods. It is recognised in respect of all timing differences, with certain

exceptions. Timing differences are differences between taxable profits and total comprehensive income as

stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in

periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by

the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on

revalued, non-depreciable tangible fixed assets and investment properties is measured using the rates and

allowances that apply to the sale of the assets.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

Totals

£

£

£

£

COST OR VALUATION

At 1 July 2016

141,666

15,544

449,462

606,672

Additions

-

-

57,727

57,727

Disposals

-

-

(21,500

)

(21,500

)

At 30 June 2017

141,666

15,544

485,689

642,899

DEPRECIATION

At 1 July 2016

7,082

10,375

412,764

430,221

Charge for year

1,417

786

18,300

20,503

Eliminated on disposal

-

-

(8,300

)

(8,300

)

At 30 June 2017

8,499

11,161

422,764

442,424

NET BOOK VALUE

At 30 June 2017

133,167

4,383

62,925

200,475

At 30 June 2016

134,584

5,169

36,698

176,451

Cost or valuation at 30 June 2017 is represented by:

Improvements

Freehold

to

Plant and

property

property

machinery

Totals

£

£

£

£

Valuation in 2012

70,327

-

-

70,327

Cost

71,339

15,544

485,689

572,572

141,666

15,544

485,689

642,899

If freehold property had not been revalued it would have been included at the following historical cost:

2017

2016

£

£

Cost

71,339

71,339

Aggregate depreciation

15,692

14,979

Freehold property was valued on an open market basis on 21 February 2012 by J & E Shepherd, Chartered Surveyors

.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2016

and 30 June 2017

283,333

NET BOOK VALUE

At 30 June 2017

283,333

At 30 June 2016

283,333

Cost or valuation at 30 June 2017 is represented by:

Freehold

Property

£

Valuation in 2012

140,653

Cost

142,680

283,333

(a ) Freehold buildings were valued on an open market value basis on 21 February 2012 by J & E Shepherd,

Chartered Surveyors at £283,333. The director considers this to be an accurate value at 30 June 2017.

(b) Investment properties are accounted for in accordance with the Financial Reporting Standard 102

(effective January 2015). No depreciation is provided in respect of such properties.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

28,609

33,839

Amounts recoverable on

contracts

2,000

1,000

Other debtors

48,220

50,287

78,829

85,126

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

29,686

186,825

Hire purchase contracts

12,138

13,826

Trade creditors

15,615

27,721

Taxation and social security

6,414

2,449

Other creditors

31,840

26,226

95,693

257,047

The bank loans and overdraft are secured by a floating charge and standard security over the assets of the

company. HP creditors are secured over the assets to which they relate.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

154,471

-

Hire purchase contracts

29,253

8,683

183,724

8,683

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

15,209

19,168

Deferred

tax

£

Balance at 1 July 2016

19,168

Decrease in provision

(3,959

)

Balance at 30 June 2017

15,209

The deferred tax provision consists of accelerated capital allowances.

10.

RESERVES

Included in the figure for retained earnings are non-distributable reserves of £140,653 (2016 - £140,653).

11.	FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £39,933 (2016 -

£49,920).

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2017 and

30 June 2016:

2017

2016

£

£

D E G Rennie

Balance outstanding at start of year

26,013

83,738

Amounts advanced

11,097

993

Amounts repaid

-

(58,718

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

37,110

26,013

There are no interest or repayment terms attached to this loan.