The Waterless Printing Company Limited Small abridged accounts

THE WATERLESS PRINTING COMPANY LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-08-01 Sage Accounts Production Advanced 2017 Update 4 - FRS xbrli:pure xbrli:shares iso4217:GBP 03330386 2016-08-01 2017-07-31 03330386 2017-07-31 03330386 2016-07-31 03330386 2015-08-01 2016-07-31 03330386 2016-07-31 03330386 core:PlantMachinery 2016-08-01 2017-07-31 03330386 core:FurnitureFittings 2016-08-01 2017-07-31 03330386 core:MotorVehicles 2016-08-01 2017-07-31 03330386 bus:RegisteredOffice 2016-08-01 2017-07-31 03330386 bus:LeadAgentIfApplicable 2016-08-01 2017-07-31 03330386 bus:Director1 2016-08-01 2017-07-31 03330386 bus:CompanySecretary1 2016-08-01 2017-07-31 03330386 core:WithinOneYear 2017-07-31 03330386 core:WithinOneYear 2016-07-31 03330386 core:ShareCapital 2017-07-31 03330386 core:ShareCapital 2016-07-31 03330386 core:RetainedEarningsAccumulatedLosses 2017-07-31 03330386 core:RetainedEarningsAccumulatedLosses 2016-07-31 03330386 bus:FRS102 2016-08-01 2017-07-31 03330386 bus:AuditExemptWithAccountantsReport 2016-08-01 2017-07-31 03330386 bus:AbridgedAccounts 2016-08-01 2017-07-31 03330386 bus:SmallCompaniesRegimeForAccounts 2016-08-01 2017-07-31 03330386 bus:PrivateLimitedCompanyLtd 2016-08-01 2017-07-31 03330386 core:NetGoodwill 2016-08-01 2017-07-31 03330386 core:OfficeEquipment 2016-08-01 2017-07-31 03330386 core:AllAssociates core:AdministrativeServices 2016-08-01 2017-07-31

Statement of Consent to Prepare Abridged Financial Statements

All of the members of The Waterless Printing Company Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 03330386

The Waterless Printing Company Limited

Filleted Unaudited Abridged Financial Statements

31 July 2017

The Waterless Printing Company Limited

Abridged Financial Statements

Year ended 31 July 2017

Contents	Pages

Officers and professional advisers	1

Accountants report to the director on the preparation of the unaudited statutory abridged financial statements	2

Abridged statement of financial position	3 to 4

Notes to the abridged financial statements	5 to 8

The Waterless Printing Company Limited

Officers and Professional Advisers

Director	Mr J F Mooney

Company secretary	Mrs C Mooney

Registered office	First Floor, Lumiere
	Elstree Way
	Borehamwood
	Hertfordshire
	WD6 1JH

Accountants	SRJ Accounting Services Limited
	Accountants
	1st Floor, Lumiere
	Elstree Way
	Borehamwood
	Herts
	WD6 1JH

Bankers	HSBC plc
	Tottenham Court Road Branch
	39 Tottenham Court Road
	London
	W1T 2AR

The Waterless Printing Company Limited

Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of The Waterless Printing Company Limited

Year ended 31 July 2017

As described on the abridged statement of financial position, the director of the company is responsible for the preparation of the abridged financial statements for the year ended 31 July 2017, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

SRJ Accounting Services Limited Accountants

1st Floor, Lumiere Elstree Way Borehamwood Herts WD6 1JH

17 April 2018

The Waterless Printing Company Limited

Abridged Statement of Financial Position

31 July 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	10,036	12,532
Tangible assets	6	21,637	26,847
		--------	--------
		31,673	39,379

Current assets

Debtors	31,657	11,257
Cash at bank and in hand	33	33
	--------	--------
	31,690	11,290

Creditors: amounts falling due within one year	57,377		47,573
	--------		--------
Net current liabilities		25,687	36,283
		--------	--------
Total assets less current liabilities		5,986	3,096
		-------	-------
Net assets		5,986	3,096
		-------	-------

The Waterless Printing Company Limited

Abridged Statement of Financial Position (continued)

31 July 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	4,986	2,096
	-------	-------
Shareholders funds	5,986	3,096
	-------	-------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31 July 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 abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 17 April 2018 , and are signed on behalf of the board by:

Mr J F Mooney
Director

Company registration number: 03330386

The Waterless Printing Company Limited

Notes to the Abridged Financial Statements

Year ended 31 July 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor, Lumiere, Elstree Way, Borehamwood, Hertfordshire, WD6 1JH.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The abridged 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 abridged 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 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

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.

Income tax

In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Tax, at the current rate for small companies, is provided for timing differences between the depreciation of tangible fixed assets and the related tax allowances on capital expenditure where such differences result in a liability. Where there is a deferred tax asset at the balance sheet date, no provision for deferred taxation has been made.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Over 25 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Palnt and Machinery	-	15% reducing balance
Fixtures & fittings	-	25% reducing balance
Motor Vehicle	-	33% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2016: 3 ).

5. Intangible assets

	£
Cost
At 1 August 2016 and 31 July 2017	50,000
	--------
Amortisation
At 1 August 2016	37,468
Charge for the year	2,496
	--------
At 31 July 2017	39,964
	--------
Carrying amount
At 31 July 2017	10,036
	--------
At 31 July 2016	12,532
	--------

6. Tangible assets

	£
Cost
At 1 August 2016 and 31 July 2017	128,064
	---------
Depreciation
At 1 August 2016	101,217
Charge for the year	5,210
	---------
At 31 July 2017	106,427
	---------
Carrying amount
At 31 July 2017	21,637
	---------
At 31 July 2016	26,847
	---------

7. Prior period errors

8. Related party transactions

The company was under the control of Mr J Mooney, a director and majority shareholder throughout the current and previous year. There were no transactions with related parties that were undertaken such as are required to be disclosed under Financial Reporting Standard FRS 102 (Section 1A).

9. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.

No transitional adjustments were required in equity or profit or loss for the year.