The Printing House Limited - Accounts to registrar (filleted) - small 18.1
The Printing House Limited - Accounts to registrar (filleted) - small 18.1
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 August 2017 |
| for |
| The Printing House Limited |
| The Printing House Limited (Registered number: 02594094) |
| Contents of the Financial Statements |
| for the year ended 31 August 2017 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Directors' Responsibilities Statement | 12 |
| Independent Accountants' Review Report | 13 |
| The Printing House Limited |
| Company Information |
| for the year ended 31 August 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Datum House |
| Electra Way |
| Crewe |
| Cheshire |
| CW1 6ZF |
| BANKERS: |
| 41 Greengate Street |
| Stafford |
| Staffordshire |
| ST16 2JD |
| The Printing House Limited (Registered number: 02594094) |
| Statement of Financial Position |
| 31 August 2017 |
| 2017 | 2016 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Stocks | 7 |
| Debtors: amounts falling due within one year | 8 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 9 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
| NET (LIABILITIES)/ASSETS | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| 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 Printing House Limited (Registered number: 02594094) |
| Statement of Financial Position - continued |
| 31 August 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| The Printing House Limited (Registered number: 02594094) |
| Notes to the Financial Statements |
| for the year ended 31 August 2017 |
| 1. | STATUTORY INFORMATION |
| The Printing House Limited ('The Company') are primarily engaged in the supply of printing services. |
| The company is a private company limited by shares and is incorporated in England and Wales. The address of |
| the principal place of business and the registered office is Marshfield Bank Employment Park, Marshfield Bank, |
| Crewe, Cheshire, CW2 8UY. The registered number can be found on the Company Information page. |
| The functional and presentational currency of the financial statements is the Pound Sterling (£). Monetary |
| amounts in these financial statements are rounded to the nearest £. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Summary of significant accounting policies |
| The principle accounting policies applied in the preparation of these financial statements are set out below. |
| These policies have been consistently applied to all years presented, unless otherwise stated. |
| Basis of preparation |
| The company became a subsidiary of SG World Limited on 1 September 2017, the new parent company have |
| agreed to support the company. |
| No material uncertainties that may cast significant doubt about the ability of the company to continue as a going |
| concern have been identified by the directors. |
| On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts |
| receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
| Income is recognised when goods have been delivered to customers such that risks and rewards of ownership |
| have transferred to them. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Office equipment | - |
| The Printing House Limited (Registered number: 02594094) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2017 |
| 3. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are stated at the lower of cost and selling price less costs to complete and sell. Cost includes all direct |
| expenditure and an appropriate proportion of fixed and variable overheads. |
| An impairment loss is recognised for damaged, discontinued and slow-moving stock where appropriate. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
| have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
| timing difference. |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of |
| exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the |
| operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase are capitalised in the balance sheet. Those held under hire purchase |
| contracts are depreciated over their estimated useful lives. |
| The interest element of those obligations is charged to the profit and loss account so as to provide a periodic |
| charge on the remaining balance of the obligation for each accounting period. The capital element of the future |
| payments is treated as a liability. |
| Rentals paid under operating leases are charged to the profit and loss account so as to produce a constant |
| periodic charge for each accounting period up to the end of the lease or next renewal date. |
| 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. |
| Deferred government grants |
| Capital based government grants are credited to the operating profit over the estimated useful economic lives of |
| the assets to which they relate. The deferred element of grant received are separately disclosed within creditors. |
| Dilapidation costs |
| A provision is made to cover the expected costs of making good property dilapidations where such work is |
| required by the terms of the lease agreement. |
| The Printing House Limited (Registered number: 02594094) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2017 |
| 3. | ACCOUNTING POLICIES - continued |
| Impairment of assets |
| Assets not measured at fair value are reviewed for any indications that the asset maybe impaired at each |
| statement of financial position date. If such indications exists the recoverable amount of the asset or the assets |
| cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its |
| recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the |
| impairment loss is a revaluation decrease. |
| Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the |
| appropriate heading. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 September 2016 |
| and 31 August 2017 |
| AMORTISATION |
| At 1 September 2016 |
| Amortisation for year |
| Impairments |
| At 31 August 2017 |
| NET BOOK VALUE |
| At 31 August 2017 |
| At 31 August 2016 |
| The Printing House Limited (Registered number: 02594094) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2017 |
| 6. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 September 2016 |
| Additions |
| Disposals | ( |
) |
| Recognition of fully |
| depreciated assets | - | 254,041 | 37,324 |
| At 31 August 2017 |
| DEPRECIATION |
| At 1 September 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| Recognition of fully |
| depreciated assets | - | 254,041 | 37,324 |
| Impairments |
| Reversal of impairments | ( |
) |
| At 31 August 2017 |
| NET BOOK VALUE |
| At 31 August 2017 |
| At 31 August 2016 |
| Motor | Office |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2016 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Recognition of fully |
| depreciated assets | - | 9,046 | 300,411 |
| At 31 August 2017 |
| DEPRECIATION |
| At 1 September 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Recognition of fully |
| depreciated assets | - | 9,046 | 300,411 |
| Impairments |
| Reversal of impairments | ( |
) |
| At 31 August 2017 |
| NET BOOK VALUE |
| At 31 August 2017 |
| At 31 August 2016 |
| The Printing House Limited (Registered number: 02594094) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2017 |
| 6. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 September 2016 |
| Additions |
| At 31 August 2017 |
| DEPRECIATION |
| At 1 September 2016 |
| Charge for year |
| Impairments |
| At 31 August 2017 |
| NET BOOK VALUE |
| At 31 August 2017 |
| At 31 August 2016 |
| 7. | STOCKS |
| 2017 | 2016 |
| £ | £ |
| Stocks |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Amount owed by parent company |
| Other debtors | 2,660 | 519 |
| Tax |
| Prepayments and accrued income |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 11) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 12,404 | 9,853 |
| Other creditors |
| Directors' loan accounts | 4,854 | 35,530 |
| Accruals and deferred income |
| Deferred government grants |
| The Printing House Limited (Registered number: 02594094) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2017 |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Hire purchase contracts (see note 11) |
| Other creditors |
| Deferred government grants |
| 11. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2017 | 2016 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating |
| leases |
| 2017 | 2016 |
| £ | £ |
| Within one year |
| Between one and five years |
| 12. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Bank overdrafts |
| Hire purchase contracts | 236,115 | 208,073 |
| 13. | PROVISIONS FOR LIABILITIES |
| 2017 | 2016 |
| £ | £ |
| Accelerated capital allowances |
| Deferred tax | 64,392 | 86,956 |
| The Printing House Limited (Registered number: 02594094) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2017 |
| 2017 | 2016 |
| £ | £ |
| Other provisions |
| Dilapidation provision | - | 25,000 |
| Leave pay provision | 10,060 | 9,255 |
| 10,060 | 34,255 |
| Aggregate amounts | 74,452 | 121,211 |
| Accelerated |
| capital | Other |
| allowances | provisions |
| £ | £ |
| Balance at 1 September 2016 |
| Unused amounts reversed during year | ( |
) |
| Released during year | (22,564 | ) | 805 |
| Balance at 31 August 2017 |
| 14. | DIRECTORS' MATERIAL INTEREST IN CONTRACTS |
| Transactions with related parties during the year and balances outstanding at the end of the reporting period were |
| as follows: |
| Entities over which the former directors had control: |
| 2017 | 2016 |
| £ | £ |
| Recharged production costs | 44,854 | 76,753 |
| Amounts owed by entities | 5,252 | 3,322 |
| In addition to the above, the company has also made purchases on behalf of the entity, which have been |
| transferred at cost. |
| During the year £25,110 of loan accounts due to the former directors were waived and this amount has been |
| released to the Statement of Comprehensive Income. The remaining balance due to the former directors at 31 |
| August 2017 of £4,854 is disclosed within creditors: amounts falling due within one year. |
| 15. | POST BALANCE SHEET EVENTS |
| On 1 September 2017, SG World Limited acquired 100% of the share capital of the company. The ultimate |
| holding company from 1 September 2017 is SG World Limited. |
| The Printing House Limited (Registered number: 02594094) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2017 |
| 16. | TRANSITION TO FRS 102 (SECTION 1A) |
| The company has adopted FRS 102 (Section 1A) for the year ended 31 August 2017 and has restated the |
| comparative prior year amounts. |
| A leave pay provision of £9,974 at 1 September 2016 has been recognised within provisions for liabilities. The |
| deferred tax arising on the provision of £1,995 has also been recognised. This has decreased the company's net |
| assets at 1 September 2016 by £7,979. |
| A leave pay provision of £9,255 at 31 August 2016 has been recognised within provisions for liabilities. The |
| deferred tax arising on the provision of £1,851 has also been recognised. This has decreased the company's net |
| assets at 31 August 2016 by £7,404. |
| The restatement for leave pay has increased the company's profit before taxation for the year ended 31 August |
| 2016 by £719 and the company's profit after taxation for the year ended 31 August 2016 by £575. |
| Directors' Responsibilities Statement |
| on the Unaudited Financial Statements of |
| The Printing House Limited |
| The following reproduces the text of the report prepared for the directors and members in respect of the |
| company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
| only required to file a Statement of Financial Position. Readers are cautioned that the Statement of |
| Comprehensive Income and certain other primary statements and the Report of the Directors are not required to |
| be filed with the Registrar of Companies. |
| We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to: |
| - | ensure that the company has kept proper accounting records; |
| - | prepare financial statements which give a true and fair view of the state of affairs of the company as at 31 August 2017 and of its loss for that period in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements. |
| ON BEHALF OF THE BOARD: |
| 12 January 2018 |
| Independent Accountants' Review Report to the Directors of |
| The Printing House Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| We have reviewed the financial statements of The Printing House Limited for the year ended 31 August 2017, which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes 1 to 18. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
| This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report or the conclusions we have formed. |
| Directors' responsibility for the financial statements |
| As explained more fully in the Directors' Responsibilities Statement set out on page eighteen, the directors are |
| responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. |
| Accountants' responsibility |
| Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review |
| in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review |
| historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on |
| historical financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics. |
| Scope of the assurance review |
| A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have |
| performed additional procedures to those required under a compilation engagement. These primarily consist of making |
| enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the |
| evidence obtained. The procedures performed in a review are substantially less than those performed in an audit |
| conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an |
| audit opinion on these financial statements. |
| Conclusion |
| Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared: |
| - | so as to give a true and fair view of the state of the company's affairs as at 31 August 2017 and of its loss for the year then ended; |
| - | in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | in accordance with the requirements of the Companies Act 2006. |
| Datum House |
| Electra Way |
| Crewe |
| Cheshire |
| CW1 6ZF |