Print Library Limited Filleted accounts for Companies House (small and micro)

PRINT LIBRARY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI041641

Print Library Limited

Filleted Unaudited Financial Statements

30 September 2017

Print Library Limited

Financial Statements

Year ended 30 September 2017

Contents	Page

Officers and professional advisers	1

Report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Print Library Limited

Officers and Professional Advisers

The board of directors	G Truesdale
	M Thompson
	G Balfour

Registered office	Aisling House
	50 Stranmillis Embankment
	Belfast
	Northern Ireland
	BT9 5FL

Accountants	Maneely Mc Cann
	Chartered accountant
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Bankers	Danske Bank
	Donegall Square West
	Belfast
	BT1 6JS

Print Library Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Print Library Limited

Year ended 30 September 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Print Library Limited for the year ended 30 September 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the Board of Directors of Print Library Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Print Library Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Print Library Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Print Library Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Print Library Limited. You consider that Print Library 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 financial statements of Print Library 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 financial statements.

Maneely Mc Cann Chartered accountant

Aisling House 50 Stranmillis Embankment Belfast BT9 5FL

19 June 2018

Print Library Limited

Statement of Financial Position

30 September 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	5	969,832	936,765

Current assets

Stocks	6	58,000	32,000
Debtors	7	303,011	250,365
Cash at bank and in hand		–	9,568
		---------	---------
		361,011	291,933

Creditors: amounts falling due within one year	8	640,683	485,055
		---------	---------
Net current liabilities		279,672	193,122
		---------	---------
Total assets less current liabilities		690,160	743,643

Creditors: amounts falling due after more than one year	9	439,860	457,350

Provisions	175,521	179,548
	---------	---------
Net assets	74,779	106,745
	---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	73,779	105,745
	--------	---------
Shareholders funds	74,779	106,745
	--------	---------

These 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 statement of comprehensive income has not been delivered.

For the year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Print Library Limited

Statement of Financial Position (continued)

30 September 2017

These financial statements were approved by the board of directors and authorised for issue on 19 June 2018 , and are signed on behalf of the board by:

G Truesdale	M Thompson
Director	Director

G Balfour
Director

Company registration number: NI041641

Print Library Limited

Notes to the Financial Statements

Year ended 30 September 2017

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL, Northern Ireland. The business address of the company is Unit F3 Dundonald Ent Park, Carrowreagh Road, Dundonald, BT16 1QT, Northern Ireland.

2. Statement of compliance

These 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 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.

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

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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:

Plant and machinery	-	4% reducing balance
Fixtures and fittings	-	10% 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 .

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. 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. 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 27 (2016: 16 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 October 2016	1,082,909	192,174	1,275,083
Additions	120,000	11,795	131,795
Disposals	( 72,217)	–	( 72,217)
	------------	---------	------------
At 30 September 2017	1,130,692	203,969	1,334,661
	------------	---------	------------
Depreciation
At 1 October 2016	205,757	132,561	338,318
Charge for the year	41,622	7,141	48,763
Disposals	( 22,252)	–	( 22,252)
	------------	---------	------------
At 30 September 2017	225,127	139,702	364,829
	------------	---------	------------
Carrying amount
At 30 September 2017	905,565	64,267	969,832
	------------	---------	------------
At 30 September 2016	877,152	59,613	936,765
	------------	---------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery
	£
At 30 September 2017	517,285
	---------
At 30 September 2016	514,660
	---------

6. Stocks

	2017	2016
	£	£
Finished goods and goods for resale	58,000	32,000
	--------	--------

7. Debtors

	2017	2016
	£	£
Trade debtors	271,117	243,220
Other debtors	31,894	7,145
	---------	---------
	303,011	250,365
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	7,806	–
Trade creditors	223,749	221,711
Amounts owed to group undertakings and undertakings in which the company has a participating interest	81,197	65,839
Corporation tax	7,489	–
Social security and other taxes	8,190	8,494
Debtor finance	141,068	73,000
Other creditors	171,184	116,011
	---------	---------
	640,683	485,055
	---------	---------

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	439,860	457,350
	---------	---------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Later than 1 year and not later than 5 years	26,680	17,699
	--------	--------

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
G Truesdale	( 3,160)	968	( 2,192)
M Thompson	( 3,160)	967	( 2,193)
G Balfour	( 3,160)	968	( 2,192)
	-------	-------	-------
	( 9,480)	2,903	( 6,577)
	-------	-------	-------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
G Truesdale	( 5,161)	2,001	( 3,160)
M Thompson	( 5,161)	2,001	( 3,160)
G Balfour	( 5,161)	2,001	( 3,160)
	--------	-------	-------
	( 15,483)	6,003	( 9,480)
	--------	-------	-------

12. Related party transactions

(a)Name of Related Party Print Project Europe LLP (b)Description of Relationship The directors of Print Library Limited act as trustees to personal pension schemes which are members of Print Project Europe LLP. The director's spouses are designated members of Print Project Europe LLP. (c)Description of Transactions The transactions during the year relate to payments made on behalf of each entity for the other. (d)Amounts owed by Print Library Limited to related party 2017 2016 Print Project Europe LLP £ 81,197 £65,839