Stramongate Press Limited - Period Ending 2018-04-30
Stramongate Press Limited - Period Ending 2018-04-30
Registration number:
Stramongate Press Limited
for the Year Ended 30 April 2018
(taking advantage of s444 of the Companies Act 2006)
Chartered Accountants & Business Advisers
Lowther House
Lowther Street
Kendal
Cumbria
LA9 4DX
Stramongate Press Limited
(Registration number: 4282502)
Balance Sheet as at 30 April 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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- |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 1 |
Stramongate Press Limited
(Registration number: 4282502)
Balance Sheet as at 30 April 2018
For the financial year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' report and Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 2 |
Stramongate Press Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Adjusting events after the financial period
The company acquired a rival printing firm, Badger Press Limited, during the year. This subsidiary ceased trading on 30th April 2018 and its activities have been absorbed into Stramongate Press Limited. A provision has been made in these accounts for the estimated difference between the cost of the investment and the realisable value absorbed into the company. The directors believe the company will have improved profitability in the future due to the amalgamantion of the two trading businesses. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 3 |
Stramongate Press Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Vehicles |
20% straight line |
Other equipment, fixtures etc |
20% to 33% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10 years straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Page 4 |
Stramongate Press Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 May 2017 |
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At 30 April 2018 |
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Amortisation |
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At 1 May 2017 |
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Amortisation charge |
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At 30 April 2018 |
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Carrying amount |
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At 30 April 2018 |
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At 30 April 2017 |
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Page 5 |
Stramongate Press Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 May 2017 |
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Additions |
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Disposals |
( |
( |
( |
At 30 April 2018 |
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Depreciation |
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At 1 May 2017 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
At 30 April 2018 |
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Carrying amount |
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At 30 April 2018 |
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At 30 April 2017 |
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Investments |
2018 |
2017 |
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Investments in subsidiaries |
|
- |
Subsidiaries |
£ |
Cost or valuation |
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Additions |
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Provision |
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Provision |
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Carrying amount |
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At 30 April 2018 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Page 6 |
Stramongate Press Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2018 |
2017 |
Subsidiary undertakings |
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England |
The principal activity of Badger Press Ltd is |
Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
2,199 |
3,506 |
Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Bank loans and overdrafts |
|
- |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
13,071 |
12,236 |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £27,987 (2017 - £0).
Page 7 |
Stramongate Press Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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- |
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £106,759 (2017 - £0).
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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|
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1,200 |
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1,200 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
The total amount of guarantees not included in the balance sheet is £125,000 (2017 - £125,000). The company has given a guarantee to Yorkshire Bank on borrowings in respect of a property owned by Canal Head Property Ltd which is, in turn, owned by certain directors of Stramongate Press Ltd.
Page 8 |
Stramongate Press Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Related party transactions |
Transactions with directors |
2018 |
At 1 May 2017 |
At 30 April 2018 |
Mr Christopher John Hill |
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Interest free loan |
400 |
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Mr Stuart Holden |
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Interest free loan |
400 |
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Loans to related parties
2018 |
Other related parties |
Advanced |
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Terms of loans to related parties
Loans from related parties
2018 |
Other related parties |
At start of period |
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2017 |
Other related parties |
At start of period |
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Terms of loans from related parties
Page 9 |