Your Printing Solutions Ltd Filleted accounts for Companies House (small and micro)

YOUR PRINTING SOLUTIONS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07306663

Your Printing Solutions Ltd

Filleted Unaudited Financial Statements

31 July 2019

Your Printing Solutions Ltd

Statement of Financial Position

31 July 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	4		102,347	41,603

Current assets

Stocks		192,976	158,637
Debtors	5	197,571	188,346
Cash at bank and in hand		154,028	268,213
		---------	---------
		544,575	615,196

Creditors: amounts falling due within one year	6	180,318		240,032
		---------		---------
Net current assets			364,257	375,164
			---------	---------
Total assets less current liabilities			466,604	416,767

Creditors: amounts falling due after more than one year	7	39,671	–
		---------	---------
Net assets		426,933	416,767
		---------	---------

Capital and reserves

Called up share capital	120	120
Share premium account	19,988	19,988
Profit and loss account	406,825	396,659
	---------	---------
Shareholders funds	426,933	416,767
	---------	---------

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 31 July 2019 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 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 financial statements .

Your Printing Solutions Ltd

Statement of Financial Position (continued)

31 July 2019

These financial statements were approved by the board of directors and authorised for issue on 24 August 2020 , and are signed on behalf of the board by:

Mr T Perkins
Director

Company registration number: 07306663

Your Printing Solutions Ltd

Notes to the Financial Statements

Year ended 31 July 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sterling House, Mandarin Court, Centre Park, Warrington, WA1 1GG.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .

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.

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:

Leasehold property	-	10% straight line
Plant & Machinery	-	33% straight line
Fixtures & Fittings	-	15% reducing balance
Motor Vehicles	-	10% reducing balance

	Equipment	-	33% straight line

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Aug 2018	–	691	3,090	28,748	24,548	57,077
Additions	9,901	–	3,136	60,990	6,022	80,049
	-------	----	-------	--------	--------	---------
At 31 Jul 2019	9,901	691	6,226	89,738	30,570	137,126
	-------	----	-------	--------	--------	---------
Depreciation
At 1 Aug 2018	–	129	655	2,620	12,070	15,474
Charge for the year	990	228	835	11,761	5,491	19,305
	-------	----	-------	--------	--------	---------
At 31 Jul 2019	990	357	1,490	14,381	17,561	34,779
	-------	----	-------	--------	--------	---------
Carrying amount
At 31 Jul 2019	8,911	334	4,736	75,357	13,009	102,347
	-------	----	-------	--------	--------	---------
At 31 Jul 2018	–	562	2,435	26,128	12,478	41,603
	-------	----	-------	--------	--------	---------

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:

	Motor vehicles
	£
At 31 July 2019	51,842
	--------
At 31 July 2018	–
	--------

5. Debtors

	2019	2018
	£	£
Trade debtors	175,571	188,346
Other debtors	22,000	–
	---------	---------
	197,571	188,346
	---------	---------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	45,373	81,844
Corporation tax	32,767	40,891
Social security and other taxes	51,394	52,982
Other creditors	50,784	64,315
	---------	---------
	180,318	240,032
	---------	---------

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

	2019	2018
	£	£
Other creditors	39,671	–
	--------	----

8. Director's advances, credits and guarantees

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

	2019
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr T Perkins	( 1,558)	–	( 1,558)
	-------	----	-------

	2018
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr T Perkins	( 1,557)	( 1)	( 1,558)
	-------	----	-------

9. Related party transactions

The company was under the control of the directors throughout the current and previous year. Mr T Perkins is the majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRSSE.