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

YOUR PRINTING SOLUTIONS LTD - Company Information

0 false false false false false false false false false true false false false false false false No description of principal activity 2019-08-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 07306663 2019-08-01 2020-07-31 07306663 2020-07-31 07306663 2019-07-31 07306663 2019-07-31 07306663 core:LandBuildings core:LongLeaseholdAssets 2019-08-01 2020-07-31 07306663 core:PlantMachinery 2019-08-01 2020-07-31 07306663 core:FurnitureFittings 2019-08-01 2020-07-31 07306663 core:MotorVehicles 2019-08-01 2020-07-31 07306663 bus:Director1 2019-08-01 2020-07-31 07306663 bus:Director3 2019-08-01 2020-07-31 07306663 core:LandBuildings 2019-07-31 07306663 core:PlantMachinery 2019-07-31 07306663 core:FurnitureFittings 2019-07-31 07306663 core:MotorVehicles 2019-07-31 07306663 core:LandBuildings 2020-07-31 07306663 core:PlantMachinery 2020-07-31 07306663 core:FurnitureFittings 2020-07-31 07306663 core:MotorVehicles 2020-07-31 07306663 core:LandBuildings 2019-08-01 2020-07-31 07306663 core:AfterOneYear 2020-07-31 07306663 core:AfterOneYear 2019-07-31 07306663 core:WithinOneYear 2020-07-31 07306663 core:WithinOneYear 2019-07-31 07306663 core:ShareCapital 2020-07-31 07306663 core:ShareCapital 2019-07-31 07306663 core:SharePremium 2020-07-31 07306663 core:SharePremium 2019-07-31 07306663 core:RetainedEarningsAccumulatedLosses 2020-07-31 07306663 core:RetainedEarningsAccumulatedLosses 2019-07-31 07306663 core:LandBuildings 2019-07-31 07306663 core:PlantMachinery 2019-07-31 07306663 core:FurnitureFittings 2019-07-31 07306663 core:MotorVehicles 2019-07-31 07306663 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2020-07-31 07306663 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2019-07-31 07306663 bus:Director1 2019-07-31 07306663 bus:Director1 2020-07-31 07306663 bus:Director1 2018-07-31 07306663 bus:Director1 2019-07-31 07306663 bus:SmallEntities 2019-08-01 2020-07-31 07306663 bus:AuditExemptWithAccountantsReport 2019-08-01 2020-07-31 07306663 bus:FullAccounts 2019-08-01 2020-07-31 07306663 bus:SmallCompaniesRegimeForAccounts 2019-08-01 2020-07-31 07306663 bus:PrivateLimitedCompanyLtd 2019-08-01 2020-07-31 07306663 core:OfficeEquipment 2019-08-01 2020-07-31 07306663 core:OfficeEquipment 2019-07-31 07306663 core:OfficeEquipment 2020-07-31

COMPANY REGISTRATION NUMBER: 07306663

Your Printing Solutions Ltd

Filleted Unaudited Financial Statements

31 July 2020

Your Printing Solutions Ltd

Statement of Financial Position

31 July 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	4		94,388	102,347

Current assets

Stocks		206,812	192,976
Debtors	5	258,723	197,571
Cash at bank and in hand		132,289	154,028
		---------	---------
		597,824	544,575

Creditors: amounts falling due within one year	6	150,985		180,318
		---------		---------
Net current assets			446,839	364,257
			---------	---------
Total assets less current liabilities			541,227	466,604

Creditors: amounts falling due after more than one year	7	84,036	39,671
		---------	---------
Net assets		457,191	426,933
		---------	---------

Capital and reserves

Called up share capital	120	120
Share premium account	19,988	19,988
Profit and loss account	437,083	406,825
	---------	---------
Shareholders funds	457,191	426,933
	---------	---------

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 Section 1A of 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 income and retained earnings has not been delivered.

For the year ending 31 July 2020 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 .

Your Printing Solutions Ltd

Statement of Financial Position (continued)

31 July 2020

These financial statements were approved by the board of directors and authorised for issue on 27 July 2021 , and are signed on behalf of the board by:

Mr T Perkins	Mr C Perkins
Director	Director

Company registration number: 07306663

Your Printing Solutions Ltd

Notes to the Financial Statements

Year ended 31 July 2020

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 2019	9,901	691	6,226	89,738	30,570	137,126
Additions	6,565	876	–	–	1,530	8,971
	--------	-------	-------	--------	--------	---------
At 31 Jul 2020	16,466	1,567	6,226	89,738	32,100	146,097
	--------	-------	-------	--------	--------	---------
Depreciation
At 1 Aug 2019	990	357	1,490	14,381	17,561	34,779
Charge for the year	1,647	469	711	7,536	6,567	16,930
	--------	-------	-------	--------	--------	---------
At 31 Jul 2020	2,637	826	2,201	21,917	24,128	51,709
	--------	-------	-------	--------	--------	---------
Carrying amount
At 31 Jul 2020	13,829	741	4,025	67,821	7,972	94,388
	--------	-------	-------	--------	--------	---------
At 31 Jul 2019	8,911	334	4,736	75,357	13,009	102,347
	--------	-------	-------	--------	--------	---------

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 2020	46,657
	--------
At 31 July 2019	51,842
	--------

5. Debtors

	2020	2019
	£	£
Trade debtors	256,281	175,571
Other debtors	2,442	22,000
	---------	---------
	258,723	197,571
	---------	---------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	46,517	45,373
Corporation tax	19,540	32,767
Social security and other taxes	35,702	51,394
Other creditors	49,226	50,784
	---------	---------
	150,985	180,318
	---------	---------

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

	2020	2019
	£	£
Bank loans and overdrafts	50,000	–
Other creditors	34,036	39,671
	--------	--------
	84,036	39,671
	--------	--------

8. Directors' advances, credits and guarantees

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

	2020
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr T Perkins	( 1,558)	2,000	442
	-------	-------	----

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr T Perkins	( 1,558)	–	( 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.