Your Print Specialists Ltd - Period Ending 2017-03-31

Your Print Specialists Ltd - Period Ending 2017-03-31


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Registration number: 06830582

Your Print Specialists Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Blu Sky Chartered Accountants
17 Northumberland Square
North Shields
NE30 1PX

 

Your Print Specialists Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

 

Your Print Specialists Ltd

Company Information

Directors

GRH Brown

G Brown

Registered office

Unit 8 Locomotion Way
Camperdown Ind Est
Killingworth
Newcastle
Tyne and Wear
NE12 5US

Accountants

Blu Sky Chartered Accountants
17 Northumberland Square
North Shields
NE30 1PX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Your Print Specialists Ltd
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Your Print Specialists Ltd for the year ended 31 March 2017 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Your Print Specialists Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Your Print Specialists Ltd and state those matters that we have agreed to state to the Board of Directors of Your Print Specialists Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Your Print Specialists Ltd and its Board of Directors as a body for our work or for this report.

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

......................................

Blu Sky Chartered Accountants
17 Northumberland Square
North Shields
NE30 1PX

20 December 2017

 

Your Print Specialists Ltd

(Registration number: 06830582)
Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

3

85,242

35,932

Current assets

 

Stocks

4

96,883

81,775

Debtors

5

249,224

209,791

Cash at bank and in hand

 

-

42,970

 

346,107

334,536

Creditors: Amounts falling due within one year

6

(365,859)

(339,879)

Net current liabilities

 

(19,752)

(5,343)

Total assets less current liabilities

 

65,490

30,589

Creditors: Amounts falling due after more than one year

6

(29,183)

(16,258)

Provisions for liabilities

(16,493)

(8,786)

Net assets

 

19,814

5,545

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

15,600

-

Profit and loss account

4,114

5,445

Total equity

 

19,814

5,545

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

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 provisions applicable to companies subject o the small companies’ regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 December 2017 and signed on its behalf by:

 

Your Print Specialists Ltd

(Registration number: 06830582)
Balance Sheet as at 31 March 2017

.........................................

GRH Brown

Director

 

Your Print Specialists Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 8 Locomotion Way
Camperdown Ind Est
Killingworth
Newcastle
Tyne and Wear
NE12 5US
England

The company registered number is: 06830582

2

Accounting policies

Statement of compliance

These financial statements were prepared in accordance with the provisions of FRS 102 Section 1A - small entities applicable in the UK and Republic of Ireland. There were no material departures from that standard.

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.

Basis of preparation

These financial statements were prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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.

Government grants

Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

 

Your Print Specialists Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

20% SL

Plant and Machinery

25% SL

Office Equipment

33% SL

Research and development costs

Expenditure on research is written off against profits in the year in which it is incurred. Development expenditure is capitalised and amortised over its useful life.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Deferred taxation

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Tax deferred or accelerated is accounted for in respect of all material timing differences.

 

Your Print Specialists Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

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.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

 

 

Your Print Specialists Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

3

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2016

86,725

13,351

6,800

106,876

Additions

64,130

10,643

-

74,773

Disposals

(60,149)

(4,136)

(2,800)

(67,085)

At 31 March 2017

90,706

19,858

4,000

114,564

Depreciation

At 1 April 2016

55,774

10,370

4,800

70,944

Charge for the year

6,644

5,358

800

12,802

Eliminated on disposal

(47,488)

(4,136)

(2,800)

(54,424)

At 31 March 2017

14,930

11,592

2,800

29,322

Carrying amount

At 31 March 2017

75,776

8,266

1,200

85,242

At 31 March 2016

30,951

2,981

2,000

35,932

4

Stocks

2017
£

2016
£

Other inventories

96,883

81,775

5

Debtors

2017
£

2016
£

Trade debtors

204,990

209,791

Other debtors

44,234

-

249,224

209,791

6

Creditors

Creditors: amounts falling due within one year

 

Your Print Specialists Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

7

14,120

-

Trade creditors

 

235,230

200,355

Taxation and social security

 

2,434

26,863

Accruals and deferred income

 

400

366

Other creditors

 

113,675

112,295

 

365,859

339,879

Creditors: amounts falling due after more than one year

Note

2017
£

2016
£

Due after one year

 

Loans and borrowings

7

29,183

16,258

7

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Finance lease liabilities

28,712

16,258

Other borrowings

471

-

29,183

16,258

2017
£

2016
£

Current loans and borrowings

Bank overdrafts

14,120

-

8

Share capital

Allotted, called up and fully paid shares

 

Your Print Specialists Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

 

2017

2016

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

9

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2016 - 6).