Print Cloths Limited - Limited company - abbreviated - 11.6
Print Cloths Limited - Limited company - abbreviated - 11.6
| REGISTERED NUMBER: |
| ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2014 |
| FOR |
| PRINT CLOTHS LIMITED |
| PRINT CLOTHS LIMITED (REGISTERED NUMBER: SC129873) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 30 JUNE 2014 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| PRINT CLOTHS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 JUNE 2014 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| PRINT CLOTHS LIMITED (REGISTERED NUMBER: SC129873) |
| ABBREVIATED BALANCE SHEET |
| 30 JUNE 2014 |
| 2014 | 2013 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 2 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 3 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
3 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 4 |
| Profit and loss account | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| PRINT CLOTHS LIMITED (REGISTERED NUMBER: SC129873) |
| ABBREVIATED BALANCE SHEET - continued |
| 30 JUNE 2014 |
| The financial statements were approved by the Board of Directors on its behalf by: |
| PRINT CLOTHS LIMITED (REGISTERED NUMBER: SC129873) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 30 JUNE 2014 |
| 1. | ACCOUNTING POLICIES |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention and in accordance |
| with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
| Turnover |
| Turnover represents net invoiced sales of goods, excluding value added tax. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Stocks |
| Wiper stock is valued at the lower of average cost and net realisable value. All other material stock is |
| valued at the lower of cost and net realisable value. |
| Deferred tax |
| Deferred taxation is provided at appropriate rates on all timing differences using the liability method |
| only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or |
| asset will crystallise in the foreseeable future. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
| Those held under hire purchase contracts are depreciated over their estimated useful lives. Those |
| held under finance leases are depreciated over their estimated useful lives or the lease term, |
| whichever is the shorter. |
| The interest element of these obligations is charged to the profit and loss account over the relevant |
| period. The capital element of the future payments is treated as a liability. |
| Government grants |
| Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit |
| and loss account over the expected useful life of the assets. Grants towards revenue expenditure are |
| released to the profit and loss account as the related expenditure is incurred. |
| PRINT CLOTHS LIMITED (REGISTERED NUMBER: SC129873) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2014 |
| 2. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 July 2013 |
| Disposals | ( |
) |
| At 30 June 2014 |
| DEPRECIATION |
| At 1 July 2013 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 June 2014 |
| NET BOOK VALUE |
| At 30 June 2014 |
| At 30 June 2013 |
| 3. | CREDITORS |
| Creditors include an amount of £ |
| They also include the following debts falling due in more than five years: |
| 2014 | 2013 |
| £ | £ |
| Repayable otherwise than by instalments | 665,000 | 665,000 |
| Details of shares shown as liabilities are as follows: |
| Following the acquisition of all the shares in the Company by KIR Environmental Solutions Ltd, the |
| Company balance sheet was reconstructed to more fully reflect the liabilities and commitments made |
| by the Company to the preference shareholders. |
| At the Balance Sheet date the Company has an unavoidable financial liability to the preference |
| shareholders estimated to amount to a minimum of £750,000. Whilst the actual amount and date of |
| the final repayment of this liability is contingent on the occurrence of uncertain future events, these |
| events are beyond the control of the Company and it is therefore appropriate to recognise the liability. |
| The Directors have the option to redeem the liability by 30 January 2018 by payment of £750,000 or by |
| payment of £500,000 after that date. The Company is committed to making monthly payments for so |
| long as the liability remains unredeemed. Accordingly, the Company has recognised a liability of |
| £85,000 as being due within 12 months with the balance shown as due after 12 months. |
| 4. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2014 | 2013 |
| value: | £ | £ |
| Ordinary | 1 |
| Deferred Shares | 1 |
| Preference Shares | 1 |
| 129,510 | 129,510 |
| PRINT CLOTHS LIMITED (REGISTERED NUMBER: SC129873) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2014 |
| 4. | CALLED UP SHARE CAPITAL - continued |
| 5. | ULTIMATE PARENT COMPANY |
| parent company. |
| Print Cloths Limited is a 100% owned subsidiary company of KIR Environmental Limited. |
| 6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the year ended 30 June 2014 and |
| the period ended 30 June 2013: |
| 2014 | 2013 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Balance outstanding at end of year |