Your Print Specialists Ltd - Period Ending 2018-03-31

Your Print Specialists Ltd - Period Ending 2018-03-31


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Registration number: 06830582

Your Print Specialists Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Blu Sky Chartered Accountants
Ye Olde Hundred
Church Way
North Shields
NE29 0AE

 

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
Ye Olde Hundred
Church Way
North Shields
NE29 0AE

 

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 2018

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 2018 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
Ye Olde Hundred
Church Way
North Shields
NE29 0AE

9 November 2018

 

Your Print Specialists Ltd

(Registration number: 06830582)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

3

76,265

85,242

Current assets

 

Stocks

4

89,632

96,883

Debtors

5

329,869

249,224

 

419,501

346,107

Creditors: Amounts falling due within one year

6

(435,065)

(365,859)

Net current liabilities

 

(15,564)

(19,752)

Total assets less current liabilities

 

60,701

65,490

Creditors: Amounts falling due after more than one year

6

(12,819)

(29,183)

Provisions for liabilities

(14,058)

(16,493)

Net assets

 

33,824

19,814

Capital and reserves

 

Called up share capital

8

100

100

Revaluation reserve

10,984

15,600

Profit and loss account

22,740

4,114

Total equity

 

33,824

19,814

For the financial year ending 31 March 2018 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 9 November 2018 and signed on its behalf by:

 

Your Print Specialists Ltd

(Registration number: 06830582)
Balance Sheet as at 31 March 2018

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

GRH Brown

Director

 

Your Print Specialists Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

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

The company registered number is: 06830582

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

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 2018

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 2018

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 2018

3

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2017

90,706

19,859

4,000

114,565

Additions

-

15,302

-

15,302

At 31 March 2018

90,706

35,161

4,000

129,867

Depreciation

At 1 April 2017

14,930

11,592

3,800

30,322

Charge for the year

18,777

4,503

-

23,280

At 31 March 2018

33,707

16,095

3,800

53,602

Carrying amount

At 31 March 2018

56,999

19,066

200

76,265

At 31 March 2017

75,776

8,266

1,200

85,242

4

Stocks

2018
£

2017
£

Other inventories

89,632

96,883

5

Debtors

2018
£

2017
£

Trade debtors

306,168

204,990

Prepayments

18,655

-

Other debtors

5,046

44,234

329,869

249,224

6

Creditors

Creditors: amounts falling due within one year

 

Your Print Specialists Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

7

1,009

14,120

Trade creditors

 

220,761

235,230

Taxation and social security

 

24,272

2,434

Accruals and deferred income

 

49,544

400

Other creditors

 

139,479

113,675

 

435,065

365,859

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

7

12,819

29,183

7

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Finance lease liabilities

12,819

28,712

Other borrowings

-

471

12,819

29,183

2018
£

2017
£

Current loans and borrowings

Bank overdrafts

1,009

14,120

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         
 

Your Print Specialists Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

9

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2017 - 7).