DIRECTORS REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2018
Financial Statements Year ended 31 March 2018
Company Information Directors D V Broadway J R Broadway K Broadway C Clarke (resigned 31 August 2017) P J Clarke (resigned 31 August 2017) S P Cray AM Harwood J L Helps J Marsh W McFedries S Bunyan Company secretary D V Broadway Independent auditors Bishop Fleming Bath Limited Chartered Accountants & Statutory Auditors Minerva House Lower Bristol Road Bath BA2 9ER Bankers Clydesdale Bank 12th Floor Temple Point 1 Temple Row Birmingham West Midlands B2 5YB Solicitors Thrings LLP 2 Queen Square Bath BA1 2HQ C/O CFH Docmail Ltd St Peter s Park Wells Road Radstock Bath BA3 3UP Registered number 02691346 (England and Wales)
Print for Business T/A PRINT.UK.COM Report and Financial Statements 31 March 2018 Table of contents: Directors Report 1-2 Directors Responsibilities Statement 3 Independent Auditors Report 4-7 Balance sheet 10 Notes to the Financial Statements 11-20
Directors Report ended 31 March 2018. Principal activity The principal activity of the Company during the year continued to be that of print brokering and printing. Results and dividends Directors The directors who served during the year were: D V Broadway J R Broadway K Broadway C Clarke (resigned 31 August 2017) P J Clarke (resigned 31 August 2017) S P Cray AM Harwood J L Helps J Marsh W McFedries S Bunyan Future developments Disclosure of information to auditors Each of the persons who are directors at the time when this Directors Report is 1
the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company s auditors are aware of that information. Post balance sheet events Auditors accordance with section 485 of the Companies Act 2006. Small companies note This report was approved by the board and signed on its behalf. W McFedries Director Date: 5 July 2018 C/O CFH Docmail Ltd St Peter s Park Wells Road Radstock Bath BA3 3UP 2
Directors Responsibilities Statement for the Year Ended 31 March 2018 statements in accordance with applicable law and regulations. statements in accordance with applicable law and United Kingdom Accounting Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the directors must not approve that period. statements and then apply them consistently; make judgments and accounting estimates that are reasonable and prudent; it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 83
Independent Auditors Report to the Shareholders of Print For Business Limited Opinion framework that has been applied in their preparation is applicable law and United Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). give a true and fair view of the state of the company s affairs as at 31 have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the in accordance with the ethical requirements that are relevant to our audit of the in accordance with these requirements. We believe that the audit evidence we have Use of our report 4
with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company s members those matters we are required to state to them in an Auditors Report and for no other purpose. To the Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: the directors use of the going concern basis of accounting in the the company s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when statement is not a guarantee as to the Company s ability to continue as a going concern. Other information The directors are responsible for the other information. The other information thereon. in the audit or otherwise appears to be materially misstated. If we identify such We have nothing to report in this regard. 5
Opinion on other matters prescribed by the Companies Act 2006 the Directors Report has been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the company and its environment the Directors Report. We have nothing to report in respect of the following matters in relation to which the for our audit have not been received from branches not visited by us; or records and returns; or made; or for our audit; or accordance with the small companies regime and take advantage of and from the requirement to prepare a Strategic Report. Responsibilities of Directors 6
related to going concern and using the going concern basis of accounting unless no realistic alternative but to do so. conducted in accordance with ISAs (UK) will always detect a material misstatement statements. is located on the Financial Reporting Council s website at: www.frc.org.uk/ auditorsresponsibilities. This description forms part of our Auditors Report. Andrew Sandiford BCom FCA (Senior Statutory Auditor) for and on behalf of Bishop Fleming Bath Limited Chartered Accountants Statutory Auditors Minerva House Lower Bristol Road Bath BA2 9ER Date: 5 July 2018 7
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2018 2017 Note Turnover 7,535,461 Cost of sales (3,813,534) 3,721,927 (3,014,730) 707,197 Interest receivable and similar income 1,992 Interest payable and similar charges (11,177) 698,012 (67,124) 630,888 All amounts relate to continuing operations. 9
Company balance sheet 2018 2017 Notes Tangible assets 5 354,651 --------------------- --------------------- 354,651 Stocks 6 71,260 Debtors: amounts falling due within one year 7 2,134,902 Cash at bank and in hand 8 438,556 --------------------- --------------------- 2,644,718 amounts falling due within one year 9 (980,440) --------------------- --------------------- 1,664,278 --------------------- --------------------- 2,018,929 amounts falling due after more than one year 10 (109,957) 12 (9,457) --------------------- --------------------- 1,899,515 --------------------- --------------------- Called up share capital 848 846 Share premium account 806 806 1,897,863 --------------------- --------------------- 1,899,515 --------------------- --------------------- companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A- small entities. behalf by: Director Director Date: 5 July 2018 10
1. General Information Print for Business Limited is a limited liability company incorporated in England and Wales. 2. Accounting Policies the Companies Act 2006. The following principal accounting policies have been applied: the UK and Republic of Ireland : the requirements of Section 7 Statement of Cash Flows; the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); 11.48(c); the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to the requirements of Section 33 Related Party Disclosures paragraph 33.7. 2.3 Revenue company and the revenue can be reliably measured. Revenue is measured as the fair value of the Sale of goods 11
buyer; the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be measured reliably; it is probable that the company will receive the consideration due under the transaction ; and the costs incurred or to be incurred in respect of the transaction can be measured reliably. directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their Depreciation is provided on the following basis: Plant and machinery - 20% straight line date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount 2.5 Leased Assets: The Company As Lessee useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases produce a constant periodic rate of charge on the net obligation outstanding in each period. 12
2.6 Operating Leases: The Company as Lessee basis over the lease term. 2.7 Stocks is reduced to its selling price less costs to complete and sell. The impairment loss is recognised 2.8 Debtors 2.9 Cash and Cash Equivalents penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to 2.10 Financial Instruments flows and subsequently at amortised cost using the effective interest method. Debt instruments a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each 13
between an asset s carrying amount and the present value of estimated cash flows discounted at rate for measuring any impairment loss is the current effective interest rate determined under the contract. at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 2.11 Creditors amortised cost using the effective interest method. other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. enacted or substantively enacted by the reporting date in the countries where the company operates and generates income. 14
2.13 Foreign Currency Translation The company s functional and presentational currency is GBP. rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non- when fair value was determined. comprehensive income as qualifying cash flow hedges. 2.14 Dividends Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at 2.15 Pensions contributions have been paid the company has no further payment obligations. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds. 3. Employees 15
4. Dividends 2018 2017 Dividends paid on ordinary shares 1,000,000-1,000,000 - Plant and machinery Total COST OR VALUATION At 1 April 2017 1,212,179 442,977 1,655,156 Additions 66,491 19,892 86,383 Disposals (152,257) (117,380) (269,637) ---------------------- At 31 March 2018 1,126,413 345,489 1,471,902 ---------------------- DEPRECIATION At 1 April 2017 903,184 347,459 1,250,643 Charge for the year on owned assets 43,005 41,043 84,048 52,197-52,197 Disposals (152,257) (117,380) (269,637) ---------------------- At 31 March 2018 846,129 271,122 1,117,251 ---------------------- NET BOOK VALUE ---------------------- At 31 March 2018 280,284 74,367 354,651 ---------------------- At 31 March 2017 ---------------------- 2018 2017 Plants and machinery 178,297 178,297 16
6. Stocks 2018 2017 Raw materials and consumables 71,260 71,260 7. Debtors 2018 2017 Trade debtors 641,923 Amounts owed by group undertakings 1,263,338 - Other debtors 10,365 - Prepayments and accrued income 219,276 2,134,902 8. Cash and Cash Equivalents 2018 2017 Cash at bank and in hand 438,556 Less: bank overdrafts (134,005) - 304,551 17
9. Creditors: Amounts falling due within one year 2018 2017 Bank overdrafts 134,005 - Trade creditors 354,615 Amounts owed to group undertakings - 53,728 55,310 52,783 Accruals and deferred income 329,999 980,440 Hire purchase creditors are secured against assets as detailed in Note 5. All amounts owed to group undertakings are due on demand and interest free. 10. Creditors: Amounts falling due after more than one year 2018 2017 109,957 109,957 11. Hire Purchase and Finance Leases Minimum lease payments under hire purchase fall due as follows : 2018 2017 Within one year 52,783 Between 1-5 years 109,957 Over 5 years - 162,740 18
2018 At 1 April 2016 (7,443) (2,014) ---------------------- (9,457) ---------------------- 2018 2017 Accelerated capital allowances (9,457) (9,457) 13. Pension Commitments 14. Commitments under Operating Leases At 31 March 2018 the company had future minimum lease payments under non-cancellable operating leases as follows: 2018 2017 Not later than 1 year 320,621 Later than 1 year and not later than 5 years 64,927 385,548 19
15. Related Party Transactions disclose transactions with wholly owned group companies. At the year end the company was owed companies. 16. Controlling Party The company is a wholly owned subsidiary of CFH Docmail Limited. During the year CFH Tradeco undertaking of the group. There is no ultimate controlling party. 20
PRINT.UK.COM :: 160 Edinburgh Avenue :: Slough :: Berkshire :: SL1 4UE Telephone: +44 (0) 1753 567100 :: Facsimile: +44 (0) 1753 567200 PRINT.UK.COM is a trading name of Print For Business Limited.