Foundry Press Limited Filleted accounts for Companies House (small and micro)

Company Registration Number: 02846162

Foundry Press Limited

Filleted Unaudited Financial Statements

31 March 2018

Foundry Press Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£	£

Fixed Assets

Tangible assets	5		589,936		695,381

Current Assets

Stocks		49,517	42,591
Debtors	6	266,024	304,806
Cash at bank and in hand		77,890	25,758
		---------	---------
		393,431	373,155

Creditors: amounts falling due within one year	7	667,215		736,530
		---------		---------
Net Current Liabilities			273,784		363,375
			---------		---------
Total Assets Less Current Liabilities			316,152		332,006

Creditors: amounts falling due after more than one year	8		205,240		172,143

Provisions

Taxation including deferred tax	90,563	105,197
	---------	---------
Net Assets	20,349	54,666
	---------	---------

Capital and Reserves

Called up share capital	15,626	15,626
Profit and loss account	4,723	39,040
	--------	--------
Shareholders Funds	20,349	54,666
	--------	--------

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 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 comprehensive income has not been delivered.

For the year ending 31st 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 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 .

Foundry Press Limited

Statement of Financial Position (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 1 November 2018 , and are signed on behalf of the board by:

A Houliston

Director

Company registration number: 02846162

Foundry Press Limited

Notes to the Financial Statements

Year Ended 31st March 2018

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Martlet House, E1 , Yeoman Gate, Yeoman Way, Worthing, West Sussex, BN13 3QZ.

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.

Revenue Recognition

Turnover represents the fair value of goods and services provided, excluding value added tax, during the year.

Income Tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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	-	Straight Line over the life of the lease
Plant & Machinery	-	25% reducing balance or 10% or 20% straight line basis per annum
Fixtures & Fittings	-	25% reducing balance or 10% straight line basis per annum

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 .

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 24 (2017: 26 ).

5. Tangible Assets

Land and buildings	Plant and machinery	Fixtures and fittings	Total
£	£	£	£

Cost
At 1st April 2017	18,544	2,152,326	102,210	2,273,080
Additions	4,929	15,390	6,820	27,139
	--------	------------	---------	------------
At 31st March 2018	23,473	2,167,716	109,030	2,300,219
	--------	------------	---------	------------
Depreciation
At 1st April 2017	16,014	1,475,995	85,690	1,577,699
Charge for the year	915	126,891	4,778	132,584
	--------	------------	---------	------------
At 31st March 2018	16,929	1,602,886	90,468	1,710,283
	--------	------------	---------	------------
Carrying amount
At 31st March 2018	6,544	564,830	18,562	589,936
	--------	------------	---------	------------
At 31st March 2017	2,530	676,331	16,520	695,381
	--------	------------	---------	------------

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:

	Plant and machinery
	£

At 31st March 2018	243,617
	---------
At 31st March 2017	301,894
	---------

6. Debtors

	2018	2017
	£	£

Trade debtors	77,308	75,320
Other debtors	188,716	229,486
	---------	---------
	266,024	304,806
	---------	---------

The debtors above include the following amounts falling due after more than one year:

	2018	2017
	£	£

Other debtors	12,000	12,000
	--------	--------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£

Bank loans and overdrafts	105,361	49,754
Trade creditors	389,336	519,060
Corporation tax	35,826	26,690
Social security and other taxes	25,703	15,574
Other creditors	110,989	125,452
	---------	---------
	667,215	736,530
	---------	---------

Bank loans of £43,392 (2017: £14,389), included in creditors: amounts falling due within one year, are secured by the company's assets.

Hire purchase agreements of £80,666 (2017: £88,388), included in creditors: amounts falling due within one year, are secured by the company's assets.

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

	2018	2017
	£	£

Bank loans and overdrafts	111,526	6,181
Other creditors	93,714	165,962
	---------	---------
	205,240	172,143
	---------	---------

Bank loans of £111,526 (2017: £6,181), included in creditors: amounts falling due after more than one year, are secured by the company's assets.

Hire purchase agreements of £93,714 (2017: £165,962), included in creditors: amounts falling due after more than one year, are secured by the company's assets.

9. Directors' Advances, Credits and Guarantees

During the year, the directors received loans from the company, the balance outstanding at the year end was £19,804. No interest was charged on the loans .

10. Related Party Transactions

During the year the company was provided with goods and services from a company under the common control of the directors to the value of £120,000 (2017 - £124,500). During the year the company received a loan from a company under the common control of the directors. The balance outstanding at the end of the year was £24,242 (2017 - £28,772). This loan has been provided interest free and has no formal repayment terms.

11. Financial Commitments

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £46,130 (2017 - £117,697).