Abbey Print Limited Company Accounts

COMPANY REGISTRATION NUMBER: 02721269

Abbey Print Limited

Unaudited Financial Statements

for the year ended

31 May 2017

Abbey Print Limited

Financial Statements

for the year ended 31st May 2017

Contents	Pages

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 9

Abbey Print Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Abbey Print Limited

for the year ended 31st May 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Abbey Print Limited for the year ended 31st May 2017, which comprise the statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Abbey Print Limited, as a body, in accordance with the terms of our engagement letter dated 27th April 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Abbey Print Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abbey Print Limited and its Board of Directors, as a body, for our work or for this report.

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

MOORE THOMPSON Chartered Accountants

Bank House Broad Street Spalding PE11 1TB

Dated: 1 August 2017

Abbey Print Limited

Statement of Financial Position

as at 31 May 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	7		1,157,542		991,159

Current assets

Stocks		88,884	69,255
Debtors	8	380,311	522,175
Cash at bank and in hand		1,001,876	1,038,069
		------------	------------
		1,471,071	1,629,499

Creditors: amounts falling due within one year	9	364,832		493,197
		------------		------------
Net current assets			1,106,239		1,136,302
			------------		------------
Total assets less current liabilities			2,263,781		2,127,461

Creditors: amounts falling due after more than one year	10		395,366		425,796

Provisions

Taxation including deferred tax	74,064	42,753
	------------	------------
Net assets	1,794,351	1,658,912
	------------	------------

Abbey Print Limited

Statement of Financial Position (continued)

as at 31 May 2017

	2017		2016
Note	£	£	£	£

Capital and reserves

Called up share capital	11	3,100	3,100
Share premium account		120,522	120,522
Capital redemption reserve		9,050	9,050
Profit and loss account		1,661,679	1,526,240
		------------	------------
Members funds		1,794,351	1,658,912
		------------	------------

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 income and retained earnings has not been delivered.

For the year ending 31st May 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 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 .

These financial statements were approved by the board of directors and authorised for issue on 1 August 2017 , and are signed on behalf of the board by:

Ms J. A. Bailey-Scott	A. V. Howling
Director	Director

P. Houghton	Mrs H. D. Slinger
Director	Director

Company registration number: 02721269

Abbey Print Limited

Notes to the Financial Statements

for the year ended 31st May 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bank House, Broad Street, Spalding, PE11 1TB, Lincs. The trading address is Benner Road, Wardentree Lane Ind Estate, Spalding, Lincs, PE11 3TZ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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:

Freehold property	-	not depreciated
Plant and machinery	-	15% reducing balance
Computer equipment	-	20% straight line
Motor vehicles	-	25% reducing balance
Fixtures and office equipment	-	15% reducing balance

Depreciation is not provided on freehold property where, in the opinion of the directors, the residual value of that land and property is such that any depreciation charge would be immaterial.

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.

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities.

Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 23 (2016: 26 ).

5. Tax on profit

Major components of tax expense

	2017	2016
	£	£

Current tax:

UK current tax expense	21,392	83,026

Deferred tax:

Origination and reversal of timing differences	31,311	( 98)
	-----------	-----------
Tax on profit	52,703	82,928
	-----------	-----------

6. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2017	2016
	£	£

Equity dividends on ordinary shares	48,160	40,400
Equity dividends on ordinary 'B' shares	26,488	22,220
	-----------	-----------
	74,648	62,620
	-----------	-----------

Dividends proposed after the year end and not recognised as a liability:

	2017	2016
	£	£

Equity dividends on ordinary shares	52,100	48,160
Equity dividends on ordinary 'B' shares	28,655	26,488
	-----------	-----------
	80,755	74,648
	-----------	-----------

7. Tangible assets

Freehold property	Plant and machinery	Computer equipment	Motor vehicles	Fixtures and office equipment	Total
£	£	£	£	£	£

Cost
At 1 Jun 2016	730,102	1,312,147	37,788	37,388	52,642	2,170,067
Additions	–	314,450	4,085	–	–	318,535
Disposals	–	( 640,842)	–	–	–	( 640,842)
	-----------	------------	-----------	-----------	-----------	------------
At 31 May 2017	730,102	985,755	41,873	37,388	52,642	1,847,760
	-----------	------------	-----------	-----------	-----------	------------
Depreciation
At 1 Jun 2016	–	1,080,988	29,789	20,115	48,016	1,178,908
Charge for the year	–	71,285	5,482	4,318	694	81,779
Disposals	–	( 570,469)	–	–	–	( 570,469)
	-----------	------------	-----------	-----------	-----------	------------
At 31 May 2017	–	581,804	35,271	24,433	48,710	690,218
	-----------	------------	-----------	-----------	-----------	------------
Carrying amount
At 31 May 2017	730,102	403,951	6,602	12,955	3,932	1,157,542
	-----------	------------	-----------	-----------	-----------	------------
At 31 May 2016	730,102	231,159	7,999	17,273	4,626	991,159
	-----------	------------	-----------	-----------	-----------	------------

8. Debtors

	2017	2016
	£	£

Trade debtors	371,191	513,011
Prepayments and accrued income	9,000	9,164
Other debtors	120	–
	-----------	-----------
	380,311	522,175
	-----------	-----------

9. Creditors: amounts falling due within one year

	2017	2016
	£	£

Bank loans and overdrafts	30,338	28,924
Trade creditors	184,589	157,410
Accruals and deferred income	9,193	7,317
Corporation tax	21,392	83,021
Social security and other taxes	69,904	121,820
Other creditors	49,416	94,705
	-----------	-----------
	364,832	493,197
	-----------	-----------

Bank loans and overdrafts are secured on the assets of the company.

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

	2017	2016
	£	£

Bank loans and overdrafts	395,366	425,796
	-----------	-----------

Included within creditors: amounts falling due after more than one year is an amount of £260,043 (2016: £296,779) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Bank loans and overdrafts are secured on the assets of the company .

11. Called up share capital

Issued, called up and fully paid

2017		2016
No.	£	No.	£

Ordinary shares of £ 1 each	2,000	2,000	2,000	2,000
Ordinary 'B' shares of £ 1 each	1,100	1,100	1,100	1,100
	-----------	-----------	-----------	-----------
	3,100	3,100	3,100	3,100
	-----------	-----------	-----------	-----------

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£

Not later than 1 year	27,826	6,965
Later than 1 year and not later than 5 years	90,436	–
	-----------	-----------
	118,262	6,965
	-----------	-----------

13. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st June 2015.

No transitional adjustments were required in equity or profit or loss for the year.