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Registration number: 03197046

Academy Print & Design (UK) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2017

 

Academy Print & Design (UK) Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Academy Print & Design (UK) Ltd

(Registration number: 03197046)
Balance Sheet as at 31 July 2017

Note

2017
£

2016
£

Fixed assets

 

Intangible assets

4

19,400

37,000

Tangible assets

5

334,622

221,422

 

354,022

258,422

Current assets

 

Stocks

6

4,000

4,000

Debtors

7

337,551

381,349

Cash at bank and in hand

 

74,828

123,920

 

416,379

509,269

Creditors: Amounts falling due within one year

8

(242,084)

(284,521)

Net current assets

 

174,295

224,748

Total assets less current liabilities

 

528,317

483,170

Creditors: Amounts falling due after more than one year

8

(92,610)

(8,833)

Provisions for liabilities

(45,791)

(45,791)

Net assets

 

389,916

428,546

Capital and reserves

 

Called up share capital

99

99

Profit and loss account

389,817

428,447

Total equity

 

389,916

428,546

 

Academy Print & Design (UK) Ltd

(Registration number: 03197046)
Balance Sheet as at 31 July 2017

For the financial year ending 31 July 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 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 7 February 2018 and signed on its behalf by:
 

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

S J Shread

Director

 

Academy Print & Design (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 July 2017

1

General information

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

The address of its registered office is:
Graphic House
Burnley Road Altham
Accrington
Lancashire
BB5 5TX

These financial statements were authorised for issue by the Board on 7 February 2018.

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Plant & Machinery

15% reducing balance

Office Equipment

33% reducing balance

Fixtures & Fittings

25% reducing balance

Motor Vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Academy Print & Design (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 July 2017

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Academy Print & Design (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 July 2017

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2016 - 28).

 

Academy Print & Design (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 July 2017

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2016

125,000

125,000

At 31 July 2017

125,000

125,000

Amortisation

At 1 August 2016

88,000

88,000

Amortisation charge

17,600

17,600

At 31 July 2017

105,600

105,600

Carrying amount

At 31 July 2017

19,400

19,400

At 31 July 2016

37,000

37,000

 

Academy Print & Design (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 July 2017

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 August 2016

399,459

80,250

637,705

1,117,414

Additions

26,143

-

166,685

192,828

Disposals

-

-

(20,000)

(20,000)

At 31 July 2017

425,602

80,250

784,390

1,290,242

Depreciation

At 1 August 2016

380,302

54,954

460,736

895,992

Charge for the year

14,756

6,324

48,548

69,628

Eliminated on disposal

-

-

(10,000)

(10,000)

At 31 July 2017

395,058

61,278

499,284

955,620

Carrying amount

At 31 July 2017

30,544

18,972

285,106

334,622

At 31 July 2016

19,157

25,296

176,969

221,422

6

Stocks

2017
£

2016
£

Other inventories

4,000

4,000

7

Debtors

Note

2017
£

2016
£

Trade debtors

 

299,657

334,192

Amounts owed by group undertakings and undertakings in which the company has a participating interest

2,049

-

Other debtors

 

35,845

47,157

Total current trade and other debtors

 

337,551

381,349

 

Academy Print & Design (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 July 2017

8

Creditors

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

9

36,314

41,300

Trade creditors

 

134,127

161,843

Taxation and social security

 

37,638

61,274

Other creditors

 

34,005

20,104

 

242,084

284,521

Due after one year

 

Loans and borrowings

9

92,610

8,833

9

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Finance lease liabilities

92,610

8,833

2017
£

2016
£

Current loans and borrowings

Finance lease liabilities

36,314

41,300