Company Registration No. 01054077 (England and Wales)
Beacon Printers (Penarth) Limited
Unaudited accounts
for the year ended 30 June 2019
Beacon Printers (Penarth) Limited
Unaudited accounts
Contents
Beacon Printers (Penarth) Limited
Company Information
for the year ended 30 June 2019
Directors
Peter John Legg
David Stafford
Secretary
Peter John Legg
Company Number
01054077 (England and Wales)
Registered Office
Leyshons Buildings
Cornerswell Road
Penarth
South Glamorgan
CF64 2XS
Accountants
Coed Accounts Limited
Sherborne House
Sherborne Avenue
Cyncoed
Cardiff
CF23 6SA
Beacon Printers (Penarth) Limited
Statement of financial position
as at
30 June 2019
Tangible assets
77,155
68,958
Creditors: amounts falling due within one year
(131,937)
(127,284)
Net current liabilities
(47,037)
(44,590)
Total assets less current liabilities
30,118
24,368
Creditors: amounts falling due after more than one year
(4,075)
(8,685)
Provisions for liabilities
Deferred tax
(12,084)
(10,657)
Called up share capital
5,000
5,000
Profit and loss account
8,959
26
Shareholders' funds
13,959
5,026
For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2020 and were signed on its behalf by
David Stafford
Director
Company Registration No. 01054077
Beacon Printers (Penarth) Limited
Notes to the Accounts
for the year ended 30 June 2019
Beacon Printers (Penarth) Limited is a private company, limited by shares, registered in England and Wales, registration number 01054077. The registered office is Leyshons Buildings, Cornerswell Road , Penarth , South Glamorgan , CF64 2XS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
At 30 June 2019 there were net current liabilities of £47,037 (2018: £44,590). However, the going concern basis of preparation of the financial statements is considered appropriate in view of the fact that the directors are confident that it will continue to be profitable in future years.
Turnover represents amounts billed in respect of printing and graphic design services during the year, excluding value added tax.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land & buildings
- not provided
Plant & machinery
- 10% on reducing balance
Motor vehicles
- 25% on cost
Fixtures & fittings
- 20% on cost
Stocks are valued at the lower of cost and estimated selling price less cost to sell. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items.
Beacon Printers (Penarth) Limited
Notes to the Accounts
for the year ended 30 June 2019
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Assets obtained under hire purchase contracts are capitalised in the balance sheet.
Those held under hire purchase contracts are depreciated over their estimated useful lives.
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Non-derivative financial instruments
Basic financial instruments are recognised at amortised cost.
Beacon Printers (Penarth) Limited
Notes to the Accounts
for the year ended 30 June 2019
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 July 2018
2,058
454,727
15,171
56,911
528,867
Additions
-
21,300
-
-
21,300
At 30 June 2019
2,058
476,027
15,171
56,911
550,167
At 1 July 2018
-
397,459
7,586
54,864
459,909
Charge for the year
-
8,922
3,793
388
13,103
At 30 June 2019
-
406,381
11,379
55,252
473,012
At 30 June 2019
2,058
69,646
3,792
1,659
77,155
At 30 June 2018
2,058
57,268
7,585
2,047
68,958
Raw materials
3,982
3,825
Trade debtors
60,732
69,747
Accrued income and prepayments
7,968
1,909
Other debtors
12,218
7,213
7
Creditors: amounts falling due within one year
2019
2018
Bank loans and overdrafts
28,820
35,748
Obligations under finance leases and hire purchase contracts
15,864
2,673
Trade creditors
39,536
49,184
Taxes and social security
14,030
15,287
Other creditors
13,627
4,657
Loans from directors
17,310
17,707
Beacon Printers (Penarth) Limited
Notes to the Accounts
for the year ended 30 June 2019
8
Creditors: amounts falling due after more than one year
2019
2018
Obligations under finance leases and hire purchase contracts
4,075
8,685
HSBC Bank PLC holds a fixed and floating charge over all assets of Beacon Printers (Penarth) Limited to act as security on all monies due or to become due from the company, dated 23 July 2003.
Hire purchase contracts are secured on the assets to which they relate.
9
Share capital
2019
2018
Allotted, called up and fully paid:
5,000 Ordinary shares of £1 each
5,000
5,000
10
Operating lease commitments
2019
2018
At 30 June 2019 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
49,518
67,259
Within two to five years
82,878
134,206
More than five years
1,560
-
11
Average number of employees
During the year the average number of employees was 8 (2018: 8).