Company Registration No. 02696956 (England and Wales)
CONTINUOUS DATAPRINT (U.K.) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
MOORE STEPHENS (NORTH WEST) LLP
Chartered Accountants & Statutory Auditor
110 - 114 Duke Street
Liverpool
L1 5AG
CONTINUOUS DATAPRINT (U.K.) LIMITED
COMPANY INFORMATION
Directors
P Bracken
W A Desouza
M Riordan
P E Scanlon
S Scanlon
Secretary
P Bracken
Company number
02696956
Registered office
Forms House
74-82 Rose Lane
Liverpool
L18 8EE
Auditor
Moore Stephens (North West) LLP
110-114 Duke Street
Liverpool
L1 5AG
CONTINUOUS DATAPRINT (U.K.) LIMITED
CONTENTS
Page
Directors' report
1 - 4
Independent auditor's report
5 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 27
CONTINUOUS DATAPRINT (U.K.) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2017
- 1 -
The directors present their annual report and financial statements for the year ended 31 May 2017.
Principal activities
The principal activity of the company continued to be that of print management and stationary distribution.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P Bracken
W A Desouza
M Riordan
P E Scanlon
S Scanlon
Results and dividends
The results for the year are set out on page 7.
The profit for the year, after taxation, amounted to £111,104 (2016: £124,188). No dividends were paid in the year (2016: nil).
Acquisition of own shares
The company has formed a non-statutory Employee Share Ownership Plan (E.S.O.P.) Trust which is controlled by four directors of the company as trustees. The investment in own shares is 26 'A' ordinary £1 shares at a cost of £301,500, 7 'B' ordinary £1 shares at a cost of £105,525, 3 'D' ordinary £1 shares at a cost of £30.100, 8 'E' ordinary £1 shares at a cost of £123,729, 8 'F' ordinary £1 shares at a cost of £8, 1 'G' ordinary £1 share at a cost of £15,075, and 5 'I' ordinary £1 shares at a cost of £50,000. The 58 shares held by the E.S.O.P. represent 58% of the issued ordinary share capital. These shares have been treated in in accordance with the accounting policy in note 1 - Employee share ownership plan.
Auditor
Moore Stephens (North West) LLP are deemed to be reappointed under section 487(2) of the companies act 2006.
CONTINUOUS DATAPRINT (U.K.) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 2 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
CONTINUOUS DATAPRINT (U.K.) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 3 -
Strategic aims
It is the board's aim to sustain continued growth, and long term employment for the future. The company's success is dependent on the proper selection, pricing and on-going management of the risks it accepts. In the print sector we have continued to consolidate our position. We believe it is important to retain a diversified portfolio of risks in order to achieve acceptable profitability in this highly competitive marketplace. The Company will continue to consolidate its position and concentrate its efforts on achieving maximum growth in its existing market segments, whilst always trying to develop new opportunities. We aim to improve efficiency in all areas of our operations through cost reduction and increased use and investment in technology.
Fair review of the business
We consider the state of the company's affairs to be satisfactory with a profit for the year, after taxation, of £111,104 (2016: £124,188) and net current assets of £267,853 (2016: £151,180).
Research and development.
We continue to invest in the technology and people to ensure we provide customers with the excellent service that is central to the continuing success of the business.
Future Outlook
Whilst the commercial environment is expected to remain competitive, we are confident that we will maintain our current level of performance in the future.
Key Performance Indicators
The directors have considered the nature of the business and concluded that it is uncomplicated. As such, we believe that the use of key performance indicators is not necessary to gain an understanding of the development and performance of the business.
Financial risk management objectives and policies
The company uses various financial instruments including loans, cash, and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below. The main risks arising from the company's financial instruments are market risk, liquidity risk, interest rate risk, cash flow and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.
Market risk
Market risk encompasses fair value interest rate risk and price risk. The company's policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the subsection entitled "interest rate risk" below.
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by overdraft facilities and debt factoring arrangements. The maturity of borrowings is set out in the notes to the financial statements. In addition to these borrowings the company has access to further borrowing facilities.
Interest rate risk
The company finances its operations through a mixture of retained profits and bank borrowings. The company's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.
Credit risk
The company's principal financial assets are cash and trade debtors. The principal credit risk arises from its trade debtors. In order to manage credit risk the directors set limits for customers based on a combination of trading and payment history, market knowledge and third party credit references. Credit limits are reviewed by the credit manager on a regular basis in conjunction with debt ageing and collection history.
CONTINUOUS DATAPRINT (U.K.) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
By order of the board
P Bracken
Secretary
29 March 2018
CONTINUOUS DATAPRINT (U.K.) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CONTINUOUS DATAPRINT (U.K.) LIMITED
- 5 -
Opinion
We have audited the financial statements of Continuous Dataprint (U.K.) Limited
(the 'company')
for the year ended 31 May 2017 which comprise
the Profit And Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity
and
notes to the financial statements, including a summary of significant accounting policies
. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 May 2017 and of its profit for the year then ended;
-
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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about 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 the financial statements are authorised for issue
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the Director
s'
Report for the financial
year
for which the financial statements are prepared is consistent with the financial statements
; and
-
the Director's Report has been prepared in accordance with applicable legal requirements.
CONTINUOUS DATAPRINT (U.K.) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONTINUOUS DATAPRINT (U.K.) LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the
Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of director's remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Directors' Report and take advantage of the small companies exemption from the requirement to prepare a Strategic Report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
This report is made solely to the company’s members, as a body, in accordance 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Brian McGain (Senior Statutory Auditor)
for and on behalf of Moore Stephens (North West) LLP
29 March 2018
Chartered Accountants
Statutory Auditor
110-114 Duke Street
Liverpool
L1 5AG
CONTINUOUS DATAPRINT (U.K.) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2017
- 7 -
2017
2016
Notes
£
£
Turnover
3
7,279,690
7,827,146
Cost of sales
(4,485,788)
(4,906,228)
Gross profit
2,793,902
2,920,918
Distribution costs
(66,687)
(70,996)
Administrative expenses
(2,551,549)
(2,649,026)
Operating profit
4
175,666
200,896
Interest receivable and similar income
8
205
164
Interest payable and similar expenses
9
(28,930)
(35,998)
Profit before taxation
146,941
165,062
Tax on profit
10
(35,837)
(40,874)
Profit for the financial year
111,104
124,188
The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.
CONTINUOUS DATAPRINT (U.K.) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2017
- 8 -
2017
2016
£
£
Profit for the year
111,104
124,188
Other comprehensive income
Revaluation of tangible fixed assets
287,950
-
Tax relating to other comprehensive income
(19,000)
-
Other comprehensive income for the year
268,950
-
Total comprehensive income for the year
380,054
124,188
CONTINUOUS DATAPRINT (U.K.) LIMITED
BALANCE SHEET
- 9 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,480,814
1,167,791
Investments
12
6
6
1,480,820
1,167,797
Current assets
Stocks
15
603,492
625,745
Debtors
16
1,391,148
1,453,382
Cash at bank and in hand
284,982
293,494
2,279,622
2,372,621
Creditors: amounts falling due within one year
17
(2,011,769)
(2,221,441)
Net current assets
267,853
151,180
Total assets less current liabilities
1,748,673
1,318,977
Creditors: amounts falling due after more than one year
18
(52,999)
(36,965)
Provisions for liabilities
21
(62,550)
(28,942)
Net assets
1,633,124
1,253,070
Capital and reserves
Called up share capital
24
100
100
Revaluation reserve
709,208
440,258
Own shares
(625,937)
(625,937)
Profit and loss reserves
1,549,753
1,438,649
Total equity
1,633,124
1,253,070
The financial statements were approved by the board of directors and authorised for issue on 29 March 2018 and are signed on its behalf by:
P Bracken
P E Scanlon
Director
Director
Company Registration No. 02696956
CONTINUOUS DATAPRINT (U.K.) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2017
- 10 -
Share capital
Revaluation reserve
Own shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 June 2015
100
445,632
(625,937)
1,309,087
1,128,882
Year ended 31 May 2016:
Profit and total comprehensive income for the year
-
-
-
124,188
124,188
Transfers
-
(5,374)
-
5,374
-
Balance at 31 May 2016
100
440,258
(625,937)
1,438,649
1,253,070
Year ended 31 May 2017:
Profit for the year
-
-
-
111,104
111,104
Other comprehensive income:
Revaluation of tangible fixed assets
-
287,950
-
-
287,950
Tax relating to other comprehensive income
-
(19,000)
-
-
(19,000)
Total comprehensive income for the year
-
268,950
-
111,104
380,054
Balance at 31 May 2017
100
709,208
(625,937)
1,549,753
1,633,124
CONTINUOUS DATAPRINT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
- 11 -
1
Accounting policies
Company information
Continuous Dataprint (U.K.) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Forms House, 74-82 Rose Lane, Liverpool, L18 8EE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
As Continuous Dataprint (U.K.) Limited is a small company it has taken advantage under FRS102 of the exemption from preparing a cash flow statement.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
CONTINUOUS DATAPRINT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 12 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% per annum on buildings at valuation
Leasehold improvements
Over the period of the lease
Fixtures, fittings & equipment
10% straight line
Computer equipment
20% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
CONTINUOUS DATAPRINT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 13 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
CONTINUOUS DATAPRINT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CONTINUOUS DATAPRINT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 15 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account on a straight line basis.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
CONTINUOUS DATAPRINT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 16 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2017
2016
£
£
Turnover analysed by class of business
Sales of goods
7,279,690
7,827,146
2017
2016
£
£
Other significant revenue
Interest income
205
164
2017
2016
£
£
Turnover analysed by geographical market
United Kingdom
7,273,621
7,824,767
Overseas
6,069
2,379
7,279,690
7,827,146
4
Operating profit
2017
2016
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(18)
23
Depreciation of owned tangible fixed assets
44,953
40,283
Depreciation of tangible fixed assets held under finance leases
41,577
44,220
(Profit)/loss on disposal of tangible fixed assets
(13,209)
303
Cost of stocks recognised as an expense
4,485,788
4,906,228
Operating lease charges - land & buildings
62,000
68,750
Operating lease charges - other assets
21,222
22,183
Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £18 (2016 - £23).
CONTINUOUS DATAPRINT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 17 -
5
Auditor's remuneration
2017
2016
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,000
15,000
For other services
All other non-audit services
3,815
5,702
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2017
2016
Number
Number
Sales staff
33
34
Warehouse and despatch staff
8
8
Management staff
8
9
49
51
Their aggregate remuneration comprised:
2017
2016
£
£
Wages and salaries
1,642,460
1,584,453
Social security costs
170,737
161,285
Pension costs
20,704
167,400
1,833,901
1,913,138
7
Directors' remuneration
2017
2016
£
£
Remuneration for qualifying services
508,870
442,076
Company pension contributions to defined contribution schemes
13,539
150,363
Compensation for loss of office
-
30,000
522,409
622,439
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2016 - 1).
CONTINUOUS DATAPRINT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
7
Directors' remuneration
(Continued)
- 18 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2017
2016
£
£
Remuneration for qualifying services
181,232
86,252
Company pension contributions to defined contribution schemes
9,111
150,363
8
Interest receivable and similar income
2017
2016
£
£
Interest income
Interest on bank deposits
205
164
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
205
164
9
Interest payable and similar expenses
2017
2016
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,444
32
Interest on finance leases and hire purchase contracts
14,141
17,980
Interest on invoice finance arrangements
13,345
17,986
28,930
35,998
10
Taxation
2017
2016
£
£
Current tax
UK corporation tax on profits for the current period
21,229
53,359
Deferred tax
Origination and reversal of timing differences
14,608
(12,485)
Total tax charge
35,837
40,874
CONTINUOUS DATAPRINT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
10
Taxation
(Continued)
- 19 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2017
2016
£
£
Profit before taxation
146,941
165,062
Expected tax charge based on the standard rate of corporation tax in the UK of 19.80% (2016: 20.00%)
29,094
33,012
Tax effect of expenses that are not deductible in determining taxable profit
5,820
4,379
Permanent capital allowances in excess of depreciation
(1,685)
3,968
Origination and reversal of timing differences - Capital allowances
14,608
(12,485)
Short term timing difference on pension premium
(12,000)
12,000
Taxation charge for the year
35,837
40,874
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2017
2016
£
£
Deferred tax arising on:
Revaluation of property
19,000
-
CONTINUOUS DATAPRINT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 20 -
11
Tangible fixed assets
Land and buildings Freehold
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 June 2016
1,051,350
37,311
336,283
421,258
65,938
1,912,140
Additions
-
-
32,262
96,509
-
128,771
Disposals
-
-
(31,960)
(52,283)
-
(84,243)
Revaluation
218,650
-
-
-
-
218,650
At 31 May 2017
1,270,000
37,311
336,585
465,484
65,938
2,175,318
Depreciation and impairment
At 1 June 2016
55,440
37,311
278,771
342,589
30,239
744,350
Depreciation charged in the year
13,860
-
10,139
53,606
8,925
86,530
Eliminated in respect of disposals
-
-
(14,793)
(52,283)
-
(67,076)
Revaluation
(69,300)
-
-
-
-
(69,300)
At 31 May 2017
-
37,311
274,117
343,912
39,164
694,504
Carrying amount
At 31 May 2017
1,270,000
-
62,468
121,572
26,774
1,480,814
At 31 May 2016
995,910
-
57,512
78,670
35,699
1,167,791
CONTINUOUS DATAPRINT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
11
Tangible fixed assets
(Continued)
- 21 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2017
2016
£
£
Fixtures, fittings & equipment
66,842
29,587
Motor vehicles
26,774
35,699
93,616
65,286
Depreciation charge for the year in respect of leased assets
41,577
44,220
The property was revalued by Matthews & Goodman LLP, valuers and surveyors. in accordance with RICS Appraisal and Valuation Manual. The property was valued at £1,270,000 on 31 May 2017 using the open market basis. The directors consider that this valuation is still appropriate. Depreciation is calculated at the rate of 2% on the revalued total of the buildings.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2017
2016
£
£
Cost
644,222
644,222
Accumulated depreciation
(205,851)
(192,967)
Carrying value
438,371
451,255
12
Fixed asset investments
2017
2016
Notes
£
£
Investments in subsidiaries
13
6
6
13
Subsidiaries
Details of the company's subsidiaries at 31 May 2017 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
CDP Direct Limited
UK
Dormant
Ordinary shares
100.00
CDP Print Limited
UK
Dormant
Ordinary shares
100.00
CDP Print Management Limited
UK
Dormant
Ordinary shares
100.00
CONTINUOUS DATAPRINT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
13
Subsidiaries
(Continued)
- 22 -
The aggregate capital and reserves for the year of the subsidiaries noted above was £6. These companies were dormant during the year and have never traded.
14
Financial instruments
2017
2016
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,306,849
1,354,131
Carrying amount of financial liabilities
Measured at amortised cost
1,934,316
2,096,862
15
Stocks
2017
2016
£
£
Finished goods and goods for resale
603,492
625,745
16
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
1,294,374
1,298,696
Other debtors
12,475
55,435
Prepayments and accrued income
84,299
99,251
1,391,148
1,453,382
17
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Bank loans and overdrafts
19
502,424
774,869
Obligations under finance leases
20
36,654
40,011
Trade creditors
1,007,821
864,189
Corporation tax
20,961
53,359
Other taxation and social security
109,491
108,185
Other creditors
4,700
3,297
Accruals and deferred income
329,718
377,531
2,011,769
2,221,441
CONTINUOUS DATAPRINT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 23 -
18
Creditors: amounts falling due after more than one year
2017
2016
Notes
£
£
Obligations under finance leases
20
52,999
36,965
19
Loans and overdrafts
2017
2016
£
£
Bank overdrafts
502,424
774,869
Payable within one year
502,424
774,869
Included within bank loan and overdrafts is the invoice discounting loan which is secured by a first charge on book debts.
The bank loan and overdraft are secured by a first legal mortgage over the freehold property
and an unscheduled mortgage debenture incorporating a fixed and floating charge over all current
and future assets of the company.
Liabilities under hire purchase and finance lease agreements are secured on the assets concerned.
20
Finance lease obligations
2017
2016
Future minimum lease payments due under finance leases:
£
£
Within one year
36,654
40,011
In two to five years
52,999
36,965
89,653
76,976
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
21
Provisions for liabilities
2017
2016
Notes
£
£
Deferred tax liabilities
22
62,550
28,942
CONTINUOUS DATAPRINT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 24 -
22
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2017
2016
Balances:
£
£
Accelerated capital allowances
43,550
28,942
Revaluations
19,000
-
62,550
28,942
2017
Movements in the year:
£
Liability at 1 June 2016
28,942
Charge to profit or loss
14,608
Charge to equity
19,000
Liability at 31 May 2017
62,550
Provision has been made for deferred tax on gains recognised on revaluing property to its market value. At present it is not envisaged that any tax will become payable in the foreseeable future. The potential liability has been estimated at £19,000.
Deferred tax to reverse in the next 12 months £17,480.
23
Retirement benefit schemes
2017
2016
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
20,704
167,400
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
CONTINUOUS DATAPRINT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 25 -
24
Share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
26 Class A of £1 each
26
26
26 Class B of £1 each
26
26
8 Class C of £1 each
8
8
13 Class D of £1 each
13
13
8 Class E of £1 each
8
8
8 Class F of £1 each
8
8
1 Class G of £1 each
1
1
5 Class H of £1 each
5
5
5 Class I of £1 each
5
5
100
100
The ordinary share capital consists of the following classes of shares, all ranking pari passu with each other except for their entitlement to dividends as determined by the company.
25
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2017
2016
£
£
Within one year
78,368
75,862
Between two and five years
263,739
255,964
In over five years
-
46,500
342,107
378,326
26
Capital commitments
Amounts contracted for but not provided in the financial statements:
2017
2016
£
£
Acquisition of tangible fixed assets
183,234
-
CONTINUOUS DATAPRINT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 26 -
27
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2017
2016
£
£
Aggregate compensation
522,409
622,439
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2017
2016
£
£
Entities with control, joint control or significant influence over the company
62,000
68,750
The director P.E Scanlon, is a member of Continuous Dataprint Friendly Society. During the year the company paid rent to the society of £62,000.
During 2016 an advanced payment for rent was made to the Continuous Dataprint Friendly Society of £50,000 of which £42,250 remained outstanding at the beginning of the year. This amount was received in December 2016.
28
Controlling party
The largest individual shareholder, with 58%, was the company E.S.O.P Trust. The trustees during the year were directors of the company P.E. Scanlon, P. Bracken, A. DeSouza and M. Riordan.
CONTINUOUS DATAPRINT (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 27 -
29
Employee share ownership plan trust
The company makes payments into a Case Law E.S.O.P. Trust for the benefit of employees of the
company.
The Trust is under the control of Trustees who are also directors of the company.
There are currently no arrangements in place to distribute shares to employees. The
assets of the Trust are included on the balance sheet of the company, except
that shares owned in the sponsoring company are deducted from reserves in accordance with
FRS 102.
The assets of the scheme are as follows:
Over the years, the trust has purchased the following shares in the sponsoring company.
These shares represent 58% of the issued share capital of
the company. The directors are unable to estimate the market value of the individual classes of
shares owned by the trust.
None of the above shares have vested unconditionally in employees or have been conditionally gifted to them
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