RETHINK Print & Marketing Services Limited
Unaudited Financial Statements
For the year ended 31 December 2021
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 09342678 (England and Wales)
RETHINK Print & Marketing Services Limited
Company Information
Directors
J R Drayton
M J Drayton
(Appointed 30 April 2021)
Company number
09342678
Registered office
Kingsgate
62 High Street
Redhill
Surrey
RH1 1SG
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
RETHINK Print & Marketing Services Limited
Balance Sheet
As at 31 December 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
6
1,387
2,143
Current assets
Debtors
7
20,206
52,575
Cash at bank and in hand
86,059
82,255
106,265
134,830
Creditors: amounts falling due within one year
8
(30,977)
(33,992)
Net current assets
75,288
100,838
Net assets
76,675
102,981
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
76,575
102,881
Total equity
76,675
102,981
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 11 July 2022 and are signed on its behalf by:
J R Drayton
Director
Company Registration No. 09342678
RETHINK Print & Marketing Services Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Page 2
1
Accounting policies
Company information
RETHINK Print & Marketing Services Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Office 501, Floor 5, Kingsgate, 62 High Street, Redhill, Surrey, RH1 1SG.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
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.
During the year the company was impacted by the COVID-19 pandemic and nationwide lockdown which has resulted in a slight decrease in turnover. The company has continued to trade during the year and has utilised a government grant in order to ensure that the company has sufficient cash reserves to whether any potential economic downturns.
Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover
represents amounts receivable for goods and services net of VAT.
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.
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:
Fixtures and fittings
25% straight line
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
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and balances held at call with banks.
1.6
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as ‘other’ or basic instruments measured at fair value.
RETHINK Print & Marketing Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 3
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
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.
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.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
expenditure
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.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
RETHINK Print & Marketing Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 4
1.11
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
in the period
are included in profit or loss.
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
4
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
7,573
8,913
Adjustments in respect of prior periods
(25)
Total current tax
7,573
8,888
5
Dividends
2021
2020
£
£
Final paid
57,403
23,191
RETHINK Print & Marketing Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 5
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
5,602
Additions
74
At 31 December 2021
5,676
Depreciation and impairment
At 1 January 2021
3,459
Depreciation charged in the year
830
At 31 December 2021
4,289
Carrying amount
At 31 December 2021
1,387
At 31 December 2020
2,143
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
19,546
51,915
Other debtors
660
660
20,206
52,575
8
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
13,150
18,894
Corporation tax
7,573
8,913
Other taxation and social security
7,484
3,665
Other creditors
2,770
2,520
30,977
33,992
9
Related party transactions
Included within other creditors at the year end is £620 (20
20
: £620) owed to the director of the company.