RETHINK Print & Marketing Services Limited
Unaudited Financial Statements
For the year ended 31 December 2022
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
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 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
651
1,387
Current assets
Debtors
4
53,438
20,206
Cash at bank and in hand
75,022
86,059
128,460
106,265
Creditors: amounts falling due within one year
5
(46,351)
(30,977)
Net current assets
82,109
75,288
Net assets
82,760
76,675
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
82,660
76,575
Total equity
82,760
76,675
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 2022 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.
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.
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 13 September 2023 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 2022
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 amounts 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
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
1.3
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.
1.4
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.
1.5
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.
1.6
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.
RETHINK Print & Marketing Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 3
1.7
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.
1.8
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.
1.9
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
RETHINK Print & Marketing Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022 and 31 December 2022
5,676
Depreciation and impairment
At 1 January 2022
4,289
Depreciation charged in the year
736
At 31 December 2022
5,025
Carrying amount
At 31 December 2022
651
At 31 December 2021
1,387
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
52,689
19,546
Other debtors
749
660
53,438
20,206
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
28,419
13,150
Corporation tax
7,131
7,573
Other taxation and social security
8,096
7,484
Other creditors
2,705
2,770
46,351
30,977
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
RETHINK Print & Marketing Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 5
7
Related party transactions
Included within other creditors at the year end is £405 (2021: £620) owed to the director of the company.