IRIS Accounts Production
v18.2.1.62
03613183
Board of Directors
1.4.17
31.3.18
31.3.18
supplying equipment to the graphic arts industry, in particular that of used printing presses and ancillary equipment. The company offers equipment to the market either as a principal, buying and selling on its own account, or as an agent for other owners of equipment.
false
true
true
false
false
true
false
Ordinary A
0.01000
Ordinary B
0.01000
Ordinary C
0.01000
iso4217:GBP
iso4217:USD
iso4217:EUR
xbrli:shares
xbrli:pure
03613183
2017-03-31
03613183
2018-03-31
03613183
2017-04-01
2018-03-31
03613183
2016-03-31
03613183
2016-04-01
2017-03-31
03613183
2017-03-31
03613183
ns15:EnglandWales
2017-04-01
2018-03-31
03613183
ns14:PoundSterling
2017-04-01
2018-03-31
03613183
ns10:Director1
2017-04-01
2018-03-31
03613183
ns10:PrivateLimitedCompanyLtd
2017-04-01
2018-03-31
03613183
ns10:FRS102
2017-04-01
2018-03-31
03613183
ns10:Audited
2017-04-01
2018-03-31
03613183
ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport
2017-04-01
2018-03-31
03613183
ns10:LargeMedium-sizedCompaniesRegimeForAccounts
2017-04-01
2018-03-31
03613183
ns10:FullAccounts
2017-04-01
2018-03-31
03613183
ns10:OrdinaryShareClass1
2017-04-01
2018-03-31
03613183
ns10:OrdinaryShareClass2
2017-04-01
2018-03-31
03613183
ns10:OrdinaryShareClass3
2017-04-01
2018-03-31
03613183
ns10:Director2
2017-04-01
2018-03-31
03613183
ns10:Director3
2017-04-01
2018-03-31
03613183
ns10:CompanySecretary1
2017-04-01
2018-03-31
03613183
ns10:RegisteredOffice
2017-04-01
2018-03-31
03613183
ns5:CurrentFinancialInstruments
2018-03-31
03613183
ns5:CurrentFinancialInstruments
2017-03-31
03613183
ns5:Non-currentFinancialInstruments
2018-03-31
03613183
ns5:Non-currentFinancialInstruments
2017-03-31
03613183
ns5:ShareCapital
2018-03-31
03613183
ns5:ShareCapital
2017-03-31
03613183
ns5:CapitalRedemptionReserve
2018-03-31
03613183
ns5:CapitalRedemptionReserve
2017-03-31
03613183
ns5:RetainedEarningsAccumulatedLosses
2018-03-31
03613183
ns5:RetainedEarningsAccumulatedLosses
2017-03-31
03613183
ns5:ShareCapital
2016-03-31
03613183
ns5:RetainedEarningsAccumulatedLosses
2016-03-31
03613183
ns5:CapitalRedemptionReserve
2016-03-31
03613183
ns5:RetainedEarningsAccumulatedLosses
2016-04-01
2017-03-31
03613183
ns5:CapitalRedemptionReserve
2016-04-01
2017-03-31
03613183
ns5:RetainedEarningsAccumulatedLosses
2017-04-01
2018-03-31
03613183
ns5:CapitalRedemptionReserve
2017-04-01
2018-03-31
03613183
ns5:LandBuildings
ns5:OwnedOrFreeholdAssets
2017-04-01
2018-03-31
03613183
ns5:LeaseholdImprovements
2017-04-01
2018-03-31
03613183
ns5:PlantMachinery
2017-04-01
2018-03-31
03613183
ns5:OwnedAssets
2017-04-01
2018-03-31
03613183
ns5:OwnedAssets
2016-04-01
2017-03-31
03613183
11
2017-04-01
2018-03-31
03613183
11
2016-04-01
2017-03-31
03613183
ns10:OrdinaryShareClass2
2016-04-01
2017-03-31
03613183
ns10:OrdinaryShareClass3
2016-04-01
2017-03-31
03613183
ns5:LandBuildings
2017-03-31
03613183
ns5:LeaseholdImprovements
2017-03-31
03613183
ns5:PlantMachinery
2017-03-31
03613183
ns5:LandBuildings
2017-04-01
2018-03-31
03613183
ns5:LandBuildings
2018-03-31
03613183
ns5:LeaseholdImprovements
2018-03-31
03613183
ns5:PlantMachinery
2018-03-31
03613183
ns5:LandBuildings
2017-03-31
03613183
ns5:LeaseholdImprovements
2017-03-31
03613183
ns5:PlantMachinery
2017-03-31
03613183
ns5:CurrentFinancialInstruments
ns5:WithinOneYear
2018-03-31
03613183
ns5:CurrentFinancialInstruments
ns5:WithinOneYear
2017-03-31
03613183
ns5:Non-currentFinancialInstruments
ns5:BetweenOneTwoYears
2018-03-31
03613183
ns5:Non-currentFinancialInstruments
ns5:BetweenOneTwoYears
2017-03-31
03613183
ns5:DeferredTaxation
2017-03-31
03613183
ns5:DeferredTaxation
2018-03-31
03613183
ns10:OrdinaryShareClass1
2018-03-31
03613183
ns10:OrdinaryShareClass2
2018-03-31
03613183
ns10:OrdinaryShareClass3
2018-03-31
03613183
ns5:RetainedEarningsAccumulatedLosses
2017-03-31
03613183
ns5:CapitalRedemptionReserve
2017-03-31
03613183
ns10:Director1
1
2017-03-31
03613183
ns10:Director1
1
2016-03-31
03613183
ns10:Director1
1
2017-04-01
2018-03-31
03613183
ns10:Director1
1
2016-04-01
2017-03-31
03613183
ns10:Director1
1
2018-03-31
03613183
ns10:Director1
1
2017-03-31
03613183
ns10:Director2
2
2017-03-31
03613183
ns10:Director2
2
2016-03-31
03613183
ns10:Director2
2
2017-04-01
2018-03-31
03613183
ns10:Director2
2
2016-04-01
2017-03-31
03613183
ns10:Director2
2
2018-03-31
03613183
ns10:Director2
2
2017-03-31
REGISTERED NUMBER:
03613183
(England and Wales)
|
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND
|
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018
|
DIRECT PRESS MARKETING LIMITED
|
Report of the Directors
|
3
|
|
Report of the Independent Auditors
|
4
|
|
Other Comprehensive Income
|
7
|
|
Statement of Changes in Equity
|
9
|
|
Notes to the Cash Flow Statement
|
11
|
|
Notes to the Financial Statements
|
12
|
|
|
REGISTERED OFFICE:
|
6 Churchill Court
|
|
REGISTERED NUMBER:
|
03613183 (England and Wales)
|
The Strategic Report provides a review of the business for the financial year and describes how we manage risks within
|
the business. The report outlines the developments and performance of the Company during the financial year and
|
discusses the main trends and factors that could affect the future.
|
The principle of activity of the company was that of supplying equipment to the graphic arts industry, in particular that of
|
used printing presses and ancillary equipment. The company offers equipment to the market either as a principal, buying
|
and selling on its own account, or as an agent for other owners of equipment.
|
The Directors are satisfied with the current performance of the company. The 2018 trading year remained very
|
competitive but the company has maintained its profit margins by selecting optimum trading opportunities and
|
conservative budget forecasting. They are confident that the Company continues to be perceived in the industry, both at
|
home and overseas, as one of the major suppliers of quality used graphic machinery.
|
On pages 6, 7, 8 & 9 of these financial statements are the results for the year ended 31 March 2018.
|
PRINCIPAL RISKS AND UNCERTAINTIES
|
The Directors have a strong emphasis on risk management which endeavours to identify and manage all business risks.
|
Strategic and Commercial Risk
|
There are risks of changes to the competitive and economic environment. This is mitigated by a robust strategy and
|
planning process, and regular monitoring of the economic and competitive environment.
|
There is a risk of reducing business value or earning capacity as well as risk of inadequate cash flow to meet financial
|
obligations. This risk is mitigated by proactive management of the business plan, regular monitoring of cash flows and
|
close relationships with importance stakeholders within the business.
|
This is a risk of losses arising from inadequate or failed internal processes, from personnel and external events. These
|
are mitigated by regularly monitoring the business risk register against occurring events and business continuity
|
The directors present their report with the financial statements of the company for the year ended 31 March 2018. |
Interim dividends per share were paid as follows:
|
Ordinary A 0.01 shares
|
NIL |
|
Ordinary B 0.01 shares
|
12.762
|
|
-
|
Ordinary C 0.01 shares
|
9.882
|
|
-
|
The directors recommend that no final dividends be paid.
|
The total distribution of dividends for the year ended 31 March 2018 will be £
102,360
.
|
The directors shown below have held office during the whole of the period from 1 April 2017 to the date of this report.
|
STATEMENT OF DIRECTORS' RESPONSIBILITIES
|
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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
|
-
|
select suitable accounting policies and then apply them consistently;
|
-
|
make judgements and accounting estimates that are reasonable and prudent;
|
-
|
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.
|
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
|
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act
|
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have
|
taken as a director in order to make himself aware of any relevant audit information and to establish that the company's
|
auditors are aware of that information.
|
The auditors, McKenzies, will be proposed for re-appointment at the forthcoming Annual General Meeting.
|
We have audited the financial statements of Direct Press Marketing Limited (the 'company') for the year ended
|
31 March 2018 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of
|
Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Financial Reporting Standard 102
|
'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted
|
In our opinion the financial statements:
|
-
|
give a true and fair view of the state of the company's affairs as at 31 March 2018 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 Auditors' 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
|
-
|
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 in the Strategic
|
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors
|
Our opinion on the financial statements does not cover the other information and 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, 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.
|
Opinion on other matters prescribed by the Companies Act 2006
|
In our opinion, based on the work undertaken in the course of the audit:
|
-
|
the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and
|
-
|
the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements.
|
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 identified material misstatements in the Strategic Report or the Report of the Directors.
|
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you
|
-
|
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 directors' remuneration specified by law are not made; or
|
-
|
we have not received all the information and explanations we require for our audit.
|
Responsibilities of directors
|
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.
|
Auditors' 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 a Report of the Auditors 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 www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
|
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 a Report of the Auditors 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.
|
Colin McCoy BA FCA (Senior Statutory Auditor)
|
for and on behalf of
McKenzies |
TURNOVER
|
3
|
19,884,431
|
|
16,619,007
|
|
|
Cost of sales
|
18,614,639
|
|
15,185,015
|
|
|
GROSS PROFIT
|
1,269,792
|
|
1,433,992
|
|
|
Administrative expenses
|
1,041,634
|
|
1,073,248
|
|
|
OPERATING PROFIT
|
5
|
228,158
|
|
360,744
|
|
|
Income from participating interests
|
20,000
|
|
-
|
|
|
Interest receivable and similar income
|
320
|
|
1
|
|
|
Interest payable and similar expenses
|
6
|
37,818
|
|
39,649
|
|
|
PROFIT BEFORE TAXATION
|
210,660
|
|
321,096
|
|
|
Tax on profit
|
7
|
51,238
|
|
76,167
|
|
|
PROFIT FOR THE FINANCIAL YEAR
|
159,422
|
|
244,929
|
|
|
PROFIT FOR THE YEAR
|
159,422
|
|
244,929
|
|
|
OTHER COMPREHENSIVE INCOME
|
-
|
|
-
|
|
|
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR
|
159,422
|
|
244,929
|
|
|
Tangible assets
|
9
|
1,071,298
|
|
1,090,111
|
|
|
Investments
|
10
|
409,157
|
|
296,657
|
|
|
Stocks
|
11
|
2,436,440
|
|
3,938,842
|
|
|
Debtors
|
12
|
3,365,430
|
|
2,291,071
|
|
|
Cash at bank and in hand
|
748,797
|
|
894,111
|
|
|
Amounts falling due within one year
|
13
|
4,296,135
|
|
4,766,760
|
|
|
NET CURRENT ASSETS
|
2,254,532
|
|
2,357,264
|
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES
|
3,734,987
|
|
3,744,032
|
|
|
Amounts falling due after more than one year
|
14
|
448,507
|
|
514,614
|
|
|
NET ASSETS
|
3,286,480
|
|
3,229,418
|
|
|
Called up share capital
|
18
|
425
|
|
425
|
|
|
Capital redemption reserve
|
19
|
575
|
|
575
|
|
|
Retained earnings
|
19
|
3,285,480
|
|
3,228,418
|
|
|
SHAREHOLDERS' FUNDS
|
3,286,480
|
|
3,229,418
|
|
|
The financial statements were approved by the Board of Directors on
20 September 2018 and were signed on its behalf
by:
|
|
share
|
|
Retained
|
|
redemption
|
|
Total
|
|
capital
|
|
earnings
|
|
reserve
|
|
equity
|
Balance at 1 April 2016
|
425
|
|
3,128,517
|
|
575
|
|
3,129,517
|
|
|
Dividends
|
-
|
|
(145,028
|
) |
-
|
|
(145,028
|
) |
|
Total comprehensive income
|
-
|
|
244,929
|
|
-
|
|
244,929
|
|
|
Balance at 31 March 2017
|
425
|
|
3,228,418
|
|
575
|
|
3,229,418
|
|
|
Dividends
|
-
|
|
(102,360
|
) |
-
|
|
(102,360
|
) |
|
Total comprehensive income
|
-
|
|
159,422
|
|
-
|
|
159,422
|
|
|
Balance at 31 March 2018
|
425
|
|
3,285,480
|
|
575
|
|
3,286,480
|
|
|
Cash flows from operating activities
|
Cash generated from operations
|
1
|
230,838
|
|
945,974
|
|
|
Interest paid
|
(37,818
|
) |
(39,649
|
) |
|
Tax paid
|
(89,351
|
) |
(67,808
|
) |
|
Net cash from operating activities
|
103,669
|
|
838,517
|
|
|
Cash flows from investing activities
|
Purchase of tangible fixed assets
|
(6,124
|
) |
(27,770
|
) |
|
Purchase of fixed asset investments
|
(112,500 |
) |
(200,000 |
) |
|
Sale of tangible fixed assets
|
-
|
|
41,983
|
|
|
Dividends received
|
20,000
|
|
-
|
|
|
Net cash from investing activities
|
(98,304
|
) |
(185,786
|
) |
|
Cash flows from financing activities
|
Loan repayments in year
|
(62,867
|
) |
-
|
|
|
Amount introduced by directors
|
14,548 |
|
56,518 |
|
|
Equity dividends paid
|
(102,360
|
) |
(145,028
|
) |
|
Net cash from financing activities
|
(150,679
|
) |
(88,510
|
) |
|
(Decrease)/increase in cash and cash equivalents
|
(145,314
|
) |
564,221
|
|
|
Cash and cash equivalents at beginning
of year
|
2
|
894,111
|
|
329,890 |
|
|
Cash and cash equivalents at end of year
|
2
|
748,797 |
|
894,111 |
|
|
1.
|
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
|
|
Profit before taxation
|
210,660
|
|
321,096
|
|
|
|
Depreciation charges
|
24,937
|
|
35,327
|
|
|
|
Loss on disposal of fixed assets
|
-
|
|
21
|
|
|
|
Finance costs
|
37,818 |
|
39,649 |
|
|
|
Finance income
|
(20,320 |
) |
(1 |
) |
|
|
Decrease/(increase) in stocks
|
1,502,402
|
|
(1,648,500
|
) |
|
|
Increase in trade and other debtors
|
(1,015,674
|
) |
(87,194
|
) |
|
|
(Decrease)/increase in trade and other creditors
|
(508,985
|
) |
2,285,576
|
|
|
|
Cash generated from operations
|
230,838
|
|
945,974
|
|
|
2.
|
CASH AND CASH EQUIVALENTS
|
|
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of
|
|
these Balance Sheet amounts:
|
|
Cash and cash equivalents
|
748,797 |
|
894,111 |
|
|
|
Cash and cash equivalents
|
894,111 |
|
329,890 |
|
|
|
Direct Press Marketing Limited is a
private company, limited by shares , registered in England and Wales. The
|
|
company's registered number and registered office address can be found on the Company Information page.
|
|
Basis of preparing the financial statements
|
|
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
|
Turnover represents amounts receivable for goods and services net of Value Added Tax and trade discounts.
|
|
Turnover is recognised when the risks and rewards of goods and services are passed to the customer, generally
|
|
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. |
|
Freehold property
|
-
|
2% on cost |
|
Improvements to property
|
-
|
at varying rates on cost |
|
Plant and machinery
|
-
|
14% - 25% on cost |
|
Stocks are stated at the lower of cost and net realisable value. Cost is based on the cost of purchase, together
|
|
with direct materials and sub-contracted services in bringing each item to its present location and condition. Net
|
|
realisable value is based on estimated selling price less additional costs to completion and disposal.
|
|
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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
|
|
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
|
|
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 and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the
|
|
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling
|
|
at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
|
|
Where assets are financed under leasing agreements that give rights approximately to ownership (finance
|
|
leases), the assets are treated as if they have been purchased outright. The amount capitalised is the present
|
|
value of the minimum lease payments payable during the lease term. The corresponding leasing commitments
|
|
are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss
|
|
Lease payments are analysed between capital and interest components. The interest element of the payment is
|
|
charged to the profit and loss account over the period of the lease and is calculated so that it reduces the
|
|
amounts payable to the lessor.
|
|
All other leases are treated as operating leases. Their annual rentals are charged to profit and loss account on a
|
|
straight-line basis over the lease term.
|
|
Reserve premiums and similar incentives received to enter into operating lease agreements are released to the
|
|
profit and loss account over the period to the date on which the rent is first expected to be adjusted to the
|
|
For the purposes of the cash flow statement, liquid resources are defined as current asset investments and short
|
|
Turnover is wholly attributable to the principal activity of the company.
|
|
The analysis of turnover by class of business and geographical location has not been provided as, in the opinion
|
|
of the directors, such disclosure would seriously prejudicial to the interests of the company.
|
4.
|
EMPLOYEES AND DIRECTORS
|
|
Wages and salaries
|
436,925
|
|
410,663
|
|
|
|
Social security costs
|
32,949
|
|
35,729
|
|
|
|
Other pension costs
|
1,130
|
|
-
|
|
|
|
The average number of employees during the year was as follows:
|
|
Management and administration |
9 |
|
11 |
|
|
|
Directors' remuneration
|
188,488
|
|
152,690
|
|
|
|
Directors' pension contributions to money purchase schemes
|
444
|
|
-
|
|
|
|
The number of directors to whom retirement benefits were accruing was as follows:
|
|
Money purchase schemes
|
1
|
|
-
|
|
|
|
The operating profit is stated after charging/(crediting):
|
|
Other operating leases
|
6,692
|
|
4,954
|
|
|
|
Depreciation - owned assets
|
24,937
|
|
35,327
|
|
|
|
Loss on disposal of fixed assets
|
-
|
|
21
|
|
|
|
Auditors' remuneration
|
8,000
|
|
8,000
|
|
|
|
Foreign exchange differences
|
(5,124
|
) |
(96,088
|
) |
|
6.
|
INTEREST PAYABLE AND SIMILAR EXPENSES
|
|
|
Bank interest
|
37,818
|
|
39,649
|
|
|
|
Analysis of the tax charge
|
|
The tax charge on the profit for the year was as follows:
|
|
UK corporation tax
|
51,238
|
|
85,766
|
|
|
|
Tax on profit
|
51,238
|
|
76,167
|
|
|
|
Reconciliation of total tax charge included in profit and loss
|
|
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is
|
|
Profit before tax
|
210,660
|
|
321,096
|
|
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
19
%
(2017 -
20
%)
|
40,025
|
|
64,219
|
|
|
|
Expenses not deductible for tax purposes
|
6,739
|
|
8,943
|
|
|
|
Income not taxable for tax purposes
|
(3,800
|
) |
-
|
|
|
|
Depreciation in excess of capital allowances
|
4,708
|
|
12,604
|
|
|
|
Adjustments to tax charge in respect of previous periods
|
3,566
|
|
-
|
|
|
|
Deferred taxation
|
- |
|
(9,599 |
) |
|
|
Total tax charge
|
51,238 |
|
76,167 |
|
|
|
Ordinary B shares of 0.01 each
|
|
Ordinary C shares of 0.01 each
|
|
property
|
|
property
|
|
machinery
|
|
Totals
|
|
At 1 April 2017
|
1,165,929
|
|
116,950
|
|
46,709
|
|
1,329,588
|
|
|
|
Additions
|
3,371
|
|
-
|
|
2,753
|
|
6,124
|
|
|
|
At 31 March 2018
|
1,169,300
|
|
116,950
|
|
49,462
|
|
1,335,712
|
|
|
|
At 1 April 2017
|
82,241
|
|
110,527
|
|
46,709
|
|
239,477
|
|
|
|
Charge for year
|
20,397
|
|
3,852
|
|
688
|
|
24,937
|
|
|
|
At 31 March 2018
|
102,638
|
|
114,379
|
|
47,397
|
|
264,414
|
|
|
|
At 31 March 2018
|
1,066,662
|
|
2,571
|
|
2,065
|
|
1,071,298
|
|
|
|
At 31 March 2017
|
1,083,688
|
|
6,423
|
|
-
|
|
1,090,111
|
|
|
|
Included in cost of land and buildings is freehold land of £ 149,420 (2017 - £ 149,420 ) which is not depreciated.
|
10.
|
FIXED ASSET INVESTMENTS
|
|
Work-in-progress
|
148,330
|
|
176,458
|
|
|
|
Stock
|
2,288,110
|
|
3,762,384
|
|
|
12.
|
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
|
Trade debtors
|
1,914,756
|
|
942,082
|
|
|
|
Other debtors
|
811,672
|
|
939,126
|
|
|
|
Directors' current accounts
|
100,948 |
|
42,263 |
|
|
|
Deferred tax asset
|
392
|
|
392
|
|
|
|
Prepayments and accrued income
|
480,595
|
|
216,487
|
|
|
13.
|
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
|
Bank loans and overdrafts (see note 15)
|
63,980
|
|
60,740
|
|
|
|
Trade creditors
|
1,219,575
|
|
1,229,102
|
|
|
|
Social security and other taxes
|
10,961
|
|
15,569
|
|
|
|
Other creditors
|
1,435,434
|
|
1,686,521
|
|
|
|
Directors' current accounts
|
73,233 |
|
- |
|
|
|
Accruals and deferred income
|
1,445,279
|
|
1,689,042
|
|
|
14.
|
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|
|
|
Bank loans (see note 15)
|
448,507
|
|
514,614
|
|
|
|
An analysis of the maturity of loans is given below:
|
|
Amounts falling due within one year or on demand:
|
|
Amounts falling due between one and two years:
|
|
Bank loans - 1-2 years
|
70,379
|
|
63,980
|
|
|
|
Amounts falling due in more than five years:
|
|
Bank loans more 5 yr by instal
|
378,128 |
|
450,634 |
|
|
|
The bank has a legal charge over the freehold property of the company and a first fixed charge over all the assets
|
|
Balance at 1 April 2017
|
(392
|
) |
|
|
Balance at 31 March 2018
|
(392
|
) |
|
18.
|
CALLED UP SHARE CAPITAL
|
|
Allotted, issued and fully paid:
|
|
Number:
|
Class:
|
Nominal
|
2018
|
2017
|
|
|
34,000
|
Ordinary A
|
0.01
|
340 |
|
340 |
|
|
|
6,375
|
Ordinary B
|
0.01
|
64 |
|
64 |
|
|
|
2,125
|
Ordinary C
|
0.01
|
21 |
|
21 |
|
|
|
At 1 April 2017
|
3,228,418
|
|
575
|
|
3,228,993 |
|
|
|
Profit for the year
|
159,422
|
|
159,422
|
|
|
|
Dividends
|
(102,360
|
) |
(102,360
|
) |
|
|
At 31 March 2018
|
3,285,480
|
|
575
|
|
3,286,055 |
|
|
20.
|
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
|
|
The following advances and credits to directors subsisted during the years ended 31 March 2018 and
|
|
Balance outstanding at start of year
|
-
|
|
-
|
|
|
|
Amounts advanced
|
40,000
|
|
-
|
|
|
|
Amounts repaid
|
(113,233
|
) |
-
|
|
|
|
Balance outstanding at end of year
|
(73,233
|
) |
-
|
|
|
|
Balance outstanding at start of year
|
42,263
|
|
56,517
|
|
|
|
Amounts advanced
|
58,685
|
|
42,263
|
|
|
|
Amounts repaid
|
-
|
|
(56,517
|
) |
|
|
Balance outstanding at end of year
|
100,948
|
|
42,263
|
|
|
21.
|
ULTIMATE CONTROLLING PARTY
|
|
The ultimate controlling party, by virtue of shareholdings is M S Sheldrick.
|