Company Registration No. 05159642 (England and Wales)
PHILIP MYERS WEB (NESTON) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2017
PHILIP MYERS WEB (NESTON) LIMITED
COMPANY INFORMATION
Directors
Mr C J Howard
Mr P McMorrine
Mr R J Sandman
Company number
05159642
Registered office
Unit 2 Navigation Park
Lockside Road
Leeds
LS10 1EP
Auditor
DJH Accountants Limited
Porthill Lodge
High Street
Wolstanton
Newcastle under Lyme
Staffordshire
ST5 0EZ
PHILIP MYERS WEB (NESTON) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 26
PHILIP MYERS WEB (NESTON) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2017
- 1 -
The directors present the strategic report for the period ended 31 March 2017.
Fair review of the business
The company elected to shorten its financial period to 31 March 2017 from 31 July 2017, thus making the accounts an 8 month set of accounts. The directors took this decision to highlight to its stakeholders the improved profitability of the company post the restructuring process mentioned below.
During the previous period the company underwent a period of restructure, with the beginning of the Neston site closure. The costs of which were wholly within the financial period to July 2016. This can be seen in the exceptional costs line of the Profit and Loss account which is analysed in note 4.
The profit and loss account is set out on page 6 and shows turnover achieved for the 8 month period was £10.3m (2016 - £24.6m 18 months). This generated a gross profit of £3.1m (2016 - £6.7m) and an increase in the gross margin up to 30.26% (2015 - 27.14%). The net profit before tax was £200k (2015 – net loss £1.27m) an improvement on the prior period due to the previously discussed restructuring costs.
In the period the restructure has realised an increase in profitability through the reduction of overheads and the increase in gross margin through the more efficient use of direct labour.
Capital expenditure on plant and machinery in the period to 31 March 2017 is expected to lead to further increases in both turnover and gross margin as the new, faster, more efficient XL105 that has been purchased will double capacity for sheet fed printing and will do so at a reduced cost. This, coupled with the increase in working time at the Leeds site from 6 days per week to 7 days per week is expected to lead to a greater capacity for increased turnover with only a marginal increase in cost. The expectation is that the increased profitability seen to 31 March 2017 will further increase further in the year to 31 March 2018.The company continues to operate the environmental system BS EN ISO 14001:2004, quality system BS EN ISO 9001, FSC Chain of Custody and PEFC Chain of Custody.
The directors feel that following the period of restructure the company is now well positioned within the market place to be profitable in the future.
Risk Management
The management of the business and the execution of the company’s strategy are subject to a number of risks, and have been considered the directors.
Qualifying third party indemnity provision is in place for the benefit of all directors in the company.
Mr C J Howard
Director
22 May 2017
Date
PHILIP MYERS WEB (NESTON) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2017
- 2 -
The directors present their annual report and financial statements for the period ended 31 March 2017.
Principal activities
The principal activity of the company continued to be that of the production of printed materials.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr C J Howard
Mr P McMorrine
Mr R J Sandman
Results and dividends
The results for the period are set out on page 6.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Auditor
DJH Accountants Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
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; • 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.
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;
-
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.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
PHILIP MYERS WEB (NESTON) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
- 3 -
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.
On behalf of the board
Mr C J Howard
Director
22 May 2017
Date
PHILIP MYERS WEB (NESTON) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PHILIP MYERS WEB (NESTON) LIMITED
- 4 -
Opinion
We have audited the financial statements of Philip Myers Web (Neston) Limited
(the 'company')
for the period ended 31 March 2017 which comprise the Profit And Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows 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 March 2017 and of its profit for the period 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and • the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
:
-
the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
-
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
PHILIP MYERS WEB (NESTON) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PHILIP MYERS WEB (NESTON) LIMITED
- 5 -
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 Strategic Report and 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 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 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.
Porthill Lodge
High Street
Paul David Hulme FCCA
Wolstanton
(Senior Statutory Auditor)
Newcastle under Lyme
for and on behalf of
Staffordshire
DJH ACCOUNTANTS LIMITED
ST5 0EZ
Chartered Certified Accountants
23 May 2017
Statutory auditor
PHILIP MYERS WEB (NESTON) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2017
- 6 -
Period
Period
ended
ended
31 March
31 July
2017
2016
Notes
£
£
Turnover
3
10,269,577
24,629,185
Cost of sales
(7,161,700)
(17,944,754)
Gross profit
3,107,877
6,684,431
Distribution costs
(792,944)
(1,743,480)
Administrative expenses
(2,054,311)
(5,525,835)
Exceptional costs
4
-
(520,637)
Operating profit/(loss)
5
260,622
(1,105,521)
Interest payable and similar expenses
8
(60,600)
(166,458)
Profit/(loss) before taxation
200,022
(1,271,979)
Taxation
9
-
219,351
Profit/(loss) for the financial period
200,022
(1,052,628)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
PHILIP MYERS WEB (NESTON) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2017
- 7 -
Period
Period
ended
ended
31 March
31 July
2017
2016
£
£
Profit/(loss) for the period
200,022
(1,052,628)
Other comprehensive income
Revaluation of tangible fixed assets
-
97,978
Total comprehensive income for the period
200,022
(954,650)
PHILIP MYERS WEB (NESTON) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 8 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,253,045
1,442,983
Current assets
Stocks
14
642,615
448,252
Debtors
15
3,532,455
3,468,921
Cash at bank and in hand
1,382
84,559
4,176,452
4,001,732
Creditors: amounts falling due within one year
16
(5,527,583)
(5,741,875)
Net current liabilities
(1,351,131)
(1,740,143)
Total assets less current liabilities
901,914
(297,160)
Creditors: amounts falling due after more than one year
17
(1,232,484)
(233,432)
Provisions for liabilities
20
(39,712)
(39,712)
Net liabilities
(370,282)
(570,304)
Capital and reserves
Called up share capital
23
200,004
200,004
Revaluation reserve
240,874
242,630
Profit and loss reserves
(811,160)
(1,012,938)
Total equity
(370,282)
(570,304)
The financial statements were approved by the board of directors and authorised for issue on 22 May 2017 and are signed on its behalf by:
Mr C J Howard
Mr R J Sandman
Director
Director
Company Registration No. 05159642
PHILIP MYERS WEB (NESTON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2017
- 9 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2015
200,004
144,652
289,916
634,572
Period ended 31 July 2016:
Loss for the period
-
-
(1,052,628)
(1,052,628)
Other comprehensive income:
Revaluation of tangible fixed assets
-
97,978
-
97,978
Total comprehensive income for the period
-
97,978
(1,052,628)
(954,650)
Dividends
10
-
-
(250,226)
(250,226)
Balance at 31 July 2016
200,004
242,630
(1,012,938)
(570,304)
Period ended 31 March 2017:
Profit and total comprehensive income for the period
-
-
200,022
200,022
Transfers
-
(1,756)
1,756
-
Balance at 31 March 2017
200,004
240,874
(811,160)
(370,282)
PHILIP MYERS WEB (NESTON) LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2017
- 10 -
2017
2016
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(448,310)
702,296
Interest paid
(60,600)
(166,458)
Income taxes paid
-
(65,625)
Net cash (outflow)/inflow from operating activities
(508,910)
470,213
Investing activities
Purchase of tangible fixed assets
(2,208)
(32,420)
Proceeds on disposal of tangible fixed assets
60,000
5,442
Net cash generated from/(used in) investing activities
57,792
(26,978)
Financing activities
Proceeds from borrowings
-
170,580
Repayment of borrowings
(50,202)
-
Proceeds of new bank loans
493,000
-
Repayment of bank loans
(328,443)
(25,804)
Proceeds from finance leases
183,000
-
Payment of finance leases obligations
(120,381)
(270,108)
Dividends paid
-
(250,226)
Net cash generated from/(used in) financing activities
176,974
(375,558)
Net (decrease)/increase in cash and cash equivalents
(274,144)
67,677
Cash and cash equivalents at beginning of period
(2,020,789)
(2,088,466)
Cash and cash equivalents at end of period
(2,294,933)
(2,020,789)
Relating to:
Cash at bank and in hand
1,382
84,559
Bank overdrafts included in creditors payable within one year
(2,296,315)
(2,105,348)
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2017
- 11 -
1
Accounting policies
Company information
Philip Myers Web (Neston) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 2 Navigation Park, Lockside Road, Leeds, LS10 1EP.
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 leasehold properties. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
Philip Myers Web (Neston) Limited is a wholly owned subsidiary of PM Web Print Limited and the results of Philip Myers Web (Neston) Limited are included in the consolidated financial statements of PM Web Print Limited which are publicy available from Companies house.
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
, due to the continued financial support from the group directors and day to day working capital requirements through invoice discounting facilities
. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The reporting period for these financial statement has been shorten to the 31 March 2017, an eight month period. The
comparative amounts presented in the financial statements including
the related notes
,
are
for the eighteen month period to 31 July 2016.
1.4
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.
, 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.
1.5
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.
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 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:
Long leasehold property
2% per annum of cost
Plant and machinery
10% - 20% per annum of cost
Fixtures, fittings and equipment
12.5% - 20% per annum of cost
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
.
1.6
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.
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 and cash equivalents 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.
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.
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 13 -
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.
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.
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.
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.
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 14 -
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.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
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.
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 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.
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.
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 so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
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.
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 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
Sales of printed material
10,269,577
24,629,185
Turnover analysed by geographical market
2017
2016
£
£
United Kingdom
10,269,577
24,629,185
4
Exceptional costs/(income)
2017
2016
£
£
Stock impairment write off
-
100,057
Tangible fixed asset impairment
-
250,000
Staff redundancy costs
-
170,580
-
520,637
5
Operating profit/(loss)
2017
2016
Operating profit/(loss) for the period is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
14,710
14,695
Depreciation of owned tangible fixed assets
47,146
360,640
Depreciation of tangible fixed assets held under finance leases
-
70,500
Impairment of owned tangible fixed assets
-
217,083
Impairment of tangible fixed assets held under finance leases
-
32,917
(Profit)/loss on disposal of tangible fixed assets
-
18,558
Operating lease charges
412,751
1,043,586
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
- 17 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2017
2016
Number
Number
Production
121
122
Sales
4
4
Management and administration
15
18
140
144
Their aggregate remuneration comprised:
2017
2016
£
£
Wages and salaries
2,266,662
5,815,067
Pension costs
15,990
31,053
2,282,652
5,846,120
7
Directors' remuneration
2017
2016
£
£
Remuneration for qualifying services
19,760
60,285
8
Interest payable and similar expenses
2017
2016
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
36,947
87,735
Interest on finance leases and hire purchase contracts
13,418
52,056
50,365
139,791
Other finance costs:
Other interest
10,235
26,667
60,600
166,458
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
- 18 -
9
Taxation
2017
2016
£
£
Current tax
UK corporation tax on profits for the current period
-
(75,956)
Deferred tax
Origination and reversal of timing differences
-
(143,395)
Total tax charge/(credit)
-
(219,351)
The actual charge/(credit) for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:
2017
2016
£
£
Profit/(loss) before taxation
200,022
(1,271,979)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 20.00% (2016: 20.00%)
40,004
(254,396)
Tax effect of expenses that are not deductible in determining taxable profit
2,880
59,748
Unutilised tax losses carried forward
2,085
144,123
Adjustments in respect of prior years
-
(75,956)
Deferred tax adjustments
-
(143,395)
Depreciation
9,429
86,228
Capital allowances
(54,398)
(35,703)
Taxation for the period
-
(219,351)
10
Dividends
2017
2016
£
£
Interim paid
-
250,226
11
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2017
2016
£
£
In respect of:
Property, plant and equipment
-
250,000
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
11
Impairments
(Continued)
- 19 -
Recognised in:
Exceptional costs
-
250,000
12
Tangible fixed assets
Long leasehold property
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
£
Cost or valuation
At 1 August 2016
775,000
2,871,508
223,052
3,869,560
Additions
-
915,000
2,208
917,208
Disposals
-
(1,610,821)
-
(1,610,821)
At 31 March 2017
775,000
2,175,687
225,260
3,175,947
Depreciation and impairment
At 1 August 2016
-
2,246,150
180,427
2,426,577
Depreciation charged in the period
11,891
27,442
7,813
47,146
Eliminated in respect of disposals
-
(1,550,821)
-
(1,550,821)
At 31 March 2017
11,891
722,771
188,240
922,902
Carrying amount
At 31 March 2017
763,109
1,452,916
37,020
2,253,045
At 31 July 2016
775,000
625,358
42,625
1,442,983
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
£
£
Plant and machinery
1,215,000
300,000
Depreciation charge for the period in respect of leased assets
-
70,500
Land and buildings with a carrying amount of £775,000 were revalued at
June 2016
by
Bilfinger GVA
, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
12
Tangible fixed assets
(Continued)
- 20 -
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
643,250
643,250
Accumulated depreciation
(122,649)
(114,072)
Carrying value
520,601
529,178
More information on the impairment arising in the period is given in note 11.
13
Financial instruments
2017
2016
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
2,942,996
2,806,879
Carrying amount of financial liabilities
Measured at amortised cost
6,699,541
5,733,879
14
Stocks
2017
2016
£
£
Work in progress
56,845
-
Paper stock and consumables
585,770
448,252
642,615
448,252
15
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
2,743,374
2,647,001
Corporation tax recoverable
75,956
75,956
Amounts due from group undertakings
198,840
149,000
Other debtors
358,930
238,172
Prepayments and accrued income
89,098
292,535
3,466,198
3,402,664
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
15
Debtors
(Continued)
- 21 -
2017
2016
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 21)
66,257
66,257
Total debtors
3,532,455
3,468,921
16
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Bank loans and overdrafts
18
2,321,137
2,393,246
Obligations under finance leases
19
449,514
100,607
Other borrowings
18
85,284
78,193
Trade creditors
2,304,270
2,686,128
Other taxation and social security
60,526
241,428
Other creditors
57,932
70,484
Accruals and deferred income
248,920
171,789
5,527,583
5,741,875
Included within bank loans and overdrafts are amounts of £2,267,116 (2016 - £2,105,348) in respect of invoice discounting facilities. These amounts are secured by a fixed charge on all purchased debts.
Amounts due under finance lease and hire purchase contacts are secured on assets to which they relate.
17
Creditors: amounts falling due after more than one year
2017
2016
Notes
£
£
Bank loans and overdrafts
18
466,957
39,324
Obligations under finance leases
19
730,433
101,721
Other borrowings
18
35,094
92,387
1,232,484
233,432
Amounts due under finance lease and hire purchase contacts are secured on assets to which they relate.
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
20,367
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
- 22 -
18
Loans and overdrafts
2017
2016
£
£
Bank loans
491,779
327,222
Invoice discounting facility
2,296,315
2,105,348
Other loans
120,378
170,580
2,908,472
2,603,150
Payable within one year
2,406,421
2,471,439
Payable after one year
502,051
131,711
The long-term loans are secured by fixed charges over the assets to which they relate.
The bank loan is monthly repayment (capital and interest) instrument, with an interest rate of 3.83% per annum. The maturity date is February 2022.
19
Finance lease obligations
2017
2016
Future minimum lease payments due under finance leases:
£
£
Within one year
449,514
100,607
In two to five years
730,433
101,721
1,179,947
202,328
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. The average lease term is 2-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
20
Provisions for liabilities
2017
2016
Notes
£
£
Deferred tax liabilities
21
39,712
39,712
39,712
39,712
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
- 23 -
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2017
2016
2017
2016
Balances:
£
£
£
£
Accelerated capital allowances
39,712
39,712
-
-
Tax losses
-
-
66,257
66,257
39,712
39,712
66,257
66,257
There were no deferred tax movements in the period.
22
Retirement benefit schemes
2017
2016
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
15,990
31,053
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.
23
Share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100,002 Ordinary 'A' shares of £1 each
100,002
100,002
100,002 Ordinary 'B' shares of £1 each
100,002
100,002
200,004
200,004
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
- 24 -
24
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
655,560
655,560
Between two and five years
852,228
1,311,120
1,507,788
1,966,680
25
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2017
2016
£
£
Remuneration
19,760
60,285
Transactions with related parties
During the period the company entered into the following transactions with related parties:
Sale of goods
Purchase of goods
2017
2016
2017
2016
£
£
£
£
Other related parties
150,282
336,810
134,966
547,735
Services provided by
Operating leases provided by
2017
2016
2017
2016
£
£
£
£
Key management personnel
128,325
164,940
-
-
Other related parties
-
-
387,040
983,410
128,325
164,940
387,040
983,410
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
25
Related party transactions
(Continued)
- 25 -
The following amounts were outstanding at the reporting end date:
2017
2016
Amounts owed to related parties
£
£
Other related parties
35,922
48,644
35,922
48,644
The following amounts were outstanding at the reporting end date:
2017
Balance
Amounts owed by related parties
£
Other related parties
44,864
2016
Balance
Amounts owed in previous period
£
Other related parties
25,207
26
Controlling party
The ultimate parent company of Philip Myers Web (Neston) Limited is PM Web Print Limited, incorporated in England and Wales.
The largest and smallest group in which the results of the company are consolidated is that headed by PM Web Print Limited, incorporated in England and Wales. The consolidated accounts of this company are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. No other group accounts include the results of the company.
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2017
- 26 -
27
Cash generated from operations
2017
2016
£
£
Profit/(loss) for the period after tax
200,022
(1,052,628)
Adjustments for:
Taxation charged/(credited)
-
(219,351)
Finance costs
60,600
166,458
(Gain)/loss on disposal of tangible fixed assets
-
18,558
Depreciation and impairment of tangible fixed assets
47,146
681,140
Movements in working capital:
(Increase)/decrease in stocks
(194,363)
174,257
(Increase)/decrease in debtors
(63,534)
1,425,970
(Decrease) in creditors
(498,181)
(492,108)
Cash (absorbed by)/generated from operations
(448,310)
702,296
2017-03-31
2016-08-01
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