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No description of principal activity
2016-07-01
Sage Accounts Production Advanced 2017 Update 1 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
07284041
2016-07-01
2017-06-30
07284041
2017-06-30
07284041
2016-06-30
07284041
2015-07-01
2016-06-30
07284041
2016-06-30
07284041
core:PlantMachinery
2016-07-01
2017-06-30
07284041
core:FurnitureFittings
2016-07-01
2017-06-30
07284041
bus:Director2
2016-07-01
2017-06-30
07284041
core:WithinOneYear
2017-06-30
07284041
core:WithinOneYear
2016-06-30
07284041
core:ShareCapital
2017-06-30
07284041
core:ShareCapital
2016-06-30
07284041
core:RetainedEarningsAccumulatedLosses
2017-06-30
07284041
bus:FRS102
2016-07-01
2017-06-30
07284041
bus:AuditExemptWithAccountantsReport
2016-07-01
2017-06-30
07284041
bus:AbridgedAccounts
2016-07-01
2017-06-30
07284041
bus:SmallCompaniesRegimeForAccounts
2016-07-01
2017-06-30
07284041
bus:PrivateLimitedCompanyLtd
2016-07-01
2017-06-30
07284041
core:ComputerEquipment
2016-07-01
2017-06-30
07284041
core:KeyManagementIndividualGroup1
2016-07-01
2017-06-30
07284041
core:KeyManagementIndividualGroup1
2017-06-30
Statement of Consent to Prepare Abridged Financial Statements
|
|
All of the members of Sensible Print Solutions Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
07284041
Sensible Print Solutions Limited
|
|
Filleted Unaudited Abridged Financial Statements
|
|
Sensible Print Solutions Limited
|
|
Abridged Financial Statements
|
|
Year ended 30 June 2017
Abridged statement of financial position
|
1
|
|
|
Notes to the abridged financial statements
|
3
|
|
|
Sensible Print Solutions Limited
|
|
Abridged Statement of Financial Position
|
|
30 June 2017
Fixed assets
Tangible assets
|
5
|
|
51,063
|
48,590
|
|
|
|
|
|
Current assets
Stocks
|
24,761
|
|
26,285
|
Debtors
|
46,373
|
|
46,589
|
Cash at bank and in hand
|
102,837
|
|
27,814
|
|
---------
|
|
---------
|
|
173,971
|
|
100,688
|
|
|
|
|
Creditors: amounts falling due within one year
|
167,661
|
|
139,460
|
|
---------
|
|
---------
|
Net current assets/(liabilities)
|
|
6,310
|
(
38,772)
|
|
|
--------
|
--------
|
Total assets less current liabilities
|
|
57,373
|
9,818
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
9,702
|
9,718
|
|
|
--------
|
-------
|
Net assets
|
|
47,671
|
100
|
|
|
--------
|
-------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
|
47,571
|
–
|
|
|
--------
|
----
|
Members funds
|
|
47,671
|
100
|
|
|
--------
|
----
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
Sensible Print Solutions Limited
|
|
Abridged Statement of Financial Position (continued)
|
|
30 June 2017
These abridged financial statements were approved by the
board of directors
and authorised for issue on
8 November 2017
, and are signed on behalf of the board by:
Company registration number:
07284041
Sensible Print Solutions Limited
|
|
Notes to the Abridged Financial Statements
|
|
Year ended 30 June 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 6, Lake District Business Park, Mint Bridge Road, Kendal, Cumbria, LA9 6NH.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historic experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements in applying accounting policies No significant judgements were required in the process of applying the company's accounting policies for these financial statements. Key sources of estimation uncertainty Accounting estimates, by definition, will seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are summarised below: Useful lives of tangible fixed assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives of the assets. The useful lives and residual values are reassessed annualy and amended when necessary to reflect current estimates. See note 15 for the carrying value of the tangible fixed assets, and note 3 for the useful lives.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Laser printers
|
-
|
33% straight line
|
|
Fixtures and fittings
|
-
|
25% reducing balance
|
|
Office equipment
|
-
|
33% straight line
|
|
|
|
|
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4.
Employee numbers
The average number of persons employed by the company during the year, including the director, amounted to
10
(2016:
13
).
5.
Tangible assets
|
£
|
Cost
|
|
At 1 July 2016
|
160,839
|
Additions
|
49,605
|
Disposals
|
(
68,390)
|
|
---------
|
At 30 June 2017
|
142,054
|
|
---------
|
Depreciation
|
|
At 1 July 2016
|
112,249
|
Charge for the year
|
47,131
|
Disposals
|
(
68,389)
|
|
---------
|
At 30 June 2017
|
90,991
|
|
---------
|
Carrying amount
|
|
At 30 June 2017
|
51,063
|
|
---------
|
At 30 June 2016
|
48,590
|
|
---------
|
|
|
6.
Related party transactions
The company was under the control of
Mr P W Graham
throughout the current and previous year. Mr Graham is the sole director and majority shareholder and together with his wife holds all of the issued share capital. During the year dividends of £Nil (2016 - £44,966) were paid to Mr & Mrs Graham. At the year end the company owed Mr Graham £ 45,739
(2016 - £70,534) and this is included in Other Creditors.
7.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.
No transitional adjustments were required in equity or profit or loss for the year.