Caseware UK (AP4) 2016.0.181 2016.0.181 2016-12-312016-12-31A Ballam S Morfield16784The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseThe company's principal activity continues to be that of digital printers.false2016-01-01Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. 5982967 2016-01-01 2016-12-31 5982967 2015-01-01 2015-12-31 5982967 2016-12-31 5982967 2015-12-31 5982967 c:Director1 2016-01-01 2016-12-31 5982967 c:Director2 2016-01-01 2016-12-31 5982967 d:PlantMachinery 2016-01-01 2016-12-31 5982967 d:PlantMachinery 2016-12-31 5982967 d:PlantMachinery 2015-12-31 5982967 d:PlantMachinery d:OwnedOrFreeholdAssets 2016-01-01 2016-12-31 5982967 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2016-01-01 2016-12-31 5982967 d:FurnitureFittings 2016-01-01 2016-12-31 5982967 d:FurnitureFittings 2016-12-31 5982967 d:FurnitureFittings 2015-12-31 5982967 d:FurnitureFittings d:OwnedOrFreeholdAssets 2016-01-01 2016-12-31 5982967 d:OfficeEquipment 2016-01-01 2016-12-31 5982967 d:OfficeEquipment 2016-12-31 5982967 d:OfficeEquipment 2015-12-31 5982967 d:OfficeEquipment d:OwnedOrFreeholdAssets 2016-01-01 2016-12-31 5982967 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2016-01-01 2016-12-31 5982967 d:OwnedOrFreeholdAssets 2016-01-01 2016-12-31 5982967 d:LeasedAssetsHeldAsLessee 2016-01-01 2016-12-31 5982967 d:CurrentFinancialInstruments 2016-12-31 5982967 d:CurrentFinancialInstruments 2015-12-31 5982967 d:Non-currentFinancialInstruments 2016-12-31 5982967 d:Non-currentFinancialInstruments 2015-12-31 5982967 d:CurrentFinancialInstruments d:WithinOneYear 2016-12-31 5982967 d:CurrentFinancialInstruments d:WithinOneYear 2015-12-31 5982967 d:Non-currentFinancialInstruments d:AfterOneYear 2016-12-31 5982967 d:Non-currentFinancialInstruments d:AfterOneYear 2015-12-31 5982967 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2016-12-31 5982967 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2015-12-31 5982967 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2016-12-31 5982967 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2015-12-31 5982967 d:ShareCapital 2016-12-31 5982967 d:ShareCapital 2015-12-31 5982967 d:RetainedEarningsAccumulatedLosses 2016-12-31 5982967 d:RetainedEarningsAccumulatedLosses 2015-12-31 5982967 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2016-12-31 5982967 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2015-12-31 5982967 c:FRS102 2016-01-01 2016-12-31 5982967 c:AuditExempt-NoAccountantsReport 2016-01-01 2016-12-31 5982967 c:AbridgedAccounts 2016-01-01 2016-12-31 5982967 c:PrivateLimitedCompanyLtd 2016-01-01 2016-12-31 iso4217:GBP xbrli:pure

Registered number: 5982967









THE NEW INK PRINTING COMPANY LIMITED








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016


 
THE NEW INK PRINTING COMPANY LIMITED
REGISTERED NUMBER:5982967

BALANCE SHEET
AS AT 31 DECEMBER 2016

2016
2015
Note
£
£

Fixed assets
  

Tangible assets
 4 
101,540
113,379

  
101,540
113,379

Current assets
  

Debtors
 5 
139,896
133,021

Cash at bank and in hand
 6 
224
15,513

  
140,120
148,534

Creditors: amounts falling due within one year
 7 
(218,272)
(192,361)

Net current liabilities
  
 
 
(78,152)
 
 
(43,827)

Total assets less current liabilities
  
23,388
69,552

Creditors: amounts falling due after more than one year
 8 
(22,660)
(31,894)

Net assets
  
728
37,658


Capital and reserves
  

Called up share capital 
  
120
120

Profit and loss account
  
608
37,538

  
728
37,658


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 September 2017.



S Morfield
A Ballam
Director
Director
Page 1


 
THE NEW INK PRINTING COMPANY LIMITED
REGISTERED NUMBER:5982967
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2016

The notes on pages 3 to 8 form part of these financial statements.

Page 2


 
THE NEW INK PRINTING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016

1.


General information

The company's principal activity continues to be that of digital printers.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3


 
THE NEW INK PRINTING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
10%
reducing balance
Fixtures & fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

 
2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Page 4


 
THE NEW INK PRINTING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016

2.Accounting policies (continued)


2.6
Financial instruments (continued)



3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2015 - 9).


4.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2016
257,419
1,181
23,438
282,038



At 31 December 2016

257,419
1,181
23,438
282,038



Depreciation


At 1 January 2016
147,382
817
20,460
168,659


Charge for the year on owned assets
9,789
91
507
10,387


Charge for the year on financed assets
1,215
-
237
1,452



At 31 December 2016

158,386
908
21,204
180,498



Net book value



At 31 December 2016
99,033
273
2,234
101,540



At 31 December 2015
110,037
364
2,978
113,379


5.


Debtors

2016
2015
£
£


Trade debtors
117,317
121,931

Other debtors
5,547
4,965

Prepayments and accrued income
17,032
6,125

139,896
133,021


Page 5


 
THE NEW INK PRINTING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016

6.


Cash and cash equivalents

2016
2015
£
£

Cash at bank and in hand
224
15,513

Less: bank overdrafts
(11,285)
-

(11,061)
15,513



7.


Creditors: Amounts falling due within one year

2016
2015
£
£

Bank overdrafts
11,285
-

Bank loans
87,263
75,246

Trade creditors
74,220
63,089

Corporation tax
3,803
7,899

Other taxation and social security
13,316
10,229

Other creditors
26,022
33,085

Accruals and deferred income
2,363
2,813

218,272
192,361



8.


Creditors: Amounts falling due after more than one year

2016
2015
£
£

Bank loans
22,660
31,894

22,660
31,894


Page 6


 
THE NEW INK PRINTING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016

9.


Loans


Analysis of the maturity of loans is given below:


2016
2015
£
£

Amounts falling due within one year

Bank loans
87,263
75,246


87,263
75,246

Amounts falling due 1-2 years

Bank loans
8,573
8,573


8,573
8,573

Amounts falling due 2-5 years

Bank loans
14,087
23,321


14,087
23,321


109,923
107,140



10.


Financial instruments

2016
2015
£
£

Financial assets


Financial assets measured at fair value through profit or loss
224
15,513

224
15,513





Financial assets measured at fair value through profit or loss comprise soley of cash.


11.


Transactions with directors

Included in other debtors due within one year is a loan to the director, A Ballam amounting to £1,692 [2015 - £1,177)]. During the year advances of £23,691 were made to the director and credits amounting to £22,000 were received from the director.
Included in other creditors due within one year is a loan from the director, S Morfield amounting to £(18,476) [2015 - £(10,182)].  During the year advances of £3,523 were made to the director and credits amounting to £22,000  were received from the director.

Page 7


 
THE NEW INK PRINTING COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016

12.


Controlling party

The company was controlled throughout the current and previous period by its directors, A Ballam and S Morfield, by virtue of the fact that between them they own all of the company's ordinary issued share capital.


13.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

 
Page 8