REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31st March 2018 |
for |
Ovenden Papers Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31st March 2018 |
for |
Ovenden Papers Limited |
Ovenden Papers Limited (Registered number: 00384116) |
Contents of the Financial Statements |
for the Year Ended 31st March 2018 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
Ovenden Papers Limited |
Company Information |
for the Year Ended 31st March 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Certified Accountants |
Grenville House |
4 Grenville Avenue |
Broxbourne |
Hertfordshire |
EN10 7DH |
BANKERS: |
1 Churchill Place |
Canary Wharf |
London |
E14 5HP |
Ovenden Papers Limited (Registered number: 00384116) |
Strategic Report |
for the Year Ended 31st March 2018 |
The directors present their strategic report for the year ended 31st March 2018. |
REVIEW OF BUSINESS |
We aim to present a balanced and comprehensive review of the development and performance of our |
business during the period and its position at the balance sheet date. Our review is consistent with the size |
and non-complex nature of our business and is written in the context of the current market conditions. |
The directors consider that the key performance indicators are those that communicate the financial |
performance and strength of the company as a whole, these being turnover and gross profit. |
Our results are reported against a backdrop where total consumption of graphic papers in both the UK and |
Europe, continues to decline. In the Year to March 2018 the company’s turnover increased by 11.82% and |
the gross profit margin achieved reflects the general pressures on margin and the volume of office paper |
sales within the total product mix sold. |
The board is pleased to report a pre tax profit of £306,790 |
The company continues to seek to maximise efficiencies, reduce costs, continually improve credit risk |
management and invest in new product stock ranges. |
The continued development of additional sales from both new products and geographical areas means that |
the directors envisage continued medium-term growth. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risk to the business is akin to all UK paper merchants; being the concerns pertaining to market |
demand and the constant pressure on margins. |
In addition, the uncertainty surrounding Brexit has to a certain degree impacted business confidence and |
growth. |
However, the company recognises the hard work of all the stakeholders and in particular its teams of high |
quality people who ensure customers have access to competitive, sustainable and innovative paper |
solutions and its key suppliers who support strategic initiatives. |
The company continues to build on these strengths and is in a strong position to continue to grow and |
maximise market opportunities. |
ON BEHALF OF THE BOARD: |
Ovenden Papers Limited (Registered number: 00384116) |
Report of the Directors |
for the Year Ended 31st March 2018 |
The directors present their report with the financial statements of the company for the year ended 31st March 2018. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of paper merchants. |
DIVIDENDS |
No dividends will be distributed for the year ended 31st March 2018. |
FUTURE DEVELOPMENTS |
The company continues to focus on being able to provide the highest quality products and service with the |
view to increasing its market share. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st 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 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. |
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 or she ought to have taken as a director in order to make himself or herself aware of any |
relevant audit information and to establish that the company's auditors are aware of that information. |
Ovenden Papers Limited (Registered number: 00384116) |
Report of the Directors |
for the Year Ended 31st March 2018 |
AUDITORS |
The auditors, Lincoln Brown & Co Limited, will be proposed for re-appointment at the forthcoming Annual |
General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Ovenden Papers Limited |
Opinion |
We have audited the financial statements of Ovenden Papers Limited (the 'company') for the year ended |
31st 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 Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31st 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. |
Basis for opinion |
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 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. |
Other information |
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 thereon. |
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 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. |
Report of the Independent Auditors to the Members of |
Ovenden Papers Limited |
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 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 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. |
Report of the Independent Auditors to the Members of |
Ovenden Papers Limited |
Use of our 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 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. |
for and on behalf of |
Chartered Certified Accountants |
Grenville House |
4 Grenville Avenue |
Broxbourne |
Hertfordshire |
EN10 7DH |
Ovenden Papers Limited (Registered number: 00384116) |
Income Statement |
for the Year Ended 31st March 2018 |
31.3.18 | 31.3.17 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
469,814 | 462,477 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Ovenden Papers Limited (Registered number: 00384116) |
Other Comprehensive Income |
for the Year Ended 31st March 2018 |
31.3.18 | 31.3.17 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Ovenden Papers Limited (Registered number: 00384116) |
Balance Sheet |
31st March 2018 |
31.3.18 | 31.3.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand | 14 |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
Ovenden Papers Limited (Registered number: 00384116) |
Balance Sheet - continued |
31st March 2018 |
31.3.18 | 31.3.17 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Capital redemption reserve | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
The financial statements were approved and authroised for issue by the Board of Directors on |
Ovenden Papers Limited (Registered number: 00384116) |
Statement of Changes in Equity |
for the Year Ended 31st March 2018 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st April 2016 |
Changes in equity |
Total comprehensive income | - |
Balance at 31st March 2017 |
Changes in equity |
Total comprehensive income | - |
Balance at 31st March 2018 |
Ovenden Papers Limited (Registered number: 00384116) |
Cash Flow Statement |
for the Year Ended 31st March 2018 |
31.3.18 | 31.3.17 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) | ( |
) |
Interest paid | ( |
) | ( |
) |
Interest element of finance lease payments paid |
( |
) |
( |
) |
Tax paid | ( |
) |
Net cash from operating activities | ( |
) | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Capital repayments in year |
Amount introduced by directors | - | 150,000 |
Net cash from financing activities |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
(5,384,149 |
) |
(3,043,073 |
) |
Cash and cash equivalents at end of year |
2 |
( |
) |
( |
) |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Cash Flow Statement |
for the Year Ended 31st March 2018 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.18 | 31.3.17 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Finance costs | 163,024 | 134,143 |
Finance income | (915 | ) | (1,949 | ) |
677,197 | 624,656 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) | ( |
) |
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: |
Year ended 31st March 2018 |
31.3.18 | 1.4.17 |
£ | £ |
Cash and cash equivalents | 1,108,300 | 1,094,733 |
Bank overdrafts | ( |
) | ( |
) |
(6,764,997 | ) | (5,384,149 | ) |
Year ended 31st March 2017 |
31.3.17 | 1.4.16 |
£ | £ |
Cash and cash equivalents | 1,094,733 | 1,636,677 |
Bank overdrafts | ( |
) | ( |
) |
(5,384,149 | ) | (3,043,073 | ) |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements |
for the Year Ended 31st March 2018 |
1. | STATUTORY INFORMATION |
Ovenden Papers Limited is a |
The company's registered number and registered office address can be found on the Company |
Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Ovenden Papers Limited as an individual |
company and do not contain consolidated financial information as the parent of a group. The |
company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to |
prepare consolidated financial statements. |
Significant judgements and estimates |
There were no significant judgements and estimates made by management in the preparation of the |
financial statements. |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, exclusive of |
discounts, rebates, value added tax and is recognised at the point of delivery. |
Tangible fixed assets |
Fixed Assets are recorded at cost and depreciation is calculated so as to write off the cost of an |
asset, less its residual value, over the useful economic life of that asset as follows: |
Long leasehold property Straight line over the life of the lease |
Plant and machinery 15% straight line |
Fixtures, fitting and equipment 15% reducing balance |
Motor vehicles 20% straight line |
Investments in subsidiaries |
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any |
accumulated impairment losses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowances for |
obsolete and slow moving items. Cost is principally determined using the FIFO (first in first out) |
method. |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised on the company's Statement of Financial |
Provision when the company becomes a party to the contractual provisions of the instrument. |
Trade Debtors |
Trade Debtors do not carry any interest and are stated at their nominal value as reduced by |
appropriate allowances for estimated irrecoverable amounts. Estimated irrecoverable amounts are |
based on the ageing of the receivable balances and historical experience. Individual trade debtors |
are written off when management deems them not to be collectible. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand that is readily convertible to a known amount of |
cash and are subject to an insignificant risk of changes in value. |
Trade Creditors |
Trade creditors are not interest bearing and are stated at their transaction price. |
Financial liabilities and equity instruments |
Financial liabilities and equity instruments issued by the Company are classified according to the |
substance of the contractual arrangements entered into and the definitions of a financial liability and |
an equity instrument. An equity instrument is any contract that evidences a residual interest in the |
assets of the Company after deducting all of its liabilities and includes no obligation to deliver cash or |
other financial assets. The accounting policies adopted for specific financial liabilities and equity |
instruments are set out below. |
Capital market and bank borrowings |
Interest bearing loans and overdrafts are initially measured at fair value (which is equal to cost at |
inception), and are subsequently measured at amortised cost, using the effective interest rate |
method. Any difference between the proceeds net of transaction costs and the settlement or |
redemption of borrowings is recognised over the term of the borrowing. |
Taxation |
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. |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
Foreign currencies |
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. |
Hire purchase and leasing commitments |
Assets held under finance leases and hire purchase contracts are recognised in the statement of |
financial position as assets and liabilities at the lower of the fair value of the assets and the present |
value of the minimum lease payments, which is determined at the inception of the lease term. Any |
initial direct costs of the lease are added to the amount recognised as an asset. |
Lease payments are apportioned between the finance charges and reduction of the outstanding |
lease liability using the effective interest method. Finance charges are allocated to each period so as |
to produce a constant rate of interest on the remaining balance of the liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
Invoice discounting |
Sales invoices are all assigned at the date of the invoice except web, machine sales and debts in |
excess of 120 days which are disallowed. All costs in relation to invoice discounting are allocated to |
the profit and loss as incurred. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
31.3.18 | 31.3.17 |
£ | £ |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
4. | EMPLOYEES AND DIRECTORS |
31.3.18 | 31.3.17 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.3.18 | 31.3.17 |
Administrative and management | 16 | 15 |
Sales and distribution | 65 | 63 |
31.3.18 | 31.3.17 |
£ | £ |
Directors' remuneration |
Directors' long term incentive schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
31.3.18 | 31.3.17 |
£ | £ |
Emoluments etc |
Accrued pension at 31st March 2018 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.18 | 31.3.17 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Loss/(profit) on disposal of fixed assets | ( |
) |
Lease costs |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
6. | AUDITORS' REMUNERATION |
31.3.18 | 31.3.17 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
16,000 |
16,000 |
Total audit fees | 16,000 | 16,000 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.18 | 31.3.17 |
£ | £ |
Bank interest |
Hire purchase |
8. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
31.3.18 | 31.3.17 |
£ | £ |
Current tax: |
UK corporation tax |
Tax adjust re previous year | (57,872 | ) | (78,674 | ) |
Total current tax | ( |
) | ( |
) |
Deferred tax |
Tax on profit | ( |
) | ( |
) |
UK corporation tax was charged at 20%) in 2017. |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
8. | TAXATION - continued |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The |
difference is explained below: |
31.3.18 | 31.3.17 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Utilisation of tax losses | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
Effect of revenue exempt from tax | (22,985 | ) | (26,744 | ) |
Total tax credit | (51,254 | ) | (13,056 | ) |
9. | KEY MANAGEMENT AND PERSONNEL REMUNERATION |
The remuneration of the key management and personnel of the company is the same as directors. |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st April 2017 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31st March 2018 |
DEPRECIATION |
At 1st April 2017 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st March 2018 |
NET BOOK VALUE |
At 31st March 2018 |
At 31st March 2017 |
11. | FIXED ASSET INVESTMENTS |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1st April 2017 |
and 31st March 2018 | 300 |
NET BOOK VALUE |
At 31st March 2018 | 300 |
At 31st March 2017 | 300 |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
11. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the |
following: |
Registered office: Swordfish House, Unit C River Way, Harlow, Essex, CM20 2DP |
Nature of business: |
% |
Class of shares: | holding |
31.3.18 | 31.3.17 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Registered office: Swordfish House, Unit C River Way, Harlow, Essex, CM20 2DP |
Nature of business: |
% |
Class of shares: | holding |
31.3.18 | 31.3.17 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Registered office: Swordfish House, Unit C River Way, Harlow, Essex, CM20 2DP |
Nature of business: |
% |
Class of shares: | holding |
31.3.18 | 31.3.17 |
£ | £ |
Aggregate capital and reserves |
12. | STOCKS |
31.3.18 | 31.3.17 |
£ | £ |
Raw materials |
The amount of stock recognised as an expense during the period is £29,542,348 (2017 £25,069,719) |
The total carrying value of stock is pledged as security for liabilities |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
Prepayments |
The company operates an invoice discounting facility in relation to trade debtors - £10,664,071 (2017 |
£8,470,146). |
14. | CASH AT BANK AND IN HAND |
31.3.18 | 31.3.17 |
£ | £ |
Bank account no. 1 | 1,108,202 | 1,094,562 |
Cash in hand |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Bank loans and overdrafts (see note 17) |
Finance leases (see note 18) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
PAYE and other taxes |
VAT | 467,791 | 456,433 |
Accruals and deferred income |
The aggregate of secured liabilities is £7,960,701 (2017 £6,522,566 ). |
The Invoice Discounting Facility is secured by a cross guarantee and debenture and a fixed and |
floating charge on the assets of the company - 2018 £7,873,297 (2017 £6,478,882). |
The hire purchase obligations are secured on the tangible fixed assets to which they relate - 2018 |
£87,404 (2017 £43,684). |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Finance leases (see note 18) |
The hire purchase obligations are secured on the tangible fixed assets to which they relate - 2018 |
£284,087 (2017 £152,895). |
17. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.18 | 31.3.17 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
31.3.18 | 31.3.17 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
31.3.18 | 31.3.17 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
19. | FINANCIAL INSTRUMENTS |
The carrying amount for each category of financial instrument is as follows: |
31.3.17 | 31.3.17 |
£ | £ |
Financial assets |
Financial assets measured at amortised cost | 11,776,948 | 9,643,703 |
Financial Liabilities |
Financial liabilities measured at amortised cost | 13,073,340 | 10,220,012 |
20. | PROVISIONS FOR LIABILITIES |
31.3.18 | 31.3.17 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1st April 2017 |
Charge to Income Statement during year |
Balance at 31st March 2018 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.18 | 31.3.17 |
value: | £ | £ |
Ordinary Shares | £1 | 6,055 | 6,055 |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
22. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1st April 2017 | 3,680,120 |
Profit for the year | - |
At 31st March 2018 | 4,038,164 |
Capital redemption reserve - this reserve records the nominal value of shares repurchased by the |
company. Profit and loss account - this reserve records retained earnings and accumulated losses. |
23. | PENSION COMMITMENTS |
The amount recognised in profit or loss as an expense in relation to defined contribution plans was |
£125,710 (2017: £132,995). |
24. | CAPITAL COMMITMENTS |
31.3.18 | 31.3.17 |
£ | £ |
Contracted but not provided for in the |
financial statements |