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REGISTERED NUMBER: 00384116 (England and Wales)















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: Mr N D Ovenden
Mr J M Ovenden
Mr N J Blackham Hayward
Mrs A C Edwardson Gilchrist


SECRETARY: Mrs A C Edwardson Gilchrist


REGISTERED OFFICE: Swordfish House
Unit C
River Way
Harlow
Essex
CM20 2DP


BUSINESS ADDRESS: Swordfish House
Unit C
Rver Way
Harlow
Essex
CM20 2DP


REGISTERED NUMBER: 00384116 (England and Wales)


SENIOR STATUTORY AUDITOR: Gregory John William Brown


AUDITORS: Lincoln Brown & Co Limited
Chartered Certified Accountants
Grenville House
4 Grenville Avenue
Broxbourne
Hertfordshire
EN10 7DH


BANKERS: Barclays Bank PLC
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:





Mr N D Ovenden - Director


25th October 2018

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.

Mr N D Ovenden
Mr J M Ovenden
Mr N J Blackham Hayward
Mrs A C Edwardson Gilchrist

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:





Mr N D Ovenden - Director


25th October 2018

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.




Gregory John William Brown (Senior Statutory Auditor)
for and on behalf of Lincoln Brown & Co Limited
Chartered Certified Accountants
Grenville House
4 Grenville Avenue
Broxbourne
Hertfordshire
EN10 7DH

25th October 2018

Ovenden Papers Limited (Registered number: 00384116)

Income Statement
for the Year Ended 31st March 2018

31.3.18 31.3.17
Notes £    £   

TURNOVER 3 35,980,644 32,177,919

Cost of sales 28,587,942 25,016,170
GROSS PROFIT 7,392,702 7,161,749

Administrative expenses 6,923,803 6,701,221
OPERATING PROFIT 5 468,899 460,528

Interest receivable and similar income 915 1,949
469,814 462,477

Interest payable and similar expenses 7 163,024 134,143
PROFIT BEFORE TAXATION 306,790 328,334

Tax on profit 8 (51,254 ) (13,056 )
PROFIT FOR THE FINANCIAL YEAR 358,044 341,390

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 358,044 341,390


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

358,044

341,390

Ovenden Papers Limited (Registered number: 00384116)

Balance Sheet
31st March 2018

31.3.18 31.3.17
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 741,798 663,970
Investments 11 300 300
742,098 664,270

CURRENT ASSETS
Stocks 12 5,500,240 4,618,838
Debtors 13 10,765,325 8,732,390
Cash at bank and in hand 14 1,108,300 1,094,733
17,373,865 14,445,961
CREDITORS
Amounts falling due within one year 15 13,704,357 11,194,479
NET CURRENT ASSETS 3,669,508 3,251,482
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,411,606

3,915,752

CREDITORS
Amounts falling due after more than one
year

16

(284,087

)

(152,895

)

PROVISIONS FOR LIABILITIES 20 (83,300 ) (76,682 )
NET ASSETS 4,044,219 3,686,175

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 6,055 6,055
Capital redemption reserve 22 5,945 5,945
Retained earnings 22 4,032,219 3,674,175
SHAREHOLDERS' FUNDS 4,044,219 3,686,175


The financial statements were approved and authroised for issue by the Board of Directors on
25th October 2018 and were signed on its behalf by:




Mr N D Ovenden - Director



Mr J M Ovenden - Director


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 6,055 3,332,785 5,945 3,344,785

Changes in equity
Total comprehensive income - 341,390 - 341,390
Balance at 31st March 2017 6,055 3,674,175 5,945 3,686,175

Changes in equity
Total comprehensive income - 358,044 - 358,044
Balance at 31st March 2018 6,055 4,032,219 5,945 4,044,219

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 (1,090,703 ) (2,761,481 )
Interest paid (157,681 ) (127,219 )
Interest element of finance lease
payments paid

(5,343

)

(6,924

)
Tax paid 96,070 (60,588 )
Net cash from operating activities (1,157,657 ) (2,956,212 )

Cash flows from investing activities
Purchase of tangible fixed assets (306,225 ) (387,785 )
Sale of tangible fixed assets 20,099 5,795
Interest received 915 1,949
Net cash from investing activities (285,211 ) (380,041 )

Cash flows from financing activities
Capital repayments in year 174,912 172,409
Amount introduced by directors - 150,000
Net cash from financing activities 174,912 322,409

Decrease in cash and cash equivalents (1,267,956 ) (3,013,844 )
Cash and cash equivalents at
beginning of year

2

(5,384,149

)

(3,043,073

)

Cash and cash equivalents at end of
year

2

(6,764,997

)

(5,384,149

)

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 306,790 328,334
Depreciation charges 207,136 164,234
Loss/(profit) on disposal of fixed assets 1,162 (106 )
Finance costs 163,024 134,143
Finance income (915 ) (1,949 )
677,197 624,656
Increase in stocks (881,402 ) (364,283 )
Increase in trade and other debtors (2,172,925 ) (2,598,729 )
Increase/(decrease) in trade and other creditors 1,286,427 (423,125 )
Cash generated from operations (1,090,703 ) (2,761,481 )

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 (7,873,297 ) (6,478,882 )
(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 (6,478,882 ) (4,679,750 )
(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 private company, limited by shares , registered in England and Wales.
The company's registered number and registered office address can be found on the Company
Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
£    £   
Sale of paper goods 35,980,644 32,177,919
35,980,644 32,177,919

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 3,550,873 3,736,510
Social security costs 390,799 421,178
Other pension costs 125,710 132,995
4,067,382 4,290,683

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
81 78

31.3.18 31.3.17
£    £   
Directors' remuneration 513,091 935,807
Directors' long term incentive schemes 57,409 67,818

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
31.3.18 31.3.17
£    £   
Emoluments etc 191,000 385,000
Accrued pension at 31st March 2018 5,618 52,000

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.18 31.3.17
£    £   
Hire of plant and machinery 142,153 126,039
Depreciation - owned assets 207,136 164,234
Loss/(profit) on disposal of fixed assets 1,162 (106 )
Lease costs 172,817 175,311

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 157,681 127,219
Hire purchase 5,343 6,924
163,024 134,143

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 - 40,476
Tax adjust re previous year (57,872 ) (78,674 )
Total current tax (57,872 ) (38,198 )

Deferred tax 6,618 25,142
Tax on profit (51,254 ) (13,056 )

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 306,790 328,334
Profit multiplied by the standard rate of corporation tax in the UK of
19% (2017 - 20%)

58,290

65,667

Effects of:
Expenses not deductible for tax purposes 4,647 3,929
Depreciation in excess of capital allowances 9,574 22,766
Utilisation of tax losses (42,908 ) -
Adjustments to tax charge in respect of previous periods (57,872 ) (78,674 )
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 267,772 352,001 291,580 772,681 1,684,034
Additions - 16,377 4,177 285,671 306,225
Disposals - - (7,600 ) (16,500 ) (24,100 )
At 31st March 2018 267,772 368,378 288,157 1,041,852 1,966,159
DEPRECIATION
At 1st April 2017 74,014 178,799 234,292 532,959 1,020,064
Charge for year 19,375 53,378 13,876 120,507 207,136
Eliminated on disposal - - (2,839 ) - (2,839 )
At 31st March 2018 93,389 232,177 245,329 653,466 1,224,361
NET BOOK VALUE
At 31st March 2018 174,383 136,201 42,828 388,386 741,798
At 31st March 2017 193,758 173,202 57,288 239,722 663,970

11. FIXED ASSET INVESTMENTS
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1st April 2017
and 31st March 2018 200 100 300
NET BOOK VALUE
At 31st March 2018 200 100 300
At 31st March 2017 200 100 300

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:

Davies Harvey Murrell Group Limited
Registered office: Swordfish House, Unit C River Way, Harlow, Essex, CM20 2DP
Nature of business: Dormant
%
Class of shares: holding
Ordinary Shares 100.00
31.3.18 31.3.17
£    £   
Aggregate capital and reserves (100 ) (100 )

Davies Harvey Murrell Limited
Registered office: Swordfish House, Unit C River Way, Harlow, Essex, CM20 2DP
Nature of business: Dormant
%
Class of shares: holding
Ordinary Shares 100.00
31.3.18 31.3.17
£    £   
Aggregate capital and reserves (3,980 ) (3,980 )

Ovendens UK Limited
Registered office: Swordfish House, Unit C River Way, Harlow, Essex, CM20 2DP
Nature of business: Dormant
%
Class of shares: holding
Ordinary Shares 100.00
31.3.18 31.3.17
£    £   
Aggregate capital and reserves 2,905 2,905

12. STOCKS
31.3.18 31.3.17
£    £   
Raw materials 5,500,240 4,618,838

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 10,643,071 8,470,146
Other debtors - 150
Tax - 78,674
Prepayments 122,254 183,420
10,765,325 8,732,390

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 98 171
1,108,300 1,094,733

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.18 31.3.17
£    £   
Bank loans and overdrafts (see note 17) 7,873,297 6,478,882
Finance leases (see note 18) 87,404 43,684
Trade creditors 4,593,336 3,144,502
Amounts owed to group undertakings 3,248 3,248
Corporation tax - 40,476
PAYE and other taxes 300,545 474,310
VAT 467,791 456,433
Accruals and deferred income 378,736 552,944
13,704,357 11,194,479

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) 284,087 152,895

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 7,873,297 6,478,882

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
31.3.18 31.3.17
£    £   
Net obligations repayable:
Within one year 87,404 43,684
Between one and five years 284,087 152,895
371,491 196,579

Non-cancellable
operating leases
31.3.18 31.3.17
£    £   
Within one year 595,494 595,652
Between one and five years 1,827,630 2,169,902
In more than five years 1,496,000 1,908,160
3,919,124 4,673,714

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 83,300 76,682

Deferred
tax
£   
Balance at 1st April 2017 76,682
Charge to Income Statement during year 6,618
Balance at 31st March 2018 83,300

21. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.3.18 31.3.17
value: £    £   
6,055 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 3,674,175 5,945 3,680,120
Profit for the year 358,044 - 358,044
At 31st March 2018 4,032,219 5,945 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 16,774 233,644