IRIS Accounts Production v22.1.0.628 05592971 Board of Directors 1.1.21 31.12.21 31.12.21 0 0 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure055929712020-12-31055929712021-12-31055929712021-01-012021-12-31055929712019-12-31055929712020-01-012020-12-31055929712020-12-3105592971ns16:EnglandWales2021-01-012021-12-3105592971ns15:PoundSterling2021-01-012021-12-3105592971ns11:Director12021-01-012021-12-3105592971ns11:PrivateLimitedCompanyLtd2021-01-012021-12-3105592971ns11:SmallEntities2021-01-012021-12-3105592971ns11:AuditExempt-NoAccountantsReport2021-01-012021-12-3105592971ns11:SmallCompaniesRegimeForDirectorsReport2021-01-012021-12-3105592971ns11:SmallCompaniesRegimeForAccounts2021-01-012021-12-3105592971ns11:FullAccounts2021-01-012021-12-3105592971ns11:OrdinaryShareClass12021-01-012021-12-3105592971ns11:Director22021-01-012021-12-3105592971ns11:Director32021-01-012021-12-3105592971ns11:Director42021-01-012021-12-3105592971ns11:CompanySecretary12021-01-012021-12-3105592971ns11:RegisteredOffice2021-01-012021-12-3105592971ns6:CurrentFinancialInstruments2021-12-3105592971ns6:CurrentFinancialInstruments2020-12-3105592971ns6:Non-currentFinancialInstruments2021-12-3105592971ns6:Non-currentFinancialInstruments2020-12-3105592971ns6:ShareCapital2021-12-3105592971ns6:ShareCapital2020-12-3105592971ns6:RevaluationReserve2021-12-3105592971ns6:RevaluationReserve2020-12-3105592971ns6:RetainedEarningsAccumulatedLosses2021-12-3105592971ns6:RetainedEarningsAccumulatedLosses2020-12-3105592971ns6:PlantMachinery2021-01-012021-12-3105592971ns6:PlantMachinery2020-12-3105592971ns6:PlantMachinery2021-12-3105592971ns6:PlantMachinery2020-12-3105592971ns6:WithinOneYearns6:CurrentFinancialInstruments2021-12-3105592971ns6:WithinOneYearns6:CurrentFinancialInstruments2020-12-3105592971ns11:OrdinaryShareClass12021-12-3105592971ns6:RetainedEarningsAccumulatedLosses2020-12-3105592971ns6:RevaluationReserve2020-12-3105592971ns6:RetainedEarningsAccumulatedLosses2021-01-012021-12-31
REGISTERED NUMBER: 05592971 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

SHERBORNE PAPER LIMITED

SHERBORNE PAPER LIMITED (REGISTERED NUMBER: 05592971)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SHERBORNE PAPER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: K Patel
Mrs J Patel
R Patel
N Patel





SECRETARY: Mrs J Patel





REGISTERED OFFICE: 12 The Highfields
Wolverhampton
West Midlands
WV6 8DW





REGISTERED NUMBER: 05592971 (England and Wales)





ACCOUNTANTS: Crombies Accountants Limited
Chartered Accountants
34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG

SHERBORNE PAPER LIMITED (REGISTERED NUMBER: 05592971)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 597,732 607,119
Investment property 5 25,832,410 25,832,410
26,430,142 26,439,529

CURRENT ASSETS
Debtors 6 3,667,857 3,473,890
Cash at bank and in hand 2,006,709 1,383
5,674,566 3,475,273
CREDITORS
Amounts falling due within one year 7 11,024,875 8,918,877
NET CURRENT LIABILITIES (5,350,309 ) (5,443,604 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,079,833

20,995,925

CREDITORS
Amounts falling due after more than one year 8 5,289,623 5,666,273
NET ASSETS 15,790,210 15,329,652

CAPITAL AND RESERVES
Called up share capital 10 100 100
Fair value reserve 11 9,503,482 9,503,482
Retained earnings 11 6,286,628 5,826,070
SHAREHOLDERS' FUNDS 15,790,210 15,329,652

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SHERBORNE PAPER LIMITED (REGISTERED NUMBER: 05592971)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2021


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2022 and were signed on its behalf by:





K Patel - Director


SHERBORNE PAPER LIMITED (REGISTERED NUMBER: 05592971)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Sherborne Paper 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 10% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The company has taken advantage of the transitional exemptions in FRS102 35.10 (d) to use a previous GAAP revaluation as its deemed cost.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

SHERBORNE PAPER LIMITED (REGISTERED NUMBER: 05592971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2021 863,599
Additions 84,320
At 31 December 2021 947,919
DEPRECIATION
At 1 January 2021 256,480
Charge for year 93,707
At 31 December 2021 350,187
NET BOOK VALUE
At 31 December 2021 597,732
At 31 December 2020 607,119

5. INVESTMENT PROPERTY


Fair value at 31 December 2021 is represented by:
£   
Valuation in 2020 9,503,482
Cost 16,328,928
25,832,410

If commercial property had not been revalued it would have been included at the following historical cost:

2021 2020
£    £   
Cost 16,328,928 16,328,928

Various commercial properties were valued on an open market basis on 12 November 2020 by McGuinness Waddington Real Estate Limited .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 2,225,248 603,600
Other debtors 1,442,609 2,870,290
3,667,857 3,473,890

SHERBORNE PAPER LIMITED (REGISTERED NUMBER: 05592971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 376,650 415,374
Trade creditors 211,732 106,223
Amounts owed to associates 7,628,196 6,128,196
Taxation and social security 1,257,807 668,186
Other creditors 1,550,490 1,600,898
11,024,875 8,918,877

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans 5,289,623 5,666,273

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 3,783,024 4,159,674

9. SECURED DEBTS

Bank borrowings are secured by fixed charges over the company's premises at City Gate Park and Unit 4N Coxwell Avenue and a fixed and floating charge over the other assets of the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2021 5,826,070 9,503,482 15,329,552
Profit for the year 1,960,558 - 1,960,558
Dividends (1,500,000 ) - (1,500,000 )
At 31 December 2021 6,286,628 9,503,482 15,790,110

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £1,500,000 were paid to the directors .

SHERBORNE PAPER LIMITED (REGISTERED NUMBER: 05592971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

12. RELATED PARTY DISCLOSURES - continued

During the period, the company rented premises to a company having common control in the sum £2,820,000.

The company also sold electricity to this company in the sum of £688,349.

Others debtors includes an amount of £1,345,225 due from Mr R Patel a shareholder of the company. The amount is unsecured and will be repaid to the company by 30 September 2022.