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REGISTERED NUMBER: 05783148 (England and Wales)















Unaudited Financial Statements for the Year Ended 30th April 2022

for

LOXWOOD INDUSTRIAL PAPERS LIMITED

LOXWOOD INDUSTRIAL PAPERS LIMITED (REGISTERED NUMBER: 05783148)






Contents of the Financial Statements
for the Year Ended 30th April 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LOXWOOD INDUSTRIAL PAPERS LIMITED

Company Information
for the Year Ended 30th April 2022







DIRECTORS: Mr R Loram
Mr R Loram-Spring
Mr H Loram





SECRETARY: Mrs H Loram





REGISTERED OFFICE: Unit D
Carlinghurst Business Park
Carlinghurst Road
Blackburn
Lancashire
BB2 1PN





REGISTERED NUMBER: 05783148 (England and Wales)





ACCOUNTANTS: Abrams Ashton - Chorley Limited
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

LOXWOOD INDUSTRIAL PAPERS LIMITED (REGISTERED NUMBER: 05783148)

Balance Sheet
30th April 2022

30.4.22 30.4.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 9,043 18,906
Tangible assets 5 77,973 64,559
87,016 83,465

CURRENT ASSETS
Stocks 173,840 117,082
Debtors 6 372,813 304,289
Cash at bank and in hand 42,555 31,670
589,208 453,041
CREDITORS
Amounts falling due within one year 7 499,254 410,495
NET CURRENT ASSETS 89,954 42,546
TOTAL ASSETS LESS CURRENT
LIABILITIES

176,970

126,011

CREDITORS
Amounts falling due after more than one
year

8

(31,471

)

(41,294

)

PROVISIONS FOR LIABILITIES (14,815 ) (12,266 )
NET ASSETS 130,684 72,451

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 129,684 71,451
SHAREHOLDERS' FUNDS 130,684 72,451

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2022 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.

LOXWOOD INDUSTRIAL PAPERS LIMITED (REGISTERED NUMBER: 05783148)

Balance Sheet - continued
30th April 2022


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 24th August 2022 and were signed on its behalf by:




Mr R Loram - Director Mr R Loram-Spring - Director




Mr H Loram - Director


LOXWOOD INDUSTRIAL PAPERS LIMITED (REGISTERED NUMBER: 05783148)

Notes to the Financial Statements
for the Year Ended 30th April 2022

1. STATUTORY INFORMATION

Loxwood Industrial 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Revenue represents the value of goods and services supplied by the company, net of value added tax and trade discounts.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33.3% on reducing balance

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


LOXWOOD INDUSTRIAL PAPERS LIMITED (REGISTERED NUMBER: 05783148)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2022

2. ACCOUNTING POLICIES - continued
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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2021 - 7 ) .

LOXWOOD INDUSTRIAL PAPERS LIMITED (REGISTERED NUMBER: 05783148)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2022

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st May 2021
and 30th April 2022 98,632
AMORTISATION
At 1st May 2021 79,726
Amortisation for year 9,863
At 30th April 2022 89,589
NET BOOK VALUE
At 30th April 2022 9,043
At 30th April 2021 18,906

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1st May 2021 139,164 431 1,752 141,347
Additions 26,841 - - 26,841
At 30th April 2022 166,005 431 1,752 168,188
DEPRECIATION
At 1st May 2021 75,119 431 1,238 76,788
Charge for year 13,257 - 170 13,427
At 30th April 2022 88,376 431 1,408 90,215
NET BOOK VALUE
At 30th April 2022 77,629 - 344 77,973
At 30th April 2021 64,045 - 514 64,559

LOXWOOD INDUSTRIAL PAPERS LIMITED (REGISTERED NUMBER: 05783148)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2022

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1st May 2021 30,000
Transfer to ownership (30,000 )
At 30th April 2022 -
DEPRECIATION
At 1st May 2021 11,760
Transfer to ownership (11,760 )
At 30th April 2022 -
NET BOOK VALUE
At 30th April 2022 -
At 30th April 2021 18,240

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.22 30.4.21
£    £   
Trade debtors 346,013 280,004
Amounts due on contracts 24,704 22,189
Prepayments 2,096 2,096
372,813 304,289

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.22 30.4.21
£    £   
Bank loans and overdrafts 9,710 8,706
Hire purchase contracts (see note 9) - 9,990
Trade creditors 197,571 168,648
Factoring account 217,993 161,047
Tax 29,068 24,839
Social security and other taxes 21,122 12,713
Other creditors 130 8,066
Directors' current accounts 20,367 13,536
Accrued expenses 3,293 2,950
499,254 410,495

LOXWOOD INDUSTRIAL PAPERS LIMITED (REGISTERED NUMBER: 05783148)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2022

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.22 30.4.21
£    £   
Bounce back loan - 1-2 years 9,954 9,727
Bounce back loan - 2-5 years 21,517 30,682
Bounce back loan over 5 yrs - 885
31,471 41,294

Amounts falling due in more than five years:

Repayable by instalments
Bounce back loan over 5 yrs - 885

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.4.22 30.4.21
£    £   
Net obligations repayable:
Within one year - 9,990

Non-cancellable operating leases
30.4.22 30.4.21
£    £   
Within one year 29,456 29,456
Between one and five years 1,055 24,258
30,511 53,714

10. SECURED DEBTS

The following secured debts are included within creditors:

30.4.22 30.4.21
£    £   
Hire purchase contracts - 9,990
Factoring account 217,993 161,047
217,993 171,037

Factoring account - all monies due to or to become due from the company are secured by a fixed and floating charge over all the present and future assets of the company.

11. ULTIMATE CONTROLLING PARTY

The company is controlled jointly by Mr R Loram, Mr R Loram-Spring and Mr H Loram by virtue of their 100% holding of the company's share capital.