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Registration number: 02573794

Lubepack Limited

Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Lubepack Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Lubepack Limited

(Registration number: 02573794)
Statement of Financial Position as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

5

37,896

54,986

Current assets

 

Stocks

6

335,827

205,815

Debtors

7

846,100

807,819

Cash at bank and in hand

 

1,586,689

1,179,083

 

2,768,616

2,192,717

Creditors: Amounts falling due within one year

8

(299,703)

(214,013)

Net current assets

 

2,468,913

1,978,704

Total assets less current liabilities

 

2,506,809

2,033,690

Provisions for liabilities

(623)

(2,406)

Net assets

 

2,506,186

2,031,284

Capital and reserves

 

Called up share capital

60

60

Capital redemption reserve

40

40

Profit and loss account

2,506,086

2,031,184

Shareholders funds

 

2,506,186

2,031,284

 

Lubepack Limited

(Registration number: 02573794)
Statement of Financial Position as at 31 December 2021

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 23 June 2022 and signed on its behalf by:
 

.........................................
Mr M Hudson
Director

 

Lubepack Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Avro House
Unit 1a Spitfire Road
Cheshire Green Industrial Estate
Wardle, Nantwich
Cheshire
CW5 6HT
United Kingdom

These financial statements were authorised for issue by the Board on 23 June 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Lubepack Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% on cost

Fixtures and fittings

15% on cost

Motor vehicles

20% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Lubepack Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2020 - 20).

 

Lubepack Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2021

30,000

30,000

At 31 December 2021

30,000

30,000

Amortisation

At 1 January 2021

30,000

30,000

At 31 December 2021

30,000

30,000

Carrying amount

At 31 December 2021

-

-

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2021

21,112

284,004

31,989

337,105

Additions

-

3,568

-

3,568

At 31 December 2021

21,112

287,572

31,989

340,673

Depreciation

At 1 January 2021

18,207

252,769

11,143

282,119

Charge for the year

698

15,222

4,738

20,658

At 31 December 2021

18,905

267,991

15,881

302,777

Carrying amount

At 31 December 2021

2,207

19,581

16,108

37,896

At 31 December 2020

2,905

31,235

20,846

54,986

6

Stocks

2021
£

2020
£

Other inventories

335,827

205,815

 

Lubepack Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

7

Debtors

Note

2021
£

2020
£

Trade debtors

 

331,847

228,238

Amounts owed by common control companies.

480,000

568,541

Prepayments

 

1,436

2,633

Other debtors

 

32,817

8,407

 

846,100

807,819

8

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Trade creditors

 

122,036

83,270

Amounts owed to common control companies

74,732

62,407

Taxation and social security

 

11,654

17,554

Accruals and deferred income

 

10,744

23,761

Other creditors

 

80,537

27,021

 

299,703

214,013