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Registration number: 02714679

Creative Paper Products Limited

Filleted Financial Statements

for the Year Ended 31 December 2021

 

Creative Paper Products Limited
(Registration number: 02714679)

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Creative Paper Products Limited
(Registration number: 02714679)

Company Information

Directors

Mr A M Kaupang

Mr T E Seljaas

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Auditors

Thompson Jenner LLP
Statutory Auditors
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Creative Paper Products Limited
(Registration number: 02714679)

Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

214,447

236,479

Current assets

 

Stocks

5

1,064,696

991,855

Debtors

6

1,145,125

1,193,418

Cash at bank and in hand

 

599,107

642,033

 

2,808,928

2,827,306

Creditors: Amounts falling due within one year

7

(1,274,439)

(1,094,910)

Net current assets

 

1,534,489

1,732,396

Total assets less current liabilities

 

1,748,936

1,968,875

Creditors: Amounts falling due after more than one year

7

(23,593)

(33,161)

Provisions for liabilities

(48,167)

(40,005)

Net assets

 

1,677,176

1,895,709

Capital and reserves

 

Called up share capital

1,100

1,100

Revaluation reserve

39,098

45,998

Profit and loss account

1,636,978

1,848,611

Total equity

 

1,677,176

1,895,709

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 July 2022 and signed on its behalf by:
 

.........................................
Mr A M Kaupang
Director

 

Creative Paper Products Limited
(Registration number: 02714679)

Notes to the 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 & Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

The principal place of business is:
Millfield House
Lichfield Road
Tamworth
Staffordshire
B79 7SP

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.

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on ...............7 July 2022 was Ruskin Wilson, who signed for and on behalf of Thompson Jenner LLP.

 

Creative Paper Products Limited
(Registration number: 02714679)

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

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.

Revenue for bespoke customer orders is recognised by reference to the stage of completion of the transaction at the reporting date.

Government grants

The Coronavirus Job Retention Scheme grant has been credited to other income so as to match the grant to the underlying eligible furloughed staff expenditure to which it relates.

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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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

Short leasehold land and buildings

15% reducing balance

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

 

Creative Paper Products Limited
(Registration number: 02714679)

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

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Creative Paper Products Limited
(Registration number: 02714679)

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 27 (2020 - 31).

 

Creative Paper Products Limited
(Registration number: 02714679)

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

4

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 January 2021

97,599

30,007

535,563

663,169

Additions

-

2,530

16,975

19,505

Disposals

-

(4,471)

(25,000)

(29,471)

At 31 December 2021

97,599

28,066

527,538

653,203

Depreciation

At 1 January 2021

80,184

20,616

325,890

426,690

Charge for the year

2,612

1,740

33,327

37,679

Eliminated on disposal

-

(3,338)

(22,275)

(25,613)

At 31 December 2021

82,796

19,018

336,942

438,756

Carrying amount

At 31 December 2021

14,803

9,048

190,596

214,447

At 31 December 2020

17,415

9,391

209,673

236,479

Included within the net book value of land and buildings above is £14,803 (2020 - £17,415) in respect of short leasehold land and buildings.
 

Revaluation

The fair value of the company's plant and machinery was revalued on 18 May 2014 by M Connor of Haworth Enterprises, a business that specialises in the supply of used and rebuilt machinery to the world's leading printing and paper converting companies and who is external to the company. The basis of this valuation was open market value.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £152,886 (2019 - £182,686),

The company elected to use this valuation as deemed cost upon transition to FRS 102.

5

Stocks

2021
£

2020
£

Raw materials and consumables

1,033,679

946,638

Finished goods and goods for resale

31,017

45,217

1,064,696

991,855

 

Creative Paper Products Limited
(Registration number: 02714679)

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

6

Debtors

2021
£

2020
£

Trade debtors

906,856

930,004

Other debtors

197,861

221,074

Prepayments and accrued income

40,408

42,340

Total current trade and other debtors

1,145,125

1,193,418

7

Creditors

Note

2021
 £

2020
 £

Due within one year

 

Loans and borrowings

8

509,604

399,103

Trade creditors

 

539,677

504,738

Taxation and social security

 

205,172

172,583

Other creditors

 

19,986

18,486

 

1,274,439

1,094,910

Due after one year

 

Loans and borrowings

8

23,593

33,161

8

Loans and borrowings

2021
 £

2020
 £

Current loans and borrowings

Bank loan

9,563

9,392

Invoice discounting facility

500,041

389,711

509,604

399,103

 

Creative Paper Products Limited
(Registration number: 02714679)

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

2021
 £

2020
 £

Non-current loans and borrowings

Bank loan

23,593

33,161

Secured loans and borrowings
The bank loan and invoice discounting facility are secured by a fixed and floating charge over all assets of the company.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £87,000 (2020 - £173,000). As at 31 December 2021 the company had annual commitments under non-cancellable operating leases due within one year of £87,000 (2020 - £86,000).

10

Related party transactions

The company has taken advantage of the exemptions in FRS 102 Section 1A from disclosing transactions with other members of the group.

11

Parent and ultimate parent undertaking

The company's immediate parent is Norwegian Paper UK Limited, incorporated in England & Wales.

 The ultimate parent is Norwegian Paper Holdings AS, incorporated in Norway.

 The most senior parent entity producing publicly available financial statements is Norwegian Paper Holdings AS.The ultimate controlling party is Mr A M Kaupang.

The parent of the largest group in which these financial statements are consolidated is Norwegian Paper Holdings AS, incorporated in Norway.

The address of Norwegian Paper Holdings AS is:

PB163, 48 91
Grimstad
Osterkogen 20, NO-4879
Grimstad
Norway