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COMPANY REGISTRATION NUMBER: NI011250
Wallace Packaging (N.I.) Limited
Filleted Unaudited Financial Statements
31 January 2022
Wallace Packaging (N.I.) Limited
Financial Statements
Year ended 31st January 2022
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Wallace Packaging (N.I.) Limited
Statement of Financial Position
31 January 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
12,453
17,345
Current assets
Stocks
401,000
310,000
Debtors
6
269,503
254,447
Cash at bank and in hand
560,923
527,792
------------
------------
1,231,426
1,092,239
Creditors: amounts falling due within one year
7
205,863
150,883
------------
------------
Net current assets
1,025,563
941,356
------------
---------
Total assets less current liabilities
1,038,016
958,701
------------
---------
Net assets
1,038,016
958,701
------------
---------
Capital and reserves
Called up share capital
25,000
25,000
Profit and loss account
1,013,016
933,701
------------
---------
Shareholders funds
1,038,016
958,701
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st January 2022 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Wallace Packaging (N.I.) Limited
Statement of Financial Position (continued)
31 January 2022
These financial statements were approved by the board of directors and authorised for issue on 23 August 2022 , and are signed on behalf of the board by:
Mrs A E Wallace
Mr William Wallace
Director
Director
RJ Wallace
Director
Company registration number: NI011250
Wallace Packaging (N.I.) Limited
Notes to the Financial Statements
Year ended 31st January 2022
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Units 10-16, New Foundry Industrial Estate, Foundry Street, Portadown, BT63 5AB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
No significant judgements have had to be made by the directors in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
10% / 25% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Debtors and creditors receivable/payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2021: 12 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1st February 2021
14,760
44,103
28,325
87,188
Disposals
( 1,750)
( 1,750)
--------
--------
--------
--------
At 31st January 2022
14,760
44,103
26,575
85,438
--------
--------
--------
--------
Depreciation
At 1st February 2021
14,657
40,918
14,268
69,843
Charge for the year
26
467
3,157
3,650
Disposals
( 508)
( 508)
--------
--------
--------
--------
At 31st January 2022
14,683
41,385
16,917
72,985
--------
--------
--------
--------
Carrying amount
At 31st January 2022
77
2,718
9,658
12,453
--------
--------
--------
--------
At 31st January 2021
103
3,185
14,057
17,345
--------
--------
--------
--------
6. Debtors
2022
2021
£
£
Trade debtors
223,266
209,659
Other debtors
46,237
44,788
---------
---------
269,503
254,447
---------
---------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
145,236
95,258
Corporation tax
28,451
16,858
Social security and other taxes
24,887
31,959
Other creditors
7,289
6,808
---------
---------
205,863
150,883
---------
---------
8. Directors' advances, credits and guarantees
At the year end, there was a balance owing by the company to the directors as follows:-
2022 2021 Maximum in the year
£ £ £
Mr William Wallace and Mrs Edith Wallace 343 415 415
---- ----
This is as disclosed in Note 8 of the financial statements.
9. Related party transactions
The company has availed of the exemption under FRS 102 from disclosing payments relating to entities which form part of the Walldith Properties Limited Group. No further transactions occurred such as are to be disclosed under the provisions of FRS 102.
10. Controlling party
The ultimate holding company is Wallace Packaging Holdings Limited, a company incorporated in Northern Ireland. The company regards Mr William Wallace and Mrs Edith Wallace as the controlling parties whom together own 100% of the share capital.