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REGISTERED NUMBER: 02012280 (England and Wales)












Audited Financial Statements

for the Year Ended 31 December 2021

for

Davenport Paper Co Limited

Davenport Paper Co Limited (Registered number: 02012280)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Davenport Paper Co Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: B Byfield
L Bolscho
C J Reilly





REGISTERED OFFICE: 3 Charnwood Street
Derby
DE1 2GY





REGISTERED NUMBER: 02012280 (England and Wales)





AUDITORS: Bourne & Co.
Statutory Auditors
3 Charnwood Street
Derby
Derbyshire
DE1 2GY

Davenport Paper Co Limited (Registered number: 02012280)

Balance Sheet
31 December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 8,967 22,548
Tangible assets 6 435,170 281,480
444,137 304,028

CURRENT ASSETS
Stocks 1,019,906 882,454
Debtors 7 1,816,786 3,005,076
Cash at bank 61,122 62,582
2,897,814 3,950,112
CREDITORS
Amounts falling due within one year 8 966,854 1,151,803
NET CURRENT ASSETS 1,930,960 2,798,309
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,375,097

3,102,337

PROVISIONS FOR LIABILITIES 51,217 12,293
NET ASSETS 2,323,880 3,090,044

CAPITAL AND RESERVES
Called up share capital 10 10,000 10,000
Retained earnings 2,313,880 3,080,044
SHAREHOLDERS' FUNDS 2,323,880 3,090,044

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 14 September 2022 and were signed on its behalf by:





B Byfield - Director


Davenport Paper Co Limited (Registered number: 02012280)

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

1. STATUTORY INFORMATION

Davenport Paper Co 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents net invoiced sales of goods and services excluding value added tax and is recognised at the fair value of the consideration received or receivable for sale of goods to external customers in the ordinary course of business. Turnover is recognised at the date of despatch where the company is contracted to undertake the transportation of goods to the customer's place of business. The fair value of consideration takes into account returns, discounts and rebates.

Intangible assets
Intangible assets are initially measures at cost. After initial recognition, intangible assets are measures at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software & websites are being amortised evenly over their estimated useful life of four and three years respectively.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Straight line over 8 years
Plant and machinery - 20% on reducing balance and 10% on cost
Fixtures and fittings - 15% on reducing balance and 10% on cost
Motor vehicles - 25% on reducing balance
Office equipment - 25% on cost, 25% on reducing balance and 10% on cost

Stocks
Stocks are stated at their lower of cost and estimated selling price less costs to complete and sell. Cost is based on the weighted average principle or conversion costs and other costs in bringing them to their existing location and condition.

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.


Davenport Paper Co Limited (Registered number: 02012280)

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

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Assets obtained under hire purchase contracts are capitalised as tangible fixed assets and are depreciated over their estimated useful lives.

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.

Financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets
Financial assets.other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial liabilities
Basic financial liabilities, including trade, other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2020 - 41 ) .

4. AUDITORS' REMUNERATION

During the year ended 31 December 2021 auditors remuneration for other services totalled £2,228 (2020 £2,326).

Davenport Paper Co Limited (Registered number: 02012280)

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

5. INTANGIBLE FIXED ASSETS
Computer
software
& websites
£   
COST
At 1 January 2021
and 31 December 2021 210,401
AMORTISATION
At 1 January 2021 187,853
Amortisation for year 13,581
At 31 December 2021 201,434
NET BOOK VALUE
At 31 December 2021 8,967
At 31 December 2020 22,548

6. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2021 11,359 442,230 174,044
Additions - 197,884 10,429
At 31 December 2021 11,359 640,114 184,473
DEPRECIATION
At 1 January 2021 11,359 303,083 148,372
Charge for year - 47,204 6,317
At 31 December 2021 11,359 350,287 154,689
NET BOOK VALUE
At 31 December 2021 - 289,827 29,784
At 31 December 2020 - 139,147 25,672

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 January 2021 141,153 86,833 855,619
Additions 25,460 8,777 242,550
At 31 December 2021 166,613 95,610 1,098,169
DEPRECIATION
At 1 January 2021 50,580 60,745 574,139
Charge for year 24,235 11,104 88,860
At 31 December 2021 74,815 71,849 662,999
NET BOOK VALUE
At 31 December 2021 91,798 23,761 435,170
At 31 December 2020 90,573 26,088 281,480

Davenport Paper Co Limited (Registered number: 02012280)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 230,743 177,318
Amounts owed by group undertakings 1,522,208 2,782,561
Prepayments 63,835 45,197
1,816,786 3,005,076

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 681,631 753,848
Value added tax 177,849 182,955
Other creditors - 76
Other taxes and social security 59,237 52,582
Accrued expenses 106,910 140,598
Corporation tax (58,773 ) 21,744
966,854 1,151,803

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 2020
£    £   
Within one year 258,268 202,968
Between one and five years 233,072 200,000
491,340 402,968

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
10,000 Ordinary £1 10,000 10,000

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Reza Mohidin ACA (Senior Statutory Auditor)
for and on behalf of Bourne & Co.

12. CONTROLLING PARTY

During the year ended 31 December 2021 the immediate controlling party was Ratioform Verpackungen GmbH, a company incorporated in Germany.

In the year ended 31 December 2021 the ultimate parent company was Franz Haniel & Cie GmbH, a company incorporated in Germany, Franz Haniel & Cie GmbH is controlled by members of the Haniel family.

The smallest group in which results of the company are consolidated is that headed by TAKKT AG. The largest group in which the results of the company are consolidated is that of the group accounts for Franz Haniel & Cie GmbH. The consolidated financial statements are available to the public may be obtained from Franz Haniel Platz, D-47119 Duisburg, Germany.

Davenport Paper Co Limited (Registered number: 02012280)

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

13. COVID 19

The COVID-19 pandemic developed rapidly throughout 2020 and is still present to date with the UK government and the devolved administrations of the United Kingdom introducing various measures that have affected economic activity. We have taken the necessary measures to monitor and mitigate the effects of COVID-19, such as health and safety measures for our staff and visitors.

To date, the impact on our business and results has not been significant and based on our experience to date we expect this to remain the case.

We will continue to follow government policies and guidelines and to continue operations in the best and safest way possible without endangering the health of our staff.

There has been no impact upon the company's liquidity or ability to continue as a going concern arising from the pandemic.