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Company registration number: 13152895
Altrades Packaging Limited
Unaudited filleted financial statements
31 December 2022
Altrades Packaging Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Altrades Packaging Limited
Directors and other information
Director Mr Adrian Timothy Ryall
Company number 13152895
Registered office The Warehouse
Westway
Guildford
England
GU2 8HA
Accountants 4cast
Heritage House
Woodside Lane
Bell Bar
Hertfordshire
AL9 6DE
Altrades Packaging Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Altrades Packaging Limited
Year ended 31 December 2022
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 December 2022 which comprise the statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
4cast
Heritage House
Woodside Lane
Bell Bar
Hertfordshire
AL9 6DE
28 September 2023
Altrades Packaging Limited
Statement of financial position
31 December 2022
31/12/22 31/12/21
Note £ £ £ £
Fixed assets
Intangible assets 5 53,088 46,740
Tangible assets 6 515,506 489,646
_______ _______
568,594 536,386
Current assets
Stocks 96,635 84,761
Debtors 7 181,424 226,464
Cash at bank and in hand 272,854 373,761
_______ _______
550,913 684,986
Creditors: amounts falling due
within one year 8 ( 604,833) ( 837,320)
_______ _______
Net current liabilities ( 53,920) ( 152,334)
_______ _______
Total assets less current liabilities 514,674 384,052
Creditors: amounts falling due
after more than one year 9 ( 20,764) -
Provisions for liabilities ( 8,339) -
_______ _______
Net assets 485,571 384,052
_______ _______
Capital and reserves
Called up share capital 100 100
Share premium account 283,385 283,385
Profit and loss account 202,086 100,567
_______ _______
Shareholders funds 485,571 384,052
_______ _______
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 September 2023 , and are signed on behalf of the board by:
Mr Adrian Timothy Ryall
Director
Company registration number: 13152895
Altrades Packaging Limited
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Warehouse, Westway, Guildford, England, GU2 8HA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - Amortised over 10 years
Website - Amortised over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Office equipments - 33.33 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Staff costs
The average number of persons employed by the company during the year amounted to 7 (2021: 6 ).
The aggregate payroll costs incurred during the year were:
Year Period
ended ended
31/12/22 31/12/21
£ £
Wages and salaries 136,852 64,222
Social security costs 988 946
_______ _______
137,840 65,168
_______ _______
5. Intangible assets
Goodwill Website Total
£ £ £
Cost
At 1 January 2022 49,200 - 49,200
Additions - 14,085 14,085
_______ _______ _______
At 31 December 2022 49,200 14,085 63,285
_______ _______ _______
Amortisation
At 1 January 2022 2,460 - 2,460
Charge for the year 4,920 2,817 7,737
_______ _______ _______
At 31 December 2022 7,380 2,817 10,197
_______ _______ _______
Carrying amount
At 31 December 2022 41,820 11,268 53,088
_______ _______ _______
At 31 December 2021 46,740 - 46,740
_______ _______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Office equipment Total
£ £ £ £ £ £
Cost
At 1 January 2022 472,000 3,040 3,134 9,258 4,965 492,397
Additions - - - 30,000 12,502 42,502
_______ _______ _______ _______ _______ _______
At 31 December 2022 472,000 3,040 3,134 39,258 17,467 534,899
_______ _______ _______ _______ _______ _______
Depreciation
At 1 January 2022 - 382 393 1,157 819 2,751
Charge for the year - 665 687 9,525 5,765 16,642
_______ _______ _______ _______ _______ _______
At 31 December 2022 - 1,047 1,080 10,682 6,584 19,393
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 December 2022 472,000 1,993 2,054 28,576 10,883 515,506
_______ _______ _______ _______ _______ _______
At 31 December 2021 472,000 2,658 2,741 8,101 4,146 489,646
_______ _______ _______ _______ _______ _______
7. Debtors
31/12/22 31/12/21
£ £
Trade debtors 171,681 212,469
Other debtors 9,743 13,995
_______ _______
181,424 226,464
_______ _______
8. Creditors: amounts falling due within one year
31/12/22 31/12/21
£ £
Trade creditors 77,449 98,979
Corporation tax 27,157 30,451
Social security and other taxes 43,648 192,695
Other creditors 456,579 515,195
_______ _______
604,833 837,320
_______ _______
9. Creditors: amounts falling due after more than one year
31/12/22 31/12/21
£ £
Other creditors 20,764 -
_______ _______
10. Directors advances, credits and guarantees
Included within creditors are loans from the directors totalling £435,402.