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Company registration number: 05557033
Total Labelling Solutions Limited
Pages for filing with Registrar
31 January 2023
Total Labelling Solutions Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Total Labelling Solutions Limited
Statement of financial position
31 January 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 65,054 44,129
_______ _______
65,054 44,129
Current assets
Stocks 142,236 57,000
Debtors 6 340,360 321,803
Investments 7 1,545 1,545
Cash at bank and in hand 370,018 206,105
_______ _______
854,159 586,453
Creditors: amounts falling due
within one year 8 ( 180,808) ( 73,681)
_______ _______
Net current assets 673,351 512,772
_______ _______
Total assets less current liabilities 738,405 556,901
Provisions for liabilities ( 12,360) ( 8,384)
_______ _______
Net assets 726,045 548,517
_______ _______
Capital and reserves
Called up share capital 53 53
Revaluation reserve 390 390
Capital redemption reserve 50 50
Profit and loss account 725,552 548,024
_______ _______
Shareholders funds 726,045 548,517
_______ _______
For the year ending 31 January 2023 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 16 October 2023 , and are signed on behalf of the board by:
H Ross
Director
Company registration number: 05557033
Total Labelling Solutions Limited
Statement of changes in equity
Year ended 31 January 2023
Called up share capital Revaluation reserve Capital redemption reserve Profit and loss account Total
£ £ £ £ £
At 1 February 2021 50 390 50 479,143 479,633
Profit for the year 191,581 191,581
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 191,581 191,581
Issue of shares 3 3
Dividends paid and payable ( 122,700) ( 122,700)
_______ _______ _______ _______ _______
Total investments by and distributions to owners 3 - - ( 122,700) ( 122,697)
_______ _______ _______ _______ _______
At 31 January 2022 and 1 February 2022 53 390 50 548,025 548,518
Profit for the year 329,527 329,527
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 329,527 329,527
Dividends paid and payable ( 152,000) ( 152,000)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 152,000) ( 152,000)
_______ _______ _______ _______ _______
At 31 January 2023 53 390 50 725,552 726,045
_______ _______ _______ _______ _______
Total Labelling Solutions Limited
Notes to the financial statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Finlay Court, South Shields, NE34 9QA.
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.
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 - 10 % straight line
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.
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.
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.
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 in finance costs 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 7 (2022: 7 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 February 2022 204,977 58,359 263,336
Additions 38,175 2,812 40,987
_______ _______ _______
At 31 January 2023 243,152 61,171 304,323
_______ _______ _______
Depreciation
At 1 February 2022 187,278 31,929 219,207
Charge for the year 13,945 6,117 20,062
_______ _______ _______
At 31 January 2023 201,223 38,046 239,269
_______ _______ _______
Carrying amount
At 31 January 2023 41,929 23,125 65,054
_______ _______ _______
At 31 January 2022 17,699 26,430 44,129
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 287,993 270,903
Other debtors 52,367 50,900
_______ _______
340,360 321,803
_______ _______
7. Investments
2023 2022
£ £
Other investments 1,545 1,545
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 30,020 4,234
Corporation tax 116,480 42,259
Social security and other taxes 28,205 23,453
Other creditors 6,103 3,735
_______ _______
180,808 73,681
_______ _______
9. Directors advances, credits and guarantees
Within other creditors due within one year are amounts due to the director of £4,373 (2022: £793). These are interest free and repayable on demand.