Thorpe Packaging Limited 03084801 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is that of the provision of packaging materials Digita Accounts Production Advanced 6.30.9574.0 true 03084801 2022-07-01 2023-06-30 03084801 2023-06-30 03084801 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-06-30 03084801 core:RetainedEarningsAccumulatedLosses 2023-06-30 03084801 core:ShareCapital 2023-06-30 03084801 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 03084801 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-06-30 03084801 core:CurrentFinancialInstruments 2023-06-30 03084801 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 03084801 core:Goodwill 2023-06-30 03084801 core:FurnitureFittings 2023-06-30 03084801 core:MotorVehicles 2023-06-30 03084801 core:PlantMachinery 2023-06-30 03084801 bus:SmallEntities 2022-07-01 2023-06-30 03084801 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 03084801 bus:FullAccounts 2022-07-01 2023-06-30 03084801 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 03084801 bus:RegisteredOffice 2022-07-01 2023-06-30 03084801 bus:Director1 2022-07-01 2023-06-30 03084801 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-07-01 2023-06-30 03084801 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 03084801 core:Goodwill 2022-07-01 2023-06-30 03084801 core:FurnitureFittings 2022-07-01 2023-06-30 03084801 core:MotorVehicles 2022-07-01 2023-06-30 03084801 core:PlantMachinery 2022-07-01 2023-06-30 03084801 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-07-01 2023-06-30 03084801 core:OtherRelatedParties 2022-07-01 2023-06-30 03084801 core:ParentEntities 2022-07-01 2023-06-30 03084801 countries:England 2022-07-01 2023-06-30 03084801 2022-06-30 03084801 core:Goodwill 2022-06-30 03084801 core:FurnitureFittings 2022-06-30 03084801 core:MotorVehicles 2022-06-30 03084801 core:PlantMachinery 2022-06-30 03084801 2021-07-01 2022-06-30 03084801 2022-06-30 03084801 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-06-30 03084801 core:RetainedEarningsAccumulatedLosses 2022-06-30 03084801 core:ShareCapital 2022-06-30 03084801 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-06-30 03084801 core:CurrentFinancialInstruments 2022-06-30 03084801 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 03084801 core:Goodwill 2022-06-30 03084801 core:FurnitureFittings 2022-06-30 03084801 core:MotorVehicles 2022-06-30 03084801 core:PlantMachinery 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03084801

Thorpe Packaging Limited

Information for Filing with The Registrar

30 June 2023

 

Thorpe Packaging Limited

(Registration number: 03084801)

Balance Sheet

30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

7,042

13,000

Tangible assets

5

191,001

142,881

Other financial assets

6

32,000

32,000

 

230,043

187,881

Current assets

 

Stocks

311,637

285,755

Debtors

7

357,892

523,803

Cash at bank and in hand

 

407,143

289,535

 

1,076,672

1,099,093

Creditors: Amounts falling due within one year

8

(593,835)

(724,653)

Net current assets

 

482,837

374,440

Total assets less current liabilities

 

712,880

562,321

Provisions for liabilities

(38,609)

(26,530)

Net assets

 

674,271

535,791

Capital and reserves

 

Called up share capital

9

12

12

Retained earnings

674,259

535,779

Shareholders' funds

 

674,271

535,791

For the financial year ending 30 June 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Thorpe Packaging Limited

(Registration number: 03084801)

Balance Sheet

30 June 2023

Approved and authorised by the Board on 28 September 2023 and signed on its behalf by:



P.R. Jolliffe

Director

 

Thorpe Packaging Limited

Notes to the Accounts

Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Thorpe House
Hurricane Close
Sherburn in Elmet
Leeds
LS25 6PB

These financial statements were authorised for issue by the Board on 28 September 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and is recognised when the goods are physically delivered to the customer. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Grants are recognised as income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Tax

The tax expense for the period comprises corporation and deferred tax.

The current corporation 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 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 tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Thorpe Packaging Limited

Notes to the Accounts

Year Ended 30 June 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Fixture and fittings

25% reducing balance basis

Plant and machinery

25% reducing balance basis

Motor Vehicles

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life,

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line basis

Fixed asset investments

A financial asset held as an equity investment is recognised initially at the transaction price (including transaction costs).

At the end of each reporting period, unlisted equity investments are recorded at fair value where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit or loss immediately. Impairment loss is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset (including sales proceeds if sold) at the balance sheet date.

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. 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.

 

Thorpe Packaging Limited

Notes to the Accounts

Year Ended 30 June 2023

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

3

Staff numbers

The average number of persons employed by the company during the year, was 12 (2022 - 11).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

130,000

130,000

At 30 June 2023

130,000

130,000

Amortisation

At 1 July 2022

117,000

117,000

Amortisation charge

5,958

5,958

At 30 June 2023

122,958

122,958

Carrying amount

At 30 June 2023

7,042

7,042

At 30 June 2022

13,000

13,000

 

Thorpe Packaging Limited

Notes to the Accounts

Year Ended 30 June 2023

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

68,234

378,595

-

446,829

Additions

11,474

11,900

82,765

106,139

Disposals

(4,287)

-

-

(4,287)

At 30 June 2023

75,421

390,495

82,765

548,681

Depreciation

At 1 July 2022

44,326

259,622

-

303,948

Charge for the year

7,809

30,648

19,185

57,642

Eliminated on disposal

(3,910)

-

-

(3,910)

At 30 June 2023

48,225

290,270

19,185

357,680

Carrying amount

At 30 June 2023

27,196

100,225

63,580

191,001

At 30 June 2022

23,908

118,973

-

142,881

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 July 2022

32,000

32,000

At 30 June 2023

32,000

32,000

Carrying amount

At 30 June 2023

32,000

32,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

341,808

494,838

Prepayments

16,084

28,965

 

357,892

523,803

 

Thorpe Packaging Limited

Notes to the Accounts

Year Ended 30 June 2023

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

94,306

74,290

Trade creditors

 

276,681

495,437

Amounts due to related parties

11

-

250

Corporation tax

 

80,154

58,510

Other taxes and social security

 

62,529

36,921

Other creditors

 

80,165

59,245

 

593,835

724,653

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

12

12

12

12

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

38,277

74,290

Hire purchase contracts

56,029

-

94,306

74,290

11

Related party transactions

Summary of transactions with parent

Hejj Limited is the parent company of Thorpe Packaging Limited.
 Dividends of £200,000 were paid to Hejj Limited during the year (2022 - £162,000). At the balance sheet date the amount due to Hejj Limited was £50,000 (2022 - £42,000).
 

 

Thorpe Packaging Limited

Notes to the Accounts

Year Ended 30 June 2023

Summary of transactions with entities with joint control or significant interest

Hurricane Packaging Limited is a company under the common control of P.R. & J.L. Jolliffe.
 Thorpe Packaging Limited buys and sells packaging materials on normal commercial terms from and to Hurricane Packaging Limited. The value of such purchases were £173,800 (2022 - £166,074) and the value of such sales were £18,918 (2022 - £23,740) during the year ended 30 June 2023. At the balance sheet date the amount owed to Hurricane Packaging Limited was £37,666 (2022 - £49,293).
 

Summary of transactions with other related parties

Hejj Partnership
P.R. & J.L. Jolliffe are partners in the Hejj Partnership.

 Thorpe Packaging Limited, rented premises from the Hejj Partnership for £45,000 during the year ended 30 June 2023 (2022 - £45,000). At the balance sheet date the amount due to the Hejj Partnership was £Nil (2022 - £Nil).