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REGISTERED NUMBER: 01677308 (United Kingdom)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

MID GLAM PACKING SUPPLIES LIMITED

MID GLAM PACKING SUPPLIES LIMITED (REGISTERED NUMBER: 01677308)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


MID GLAM PACKING SUPPLIES LIMITED (REGISTERED NUMBER: 01677308)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 138,670 38,911

CURRENT ASSETS
Stocks 5 174,854 182,617
Debtors 6 575,400 621,018
Cash at bank and in hand 225,404 217,865
975,658 1,021,500
CREDITORS
Amounts falling due within one year 7 464,956 591,967
NET CURRENT ASSETS 510,702 429,533
TOTAL ASSETS LESS CURRENT LIABILITIES 649,372 468,444

CREDITORS
Amounts falling due after more than one
year

8

(92,807

)

(9,897

)

PROVISIONS FOR LIABILITIES (20,212 ) -
NET ASSETS 536,353 458,547

CAPITAL AND RESERVES
Called up share capital 11 1,100 1,100
Retained earnings 535,253 457,447
SHAREHOLDERS' FUNDS 536,353 458,547

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MID GLAM PACKING SUPPLIES LIMITED (REGISTERED NUMBER: 01677308)

Balance Sheet - continued
31 March 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2023 and were signed on its behalf by:





Mr S Williams - Director


MID GLAM PACKING SUPPLIES LIMITED (REGISTERED NUMBER: 01677308)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

Mid Glam Packing Supplies Limited is a private company, limited by shares , registered in United Kingdom. The company's registered number and registered office address are as below:

Registered number: 01677308

Registered office: Unit 8 Nine Mile Point Industrial Estate
Cwmfelinfach
Newport
NP11 7HZ

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 12.5% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


MID GLAM PACKING SUPPLIES LIMITED (REGISTERED NUMBER: 01677308)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


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.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022 29,439 49,850 169,334 248,623
Additions - 2,290 127,855 130,145
Disposals - - (83,049 ) (83,049 )
At 31 March 2023 29,439 52,140 214,140 295,719
DEPRECIATION
At 1 April 2022 28,677 47,943 133,092 209,712
Charge for year 95 462 23,552 24,109
Eliminated on disposal - - (76,772 ) (76,772 )
At 31 March 2023 28,772 48,405 79,872 157,049
NET BOOK VALUE
At 31 March 2023 667 3,735 134,268 138,670
At 31 March 2022 762 1,907 36,242 38,911

MID GLAM PACKING SUPPLIES LIMITED (REGISTERED NUMBER: 01677308)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


5. STOCKS
2023 2022
£    £   
Stocks 174,854 182,617

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 280,427 319,186
Other debtors 290,032 291,534
Deferred tax asset - 6,200
Prepayments 4,941 4,098
575,400 621,018

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 45,046 108,481
Hire purchase contracts (see note 10) 34,702 5,317
Trade creditors 316,795 389,128
Social security and other taxes 52,170 74,041
Other creditors 1,243 -
Accruals and deferred income 15,000 15,000
464,956 591,967

Included in creditors falling due within one year are bank overdrafts totalling £45,046 (2022: £108,481). The balance is secured by a fixed charge over the assets of the company.

Hire purchase liabilities totalling £34,702 (2022: £5,318) are secured against the assets to which they relate.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 92,807 9,897

Hire purchase liabilities totalling £92,807 (2022: £9,897) are secured against the assets to which they relate.

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 45,046 108,481

MID GLAM PACKING SUPPLIES LIMITED (REGISTERED NUMBER: 01677308)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 34,702 5,317
Between one and five years 92,807 9,897
127,509 15,214

Non-cancellable operating leases
2023 2022
£    £   
Within one year 49,280 42,166
Between one and five years 206,355 11,081
In more than five years 270,296 -
525,931 53,247

The amount of non-cancellable operating lease payments recognised as an expense during the year was £42,180 (2022 - £42,246).

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000
100 Ordinary B £1 100 100
1,100 1,100

12. PARENT AND ULTIMATE PARENT UNDERTAKING

The company's immediate parent is MGPS Holdings Limited, incorporated in England and Wales.

These financial statements are available upon request from Unit 8 Nine Mile Point Industrial Estate,
Cwmfelinfach, Ynysddu, Newport, NP11 7HZ.