6 30/06/2023 2023-06-30 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 05375435 2022-04-01 2023-06-30 05375435 2023-06-30 05375435 2022-03-31 05375435 2021-04-01 2022-03-31 05375435 2022-03-31 05375435 core:NetGoodwill 2022-04-01 2023-06-30 05375435 core:PlantMachinery 2022-04-01 2023-06-30 05375435 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-06-30 05375435 bus:RegisteredOffice 2022-04-01 2023-06-30 05375435 bus:LeadAgentIfApplicable 2022-04-01 2023-06-30 05375435 bus:Director1 2022-04-01 2023-06-30 05375435 bus:CompanySecretary1 2022-04-01 2023-06-30 05375435 core:NetGoodwill 2022-03-31 05375435 core:PlantMachinery 2022-03-31 05375435 core:FurnitureFittingsToolsEquipment 2022-03-31 05375435 core:WithinOneYear 2023-06-30 05375435 core:WithinOneYear 2022-03-31 05375435 core:ShareCapital 2023-06-30 05375435 core:ShareCapital 2022-03-31 05375435 core:RetainedEarningsAccumulatedLosses 2023-06-30 05375435 core:RetainedEarningsAccumulatedLosses 2022-03-31 05375435 core:NetGoodwill 2022-03-31 05375435 core:PlantMachinery 2022-03-31 05375435 core:FurnitureFittingsToolsEquipment 2022-03-31 05375435 bus:SmallEntities 2022-04-01 2023-06-30 05375435 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-06-30 05375435 bus:FullAccounts 2022-04-01 2023-06-30 05375435 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-06-30 05375435 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-06-30
Company registration number: 05375435
K.P. Paper Convertors Limited
Unaudited filleted financial statements
30 June 2023
K.P. Paper Convertors Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
K.P. Paper Convertors Limited
Directors and other information
Director Mr Kenneth William May
Secretary Samantha May
Company number 05375435
Registered office Unit 3B,
Hawkins Road,
Colchester,
Essex
CO2 8JY
Business address Unit 3B,
Hawkins Road,
Colchester,
Essex,
CO2 8JY
Accountants Pritchard Fellows & Co Limited
Avery House
8 Avery Hill Road
New Eltham
London
SE9 2BD
K.P. Paper Convertors Limited
Statement of financial position
30 June 2023
30/06/23 31/03/22
Note £ £ £ £
Fixed assets
Intangible assets 5 - 32,500
Tangible assets 6 - 697
_______ _______
- 33,197
Current assets
Stocks 23,937 81,920
Debtors 7 63,093 147,942
Cash at bank and in hand 148,858 108,146
_______ _______
235,888 338,008
Creditors: amounts falling due
within one year 8 ( 12,382) ( 77,104)
_______ _______
Net current assets 223,506 260,904
_______ _______
Total assets less current liabilities 223,506 294,101
_______ _______
Net assets 223,506 294,101
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 223,406 294,001
_______ _______
Shareholders funds 223,506 294,101
_______ _______
For the period ending 30 June 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 period 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 September 2023 , and are signed on behalf of the board by:
Mr Kenneth William May
Director
Company registration number: 05375435
K.P. Paper Convertors Limited
Notes to the financial statements
Period ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is K P Paper Convertors Limited, Unit 3B,, Hawkins Road,, Colchester,, Essex, CO2 8JY.
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.
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.
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 - 5 % straight line
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 - 15 % reducing balance
Fittings fixtures and equipment - 15 % 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. 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.
Financial instruments
Basic financial instruments in debtors and creditors with no stated interest rate, and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in other administrative expenses.Other financial assets and liabilities, such as loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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 period amounted to 6 (2022: 3 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2022 50,000 50,000
Disposals (50,000) (50,000)
_______ _______
At 30 June 2023 - -
_______ _______
Amortisation
At 1 April 2022 17,500 17,500
Disposals ( 17,500) ( 17,500)
_______ _______
At 30 June 2023 - -
_______ _______
Carrying amount
At 30 June 2023 - -
_______ _______
At 31 March 2022 32,500 32,500
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2022 4,335 3,444 7,779
Disposals ( 4,335) ( 3,444) ( 7,779)
_______ _______ _______
At 30 June 2023 - - -
_______ _______ _______
Depreciation
At 1 April 2022 3,885 3,197 7,082
Disposals ( 3,885) ( 3,197) ( 7,082)
_______ _______ _______
At 30 June 2023 - - -
_______ _______ _______
Carrying amount
At 30 June 2023 - - -
_______ _______ _______
At 31 March 2022 450 247 697
_______ _______ _______
7. Debtors
30/06/23 31/03/22
£ £
Trade debtors 9,000 144,569
Other debtors 54,093 3,373
_______ _______
63,093 147,942
_______ _______
8. Creditors: amounts falling due within one year
30/06/23 31/03/22
£ £
Trade creditors - 46,194
Corporation tax - 11,108
Social security and other taxes 7,627 16,379
Other creditors 4,755 3,423
_______ _______
12,382 77,104
_______ _______