REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31st March 2023 |
for |
Ovenden Papers Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31st March 2023 |
for |
Ovenden Papers Limited |
Ovenden Papers Limited (Registered number: 00384116) |
Contents of the Financial Statements |
for the Year Ended 31st March 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 15 |
Ovenden Papers Limited |
Company Information |
for the Year Ended 31st March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Certified Accountants |
Statutory Auditors |
Grenville House |
4 Grenville Avenue |
Broxbourne |
Hertfordshire |
EN10 7DH |
BANKERS: |
1 Churchill Place |
Canary Wharf |
London |
E14 5HP |
Ovenden Papers Limited (Registered number: 00384116) |
Strategic Report |
for the Year Ended 31st March 2023 |
The directors present their strategic report for the year ended 31st March 2023. |
REVIEW OF BUSINESS |
The directors are pleased to report that the Company has benefited from a strong year's trading and the review is consistent with the size and non-complex nature of our business. The key performance indicators are those that communicate the financial performance and profitability of the business as a whole. |
Turnover increased by 32.63% to £45.2M (2022 - £34M) and an operating profit of £1,426,307 (2022 - £702,670) was achieved. |
The increase in turnover was partly attributable to higher selling prices and a shortage of paper and board grades in the first half of the year. In particular the Office Papers, Graphical & Cartonboard divisions continue to grow from strength to strength. |
Although costs have risen in all areas of the business the directors are pleased to report a profit before tax of £883,563 (2022- £559,680). |
The continued growth of our Graphical & Cartonboard division further aligns the Company with the international conscience about sustainability and paper-based alternatives to plastics. |
With the ever-increasing awareness of carbon neutrality, the Company is also a supporter of a carbon offsetting initiative called Carbon Balanced Paper. This programme offsets the unavoidable carbon emissions generated during the paper making process through a partnership with World Land Trust and all papers purchased from the company are available as Carbon Balanced. |
The Company recognises the effort of all its stakeholders in meeting the market challenges, particularly its staff who continue to work hard but also its suppliers and customers who have supported the strategic initiatives of the Company. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The key risks to the business are similar to all UK papers merchants; namely the concerns relating to market demand for paper products, the constant pressure on margins, the reduction in paper-making capacity and the financial failure of customers. |
The Company manages customer credit risk through its credit control function and regular meetings with major customers and at the same time maintains a supplier base which assures a good line of product supply at all times. |
ON BEHALF OF THE BOARD: |
Ovenden Papers Limited (Registered number: 00384116) |
Report of the Directors |
for the Year Ended 31st March 2023 |
The directors present their report with the financial statements of the company for the year ended 31st March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of paper merchants. |
DIVIDENDS |
No dividends will be distributed for the year ended 31st March 2023. |
FUTURE DEVELOPMENTS |
The directors are closely monitoring the impact of the current cost of living situation in the UK on demand and the challenges of high-cost inflation and increased interest rates for many businesses. |
Although there is currently little indication that a turn-round will happen before 2024 the company remains profitable and is well placed to benefit from market opportunities. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st April 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Ovenden Papers Limited (Registered number: 00384116) |
Report of the Directors |
for the Year Ended 31st March 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Lincoln Brown & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Ovenden Papers Limited |
Opinion |
We have audited the financial statements of Ovenden Papers Limited (the 'company') for the year ended 31st March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31st March 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Report of the Independent Auditors to the Members of |
Ovenden Papers Limited |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- the financial statements are not in agreement with the accounting records and returns; or |
- certain disclosures of directors' remuneration specified by law are not made; or |
- we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Ovenden Papers Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- We identified the laws and regulations applicable to the company through discussions with directors and other management. |
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment. |
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- investigated the rationale behind significant or unusual transactions; and |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; |
- reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors; and |
Report of the Independent Auditors to the Members of |
Ovenden Papers Limited |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
Statutory Auditors |
Grenville House |
4 Grenville Avenue |
Broxbourne |
Hertfordshire |
EN10 7DH |
Ovenden Papers Limited (Registered number: 00384116) |
Statement of Comprehensive Income |
for the Year Ended 31st March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,426,307 | 594,379 |
Other operating income |
OPERATING PROFIT | 5 |
Interest payable and similar expenses |
7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Ovenden Papers Limited (Registered number: 00384116) |
Balance Sheet |
31st March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Capital redemption reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Ovenden Papers Limited (Registered number: 00384116) |
Statement of Changes in Equity |
for the Year Ended 31st March 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st April 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31st March 2022 | 6,055 | 3,595,902 | 3,607,902 |
Changes in equity |
Total comprehensive income | - |
Balance at 31st March 2023 |
Ovenden Papers Limited (Registered number: 00384116) |
Cash Flow Statement |
for the Year Ended 31st March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid |
Net cash from operating activities | ( |
) | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) |
Finance lease movements in year | ( |
) | ( |
) |
Amount introduced by directors | 156,000 | - |
Amount withdrawn by directors | - | (300,000 | ) |
Net cash from financing activities | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
(6,640,280 |
) |
(3,357,126 |
) |
Cash and cash equivalents at end of year |
2 |
( |
) |
( |
) |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Cash Flow Statement |
for the Year Ended 31st March 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.23 | 31.3.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Government grants | ( |
) |
Finance costs | 542,744 | 142,990 |
1,539,511 | 735,920 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 59,009 | 105,054 |
Bank overdrafts | ( |
) | ( |
) |
(10,428,619 | ) | (6,640,280 | ) |
Year ended 31st March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 105,054 | 493,664 |
Bank overdrafts | ( |
) | ( |
) |
(6,640,280 | ) | (3,357,126 | ) |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Cash Flow Statement |
for the Year Ended 31st March 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 105,054 | (46,045 | ) | 59,009 |
Bank overdrafts | (6,745,334 | ) | (3,742,294 | ) | (10,487,628 | ) |
(6,640,280 | ) | ( |
) | (10,428,619 | ) |
Debt |
Finance leases | (134,979 | ) | 87,524 | (47,455 | ) |
Debts falling due within 1 year | - | (664,571 | ) | (664,571 | ) |
(134,979 | ) | (577,047 | ) | (712,026 | ) |
Total | (6,775,259 | ) | (4,365,386 | ) | (11,140,645 | ) |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements |
for the Year Ended 31st March 2023 |
1. | STATUTORY INFORMATION |
Ovenden Papers Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Ovenden Papers Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section S 405 (2) of the Companies Act 2006 from the requirements to prepare consolidated financial statements because the subsidiaries are immaterial in total. |
Significant judgements and estimates |
There were no significant judgements and estimates made by management in the preparation of the financial statements. |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, exclusive of discounts, rebates, value added tax and is recognised at the point of delivery. |
Tangible fixed assets |
Fixed Assets are recorded at cost and depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows: |
Short leasehold property Straight line over the life of the lease |
Plant and machinery 15% straight line |
Fixtures, fitting and equipment 15% reducing balance |
Motor vehicles 20% straight line |
Investments in subsidiaries |
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. Cost is principally determined using the FIFO (first in first out) method. |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised on the company's Balance Sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade Debtors |
Trade Debtors do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. Estimated irrecoverable amounts are based on the ageing of the receivable balances and historical experience. Individual trade debtors are written off when management deems them not to be collectible. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand that is readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value and these are net of bank overdrafts. |
Trade Creditors |
Trade creditors are not interest bearing and are stated at their transaction price. |
Financial liabilities and equity instruments |
Financial liabilities and equity instruments issued by the Company are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted for specific financial liabilities and equity instruments are set out below. |
Capital market and bank borrowings |
Interest bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at amortised cost, using the effective interest rate method. Any difference between the proceeds net of transaction costs and the settlement or redemption of borrowings is recognised over the term of the borrowing. |
Taxation |
Taxation for the year comprises current and deferred tax. 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 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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. |
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
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. |
Invoice discounting |
Sales invoices are all assigned at the date of the invoice except web, machine sales and debts in excess of 120 days which are disallowed. All costs in relation to invoice discounting are allocated to the profit and loss as incurred. |
Government grants |
Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate, loans are presented in the balance sheet in current liabilities. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
31.3.23 | 31.3.22 |
£ | £ |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
4. | EMPLOYEES AND DIRECTORS |
31.3.23 | 31.3.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.3.23 | 31.3.22 |
Administrative and management | 19 | 19 |
Sales and distribution | 36 | 36 |
31.3.23 | 31.3.22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.23 | 31.3.22 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
6. | AUDITORS' REMUNERATION |
31.3.23 | 31.3.22 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
22,000 |
22,000 |
Total audit fees | 22,000 | 22,000 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.23 | 31.3.22 |
£ | £ |
Bank interest |
Bank loan interest |
8. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Current tax: |
UK corporation tax |
Tax adjust re previous year | (69,058 | ) | - |
Total current tax | ( |
) |
Deferred tax | ( |
) |
Tax on profit | ( |
) | ( |
) |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
8. | TAXATION - continued |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.23 | 31.3.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Utilisation of tax losses | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
tax |
Losses carried forward | - | (106,339 | ) |
Total tax credit | (46,958 | ) | (25,873 | ) |
If the company's profits remain above £250k then the companies corporation tax rate is 25% from 1 April 2023. |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st April 2022 |
Additions |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1st April 2022 |
and 31st March 2023 | 300 |
NET BOOK VALUE |
At 31st March 2023 | 300 |
At 31st March 2022 | 300 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Swordfish House, Unit C River Way, Harlow, Essex, CM20 2DP |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 | 31.3.22 |
£ | £ |
Aggregate capital and reserves |
Registered office: Swordfish House, Unit C River Way, Harlow, Essex, CM20 2DP |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 | 31.3.22 |
£ | £ |
Aggregate capital and reserves |
Registered office: Swordfish House, Unit C River Way, Harlow, Essex, CM20 2DP |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 | 31.3.22 |
£ | £ |
Aggregate capital and reserves |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
11. | STOCKS |
31.3.23 | 31.3.22 |
£ | £ |
Raw materials |
The total carrying value of stock is pledged as security for liabilities. |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Other loans (see note 15) |
Finance leases (see note 16) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
PAYE and other taxes |
VAT | 1,127,914 | 534,683 |
Directors' current accounts | 156,000 | - |
Accruals and deferred income |
The aggregate of secured liabilities is £11,196,004 (2022 £6,832,858). |
The Invoice Discounting Facility is secured by a cross guarantee and debenture and a fixed and floating charge on the assets of the company - 2023 £10,487,628 (2022 £6,745,334). |
The finance lease obligations are secured on the tangible fixed assets to which they relate - 2023 £43,805 (2022 £87,524). |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Finance leases (see note 16) |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Other loans |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
31.3.23 | 31.3.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
31.3.23 | 31.3.22 |
£ | £ |
Within one year |
Between one and five years |
17. | PROVISIONS FOR LIABILITIES |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1st April 2022 |
Provided during year |
Balance at 31st March 2023 |
Ovenden Papers Limited (Registered number: 00384116) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary Shares | £1 | 6,055 | 6,055 |
19. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1st April 2022 | 3,601,847 |
Profit for the year | - |
At 31st March 2023 | 4,532,368 |
Capital redemption reserve - this reserve records the nominal value of shares repurchased by the company. Profit and loss account - this reserve records retained earnings and accumulated losses. |