Company registration number 02792180 (England and Wales)
EAST LONDON PACKAGING SUPPLIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
EAST LONDON PACKAGING SUPPLIES LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
EAST LONDON PACKAGING SUPPLIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
125,000
187,500
Tangible assets
5
32,514
31,111
157,514
218,611
Current assets
Stocks
28,000
16,600
Debtors
6
212,868
162,496
Cash at bank and in hand
804,219
717,284
1,045,087
896,380
Creditors: amounts falling due within one year
7
(173,352)
(111,941)
Net current assets
871,735
784,439
Net assets
1,029,249
1,003,050
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
1,028,249
1,002,050
Total equity
1,029,249
1,003,050
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 May 2023 and are signed on its behalf by:
Mr Peter Fatt
Director
Company Registration No. 02792180
EAST LONDON PACKAGING SUPPLIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2021
1,000
972,895
973,895
Year ended 28 February 2022:
Profit and total comprehensive income for the year
-
77,155
77,155
Dividends
-
(48,000)
(48,000)
Balance at 28 February 2022
1,000
1,002,050
1,003,050
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
30,199
30,199
Dividends
-
(4,000)
(4,000)
Balance at 28 February 2023
1,000
1,028,249
1,029,249
EAST LONDON PACKAGING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
East London Packaging Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 325-327 Oldfield Lane North, Greenford, Middlesex, UB6 0FX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Motor vehicles
25% on reducing balance
1.5
Impairment of fixed assets
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
EAST LONDON PACKAGING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
EAST LONDON PACKAGING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
7
4
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
250,000
Amortisation and impairment
At 1 March 2022
62,500
Amortisation charged for the year
62,500
At 28 February 2023
125,000
Carrying amount
At 28 February 2023
125,000
At 28 February 2022
187,500
EAST LONDON PACKAGING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2022
37,074
40,060
20,300
97,434
Additions
8,273
8,273
At 28 February 2023
45,347
40,060
20,300
105,707
Depreciation and impairment
At 1 March 2022
24,262
31,423
10,638
66,323
Depreciation charged in the year
3,163
1,291
2,416
6,870
At 28 February 2023
27,425
32,714
13,054
73,193
Carrying amount
At 28 February 2023
17,922
7,346
7,246
32,514
At 28 February 2022
12,812
8,637
9,662
31,111
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
202,868
152,496
Other debtors
10,000
10,000
212,868
162,496
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
94,106
36,525
Corporation tax
33,233
34,158
Other taxation and social security
21,479
20,515
Other creditors
24,534
20,743
173,352
111,941
8
Directors' transactions
Dividends totalling £3,996 (2021 - £47,952) were paid in the year in respect of shares held by the company's directors.