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Registration number: 02264841

CFN Packaging Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

CFN Packaging Group Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

CFN Packaging Group Limited

Company Information


 

Directors

B J Yardy

J Alexander


 

Company secretary

J Alexander


 

Registered office

Heath Road
Skegness
Lincolnshire
PE25 3ST


 

Bankers

NatWest Bank plc
Skegness
97 Lumley Road
Skegness
Lincolnshire
PE25 3LY


 

 

CFN Packaging Group Limited

(Registration number: 02264841)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

2,588,212

2,556,077

Current assets

 

Stocks

4

924,561

525,361

Debtors

5

1,313,537

1,093,968

Cash at bank and in hand

 

78,483

-

 

2,316,581

1,619,329

Creditors: Amounts falling due within one year

6

(1,696,819)

(1,318,185)

Net current assets

 

619,762

301,144

Total assets less current liabilities

 

3,207,974

2,857,221

Creditors: Amounts falling due after more than one year

6

(1,630,644)

(1,492,461)

Net assets

 

1,577,330

1,364,760

Capital and reserves

 

Called up share capital

836,777

836,777

Capital redemption reserve

28,782

28,782

Other reserves

88,163

88,163

Retained earnings

623,608

411,038

Shareholders' funds

 

1,577,330

1,364,760

For the financial year ending 31 March 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.

Approved and authorised by the Board on 16 November 2023 and signed on its behalf by:
 

 

CFN Packaging Group Limited

(Registration number: 02264841)
Balance Sheet as at 31 March 2023

.........................................
B J Yardy
Director

.........................................
J Alexander
Company secretary and director

 

CFN Packaging Group Limited

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

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 02264841.

The address of its registered office is:
Heath Road
Skegness
Lincolnshire
PE25 3ST

These financial statements cover the individual entity, CFN Packaging Group Limited.

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 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.

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 provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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.

There is no provision for deferred tax within the financial statements. This is because there is no expectation in the long term of disposing of a significant number of assets and causing a material reversal of accelerated capital allowances.

 

CFN Packaging Group Limited

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

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

Nil

Plant and machinery

5% on cost

Fixtures and fittings

20% reducing balance

Office equipment

25% on cost

Motor vehicles

25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

CFN Packaging Group Limited

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

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

CFN Packaging Group Limited

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

3

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

718,640

3,179,354

28,575

3,926,569

Additions

-

199,233

-

199,233

Disposals

-

-

(12,664)

(12,664)

At 31 March 2023

718,640

3,378,587

15,911

4,113,138

Depreciation

At 1 April 2022

-

1,344,994

25,498

1,370,492

Charge for the year

-

166,103

767

166,870

Eliminated on disposal

-

-

(12,436)

(12,436)

At 31 March 2023

-

1,511,097

13,829

1,524,926

Carrying amount

At 31 March 2023

718,640

1,867,490

2,082

2,588,212

At 31 March 2022

718,640

1,834,360

3,077

2,556,077

4

Stocks

2023
£

2022
£

Raw materials and consumables

663,277

376,453

Other inventories

261,284

148,908

924,561

525,361

5

Debtors

Current

2023
£

2022
£

Trade debtors

1,268,303

1,077,950

Prepayments

-

1,800

Other debtors

45,234

14,218

 

1,313,537

1,093,968

 

CFN Packaging Group Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

213,383

196,476

Trade creditors

 

1,097,773

957,272

Taxation and social security

 

247,794

128,566

Other creditors

 

102,367

12,069

Accruals and deferred income

 

35,502

23,802

 

1,696,819

1,318,185

Due after one year

 

Loans and borrowings

10

678,604

695,790

Other non-current financial liabilities

 

952,040

796,671

 

1,630,644

1,492,461

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

678,604

695,790

Other non-current financial liabilities

 

952,040

796,671

 

1,630,644

1,492,461

2023
£

2022
£

After more than five years by instalments

176,554

180,895

176,554

180,895

-

-

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £2,510 (2022 - £4,345).

 

CFN Packaging Group Limited

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

8

Related party transactions

Transactions with Directors

2023

At 1 April 2022
£

Advances to Director
£

Repayments by Director
£

At 31 March 2023
£

B J Yardy

743

160,156

(132,820)

28,079

         
       

J Alexander

(453)

48,113

(38,860)

8,800

         
       

 

2022

At 1 April 2021
£

Advances to Director
£

Repayments by Director
£

At 31 March 2022
£

B J Yardy

54,926

27,249

(81,432)

743

         
       

J Alexander

38,365

8,268

(47,086)

(453)

         
       

 

9

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2022 - 29).

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

378,424

446,168

Hire purchase contracts

300,180

249,622

678,604

695,790

2023
£

2022
£

Current loans and borrowings

Bank borrowings

69,243

69,108

Bank overdrafts

-

33,101

HP and finance lease liabilities

144,140

94,267

Other borrowings

-

453

213,383

196,929

Bank borrowings

NatWest Bank plc loan is denominated in Sterling with a nominal interest rate of 1%, and the final instalment is due on 31 May 2028. The carrying amount at year end is £357,042 (2022 - £387,151).

A legal charge, debenture charge and guarantee charge over all the assets has been given by the company.

 

CFN Packaging Group Limited

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

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

NatWest Bank Plc loan is denominated in pound sterling with a nominal interest rate and with the final instalment due in May 2028. The carrying amount at the year end is £176,554 (2022: £180,895)