Company registration number 00962575 (England and Wales)
BOOK PROTECTORS & CO. LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
BOOK PROTECTORS & CO. LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
BOOK PROTECTORS & CO. LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,834
6,646
Current assets
Stocks
599,520
202,673
Debtors
4
160,684
194,118
Cash at bank and in hand
241,609
564,997
1,001,813
961,788
Creditors: amounts falling due within one year
5
(182,971)
(219,459)
Net current assets
818,842
742,329
Net assets
823,676
748,975
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss reserves
821,676
746,975
Total equity
823,676
748,975
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 6 July 2023 and are signed on its behalf by:
Mr J J Little
Mrs Y J Stafford
Director
Director
Company Registration No. 00962575
BOOK PROTECTORS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information
Book Protectors & Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Whittle Drive, Eastbourne, BN23 6QH. The place of business is Unit 1 Falcon Park Industrial Estate, Neasden Lane, London, NW10 1RZ.
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 £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a every expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
After preparing prudent financial budgets for the upcoming year it is projected to have more than sufficient levels of working capital available to see it through the 2023/24 financial year and beyond. It has also received confirmation that the parent company will provide financial support during the upcoming twelve months should it be required.
Based upon the factors noted above the directors believe the company is a going concern at the date of signing.
1.3
Turnover
The reported turnover shown represents amounts invoiced during the year, exclusive of Value Added Tax. Income is recognised upon despatch of the product to the customer as it is at this point that the principal risks and rewards of ownership of the goods have passed to the customer.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
4 years
Fixtures and fittings
4 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
BOOK PROTECTORS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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.
At each reporting date, an assessment is made for impairment due to obsolescence or slow movement. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
BOOK PROTECTORS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
BOOK PROTECTORS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.11
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.
1.12
Retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
1.13
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
14
14
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 March 2022 and 28 February 2023
21,990
64,631
86,621
Depreciation and impairment
At 1 March 2022
15,344
64,631
79,975
Depreciation charged in the year
1,812
1,812
At 28 February 2023
17,156
64,631
81,787
Carrying amount
At 28 February 2023
4,834
4,834
At 28 February 2022
6,646
6,646
BOOK PROTECTORS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
53,637
66,356
Amounts owed by group undertakings
95,192
114,542
Other debtors
3,314
3,637
152,143
184,535
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
8,541
9,583
Total debtors
160,684
194,118
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,136
92,630
Amounts owed to group undertakings
65,192
42,175
Taxation and social security
99,415
73,953
Other creditors
9,228
10,701
182,971
219,459
6
Related party transactions
The company has taken advantage of the exemption conferred by Section 33 FRS 102, namely from disclosing any transactions entered into between two or members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
7
Parent company
The ultimate parent company of Book Protectors & Co. Limited is The Little Group Limited.
The smallest and largest group into which Book Protectors & Co. Limited is consolidated is that of The Little Group Limited, the ultimate parent company. The Little Group Limited is a company registered in the United Kingdom, with a registered office of 1 Whittle Drive, Eastbourne, BN23 6QH. Its group financial statements can be obtained from Companies House, Crown Way, Cardiff.
The directors consider that the Little family possess ultimate control of the company.
BOOK PROTECTORS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was qualified and the auditor reported as follows:
Qualified opinion on financial statements
We have audited the financial statements of Book Protectors & Co. Limited (the 'company') for the year ended 28 February 2023 which comprise , the balance sheet and notes to the financial statements, including 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, except for the effects of the matter described in the basis for qualified opinion paragraph, the financial statements:
give a true and fair view of the state of the company's affairs as at 28 February 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 qualified opinion
Due to restrictions imposed by the government's lockdown in response to the Covid-19 pandemic it was not practicable for us to attend the company's premises and conduct year end physical verification procedures as at 28 February 2021. We were not able to conduct alternative procedures to provide the necessary level of audit evidence surrounding the existence of stock and consequently to form an opinion on whether this balance contains misstatements which materially affect the financial statements for the year ended 28 February 2021, or whether there was any consequential effect on the cost of sales balance and therefore the reported profit for the year ended 28 February 2022.
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 Auditor's 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.
Senior Statutory Auditor:
Joe Sullivan
Statutory Auditor:
MHA Moore and Smalley