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REGISTERED NUMBER: 05722093 (England and Wales)














Unaudited Financial Statements

for the Year Ended 28 February 2023

for

New Vision Packaging Limited

New Vision Packaging Limited (Registered number: 05722093)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

New Vision Packaging Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: S Shortland
J Shortland





SECRETARY: S Shortland





REGISTERED OFFICE: The Granary
Crowhill Farm
Ravensden Road
Wilden, Bedford
Bedfordshire
MK44 2QS





REGISTERED NUMBER: 05722093 (England and Wales)





ACCOUNTANTS: GREGORY WILDMAN
The Granary
Crowhill Farm
Ravensden Road
Wilden
Bedfordshire
MK44 2QS

New Vision Packaging Limited (Registered number: 05722093)

Statement of Financial Position
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 121,894 87,305

CURRENT ASSETS
Debtors 5 384,732 437,657
Cash at bank 3,490,467 3,279,773
3,875,199 3,717,430
CREDITORS
Amounts falling due within one year 6 463,691 624,138
NET CURRENT ASSETS 3,411,508 3,093,292
TOTAL ASSETS LESS CURRENT LIABILITIES 3,533,402 3,180,597

PROVISIONS FOR LIABILITIES 7 11,328 1,108
NET ASSETS 3,522,074 3,179,489

CAPITAL AND RESERVES
Called up share capital 8 301 301
Retained earnings 3,521,773 3,179,188
SHAREHOLDERS' FUNDS 3,522,074 3,179,489

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:





S Shortland - Director


New Vision Packaging Limited (Registered number: 05722093)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

New Vision Packaging Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from packaging design is recognised when work has been completed.

Tangible fixed assets
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives as follows

Motor Vehicles - 25% on reducing balance
Computer Equipment - Straight line over 3 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes

Tax deferred or accelerated is accounted for in respect of all material timing differences.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its employees. Contributions payable are charged to profit and loss in the period to which they relate

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

New Vision Packaging Limited (Registered number: 05722093)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2022 98,990 7,468 106,458
Additions 137,894 - 137,894
Disposals (98,990 ) - (98,990 )
At 28 February 2023 137,894 7,468 145,362
DEPRECIATION
At 1 March 2022 11,685 7,468 19,153
Charge for year 16,000 - 16,000
Eliminated on disposal (11,685 ) - (11,685 )
At 28 February 2023 16,000 7,468 23,468
NET BOOK VALUE
At 28 February 2023 121,894 - 121,894
At 28 February 2022 87,305 - 87,305

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 283,727 395,549
Other debtors 1,213 818
Directors' current accounts 98,242 37,510
Prepayments 1,550 3,780
384,732 437,657

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors 251,413 349,452
Tax 134,660 190,427
VAT 28,364 81,249
Other creditors 46,104 -
Accrued expenses 3,150 3,010
463,691 624,138

7. PROVISIONS FOR LIABILITIES
28.2.23 28.2.22
£    £   
Deferred tax 11,328 1,108

Deferred
tax
£   
Balance at 1 March 2022 1,108
Accelerated capital allowances 9,870
Changes in rates 350
Balance at 28 February 2023 11,328

New Vision Packaging Limited (Registered number: 05722093)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

7. PROVISIONS FOR LIABILITIES - continued

The net reversal of expected deferred tax liabilities expected to occur in the next 12 months is 8,677.

At the balance sheet date the company had a £11,328 deferred tax liability (2022 - £1,108) relating to accelerated capital allowances.

Factors that may affect future tax charges
An increase in the future main corporation tax rate to 25% from 1 April 2023, from the previously enacted 19% was announced in the budget on 3 March 2021, and substantively enacted on 24 May 2021. The deferred tax balance at the year end has been calculated based on the rate at which the provision is expected to unwind.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
100 A £1 100 100
100 B £1 100 100
100 C £1 100 100
1 D £1 1 1
301 301

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

28.2.23 28.2.22
£    £   
S Shortland
Balance outstanding at start of year 37,510 (324 )
Amounts advanced 98,242 37,510
Amounts repaid (37,510 ) 324
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 98,242 37,510

10. RELATED PARTY DISCLOSURES

The amount outstanding at the year-end due from the directors was £98,242 (2022 - £37,510).

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
New Vision Packaging Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of New Vision Packaging Limited for the year ended 28 February 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of New Vision Packaging Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of New Vision Packaging Limited and state those matters that we have agreed to state to the Board of Directors of New Vision Packaging Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than New Vision Packaging Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that New Vision Packaging Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of New Vision Packaging Limited. You consider that New Vision Packaging Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of New Vision Packaging Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






GREGORY WILDMAN
The Granary
Crowhill Farm
Ravensden Road
Wilden
Bedfordshire
MK44 2QS


27 November 2023