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REGISTERED NUMBER: 09284386 (England and Wales)















ECOBAG (UK) LTD.

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






ECOBAG (UK) LTD. (REGISTERED NUMBER: 09284386)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ECOBAG (UK) LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: J Margaglione
P N Taylor





REGISTERED OFFICE: The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN





REGISTERED NUMBER: 09284386 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN

ECOBAG (UK) LTD. (REGISTERED NUMBER: 09284386)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 17,475 -
Property, plant and equipment 5 127,563 168,978
145,038 168,978

CURRENT ASSETS
Inventories 2,855,150 1,237,960
Debtors 6 3,435,836 2,619,051
Cash at bank 10,230 16,426
6,301,216 3,873,437
CREDITORS
Amounts falling due within one year 7 (4,668,708 ) (2,656,985 )
NET CURRENT ASSETS 1,632,508 1,216,452
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,777,546

1,385,430

CREDITORS
Amounts falling due after more than one
year

8

(47,783

)

(59,965

)

PROVISIONS FOR LIABILITIES (12,069 ) (10,627 )
NET ASSETS 1,717,694 1,314,838

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings 1,717,691 1,314,835
1,717,694 1,314,838

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

ECOBAG (UK) LTD. (REGISTERED NUMBER: 09284386)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


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 28 November 2023 and were signed on its behalf by:





P N Taylor - Director


ECOBAG (UK) LTD. (REGISTERED NUMBER: 09284386)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Ecobag (UK) Ltd. is a private company, limited by shares, registered in England and Wales. The company's registered number is 09284386 and its registered office address is The Exchange, Bank Street, Bury, England, BL9 0DN.

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.

The directors are satisfied that the company is a going concern and that the financial statements are correctly prepared on this basis.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Making judgement based on historical experience on the level of provision required for impairment of inventories. Further information received after the statement of financial position date may impact on the level of provision required.

Revenue
Revenue represents amounts receivable for the sale of bags net of value added tax and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance

ECOBAG (UK) LTD. (REGISTERED NUMBER: 09284386)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Net realisable value is estimated selling price less costs to complete and sell. Cost is derived from actual purchase price.

Costs, which comprise purchase price, duty and shipping are based on the average cost for the period. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

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 tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a 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.

ECOBAG (UK) LTD. (REGISTERED NUMBER: 09284386)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Dividends
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 17,847
At 31 March 2023 17,847
AMORTISATION
Charge for year 372
At 31 March 2023 372
NET BOOK VALUE
At 31 March 2023 17,475

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 April 2022 211,168
Additions 980
At 31 March 2023 212,148
DEPRECIATION
At 1 April 2022 42,190
Charge for year 42,395
At 31 March 2023 84,585
NET BOOK VALUE
At 31 March 2023 127,563
At 31 March 2022 168,978

ECOBAG (UK) LTD. (REGISTERED NUMBER: 09284386)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 102,984
DEPRECIATION
At 1 April 2022 24,414
Charge for year 19,644
At 31 March 2023 44,058
NET BOOK VALUE
At 31 March 2023 58,926
At 31 March 2022 78,570

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,394,244 2,103,794
Other debtors 41,592 515,257
3,435,836 2,619,051

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 3,011,854 1,205,343
Hire purchase contracts (see note 9) 17,549 18,059
Trade creditors 1,274,135 1,073,223
Taxation and social security 188,152 259,177
Other creditors 177,018 101,183
4,668,708 2,656,985

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 47,783 59,965

ECOBAG (UK) LTD. (REGISTERED NUMBER: 09284386)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 17,549 18,059
Between one and five years 47,783 59,965
65,332 78,024

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 65,332 78,024
Invoice discounting facility 2,719,423 1,205,343
Bank loans and overdrafts 292,431 -
3,077,186 1,283,367

The invoice discounting facility is secured by way of a fixed and floating charges over the assets of the company.

The bank loans and overdrafts are secured on the assets of the company.

Hire purchase liabilities are secured over the assets to which they relate.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within debtors falling due within one year is a director's loan account balance of £34,600 (2022 - £-53,576) owed by P N Taylor. This advance is unsecured, interest free and repayable upon demand. The maximum amount outstanding during the year was £34,600.

There have not been any single advances during either the current or prior period which the director considers to be material.