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Registered number: 12484691
Modern Paper Limited
Financial Statements
For the Period 1 March 2022 to 31 December 2022
Smith Hannah Limited
Chartered Certified Accountants
50 Woodgate
Leicester
LE3 5GF
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 12484691
31 December 2022 28 February 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 20,983,433 18,004,602
Investments 5 10,506,093 -
31,489,526 18,004,602
CURRENT ASSETS
Stocks 2,849,165 809,453
Debtors 6 3,077,389 456,361
Cash at bank and in hand 1,691,270 660,207
7,617,824 1,926,021
Creditors: Amounts Falling Due Within One Year 7 (5,974,653 ) (350,120 )
NET CURRENT ASSETS (LIABILITIES) 1,643,171 1,575,901
TOTAL ASSETS LESS CURRENT LIABILITIES 33,132,697 19,580,503
Creditors: Amounts Falling Due After More Than One Year 8 (35,222,913 ) (20,516,242 )
NET LIABILITIES (2,090,216 ) (935,739 )
CAPITAL AND RESERVES
Called up share capital 1,001,334 1,001,334
Profit and Loss Account (3,091,550 ) (1,937,073 )
SHAREHOLDERS' FUNDS (2,090,216) (935,739)
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mehmet Demir
Director
20th November 2023
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Modern Paper Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12484691 . The registered office is 1 Turpin Lane, Erith, DA8 2AT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold not depreciated
Plant & Machinery 20 years
Motor Vehicles 10 years
Fixtures & Fittings 5 years
Computer Equipment 5 years
2.5. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 27 (2022: 14)
27 14
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 March 2022 13,782,152 4,396,126 61,485 18,239,763
Additions 33,547 3,732,894 4,072 3,770,513
Disposals - (510,769 ) - (510,769 )
As at 31 December 2022 13,815,699 7,618,251 65,557 21,499,507
...CONTINUED
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Depreciation
As at 1 March 2022 - 229,012 6,149 235,161
Provided during the period - 301,149 5,123 306,272
Disposals - (25,359 ) - (25,359 )
As at 31 December 2022 - 504,802 11,272 516,074
Net Book Value
As at 31 December 2022 13,815,699 7,113,449 54,285 20,983,433
As at 1 March 2022 13,782,152 4,167,114 55,336 18,004,602
5. Investments
Unlisted
£
Cost
As at 1 March 2022 -
Additions 10,506,093
As at 31 December 2022 10,506,093
Provision
As at 1 March 2022 -
As at 31 December 2022 -
Net Book Value
As at 31 December 2022 10,506,093
As at 1 March 2022 -
Investments consist of the 100% of the share capital of Natsons Midland Packaging Limited. A company incorporated in England and Wales. 
6. Debtors
31 December 2022 28 February 2022
£ £
Due within one year
Trade debtors 1,308,420 229,821
Other debtors 125,449 226,540
1,433,869 456,361
Due after more than one year
Deferred tax current asset 1,643,520 -
1,643,520 -
3,077,389 456,361
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7. Creditors: Amounts Falling Due Within One Year
31 December 2022 28 February 2022
£ £
Trade creditors 2,152,636 316,414
Bank loans and overdrafts 3,547,404 -
Other taxes and social security 103,019 26,206
Other creditors 171,594 7,500
5,974,653 350,120
8. Creditors: Amounts Falling Due After More Than One Year
31 December 2022 28 February 2022
£ £
Bank loans 12,393,744 -
Other creditors 104,640 109,774
Amounts owed to group undertakings 22,724,529 20,406,468
35,222,913 20,516,242
Included in amounts owed to group undertakings is a loan balance due to Nova Paper and Packaging B.V for £22,209,923 (February 2022: £20,406,468).
The above balance comprises of the principal loan amount of £21,381,159 (February 2022: £19,930,399) and accrued interest of £828,763 (February2022: £476,069) 
The balance is due to be repaid on 28 September 2025 and has an interest rate of £1.69%
9. Secured Creditors
Of the creditors the following amounts are secured.
31 December 2022 28 February 2022
£ £
Bank loans and overdrafts 15,941,148 -
10. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
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11. Audit Information
The auditors report on the account of Modern Paper Limited for the period ended 31 December 2022 was unqualified
The auditor's report was signed by M I Umar (Senior Statutory Auditor) for and on behalf of Smith Hannah Limited , Statutory Auditor
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