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COMPANY REGISTRATION NUMBER: 09211073
The Paper Team Limited
Filleted Unaudited Financial Statements
31 March 2023
The Paper Team Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
3,131
119,730
Investments
6
177,340
-------
---------
3,131
297,070
Current assets
Stocks
56,436
Debtors
7
248,547
126,578
Cash at bank and in hand
382,666
450,439
---------
---------
631,213
633,453
Creditors: amounts falling due within one year
8
41,084
445,162
---------
---------
Net current assets
590,129
188,291
---------
---------
Total assets less current liabilities
593,260
485,361
Provisions
( 114)
149
---------
---------
Net assets
593,374
485,212
---------
---------
Capital and reserves
Called up share capital
9
1,000
1,000
Other reserves
10
176,440
Profit and loss account
10
592,374
307,772
---------
---------
Shareholders funds
593,374
485,212
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Paper Team Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 1 December 2023 , and are signed on behalf of the board by:
Mr J Khan
Director
Company registration number: 09211073
The Paper Team Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Anchor Lane, Coseley, Bilston, West Midlands, WV14 9NE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer Equipment
-
33% straight line
Motor vehicles
-
25% straight line
Office Equipment
-
33% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
115,000
1,673
4,985
3,541
125,199
Disposals
( 115,000)
( 115,000)
---------
-------
-------
-------
---------
At 31 March 2023
1,673
4,985
3,541
10,199
---------
-------
-------
-------
---------
Depreciation
At 1 April 2022
1,051
2,356
2,062
5,469
Charge for the year
449
657
493
1,599
---------
-------
-------
-------
---------
At 31 March 2023
1,500
3,013
2,555
7,068
---------
-------
-------
-------
---------
Carrying amount
At 31 March 2023
173
1,972
986
3,131
---------
-------
-------
-------
---------
At 31 March 2022
115,000
622
2,629
1,479
119,730
---------
-------
-------
-------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2022 and 31 March 2023
229,536
---------
Impairment
At 1 April 2022
52,196
Impairment losses
177,340
---------
At 31 March 2023
229,536
---------
Carrying amount
At 31 March 2023
---------
At 31 March 2022
177,340
---------
The company owns 100% of the ordinary share capital in Office Equipment Selection Limited which is a company registered in England and Wales. The company Office Equipment Selection Limited was dissolved on 14 November 2023.
7. Debtors
2023
2022
£
£
Trade debtors
247,978
125,976
Called up share capital not paid
100
100
Prepayments and accrued income
469
502
---------
---------
248,547
126,578
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,041
671
Amounts owed to group undertakings and undertakings in which the company has a participating interest
234,529
Corporation tax
29,503
13,305
Social security and other taxes
9,112
29,785
Other creditors
428
166,872
--------
---------
41,084
445,162
--------
---------
Included in other creditors is a directors loan, this loan is interest free and has no set repayment terms.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
10. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Other reserves account - This reserve records the value of undistributable reserves generated when the company was de-merged from Quality Office Supplies Limited in December 2019.
11. Related party transactions
During the year, an intercompany loan with Office Equipment Selection Limited was written off due to the Company being dissolved. The write off is included within other operating income in the statement of Comprehensive Income and amounted to £174,783.