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REGISTERED NUMBER: 01413323 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

T S I PACKING LIMITED

T S I PACKING LIMITED (REGISTERED NUMBER: 01413323)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


T S I PACKING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: V A Watson-Smyth
P E Watson-Smyth





REGISTERED OFFICE: Unit 6 Halesfield 21
Telford
Shropshire
TF7 4NX





REGISTERED NUMBER: 01413323 (England and Wales)





ACCOUNTANTS: TGFP
Chartered Accountants
Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA

T S I PACKING LIMITED (REGISTERED NUMBER: 01413323)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 26,250 31,500
Tangible assets 5 337,383 291,372
363,633 322,872

CURRENT ASSETS
Stocks 249,105 195,366
Debtors 6 723,111 1,081,476
Investments 7 200 200
Cash at bank and in hand 331,982 220,713
1,304,398 1,497,755
CREDITORS
Amounts falling due within one year 8 425,035 549,051
NET CURRENT ASSETS 879,363 948,704
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,242,996

1,271,576

CREDITORS
Amounts falling due after more than one
year

9

(19,900

)

(6,667

)

PROVISIONS FOR LIABILITIES (82,273 ) (69,243 )
NET ASSETS 1,140,823 1,195,666

T S I PACKING LIMITED (REGISTERED NUMBER: 01413323)

BALANCE SHEET - continued
31 MAY 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up and paid share capital 1,363 1,363
Share premium 146,187 146,187
Revaluation reserve 10 (146,320 ) (146,320 )
Retained earnings 1,139,593 1,194,436
1,140,823 1,195,666

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 January 2024 and were signed on its behalf by:




V A Watson-Smyth - Director



P E Watson-Smyth - Director


T S I PACKING LIMITED (REGISTERED NUMBER: 01413323)

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


1. STATUTORY INFORMATION

T S I Packing 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.

Preparation of consolidated financial statements
The financial statements contain information about T S I Packing Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of sixteen years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on reducing balance and Straight line over 10 years
Plant and machinery - 25% on reducing balance and 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

T S I PACKING LIMITED (REGISTERED NUMBER: 01413323)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
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. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 19 ) .

T S I PACKING LIMITED (REGISTERED NUMBER: 01413323)

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


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 84,000
AMORTISATION
At 1 June 2022 52,500
Amortisation for year 5,250
At 31 May 2023 57,750
NET BOOK VALUE
At 31 May 2023 26,250
At 31 May 2022 31,500

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2022 37,068 607,722 77,900 183,844 906,534
Additions 65,000 40,175 1,439 64,119 170,733
Disposals - (14,100 ) - (83,480 ) (97,580 )
At 31 May 2023 102,068 633,797 79,339 164,483 979,687
DEPRECIATION
At 1 June 2022 31,493 426,996 70,213 86,460 615,162
Charge for year 7,894 54,084 2,281 35,203 99,462
Eliminated on disposal - (9,534 ) - (62,786 ) (72,320 )
At 31 May 2023 39,387 471,546 72,494 58,877 642,304
NET BOOK VALUE
At 31 May 2023 62,681 162,251 6,845 105,606 337,383
At 31 May 2022 5,575 180,726 7,687 97,384 291,372

T S I PACKING LIMITED (REGISTERED NUMBER: 01413323)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 509,347 564,369
Other debtors 135,194 433,568
Directors' current accounts - 4,909
Prepayments and accrued income 78,570 78,630
723,111 1,081,476

7. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Shares in group undertakings 200 200

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 40,255
Hire purchase contracts 6,667 22,738
Trade creditors 185,018 337,336
Tax 74,534 31,955
Social security and other taxes 9,649 9,677
Pension 6,215 8,128
VAT 45,847 22,101
Other creditors 83,905 73,565
Accruals and deferred income 3,200 3,296
425,035 549,051

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,000 -
Bank loans - 2-5 years 9,900 -
Hire purchase contracts - 6,667
19,900 6,667

10. RESERVES
Revaluatio
reserve
£   
At 1 June 2022
and 31 May 2023 (146,320 )

T S I PACKING LIMITED (REGISTERED NUMBER: 01413323)

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


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the director operated a loan with the company with no fixed terms of repayment or interest. Amounts advanced during the year were £nil (2022- £4,909) and repayments during the year were £4,909 (2022 - £nil). At the year end the amount owing to the company was £nil (2022 - £4,909).