Wakefield & Co (Self Adhesive) Labels Limited
Unaudited Financial Statements
For the year ended 30 September 2023
Pages for Filing with Registrar
Company Registration No. 04224877 (England and Wales)
Wakefield & Co (Self Adhesive) Labels Limited
Company Information
Directors
M G Wakefield
K. Wakefield
Secretary
K. Wakefield
Company number
04224877
Registered office
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Wakefield & Co (Self Adhesive) Labels Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Wakefield & Co (Self Adhesive) Labels Limited
Balance Sheet
As at 30 September 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,889
8,090
Current assets
Stock
1,084
1,084
Debtors
4
60,097
137,949
Cash at bank and in hand
184,418
83,797
245,599
222,830
Creditors: amounts falling due within one year
5
(100,781)
(146,802)
Net current assets
144,818
76,028
Total assets less current liabilities
153,707
84,118
Provisions for liabilities
(2,222)
(1,537)
Net assets
151,485
82,581
Capital and reserves
Called up share capital
6
2
2
Share premium account
9,303
9,303
Profit and loss reserves
142,180
73,276
Total equity
151,485
82,581

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Wakefield & Co (Self Adhesive) Labels Limited
Balance Sheet (Continued)
As at 30 September 2023
Page 2

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 13 February 2024 and are signed on its behalf by:
M G Wakefield
Director
Company Registration No. 04224877
Wakefield & Co (Self Adhesive) Labels Limited
Notes to the Financial Statements
For the year ended 30 September 2023
Page 3
1
Accounting policies
Company information

Wakefield & Co (Self Adhesive) Labels Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.6
Financial instruments

All of the company's financial assets and liabilities are basic and measured at amortised cost.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Wakefield & Co (Self Adhesive) Labels Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
1
Accounting policies
(Continued)
Page 4
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

 

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.11

Pensions

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
6
Wakefield & Co (Self Adhesive) Labels Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022
184,192
Additions
3,208
Disposals
(60,305)
At 30 September 2023
127,095
Depreciation
At 1 October 2022
176,102
Depreciation charged in the year
2,299
Eliminated in respect of disposals
(60,195)
At 30 September 2023
118,206
Carrying amount
At 30 September 2023
8,889
At 30 September 2022
8,090
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
59,777
128,469
Other debtors
-
9,016
Prepayments and accrued income
320
464
60,097
137,949
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
58,367
61,810
Corporation tax
31,161
19,565
Other taxation and social security
8,109
12,612
Other creditors
144
144
Accruals and deferred income
3,000
52,671
100,781
146,802
Wakefield & Co (Self Adhesive) Labels Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 6
6
Called up share capital
2023
2022
£
£
Issued and fully paid
2 Ordinary shares of £1 each
2
2
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
13,830
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