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Company registration number: 09325107
UKPAPER Limited
Unaudited filleted financial statements
31 October 2023
UKPAPER Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
UKPAPER Limited
Directors and other information
Directors Mr Piotr Przytula
Miss Agnieszka Malgorzata Sokolowska
Company number 09325107
Registered office 67 St Bede's Drive
Boston
Lincs
PE21 9QH
Business address Unit 1 Plover Close
Bittern Way
Riverside Industrial Estate
Boston
PE21 7RQ
Accountants Lister & Co
75 High Street
Boston
Lincs
PE21 8SX
UKPAPER Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of UKPAPER Limited
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of UKPAPER Limited for the year ended 31 October 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of UKPAPER Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of UKPAPER Limited and state those matters that we have agreed to state to the board of directors of UKPAPER Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than UKPAPER Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that UKPAPER Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of UKPAPER Limited. You consider that UKPAPER Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of UKPAPER Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincs
PE21 8SX
7 February 2024
UKPAPER Limited
Statement of financial position
31 October 2023
31/10/23 31/10/22
Note £ £ £ £
Fixed assets
Tangible assets 5 28,040 33,701
_______ _______
28,040 33,701
Current assets
Stocks 304,930 343,958
Debtors 6 119,434 91,760
Cash at bank and in hand 1,660 3,711
_______ _______
426,024 439,429
Creditors: amounts falling due
within one year 7 ( 400,736) ( 303,463)
_______ _______
Net current assets 25,288 135,966
_______ _______
Total assets less current liabilities 53,328 169,667
Creditors: amounts falling due
after more than one year 8 ( 34,941) ( 67,316)
Provisions for liabilities - ( 5,662)
_______ _______
Net assets 18,387 96,689
_______ _______
Capital and reserves
Called up share capital 9 2 2
Profit and loss account 18,385 96,687
_______ _______
Shareholders funds 18,387 96,689
_______ _______
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 February 2024 , and are signed on behalf of the board by:
Mr Piotr Przytula
Director
Company registration number: 09325107
UKPAPER Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is UKPAPER Limited, 67 St Bede's Drive, Boston, Lincs, PE21 9QH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight line basis. The aggregate benefit of a lease incentives is recognised as a reduction to expense over the lease term, on a straight line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 20 % reducing balance
Office Equipment - 15 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their present location and condition.
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 in finance costs 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 9 (2022: 11 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 47,013 8,424 33,951 89,388
Additions - 369 - 369
_______ _______ _______ _______
At 31 October 2023 47,013 8,793 33,951 89,757
_______ _______ _______ _______
Depreciation
At 1 November 2022 24,182 4,528 26,977 55,687
Charge for the year 4,185 566 1,279 6,030
_______ _______ _______ _______
At 31 October 2023 28,367 5,094 28,256 61,717
_______ _______ _______ _______
Carrying amount
At 31 October 2023 18,646 3,699 5,695 28,040
_______ _______ _______ _______
At 31 October 2022 22,831 3,896 6,974 33,701
_______ _______ _______ _______
6. Debtors
31/10/23 31/10/22
£ £
Trade debtors 3,932 4,789
Other debtors 115,502 86,971
_______ _______
119,434 91,760
_______ _______
7. Creditors: amounts falling due within one year
31/10/23 31/10/22
£ £
Bank loans and overdrafts 38,821 105,468
Trade creditors 45,467 50,716
Social security and other taxes 34,966 14,601
Other creditors 281,482 132,678
_______ _______
400,736 303,463
_______ _______
8. Creditors: amounts falling due after more than one year
31/10/23 31/10/22
£ £
Bank loans and overdrafts 34,941 67,316
_______ _______
The Bank holds a first charge against all company assets.
9. Called up share capital
Issued, called up and fully paid
31/10/23 31/10/22
No £ No £
Ordinary shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 14,500 14,500
Later than 1 year and not later than 5 years 36,250 50,750
_______ _______
50,750 65,250
_______ _______
In 2020 the company entered into a seven year property lease. There is a break clause included part way through the lease term.