23
8 March 2024
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
1,923,386
8,408
1,931,794
1,265,045
64,313
1,329,358
602,436
658,341
2
2
144,181
10,058
134,123
xbrli:pure
xbrli:shares
iso4217:GBP
00942522
2023-01-01
2023-12-31
00942522
2023-12-31
00942522
2022-12-31
00942522
2022-01-01
2022-12-31
00942522
2022-12-31
00942522
2021-12-31
00942522
bus:Director3
2023-01-01
2023-12-31
00942522
core:PlantMachinery
2022-12-31
00942522
core:PlantMachinery
2023-12-31
00942522
core:DeferredTaxation
2023-01-01
2023-12-31
00942522
core:PlantMachinery
2023-01-01
2023-12-31
00942522
core:WithinOneYear
2023-12-31
00942522
core:WithinOneYear
2022-12-31
00942522
core:AfterOneYear
2022-12-31
00942522
bus:AllOrdinaryShares
2023-01-01
2023-12-31
00942522
core:ShareCapital
2023-12-31
00942522
core:ShareCapital
2022-12-31
00942522
core:RetainedEarningsAccumulatedLosses
2023-12-31
00942522
core:RetainedEarningsAccumulatedLosses
2022-12-31
00942522
core:BetweenOneFiveYears
2022-12-31
00942522
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
00942522
core:Non-currentFinancialInstruments
core:ProvisionsForImpairmentInvestments
2023-12-31
00942522
core:PlantMachinery
2022-12-31
00942522
core:DeferredTaxation
2022-12-31
00942522
core:DeferredTaxation
2023-12-31
00942522
bus:SmallEntities
2023-01-01
2023-12-31
00942522
bus:Audited
2023-01-01
2023-12-31
00942522
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
00942522
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
00942522
bus:FullAccounts
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
00942522
Filleted Financial Statements |
|
Year ended 31 December 2023
Statement of financial position |
1 |
|
|
Notes to the financial statements |
3 |
|
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
6 |
|
602,436 |
658,341 |
|
|
|
|
|
Current assets
Stocks |
9 |
430,234 |
|
717,125 |
Debtors |
10 |
1,524,430 |
|
2,379,715 |
Cash at bank and in hand |
598,894 |
|
28,707 |
|
------------ |
|
------------ |
|
2,553,558 |
|
3,125,547 |
|
|
|
|
|
Creditors: amounts falling due within one year |
11 |
615,697 |
|
1,173,847 |
|
------------ |
|
------------ |
Net current assets |
|
1,937,861 |
1,951,700 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
2,540,297 |
2,610,041 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
12 |
|
– |
27,500 |
|
|
|
|
|
Provisions |
13 |
|
134,123 |
144,181 |
|
|
------------ |
------------ |
Net assets |
|
2,406,174 |
2,438,360 |
|
|
------------ |
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
1,830,000 |
1,830,000 |
Profit and loss account |
|
576,174 |
608,360 |
|
|
------------ |
------------ |
Shareholders funds |
|
2,406,174 |
2,438,360 |
|
|
------------ |
------------ |
|
|
|
|
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.
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.
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
4 March 2024
, and are signed on behalf of the board by:
Company registration number:
00942522
Notes to the Financial Statements |
|
Year ended 31 December 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 Castle Road, Eurolink Industrial Centre, Sittingbourne, Kent, ME10 3RN.
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.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Determine whether leases entered into by the group either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. Determine whether there are indicators of impairment of the group's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of 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 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:
|
Plant and machinery |
- |
10 - 33% straight line |
|
|
|
|
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 using the accrual 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.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
23
(2022:
24
).
5.
Dividends
|
2023 |
2022 |
|
£ |
£ |
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
274,772 |
– |
|
--------- |
---- |
|
|
|
6.
Tangible assets
|
Plant and machinery |
|
£ |
Cost |
|
At 1 January 2023 |
1,923,386 |
Additions |
8,408 |
|
------------ |
At 31 December 2023 |
1,931,794 |
|
------------ |
Depreciation |
|
At 1 January 2023 |
1,265,045 |
Charge for the year |
64,313 |
|
------------ |
At 31 December 2023 |
1,329,358 |
|
------------ |
Carrying amount |
|
At 31 December 2023 |
602,436 |
|
------------ |
At 31 December 2022 |
658,341 |
|
------------ |
|
|
7.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
2 |
|
---- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
2 |
|
---- |
|
|
Carrying amount |
|
At 31 December 2023 |
– |
|
---- |
At 31 December 2022 |
– |
|
---- |
|
|
8.
Fixed asset investments
The company owns the shares in the following subsidiary undertakings, both of which have been written down to £nil value.
Paper Network Limited - Dormant company
Access Paper Limited - Dormant company
9.
Stocks
|
2023 |
2022 |
|
£ |
£ |
Raw materials and consumables |
430,234 |
717,125 |
|
--------- |
--------- |
|
|
|
10.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
1,188,969 |
1,763,640 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
253,161 |
517,013 |
Other debtors |
82,300 |
99,062 |
|
------------ |
------------ |
|
1,524,430 |
2,379,715 |
|
------------ |
------------ |
|
|
|
11.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
– |
10,000 |
Trade creditors |
216,461 |
669,929 |
Corporation tax |
83,627 |
99,012 |
Social security and other taxes |
169,449 |
119,721 |
Other creditors |
146,160 |
275,185 |
|
--------- |
------------ |
|
615,697 |
1,173,847 |
|
--------- |
------------ |
|
|
|
12.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
– |
27,500 |
|
---- |
-------- |
|
|
|
13.
Provisions
|
Deferred tax |
|
£ |
At 1 January 2023 |
144,181 |
Additions |
(
10,058) |
|
--------- |
At 31 December 2023 |
134,123 |
|
--------- |
|
|
14.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
26,799 |
45,941 |
Later than 1 year and not later than 5 years |
– |
26,799 |
|
-------- |
-------- |
|
26,799 |
72,740 |
|
-------- |
-------- |
|
|
|
15.
Summary audit opinion
The auditor's report dated
8 March 2024
was
unqualified
.
The senior statutory auditor was
Colin Reid
, for and on behalf of
Burgess Hodgson LLP
.
16.
Controlling party
The company is a subsidiary of
Colombier Group NV
which is the ultimate parent company incorporated in the Netherlands. The smallest group in which the results of the company are consolidated is that headed by Colombier Group NV
. The registered office is Energieweg 111, NL-3641 RT Mijdrecht, The Netherlands
.