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REGISTERED NUMBER: SC196476 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

LABELLING AND PACKAGING SYSTEMS LIMITED

LABELLING AND PACKAGING SYSTEMS LIMITED (REGISTERED NUMBER: SC196476)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


LABELLING AND PACKAGING SYSTEMS LIMITED

COMPANY INFORMATION
for the Year Ended 31 July 2023







DIRECTORS: Mrs N Cramond
Mrs L A Howe
Mr A G Cramond



REGISTERED OFFICE: 6 Miller Road
Ayr
Ayrshire
KA7 2AY



REGISTERED NUMBER: SC196476 (Scotland)



ACCOUNTANTS: K M Stewart & Company
6 Miller Road
Ayr
KA7 2AY



BANKERS: Bank of Scotland
123 High Street
Ayr
KA7 1QP

LABELLING AND PACKAGING SYSTEMS LIMITED (REGISTERED NUMBER: SC196476)

STATEMENT OF FINANCIAL POSITION
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 33,671 9,631

CURRENT ASSETS
Stocks 5 19,579 19,079
Debtors 6 157,532 132,596
Cash at bank and in hand 83,962 50,777
261,073 202,452
CREDITORS
Amounts falling due within one year 7 178,171 115,393
NET CURRENT ASSETS 82,902 87,059
TOTAL ASSETS LESS CURRENT
LIABILITIES

116,573

96,690

CREDITORS
Amounts falling due after more than one
year

8

(40,788

)

(28,332

)

PROVISIONS FOR LIABILITIES (6,188 ) (1,574 )
NET ASSETS 69,597 66,784

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 69,497 66,684
SHAREHOLDERS' FUNDS 69,597 66,784

LABELLING AND PACKAGING SYSTEMS LIMITED (REGISTERED NUMBER: SC196476)

STATEMENT OF FINANCIAL POSITION - continued
31 July 2023


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 1 December 2023 and were signed on its behalf by:





Mrs N Cramond - Director


LABELLING AND PACKAGING SYSTEMS LIMITED (REGISTERED NUMBER: SC196476)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Labelling And Packaging Systems Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Functional currency
The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown to the nearest whole pound.

Significant judgements and estimates
The preparation of financial statements requires the use of certain accounting estimates . It also requires the Directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below:

Estimation Uncertainty

Useful life of properties, plant and equipment
The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be depreciated based on this.

Recoverability of Debtors
The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the recoverability of these, provision is made against the recoverability of these debts.

Stock Valuation
The Company assesses the carrying value of stock on at least an annual basis, taking into consideration when each item was purchased and the Company's ability to sell that particular item. Where it is considered the net realisable value of stock has fallen below its' original cost, a provision is made by Management against the stock value in the financial statements.

Key Judgements made in the application of Accounting Policies
a) Exemptions taken in the application of FRS 102
The Company has considered and taken advantage of the following exemptions in its application of FRS 102:
i) The Company has not revisited previous accounting estimates.

Turnover
Turnover represents net invoiced sales of labelling and packaging equipment, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

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.

LABELLING AND PACKAGING SYSTEMS LIMITED (REGISTERED NUMBER: SC196476)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Classification
The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company recognises these in ccordance with Section 11 of the Financial Reporting Standard.

Recognition and measurement
The company's debt instruments are measured at amortised cost using the effective interest rate method.

Impairment
Financial instruments are reviewed annually for impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2022 27,579 15,577 - 37,262 80,418
Additions 5,329 148 28,376 - 33,853
At 31 July 2023 32,908 15,725 28,376 37,262 114,271
DEPRECIATION
At 1 August 2022 26,663 14,327 - 29,798 70,788
Charge for year 1,249 349 7,094 1,120 9,812
At 31 July 2023 27,912 14,676 7,094 30,918 80,600
NET BOOK VALUE
At 31 July 2023 4,996 1,049 21,282 6,344 33,671
At 31 July 2022 916 1,250 - 7,464 9,630

5. STOCKS
2023 2022
£    £   
Stocks 19,579 19,079

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 153,153 128,684
Other debtors 4,379 3,912
157,532 132,596

LABELLING AND PACKAGING SYSTEMS LIMITED (REGISTERED NUMBER: SC196476)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 15,000 10,000
Trade creditors 59,037 64,515
Taxation and social security 60,709 32,732
Other creditors 43,425 8,146
178,171 115,393

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 40,788 28,332

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 40,788 28,332

The bank loan is repayable in instalments over 6 years. The loan is guaranteed by government and carries an interest rate of 2.5% p.a.

Low Carbon Transport Loan is repayable in instalments over 6 years. The loan is interest free and borrower may prepay all or part of the loan to the Energy Saving Trust without any premium or penalty by notifying in writing to the trust 5 days in advance.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Retained
earnings
£   

At 1 August 2022 66,684
Profit for the year 103,313
Dividends (100,500 )
At 31 July 2023 69,497

LABELLING AND PACKAGING SYSTEMS LIMITED (REGISTERED NUMBER: SC196476)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2023 and 31 July 2022:

2023 2022
£    £   
Mrs N Cramond
Balance outstanding at start of year 664 (193 )
Amounts advanced 46,545 53,449
Amounts repaid (47,215 ) (52,592 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (6 ) 664

Mrs L A Howe
Balance outstanding at start of year 664 (193 )
Amounts advanced 46,545 47,549
Amounts repaid (47,215 ) (46,692 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (6 ) 664

Mr A G Cramond
Balance outstanding at start of year 664 (193 )
Amounts advanced 46,545 50,195
Amounts repaid (47,215 ) (49,338 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (6 ) 664