REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
LABELLING AND PACKAGING SYSTEMS LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
6 Miller Road |
Ayr |
KA7 2AY |
BANKERS: |
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 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
LABELLING AND PACKAGING SYSTEMS LIMITED (REGISTERED NUMBER: SC196476) |
STATEMENT OF FINANCIAL POSITION - continued |
31 July 2023 |
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. |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 August 2022 |
Additions |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 | 916 | 1,250 | - | 7,464 | 9,630 |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
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 |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
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: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 August 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 July 2023 |
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 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |