Graphic West Packaging Machinery Limited
Registered number: 03925957
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 30,692 45,847
Current assets
Stocks 576,739 289,887
Debtors 4 147,088 186,323
Cash at bank and in hand 66,172 403,464
789,999 879,674
Creditors: amounts falling due within one year 5 (185,974) (246,945)
Net current assets 604,025 632,729
Total assets less current liabilities 634,717 678,576
Creditors: amounts falling due after more than one year 6 (15,000) (30,488)
Provisions for liabilities (7,673) (8,711)
Net assets 612,044 639,377
Capital and reserves
Called up share capital 462,588 462,588
Share premium 79,727 79,727
Profit and loss account 69,729 97,062
Shareholders' funds 612,044 639,377
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Carter
Director
Approved by the board on 19 August 2024
Graphic West Packaging Machinery Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.(as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the amounts derived from the provision of goods and services which falls within the company's ordinary activities stated after trade discounts and net of value added tax.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as the following rates:
Leasehold land and buildings over the lease term
Plant and machinery 10%-33.3% straight line
Motor vehicles 25% straight line
Stocks
Stocks are measured at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
Rentals paid under operating leases are charged to profit and loss on a straight line basis over the period of the lease.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Leasehold Premises Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 69,560 180,271 76,324 326,155
Additions - 1,327 - 1,327
Disposals - - - -
At 31 December 2023 69,560 181,598 76,324 327,482
Depreciation
At 1 January 2023 69,560 150,823 59,925 280,308
Charge for the year - 9,366 7,116 16,482
On disposals - - - -
At 31 December 2023 69,560 160,189 67,041 296,790
Net book value
At 31 December 2023 - 21,409 9,283 30,692
At 31 December 2022 - 29,448 16,399 45,847
4 Debtors 2023 2022
£ £
Trade debtors 94,556 124,090
Other debtors 52,532 62,233
147,088 186,323
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 5,505 20,464
Trade creditors 147,545 149,913
Corporation tax - 19,131
Other taxes and social security costs 15,474 39,837
Other creditors 7,450 7,600
185,974 246,945
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,000 24,983
Obligations under finance lease and hire purchase contracts - 5,505
15,000 30,488
7 Controlling party
The ultimate controlling party of the company is G Carter
8 Other information
Graphic West Packaging Machinery Limited is a private company limited by shares and incorporated in England. Its registered office is:
New Woad Farm
Lathbury, Newport Pagnell
Milton Keynes
Buckinghamshire
MK16 8QZ
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