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Registered number: 05867131
Ibis Packaging Solutions Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
MacIver Management
ACMA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05867131
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 144,435 181,935
Tangible Assets 5 184,583 97,308
329,018 279,243
CURRENT ASSETS
Stocks 6 921,354 964,481
Debtors 7 948,056 1,038,592
Cash at bank and in hand 299 1,596
1,869,709 2,004,669
Creditors: Amounts Falling Due Within One Year 8 (1,362,710 ) (1,556,464 )
NET CURRENT ASSETS (LIABILITIES) 506,999 448,205
TOTAL ASSETS LESS CURRENT LIABILITIES 836,017 727,448
Creditors: Amounts Falling Due After More Than One Year 9 (5,520 ) (19,747 )
NET ASSETS 830,497 707,701
CAPITAL AND RESERVES
Called up share capital 11 10,150 10,150
Profit and Loss Account 820,347 697,551
SHAREHOLDERS' FUNDS 830,497 707,701
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Atkins
Director
09/08/2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Ibis Packaging Solutions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05867131 . The registered office is Unit 10 Colthrop Business Park, Colthrop Lane, Thatcham, Berkshire, RG19 4NB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years on a straight line basis.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance basis
Motor Vehicles 25% reducing balance basis
Computer Equipment 25% reducing balance basis
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Goods in transit are accounted for in closing stocks, as ownership of goods are recognised.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable.

The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 13
2023 2022
Office and administration 4 4
Sales, marketing and distribution 5 5
Manufacturing 4 4
13 13
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 769,847
As at 31 December 2023 769,847
Amortisation
As at 1 January 2023 587,912
Provided during the period 37,500
As at 31 December 2023 625,412
Net Book Value
As at 31 December 2023 144,435
As at 1 January 2023 181,935
5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 51,795 88,565 6,939 147,299
Additions 92,448 37,020 1,152 130,620
Disposals (3,368 ) (3,900 ) (130 ) (7,398 )
As at 31 December 2023 140,875 121,685 7,961 270,521
Depreciation
As at 1 January 2023 19,803 26,569 3,619 49,991
Provided during the period 23,432 16,917 997 41,346
Disposals (2,105 ) (3,276 ) (18 ) (5,399 )
As at 31 December 2023 41,130 40,210 4,598 85,938
...CONTINUED
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Net Book Value
As at 31 December 2023 99,745 81,475 3,363 184,583
As at 1 January 2023 31,992 61,996 3,320 97,308
6. Stocks
2023 2022
£ £
Stock - Materials 918,017 955,967
Long term contracts 3,337 8,514
921,354 964,481
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 946,163 994,676
Prepayments and accrued income 15,025 57,048
Other debtors (13,132 ) (13,132 )
948,056 1,038,592
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 15,095 14,189
Trade creditors 322,445 432,659
Bank loans and overdrafts 770 -
Corporation tax 50,086 35,970
Other taxes and social security 52,479 40,833
VAT 95,354 137,987
HSBC Credit Card (Current liabilities - creditors < 1 year) 3,956 3,173
Pension (Current liabilities - creditors < 1 year) 2,311 1,579
Accruals and deferred income 77,162 59,168
Directors' loan accounts 76,417 61,817
Factoring Account (Current liabilities - creditors < 1 year) 666,635 769,089
1,362,710 1,556,464
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 5,520 19,747
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10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 16,711 15,843
Later than one year and not later than five years 6,149 21,992
22,860 37,835
Less: Finance charges allocated to future periods 2,245 3,899
20,615 33,936
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 10,150 10,150
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