Longvalley Packaging Limited 01401927 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is manufacture of packaging materials Digita Accounts Production Advanced 6.30.9574.0 true true true 01401927 2023-04-01 2024-03-31 01401927 2024-03-31 01401927 core:RetainedEarningsAccumulatedLosses 2024-03-31 01401927 core:ShareCapital 2024-03-31 01401927 core:CurrentFinancialInstruments 2024-03-31 01401927 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01401927 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 01401927 core:PlantMachinery 2024-03-31 01401927 bus:SmallEntities 2023-04-01 2024-03-31 01401927 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01401927 bus:FilletedAccounts 2023-04-01 2024-03-31 01401927 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01401927 bus:RegisteredOffice 2023-04-01 2024-03-31 01401927 bus:Director1 2023-04-01 2024-03-31 01401927 bus:Director2 2023-04-01 2024-03-31 01401927 bus:Director3 2023-04-01 2024-03-31 01401927 bus:Director4 2023-04-01 2024-03-31 01401927 bus:Director5 2023-04-01 2024-03-31 01401927 bus:Director6 2023-04-01 2024-03-31 01401927 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01401927 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 01401927 core:LeaseholdImprovements 2023-04-01 2024-03-31 01401927 core:PlantMachinery 2023-04-01 2024-03-31 01401927 1 2023-04-01 2024-03-31 01401927 countries:UnitedKingdom 2023-04-01 2024-03-31 01401927 2023-03-31 01401927 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 01401927 core:PlantMachinery 2023-03-31 01401927 2022-04-01 2023-03-31 01401927 2023-03-31 01401927 core:RetainedEarningsAccumulatedLosses 2023-03-31 01401927 core:ShareCapital 2023-03-31 01401927 core:CurrentFinancialInstruments 2023-03-31 01401927 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01401927 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 01401927 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 01401927

Longvalley Packaging Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Longvalley Packaging Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Longvalley Packaging Limited

Company Information

Directors

L D Bhudia

R V Bhudia

H D Bhudia

Mr V D Bhudia

D V Bhudia

M H Bhudia

Registered office

6 Atcost Road
(Off River Road,)
Barking
Essex
IG11 0EQ

Accountants

BBK Accountants BMM Limited
Chartered Certified Accountants
4A Roman Road
London
E6 3RX

 

Longvalley Packaging Limited

(Registration number: 01401927)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

157,401

112,921

Current assets

 

Stocks

5

81,232

75,978

Debtors

6

490,464

541,952

Cash at bank and in hand

 

178,138

351,844

 

749,834

969,774

Creditors: Amounts falling due within one year

7

(329,780)

(373,824)

Net current assets

 

420,054

595,950

Total assets less current liabilities

 

577,455

708,871

Provisions for liabilities

(32,279)

(20,647)

Net assets

 

545,176

688,224

Capital and reserves

 

Called up share capital

75,000

75,000

Retained earnings

470,176

613,224

Shareholders' funds

 

545,176

688,224

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 August 2024 and signed on its behalf by:
 

 

Longvalley Packaging Limited

(Registration number: 01401927)
Balance Sheet as at 31 March 2024

.........................................
L D Bhudia
Director

.........................................
R V Bhudia
Director

.........................................
H D Bhudia
Director

.........................................
Mr V D Bhudia
Director

.........................................
D V Bhudia
Director

.........................................
M H Bhudia
Director

 

Longvalley Packaging Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
6 Atcost Road
(Off River Road,)
Barking
Essex
IG11 0EQ
United Kingdom

These financial statements were authorised for issue by the Board on 19 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Longvalley Packaging Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on reducing balance

Short leasehold

Over the period of lease

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Longvalley Packaging Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2023 - 17).

 

Longvalley Packaging Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

18,341

971,359

989,700

Additions

-

94,503

94,503

At 31 March 2024

18,341

1,065,862

1,084,203

Depreciation

At 1 April 2023

8,072

868,707

876,779

Charge for the year

734

49,289

50,023

At 31 March 2024

8,806

917,996

926,802

Carrying amount

At 31 March 2024

9,535

147,866

157,401

At 31 March 2023

10,269

102,652

112,921

Included within the net book value of land and buildings above is £9,535 (2023 - £10,269) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Raw materials and consumables

55,579

49,480

Work in progress

15,596

13,655

Finished goods and goods for resale

10,057

12,843

81,232

75,978

6

Debtors

 

Longvalley Packaging Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Current

2024
£

2023
£

Trade debtors

467,756

539,222

Prepayments

1,852

1,934

Other debtors

20,856

796

 

490,464

541,952

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

128,227

167,865

Taxation and social security

76,615

80,442

Accruals and deferred income

1,750

1,700

Other creditors

123,188

123,817

329,780

373,824

8

 

Ultimate Controlling party

The directors and their family control the company by virtue of a controlling interest of 100% (directly or indirectly) of the issued share capital.