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REGISTERED NUMBER: 06035826 (England and Wales)











South Staffordshire Paper Products
Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






South Staffordshire Paper Products
Limited (Registered number: 06035826)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


South Staffordshire Paper Products
Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: N D Jones
E O'Connor
W R Roe
S F Tilford
M Roe
M Roe





SECRETARY: N D Jones





REGISTERED OFFICE: 30 - 32 Mariner
Lichfield Road Industrial Estate
Tamworth
Staffordshire
B79 7UL





REGISTERED NUMBER: 06035826 (England and Wales)





ACCOUNTANTS: Haines Watts Tamworth Limited
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

South Staffordshire Paper Products
Limited (Registered number: 06035826)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 728,446 525,379

CURRENT ASSETS
Stocks 420,755 438,676
Debtors 5 591,880 576,073
Cash at bank and in hand 5,348 7,210
1,017,983 1,021,959
CREDITORS
Amounts falling due within one year 6 936,188 852,776
NET CURRENT ASSETS 81,795 169,183
TOTAL ASSETS LESS CURRENT
LIABILITIES

810,241

694,562

CREDITORS
Amounts falling due after more than one year 7 (220,868 ) (184,149 )

PROVISIONS FOR LIABILITIES (129,612 ) (65,084 )
NET ASSETS 459,761 445,329

CAPITAL AND RESERVES
Called up share capital 10 940 950
Revaluation reserve 11 28,779 57,557
Capital redemption reserve 10 -
Retained earnings 430,032 386,822
SHAREHOLDERS' FUNDS 459,761 445,329

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

South Staffordshire Paper Products
Limited (Registered number: 06035826)

Balance Sheet - continued
31 March 2024


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 20 August 2024 and were signed on its behalf by:





N D Jones - Director


South Staffordshire Paper Products
Limited (Registered number: 06035826)

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


1. STATUTORY INFORMATION

South Staffordshire Paper Products Limited is a private company, limited by shares , registered in England and Wales. 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.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. Management are also required to
exercise judgment in the process of applying the company’s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of
future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgments:

- A provision is recognised when the company has a present legal or constructive obligation as a result of a
past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgment. The nature and type of risks for these provisions differ and management’s judgment is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Sales ledger debt provisions. Management review debts on a case by case basis to highlight deviation from terms and therefore possible provision requirement.

- Depreciation and residual values. The Directors have reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic life and residual values of fixtures and fittings, and have concluded that asset lives are appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.

- Stock provisions. Management review stock and the ageing profile thereof, as well as any individual or stock types that may be slow moving or obsolete, for any possible provision.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

South Staffordshire Paper Products
Limited (Registered number: 06035826)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 10% on cost
Plant and machinery etc - 33% on cost, 25% on cost, Straight line over the life of the lease and Straight line over 7 years

Periodically, the residual values and carrying values will be reviewed by the Directors and the assets revalued as considered appropriate.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

South Staffordshire Paper Products
Limited (Registered number: 06035826)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciation over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 26 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 45,119 760,209 805,328
Additions - 240,441 240,441
Disposals (45,119 ) (7,570 ) (52,689 )
At 31 March 2024 - 993,080 993,080
DEPRECIATION
At 1 April 2023 45,119 234,830 279,949
Charge for year - 33,211 33,211
Eliminated on disposal (45,119 ) (3,407 ) (48,526 )
At 31 March 2024 - 264,634 264,634
NET BOOK VALUE
At 31 March 2024 - 728,446 728,446
At 31 March 2023 - 525,379 525,379

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 462,456 539,431
Other debtors 129,424 36,642
591,880 576,073

South Staffordshire Paper Products
Limited (Registered number: 06035826)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 301,503 323,909
Hire purchase contracts (see note 8) 47,785 19,449
Trade creditors 470,677 401,276
Taxation and social security 104,718 87,633
Other creditors 11,505 20,509
936,188 852,776

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 25,000 45,000
Hire purchase contracts (see note 8) 120,006 51,287
Other creditors 75,862 87,862
220,868 184,149

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 47,785 19,449
Between one and five years 120,006 51,287
167,791 70,736

Non-cancellable operating leases
2024 2023
£    £   
Within one year 159,800 159,800
Between one and five years 411,750 576,450
571,550 736,250

South Staffordshire Paper Products
Limited (Registered number: 06035826)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 281,503 303,909
Bank loans 45,000 65,000
Hire purchase contracts 167,791 70,736
494,294 439,645

The bank loans and overdrafts are secured by way of a fixed and floating charge over all property or undertaking of the Company, both present and future.

Hire purchase liabilities are secured by way of a charge over the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
940 Ordinary £1 940 950

11. RESERVES
Revaluation
reserve
£   
At 1 April 2023 57,557
Release of revaluation reserve (28,778 )

At 31 March 2024 28,779

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date loans totalling £75,862 (2023 - £87,862) were repayable to the company directors. These loans are non-interest bearing and, although no formal repayment terms are in place, they are repayable upon demand.