Paperline Limited 02469888 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is import and sale of personal protective equipment and hygiene disposables Digita Accounts Production Advanced 6.30.9574.0 true false true 02469888 2023-03-01 2024-02-29 02469888 2024-02-29 02469888 core:CapitalRedemptionReserve 2024-02-29 02469888 core:RetainedEarningsAccumulatedLosses 2024-02-29 02469888 core:ShareCapital 2024-02-29 02469888 core:SharePremium 2024-02-29 02469888 core:CurrentFinancialInstruments 2024-02-29 02469888 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 02469888 core:Goodwill 2024-02-29 02469888 core:BetweenTwoFiveYears 2024-02-29 02469888 core:MoreThanFiveYears 2024-02-29 02469888 core:WithinOneYear 2024-02-29 02469888 core:FurnitureFittingsToolsEquipment 2024-02-29 02469888 core:LandBuildings 2024-02-29 02469888 core:PlantMachinery 2024-02-29 02469888 bus:SmallEntities 2023-03-01 2024-02-29 02469888 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 02469888 bus:FullAccounts 2023-03-01 2024-02-29 02469888 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 02469888 bus:RegisteredOffice 2023-03-01 2024-02-29 02469888 bus:CompanySecretaryDirector1 2023-03-01 2024-02-29 02469888 bus:Director2 2023-03-01 2024-02-29 02469888 bus:Director3 2023-03-01 2024-02-29 02469888 bus:Director4 2023-03-01 2024-02-29 02469888 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 02469888 bus:Agent1 2023-03-01 2024-02-29 02469888 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 02469888 core:LandBuildings 2023-03-01 2024-02-29 02469888 core:LeaseholdImprovements 2023-03-01 2024-02-29 02469888 core:OfficeEquipment 2023-03-01 2024-02-29 02469888 core:PlantMachinery 2023-03-01 2024-02-29 02469888 countries:EnglandWales 2023-03-01 2024-02-29 02469888 2023-02-28 02469888 core:CapitalRedemptionReserve 2023-02-28 02469888 core:SharePremium 2023-02-28 02469888 core:Goodwill 2023-02-28 02469888 core:CostValuation 2023-02-28 02469888 core:FurnitureFittingsToolsEquipment 2023-02-28 02469888 core:LandBuildings 2023-02-28 02469888 core:PlantMachinery 2023-02-28 02469888 2022-03-01 2023-02-28 02469888 2023-02-28 02469888 core:CapitalRedemptionReserve 2023-02-28 02469888 core:RetainedEarningsAccumulatedLosses 2023-02-28 02469888 core:ShareCapital 2023-02-28 02469888 core:SharePremium 2023-02-28 02469888 core:CurrentFinancialInstruments 2023-02-28 02469888 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 02469888 core:BetweenTwoFiveYears 2023-02-28 02469888 core:MoreThanFiveYears 2023-02-28 02469888 core:WithinOneYear 2023-02-28 02469888 core:FurnitureFittingsToolsEquipment 2023-02-28 02469888 core:LandBuildings 2023-02-28 02469888 core:PlantMachinery 2023-02-28 02469888 core:CapitalRedemptionReserve 2022-02-28 02469888 core:SharePremium 2022-02-28 iso4217:GBP xbrli:pure

Company registration number: 02469888

Paperline Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Paperline Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Assurance Report

4 to 5

Profit and Loss Account

6

Balance Sheet

7 to 8

Notes to the Unaudited Financial Statements

9 to 16

 

Paperline Limited

Company Information

Directors

S C Hubner

M D Lee

R C E Wilson

P J Wilson

Company secretary

S C Hubner

Registered office

Unit 6 Ashmead Park
Ashmead Road Keynsham
Bristol
BS31 1SU

Accountants

Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

 

Paperline Limited

Directors' Report for the Year Ended 29 February 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors of the company

The directors who held office during the year were as follows:

S C Hubner - Company secretary and director

M D Lee

R C E Wilson

P J Wilson

Principal activity

The principal activity of the company is import and sale of personal protective equipment and hygiene disposables.

Small companies provision statement

This report has 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.

Approved by the Board on 28 August 2024 and signed on its behalf by:


S C Hubner
Company secretary and director

   
 

Paperline Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Paperline Limited
for the Year Ended 29 February 2024

We have reviewed the financial statements of Paperline Limited for the year ended 29 February 2024, which comprise the Profit and loss account, Balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards as adopted by the UK.
 

Directors' Responsibility for the Financial Statements
As explained more fully in the Directors’ Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
 

Accountants' Responsibility
Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised) Engagements to review historical financial statements and ICAEW technical release TECH 09/13AAF (Revised) Assurance review engagements on historical financial statements. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK' (United Kingdom Generally Accepted Accounting Practice). ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics and the FRC’s Ethical Standard, as applicable.
 

Scope of the Assurance Review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures, and evaluating the evidence obtained.

In forming our conclusion on the financial statements, which is not modified but is subject to these limitations:

- we note the prior period financial statements were not reviewed in accordance with ISRE 2400 (revised).
- we have not assessed whether it is appropriate to prepare the financial statement on the going concern basis.
- we have not considered whether the carrying value of the company's investment or amounts due from its subsidiary are impaired.

The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements.
 

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Paperline Limited
for the Year Ended 29 February 2024

Conclusions
Based on our review, and the limitations noted above within the scope of assurance review section, nothing has come to our attention that causes us to believe that the financial
statements have not been prepared:
• so as to give a true and fair view of the state of the company’s affairs as at 29 February 2024, and of its loss for the year then ended;
• in accordance with United Kingdom Generally Accepted Accounting Practice; and
• in accordance with the requirements of the Companies Act 2006.
 

Use of our Report
This report is made solely to the Board of Directors of Paperline Limited, as a body, in accordance with the terms of our engagement letter dated 27 February 2024. Our work has been undertaken so that we might state to the Board of Directors those matters that we have agreed to state to them in a reviewer's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paperline Limited and its Board of Directors as a body for our work or for this report, or the conlcusions we have formed.





Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

2 September 2024

 

Paperline Limited

Profit and Loss Account
for the Year Ended 29 February 2024

2024
 £

2023
 £

Turnover

9,785,231

10,661,969

Cost of sales

(7,441,501)

(8,010,162)

Gross profit

2,343,730

2,651,807

Distribution costs

(191,966)

(205,278)

Administrative expenses

(1,664,822)

(1,693,184)

Operating profit

486,942

753,345

Other interest receivable and similar income

22,765

2,982

Interest payable and similar charges

(5,381)

(11,221)

Profit before tax

504,326

745,106

Taxation

(149,345)

(141,000)

Profit for the financial year

354,981

604,106

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Paperline Limited

(Registration number: 02469888)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

32,603

25,810

Investments

6

100

100

 

32,703

25,910

Current assets

 

Stocks

7

1,406,429

1,491,528

Debtors

8

1,329,204

1,441,649

Cash at bank and in hand

 

1,144,074

1,477,034

 

3,879,707

4,410,211

Creditors: Amounts falling due within one year

9

(942,630)

(1,278,655)

Net current assets

 

2,937,077

3,131,556

Total assets less current liabilities

 

2,969,780

3,157,466

Provisions for liabilities

 

Deferred tax liabilities

 

(5,498)

(5,498)

Net assets

 

2,964,282

3,151,968

Capital and reserves

 

Called up share capital

67

74

Share premium reserve

36,317

36,317

Capital redemption reserve

248

241

Profit and loss account

2,927,650

3,115,336

Total equity

 

2,964,282

3,151,968

For the financial year ending 29 February 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Paperline Limited

(Registration number: 02469888)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 


S C Hubner
Company secretary and director

   
 

Paperline Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 6 Ashmead Park
Ashmead Road Keynsham
Bristol
BS31 1SU

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.

These financial statements are presented in Sterling (£).

Going concern

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

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate agreed at company level at the date of the transaction. Monetary assets and liabilitites denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reported date.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Paperline Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, 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.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

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

Depreciation of tangible assets

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

Long leasehold land and buildings

Over the length of the lease

Plant and machinery

20% straight line

Office equipment

10 %- 25% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

Paperline Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Share premium account includes any premiums received on the issue of share capital. Transaction costs associated with the issuing of shares are deducted from the share premium.

Profit and loss account includes all current and prior period profits and losses.

Capital redemption reserve records the nominal value of shares repurchased by the company.

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.

 

Paperline Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 23 (2023 - 24).

 

Paperline Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

421,244

421,244

At 29 February 2024

421,244

421,244

Amortisation

At 1 March 2023

421,244

421,244

At 29 February 2024

421,244

421,244

Carrying amount

At 29 February 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 March 2023

31,737

159,605

68,999

260,341

Additions

4,723

12,257

4,756

21,736

At 29 February 2024

36,460

171,862

73,755

282,077

Depreciation

At 1 March 2023

21,479

145,776

67,258

234,513

Charge for the year

3,104

10,036

1,821

14,961

At 29 February 2024

24,583

155,812

69,079

249,474

Carrying amount

At 29 February 2024

11,877

16,050

4,676

32,603

At 28 February 2023

10,240

13,829

1,741

25,810

Included within the net book value of land and buildings above is £11,877 (2023 - £10,240) in respect of long leasehold land and buildings.
 

 

Paperline Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 March 2023

100

Provision

Carrying amount

At 29 February 2024

100

At 28 February 2023

100

7

Stocks

2024
£

2023
£

Finished goods and goods for resale

1,406,429

1,491,528

8

Debtors

Current

2024
£

2023
£

Trade debtors

1,240,644

1,357,690

Prepayments

43,325

44,758

Other debtors

45,235

39,201

 

1,329,204

1,441,649

 

Paperline Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Bank overdrafts

-

4,707

Trade creditors

389,376

603,475

Taxation and social security

342,605

370,611

Accruals and deferred income

173,419

124,003

Other creditors

37,230

175,859

942,630

1,278,655

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

144,416

145,557

Later than one year and not later than five years

539,729

525,884

Later than five years

236,166

363,987

920,311

1,035,428

The amount of non-cancellable operating lease payments recognised as an expense during the year was £152,684 (2023 - £149,545).

 

Paperline Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

11

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

4,707

12

Reserves reconciliation

Share premium
£

Capital redemption reserve
£

At 1 March 2023

36,317

241

Other capital redemption reserve movements

-

7

At 29 February 2024

36,317

248

Share premium
£

Capital redemption reserve
£

At 1 March 2022

36,317

241

At 28 February 2023

36,317

241