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Registration number: 04224327

Label Solutions Limited

Annual Report and Unaudited Filleted Financial Statements

for the Period from 1 October 2022 to 31 December 2023

image-name
 

Label Solutions Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Label Solutions Limited

Company Information

Director

Mr LA Mann

Registered office

9 Pondwood Close
Moulton Park Industrial Estate
Northampton
Northamptonshire
NN3 6RT

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Label Solutions Limited
for the Period Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Label Solutions Limited for the period ended 31 December 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Label Solutions Limited, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Label Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Label Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Label Solutions Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Label Solutions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Label Solutions Limited. You consider that Label Solutions Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Label Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

Date:.............................

 

Label Solutions Limited

(Registration number: 04224327)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

42,094

69,339

Current assets

 

Stocks

5

100,393

209,652

Debtors

6

1,304,183

345,533

Other financial assets

-

132,191

Cash at bank and in hand

 

172,638

929,273

 

1,577,214

1,616,649

Creditors: Amounts falling due within one year

7

(264,047)

(373,911)

Net current assets

 

1,313,167

1,242,738

Total assets less current liabilities

 

1,355,261

1,312,077

Provisions for liabilities

-

(2,629)

Net assets

 

1,355,261

1,309,448

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

17,305

17,305

Retained earnings

1,337,856

1,292,043

Shareholders' funds

 

1,355,261

1,309,448

For the financial period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges his 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.

 

Label Solutions Limited

(Registration number: 04224327)
Balance Sheet as at 31 December 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 23 May 2024
 

.........................................
Mr LA Mann
Director

 

Label Solutions Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, 04224327.

The address of its registered office is:
9 Pondwood Close
Moulton Park Industrial Estate
Northampton
Northamptonshire
NN3 6RT
England

These financial statements were authorised for issue by the director on 23 May 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.

 

Label Solutions Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 December 2023

Prior period errors

The cash at bank balance in the prior year was understated as a result of erroneous bank transactions.

 

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Bank

16,859

16,859

-

Sales

-

16,859

-

Profit and loss reserves

16,859

-

-

    

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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

Tax

The tax expense for the period comprises current and 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.

The current income 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.

 

Label Solutions Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 December 2023

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

at varying rates on cost

Fixtures and fittings

15% on cost

Computer equipment

20% on cost

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.

 

Label Solutions Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 December 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Label Solutions Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 December 2023

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.

3

Staff numbers

The average number of persons employed by the company during the period, including the director, was 19 (2022 - 19).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

59,365

1,225,974

66,657

4,500

1,356,496

Additions

3,837

-

2,411

-

6,248

At 31 December 2023

63,202

1,225,974

69,068

4,500

1,362,744

Depreciation

At 1 October 2022

37,784

1,195,709

49,164

4,500

1,287,157

Charge for the period

5,065

22,123

6,305

-

33,493

At 31 December 2023

42,849

1,217,832

55,469

4,500

1,320,650

Carrying amount

At 31 December 2023

20,353

8,142

13,599

-

42,094

At 30 September 2022

21,581

30,265

17,493

-

69,339

 

Label Solutions Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 December 2023

5

Stocks

2023
£

2022
£

Inventory

100,393

209,652

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

273,583

209,340

Amounts owed by related parties

9

900,000

-

Prepayments

 

29,460

18,126

Other debtors

 

101,140

118,067

   

1,304,183

345,533

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

-

23,278

Trade creditors

 

106,660

235,510

Taxation and social security

 

132,953

93,240

Accruals and deferred income

 

19,957

17,227

Other creditors

 

4,477

4,656

 

264,047

373,911

 

Label Solutions Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 December 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

-

23,278

9

Related party transactions

Transactions with the director

2023

At 1 October 2022
£

Repayments by director
£

At 31 December 2023
£

Mr L R S Burden

103,539

(103,539)

-

       
     

 

2022

At 1 October 2021
£

Advances to director
£

At 30 September 2022
£

Mr L R S Burden

-

103,539

103,539