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Registration number: 02714679

Creative Paper Products Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Creative Paper Products Limited
(Registration number: 02714679)

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Creative Paper Products Limited
(Registration number: 02714679)

Company Information

Directors

Mr A M Kaupang

Mr T E Seljaas

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Auditors

Thompson Jenner LLP
Statutory Auditors
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Creative Paper Products Limited
(Registration number: 02714679)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

204,373

216,082

Current assets

 

Stocks

5

702,859

1,758,538

Debtors

6

815,655

812,494

Cash at bank and in hand

 

753,425

481,883

 

2,271,939

3,052,915

Creditors: Amounts falling due within one year

7

(509,282)

(1,325,730)

Net current assets

 

1,762,657

1,727,185

Total assets less current liabilities

 

1,967,030

1,943,267

Creditors: Amounts falling due after more than one year

7

(3,863)

(14,524)

Provisions for liabilities

(48,419)

(49,547)

Net assets

 

1,914,748

1,879,196

Capital and reserves

 

Called up share capital

1,100

1,100

Revaluation reserve

16,726

23,271

Profit and loss account

1,896,922

1,854,825

Total equity

 

1,914,748

1,879,196

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 and the option not to file the Profit and Loss Account has been taken.

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

.........................................
Mr A M Kaupang
Director

 

Creative Paper Products Limited
(Registration number: 02714679)

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

The principal place of business is:
Millfield House
Lichfield Road
Tamworth
Staffordshire
B79 7SP

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.

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on ...............19 September 2024 was Ruskin Wilson, who signed for and on behalf of Thompson Jenner LLP.

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 and it is probable that future economic benefits will flow to the entity. This is deemed to be on delivery of goods to the customer.

 

Creative Paper Products Limited
(Registration number: 02714679)

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Short leasehold land and buildings

15% reducing balance

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

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.

 

Creative Paper Products Limited
(Registration number: 02714679)

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

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.

 

Creative Paper Products Limited
(Registration number: 02714679)

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2022 - 26).

 

Creative Paper Products Limited
(Registration number: 02714679)

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 January 2023

97,599

12,609

561,813

672,021

Additions

-

2,776

33,436

36,212

Disposals

-

(2,759)

(50,423)

(53,182)

At 31 December 2023

97,599

12,626

544,826

655,051

Depreciation

At 1 January 2023

85,016

6,315

364,608

455,939

Charge for the year

1,887

1,126

32,139

35,152

Eliminated on disposal

-

(1,345)

(39,068)

(40,413)

At 31 December 2023

86,903

6,096

357,679

450,678

Carrying amount

At 31 December 2023

10,696

6,530

187,147

204,373

At 31 December 2022

12,583

6,294

197,205

216,082

Included within the net book value of land and buildings above is £10,696 (2022 - £12,583) in respect of short leasehold land and buildings.
 

Revaluation

The fair value of the company's plant and machinery was revalued on 18 May 2014 by M Connor of Haworth Enterprises, a business that specialises in the supply of used and rebuilt machinery to the world's leading printing and paper converting companies and who is external to the company. The basis of this valuation was open market value.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £164,845 (2022 - £166,177),

The company elected to use this valuation as deemed cost upon transition to FRS 102.

5

Stocks

2023
£

2022
£

Raw materials and consumables

558,969

1,443,845

Work in progress

74,435

100,126

Finished goods and goods for resale

69,455

214,567

702,859

1,758,538

 

Creative Paper Products Limited
(Registration number: 02714679)

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

464,192

772,229

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

300,000

-

Other debtors

 

-

919

Prepayments and accrued income

 

51,463

39,346

Total current trade and other debtors

 

815,655

812,494

 

Creative Paper Products Limited
(Registration number: 02714679)

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

10,224

491,791

Trade creditors

 

259,946

552,982

Taxation and social security

 

187,698

226,461

Other creditors

 

51,414

54,496

 

509,282

1,325,730

Due after one year

 

Loans and borrowings

8

3,863

14,524

8

Loans and borrowings

2023
 £

2022
 £

Current loans and borrowings

Bank loan

10,224

9,151

Invoice discounting facility

-

482,640

10,224

491,791

2023
 £

2022
 £

Non-current loans and borrowings

Bank loan

3,863

14,524

Secured loans and borrowings
The bank loan and invoice discounting facility are secured by a fixed and floating charge over all assets of the company.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £232,000 (2022 - £337,000). As at 31 December 2023 the company had annual commitments under non-cancellable operating leases due within one year of £116,000 (2022 - £105,000).

 

Creative Paper Products Limited
(Registration number: 02714679)

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Related party transactions

The company has taken advantage of the exemptions in FRS 102 Section 1A from disclosing transactions with other members of the group.

11

Parent and ultimate parent undertaking

The company's immediate parent is Norwegian Paper UK Limited, incorporated in England & Wales.

 The ultimate parent is Norwegian Paper Holdings AS, incorporated in Norway.

 The most senior parent entity producing publicly available financial statements is Norwegian Paper Holdings AS.The ultimate controlling party is Mr A M Kaupang.

The parent of the largest group in which these financial statements are consolidated is Norwegian Paper Holdings AS, incorporated in Norway.

The address of Norwegian Paper Holdings AS is:

PB163, 48 91
Grimstad
Osterkogen 20, NO-4879
Grimstad
Norway