Company registration number 11120462 (England and Wales)
WIGSTON PAPER LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WIGSTON PAPER LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
WIGSTON PAPER LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
123,352
55,947
Investments
5
1
1
123,353
55,948
Current assets
Stocks
7
826,287
689,398
Debtors
8
1,757,484
2,973,111
Cash at bank and in hand
56,848
122,298
2,640,619
3,784,807
Creditors: amounts falling due within one year
9
(235,463)
(1,311,279)
Net current assets
2,405,156
2,473,528
Net assets
2,528,509
2,529,476
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
2,528,508
2,529,475
Total equity
2,528,509
2,529,476
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
27 September 2024
27 September 2024
and are signed on its behalf by:
2024-09-27
J W Walker
Director
Company registration number 11120462 (England and Wales)
WIGSTON PAPER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
1.1
Company information
Wigston Paper Limited is a private company limited by shares incorporated in England and Wales. The registered office is Jubilee House, Whitwick Business Park, Stenson Road, Coalville, United Kingdom, LE67 4NA.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
WIGSTON PAPER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.
WIGSTON PAPER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
WIGSTON PAPER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Recharge of costs
The company's trading results includes a recharge of costs from the former wider group. There are inherent judgments in calculating the recharges attributable to the wider group using a range of allocation methods, which are applied depending on the substance and nature of each cost. For instance, costs are allocated fully to a group company if the economic benefit from the cost was gained only by a specific group company, or by a percentage split based on UK turnover, group-wide turnover, or by the percentage that a facility was used by each group company. The allocation bases are reviewed annually to ensure they remain a fair and reasonable method of distributing costs to the relevant entities. No element of profit is included in the recharges.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 6 (2022: 6).
WIGSTON PAPER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 January 2023
618,660
Additions
93,695
Disposals
(528,303)
At 31 December 2023
184,052
Depreciation
At 1 January 2023
562,713
Depreciation charged in the year
17,868
Eliminated in respect of disposals
(519,881)
At 31 December 2023
60,700
Carrying amount
At 31 December 2023
123,352
At 31 December 2022
55,947
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Address
Class of shares held
% Held
Direct
Wigston Paper and Board
England and Wales
Ordinary
100.00
Registered office addresses:
1
Quantum House, Interlink Way South, Bardon Business Park, Bardon Hill, Coalville, Leicestershire, LE67 1PG
WIGSTON PAPER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Stocks
2023
2022
£
£
Finished goods and goods for resale
826,287
689,398
An impairment profit of £35,373 (2022 - loss of £27,985) was recognised in cost of sales during the year due to slow-moving and obsolete stock.
8
Debtors
2023
2022
£
£
Trade debtors
658,743
476,432
Corporation tax recoverable
488
Amounts owed by group undertakings
1,087,911
2,467,042
Other debtors
8,512
24,403
Deferred tax asset
1,830
5,234
1,757,484
2,973,111
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
113,410
142,657
Amounts owed to group undertakings
1,032,292
Corporation tax
10,377
Other taxation and social security
57,582
70,356
Other creditors
64,471
55,597
235,463
1,311,279
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
WIGSTON PAPER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Audit report information
(Continued)
- 8 -
Senior Statutory Auditor:
Andrew Timms
Statutory Auditor:
UHY Hacker Young
11
Financial commitments, guarantees and contingent liabilities
The company provided a bank cross guarantee in relation to the former group's overdraft facility. The contingent liability at year end is £nil (2022 - £2,425,334).
12
Related party transactions
The company has taken advantage of the exemption available under section 1AC.35 of FRS 102, from disclosing transactions entered into between two or more wholly owned members of the group.
Included within other creditors falling due within one year is a loan of £48,068 (2022 - £48,068) from the Weston & Harding Trust, the directors are trustees of the trust. The loan is interest-free and repayable on demand.
13
Parent company
The immediate and ultimate parent company during the year was Quantum House Holdings Limited, a company controlled by the Walker family.
The company results are consolidated by the parent company Quantum House Holdings Limited. Copies of the consolidated financial statements, which include this company, are available from Companies House, Cardiff, CF14 3UZ.
From 30 August 2024, Quantum House Holdings Limited is no longer the ultimate parent company. The company is now controlled by Sanderson Ward Ltd.