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REGISTERED NUMBER: 02699527 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

LIMPET LABELS (U.K.) LIMITED

LIMPET LABELS (U.K.) LIMITED (REGISTERED NUMBER: 02699527)






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


LIMPET LABELS (U.K.) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: L G Goode
J D Weetman
P A Williams
Mrs J P Goode
J N Dudley





SECRETARY: L Goode





REGISTERED OFFICE: Russell House
Abbey Road North
Wrexham Industrial Estate
Wrexham
LL13 9RX





REGISTERED NUMBER: 02699527 (England and Wales)





ACCOUNTANTS: Guy Walmsley Limited
Chartered Accountants
3 Grove Road
Wrexham
LL11 1DY

LIMPET LABELS (U.K.) LIMITED (REGISTERED NUMBER: 02699527)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,684,058 1,903,069
Investments 5 50 50
Investment property 6 338,399 338,399
2,022,507 2,241,518

CURRENT ASSETS
Stocks 111,428 140,083
Debtors 7 661,368 667,217
Investments 8 34,431 34,431
Cash at bank 2,024,063 1,454,184
2,831,290 2,295,915
CREDITORS
Amounts falling due within one year 9 1,109,406 801,602
NET CURRENT ASSETS 1,721,884 1,494,313
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,744,391

3,735,831

CREDITORS
Amounts falling due after more than one year 10 (286,832 ) (476,114 )

PROVISIONS FOR LIABILITIES (267,241 ) (303,807 )
NET ASSETS 3,190,318 2,955,910

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 3,189,318 2,954,910
SHAREHOLDERS' FUNDS 3,190,318 2,955,910

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.

LIMPET LABELS (U.K.) LIMITED (REGISTERED NUMBER: 02699527)

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 28 October 2024 and were signed on its behalf by:





L G Goode - Director


LIMPET LABELS (U.K.) LIMITED (REGISTERED NUMBER: 02699527)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Limpet Labels (U.K.) 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 4% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

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.

LIMPET LABELS (U.K.) LIMITED (REGISTERED NUMBER: 02699527)

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 depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to 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 30 (2023 - 30 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 773,466 2,234,402 99,253
Additions 19,948 124,931 -
Disposals - (129,487 ) -
At 31 March 2024 793,414 2,229,846 99,253
DEPRECIATION
At 1 April 2023 391,714 726,299 87,965
Charge for year 46,506 302,922 2,256
Eliminated on disposal - (117,785 ) -
At 31 March 2024 438,220 911,436 90,221
NET BOOK VALUE
At 31 March 2024 355,194 1,318,410 9,032
At 31 March 2023 381,752 1,508,103 11,288

LIMPET LABELS (U.K.) LIMITED (REGISTERED NUMBER: 02699527)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 137,013 123,824 3,367,958
Additions - - 144,879
Disposals - - (129,487 )
At 31 March 2024 137,013 123,824 3,383,350
DEPRECIATION
At 1 April 2023 135,300 123,611 1,464,889
Charge for year 432 72 352,188
Eliminated on disposal - - (117,785 )
At 31 March 2024 135,732 123,683 1,699,292
NET BOOK VALUE
At 31 March 2024 1,281 141 1,684,058
At 31 March 2023 1,713 213 1,903,069

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2023
and 31 March 2024 1,106,080
DEPRECIATION
At 1 April 2023 298,800
Charge for year 161,456
At 31 March 2024 460,256
NET BOOK VALUE
At 31 March 2024 645,824
At 31 March 2023 807,280

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023
and 31 March 2024 50
NET BOOK VALUE
At 31 March 2024 50
At 31 March 2023 50

LIMPET LABELS (U.K.) LIMITED (REGISTERED NUMBER: 02699527)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 338,399
NET BOOK VALUE
At 31 March 2024 338,399
At 31 March 2023 338,399

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 465,460 468,297
Other debtors 168,272 168,272
Prepayments 27,636 30,648
661,368 667,217

8. CURRENT ASSET INVESTMENTS
31.3.24 31.3.23
£    £   
Metals 34,431 34,431

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 100,896 71,045
Hire purchase contracts 189,282 189,312
Trade creditors 301,098 338,675
Tax 234,059 23,879
Social security and other taxes 116,135 97,347
Other creditors 6,126 3,849
Directors' current accounts 1,075 842
Accruals and Deferred Income 160,735 76,653
1,109,406 801,602

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 286,832 476,114

11. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire Purchase Contracts 476,114 665,426

LIMPET LABELS (U.K.) LIMITED (REGISTERED NUMBER: 02699527)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. OTHER FINANCIAL COMMITMENTS

At 31st March 2024 the company had the following annual commitments under non-cancellable operating leases as follows:-

Land and Buildings
20242023
££
Expiry date
Between two and five years65,000 55,149

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
L G Goode
Balance outstanding at start of year (842 ) (51 )
Amounts advanced (233 ) (791 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,075 ) (842 )

14. RELATED PARTY DISCLOSURES

During the year the company undertook the following transactions with related parties:


Prince Developments
£
Rent paid during the year 65000
Mr L G Goode is a joint partner of Prince Developments.

15. ULTIMATE CONTROLLING PARTY

Mr L.Goode is the ultimate controlling party of Limpet Labels (UK) Limited.