Registered number
05923811
Moulded Packaging Solutions Limited
Unaudited Filleted Accounts
31 January 2024
Moulded Packaging Solutions Limited
Registered number: 05923811
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 499,472 499,125
Investments 4 289,455 201,455
788,927 700,580
Current assets
Stocks 338,423 324,902
Debtors 5 395,543 449,813
Cash at bank and in hand 657,761 749,374
1,391,727 1,524,089
Creditors: amounts falling due within one year 6 (477,693) (509,216)
Net current assets 914,034 1,014,873
Total assets less current liabilities 1,702,961 1,715,453
Creditors: amounts falling due after more than one year 7 (11,442) (37,862)
Provisions for liabilities (85,000) (85,000)
Net assets 1,606,519 1,592,591
Capital and reserves
Called up share capital 83,500 83,500
Revaluation reserve 16,500 16,500
Profit and loss account 1,506,519 1,492,591
Shareholders' funds 1,606,519 1,592,591
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Alan Charlton
Director
Approved by the board on 28 October 2024
Moulded Packaging Solutions Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10%
Tooling 5%
Office equipment 25%
Investments
Fixed asset investments are initally recorded at cost and subsequently stated at costs less any accumulated impairment losses.
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price.
At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumlated profits of the associate arising before or after the date of acquisition.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 23 23
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 703,583 1,249,136 54,735 2,007,454
Additions 17,680 48,168 8,000 73,848
At 31 January 2024 721,263 1,297,304 62,735 2,081,302
Depreciation
At 1 February 2023 449,576 1,006,025 52,728 1,508,329
Charge for the year 31,685 39,146 2,670 73,501
At 31 January 2024 481,261 1,045,171 55,398 1,581,830
Net book value
At 31 January 2024 240,002 252,133 7,337 499,472
At 31 January 2023 254,007 243,111 2,007 499,125
4 Investments
Investments in
associated
partnership
Total
£
Cost
At 1 February 2023 1,496,455
Additions 120,000
At 31 January 2024 1,616,455
Impairment
At 1 February 2023 1,295,000
Charge for the year 32,000
At 31 January 2024 1,327,000
Carrying amount
At 31 January 2024 289,455
At 31 January 2023 201,455
The investment is in an associated LLP the members of which are Alan Charlton, Iain McLeod
Anthony Thompson and Moulded Packaging Solutions Limited. Alan Charlton and
Iain McLeod are directors of Moulded Packaging Solutions Limited.
5 Debtors 2024 2023
£ £
Trade debtors 381,874 419,937
Amounts owed by group undertakings and undertakings in which the company has a participating interest 356 396
Other debtors 13,313 29,480
395,543 449,813
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 35,320 41,975
Trade creditors 226,159 192,817
Taxation and social security costs 133,533 198,478
Other creditors 82,681 75,946
477,693 509,216
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 11,442 37,862
Other information
Moulded Packaging Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
Ennerdale Road
Blyth Riverside Business Park
Blyth
Northumberland
NE24 4RT
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