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Registrar

Registration number: 05328849

The Unique Paper Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

The Unique Paper Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

The Unique Paper Company Limited

Company Information

Directors

C P Scamponi

G P Nokes

L E Scamponi

Company secretary

L E Scamponi

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

HSBC Bank plc
Midland House
26 North Station Road
Colchester
Essex
CO1 1SY

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

The Unique Paper Company Limited

(Registration number: 05328849)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

296,993

328,200

Current assets

 

Stocks

773,780

622,420

Debtors

5

178,096

236,675

Cash at bank and in hand

 

17,270

87,436

 

969,146

946,531

Creditors: Amounts falling due within one year

6

(475,465)

(349,724)

Net current assets

 

493,681

596,807

Total assets less current liabilities

 

790,674

925,007

Provisions for liabilities

(72,225)

(79,491)

Net assets

 

718,449

845,516

Capital and reserves

 

Called up share capital

7

546,243

650,000

Capital redemption reserve

88,757

-

Revaluation reserve

139,956

162,285

Retained earnings

(56,507)

33,231

Shareholders' funds

 

718,449

845,516

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

The Unique Paper Company Limited

(Registration number: 05328849)
Balance Sheet as at 31 January 2024

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

.........................................
L E Scamponi
Company secretary and director

   
     
 

The Unique Paper Company Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, United Kingdom.

The principal place of business is: Arbour Farm, Wormingford Road, Fordham, Colchester, Essex, CO6 3NS.

These financial statements were authorised for issue by the Board on 31 October 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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover represents net invoiced sales of specialist paper, recognised on an accrued basis excluding value added tax.

Government grants

Grants are recognised when the company has an entitlement to the funds and conditions linked to the grants have been met.

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

Current Tax is recognised in the profit and loss account, 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.

Deferred tax is recognised on material 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 tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost or revaluation, less any subsequent accumulated depreciation.

 

The Unique Paper Company Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property improvements

10% to 33% Straight line method

Motor vehicles

25% Reducing balance

Origination plates and cylinders

20% Reducing balance method

Plant and Machinery

10% to 25% Reducing balance method

Fixtures and fittings

25% Reducing balance method

Exhibition stands and equipment

33% Straight line method

Computer equipment

25% Reducing balance method

Stocks

Stocks are valued at the lower of cost and net realisable value including a provision for overheads, after making due allowance for obsolete and slow moving stock.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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.

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.

Share capital

Ordinary shares are classified as equity.

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.

 

The Unique Paper Company Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 15).

4

Tangible assets

Leasehold property improvements
£

Fixtures and fittings and Computer equipment
 £

Motor vehicles
 £

Origination plates & cylinders
 £

Plant and machinery and exhibition stands
 £

Total
£

Cost or valuation

At 1 February 2023

46,653

69,318

13,736

249,765

544,939

924,411

Additions

-

1,823

-

5,850

4,915

12,588

At 31 January 2024

46,653

71,141

13,736

255,615

549,854

936,999

Depreciation

At 1 February 2023

40,264

62,414

12,939

181,037

299,557

596,211

Charge for the year

1,349

1,912

199

12,152

28,183

43,795

At 31 January 2024

41,613

64,326

13,138

193,189

327,740

640,006

Carrying amount

At 31 January 2024

5,040

6,815

598

62,426

222,114

296,993

At 31 January 2023

6,389

6,904

797

68,728

245,382

328,200

 

The Unique Paper Company Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Revaluation

The fair value of the company's material assets included within plant and machinery as at the balance sheet date were revalued on 2 May 2018 by an independent valuer Redfern Converting Machinery Limited. The directors have considered the value of the assets and do not consider them to be materially different to the carrying value.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £2,293 (2023 - £3,057).

5

Debtors

2024
£

2023
£

Trade debtors

126,287

101,894

Prepayments and accrued income

15,244

19,064

Other debtors

36,565

115,717

178,096

236,675

The amount of Trade Debtors under invoice factoring arrangements as at 31 January 2024 totalled £126,287 (2023: £101,984).

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

16,667

Trade creditors

 

99,231

85,513

Directors loan account

468

13,868

Taxation and social security

 

71,265

29,536

Accruals and deferred income

 

71,127

151,517

Other creditors

 

233,374

52,623

 

475,465

349,724

 

The Unique Paper Company Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

546,243

546,243

650,000

650,000

       

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

16,667