THE RE-WRAP ASSOCIATION CIC

Company limited by guarantee

Company Registration Number:
04994892 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

THE RE-WRAP ASSOCIATION CIC

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

THE RE-WRAP ASSOCIATION CIC

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The principal activity of the company continued to be that of the sale of fabric bags.

Additional information

Small companies exemption This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.



Directors

The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023

Mr J J Trivedi
Mrs J Trivedi
Ms Monica Jandrisits


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
22 August 2024

And signed on behalf of the board by:
Name: Mr J J Trivedi
Status: Director

THE RE-WRAP ASSOCIATION CIC

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 4,409,358 2,305,311
Cost of sales: ( 2,502,900 ) ( 1,686,328 )
Gross profit(or loss): 1,906,458 618,983
Distribution costs: 0 0
Administrative expenses: ( 712,674 ) ( 460,494 )
Other operating income: 0 0
Operating profit(or loss): 1,193,784 158,489
Interest receivable and similar income: 23,711 163
Interest payable and similar charges: 0 0
Profit(or loss) before tax: 1,217,495 158,652
Tax: ( 286,591 ) ( 29,573 )
Profit(or loss) for the financial year: 930,904 129,079

THE RE-WRAP ASSOCIATION CIC

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets: 3 60,997 5,960
Tangible assets: 4 4,518 5,544
Investments:   0 0
Total fixed assets: 65,515 11,504
Current assets
Stocks: 5 113,062 59,115
Debtors: 6 582,331 385,619
Cash at bank and in hand: 2,725,567 1,101,115
Investments:   0 0
Total current assets: 3,420,960 1,545,849
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 7 ( 1,782,077 ) ( 783,714 )
Net current assets (liabilities): 1,638,883 762,135
Total assets less current liabilities: 1,704,398 773,639
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: ( 1,130 ) ( 1,275 )
Accruals and deferred income: 0 0
Total net assets (liabilities): 1,703,268 772,364
Members' funds
Profit and loss account: 1,703,268 772,364
Total members' funds: 1,703,268 772,364

The notes form part of these financial statements

THE RE-WRAP ASSOCIATION CIC

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 22 August 2024
and signed on behalf of the board by:

Name: Mr J J Trivedi
Status: Director

The notes form part of these financial statements

THE RE-WRAP ASSOCIATION CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

    Tangible fixed assets depreciation policy

    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: Plant and equipment 25% on cost 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 surplus or deficit.

    Intangible fixed assets amortisation policy

    Amortisation 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: Trade marks Straight line over 5 years Brand Straight line over 3 years

    Other accounting policies

    Company information the re-wrap association CIC is a private company limited by guarantee incorporated in England and Wales. The registered office is 2 Lake End Court, Taplow Road, Taplow, Berkshire, SL6 0JQ. 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. Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials 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. 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. Financial instruments The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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 and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors 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 and subsequently measured at amortised cost using the effective interest method. 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. 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. Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Foreign exchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

THE RE-WRAP ASSOCIATION CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 7 7

THE RE-WRAP ASSOCIATION CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 January 2023 12,702 12,702
Additions 111,785 111,785
Disposals
Revaluations
Transfers
At 31 December 2023 124,487 124,487
Amortisation
At 1 January 2023 6,742 6,742
Charge for year 56,748 56,748
On disposals
Other adjustments
At 31 December 2023 63,490 63,490
Net book value
At 31 December 2023 60,997 60,997
At 31 December 2022 5,960 5,960

THE RE-WRAP ASSOCIATION CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 14,015 14,015
Additions 1,509 1,509
Disposals
Revaluations
Transfers
At 31 December 2023 15,524 15,524
Depreciation
At 1 January 2023 8,471 8,471
Charge for year 2,535 2,535
On disposals
Other adjustments
At 31 December 2023 11,006 11,006
Net book value
At 31 December 2023 4,518 4,518
At 31 December 2022 5,544 5,544

THE RE-WRAP ASSOCIATION CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Stocks

2023 2022
£ £
Stocks 113,062 59,115
Total 113,062 59,115

THE RE-WRAP ASSOCIATION CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Debtors

2023 2022
£ £
Trade debtors 503,928 225,329
Other debtors 78,403 160,290
Total 582,331 385,619

THE RE-WRAP ASSOCIATION CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 1,022,327 477,008
Taxation and social security 360,531 69,069
Other creditors 399,219 237,637
Total 1,782,077 783,714

THE RE-WRAP ASSOCIATION CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

8. Financial Commitments

At the reporting end date the company had outstanding commitments of £163,884 (2022 £51,150) for future minimum lease payments under noncancellable operating leases.

COMMUNITY INTEREST ANNUAL REPORT

THE RE-WRAP ASSOCIATION CIC

Company Number: 04994892 (England and Wales)

Year Ending: 31 December 2023

Company activities and impact

We were not yet a CIC in FY2023, but the company’s social enterprise activities provided benefit to people working within the supply chain of the company, including farmers and women working on our products. We have provided skills to almost 260 women in South India, training them to stitch our product to a high standard, giving them a stable income to help support their families. Over the past 10 years, many of these women have advanced to become entrepreneurs, creating more opportunity for others. We have also supported almost 4000 South India farmers in their conversion to organic farming through the Farmer Producer Organisation/ FPO model. Organic practices have many benefits. Farmers can use own crop seeds instead of purchasing GMO seeds. They use natural fertilisers, manures and insecticides instead of costly and health impacting chemicals. Organic practices also improve the overall health of the soil. Healthy soil absorbs more water so in times of drought or floods, they can be more climate resilient. Finally, organic product also commands a +10-12% price premium. This benefits the economic health of the farming communities. Our sales also enable us to support select UK charity partners that support women and children and their beneficiaries, education, and environmental improvement. In 2023, we started funding an employment training programme for Refugee women in Camden London and also supporting preventative research into breast cancer.

Consultation with stakeholders

No consultation with stakeholders

Directors' remuneration

The aggregate amount of emoluments paid to or receivable by directors in respect of qualifying services was £171,000. There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director’s loss of office, which require to be disclosed

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
28 October 2024

And signed on behalf of the board by:
Name: Monica Jandrisits
Status: Director