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COMPANY REGISTRATION NUMBER: 01711137
Arc Labels Limited
Filleted Unaudited Financial Statements
For the year ended
30 April 2024
Arc Labels Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
402,664
420,561
Current assets
Stocks
24,698
28,579
Debtors
6
131,424
139,349
Cash at bank and in hand
67,990
36,921
----------
----------
224,112
204,849
Creditors: amounts falling due within one year
7
100,619
110,120
----------
----------
Net current assets
123,493
94,729
----------
----------
Total assets less current liabilities
526,157
515,290
Creditors: amounts falling due after more than one year
8
55,427
79,049
Provisions
Taxation including deferred tax
100,468
86,980
----------
----------
Net assets
370,262
349,261
----------
----------
Arc Labels Limited
Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
370,162
349,161
----------
----------
Shareholders funds
370,262
349,261
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 11 November 2024 , and are signed on behalf of the board by:
Mr. A. Ford
Director
Company registration number: 01711137
Arc Labels Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 5 The Maltings Industrial Estate, Whitley Bridge, Goole, DN14 0HH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(d) Current & deferred tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
4% straight line
Plant & Machinery
-
10% reducing balance
Cutters
-
10% reducing balance
Motor Vehicles
-
25% reducing balance
(g) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(h) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(i) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(j) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
108,887
693,610
124,675
15,180
942,352
Additions
11,962
4,923
16,885
----------
----------
----------
--------
----------
At 30 April 2024
108,887
705,572
129,598
15,180
959,237
----------
----------
----------
--------
----------
Depreciation
At 1 May 2023
108,887
315,483
84,942
12,479
521,791
Charge for the year
29,641
4,466
675
34,782
----------
----------
----------
--------
----------
At 30 April 2024
108,887
345,124
89,408
13,154
556,573
----------
----------
----------
--------
----------
Carrying amount
At 30 April 2024
360,448
40,190
2,026
402,664
----------
----------
----------
--------
----------
At 30 April 2023
378,127
39,733
2,701
420,561
----------
----------
----------
--------
----------
6. Debtors
2024
2023
£
£
Trade debtors
125,459
132,756
Other debtors
5,965
6,593
----------
----------
131,424
139,349
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
57,064
70,111
Accruals and deferred income
3,050
6,025
Corporation tax
4,747
Social security and other taxes
12,135
11,789
Obligations under finance leases and hire purchase contracts
23,623
22,195
----------
----------
100,619
110,120
----------
----------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
55,427
79,049
--------
--------
9. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
23,623
22,195
Later than 1 year and not later than 5 years
55,427
79,049
--------
----------
79,050
101,244
--------
----------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
100,468
86,980
----------
--------
11. Related party transactions
During the year the directors made available loans to the company. At 30 April 2024, the total balance outstanding on the loans was £nil (2023: £nil). No interest is charged on the loans in the period and the balance is repayable on demand.