Registered number
03773977
CORNWELL PRODUCTS PACKAGING LIMITED
Filleted Accounts
31 March 2024
CORNWELL PRODUCTS PACKAGING LIMITED
Registered number: 03773977
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 57,962 77,282
Current assets
Debtors 4 124,864 52,483
Cash at bank and in hand 57,477 26,495
182,341 78,978
Creditors: amounts falling due within one year 5 (129,167) (95,014)
Net current assets/(liabilities) 53,174 (16,036)
Total assets less current liabilities 111,136 61,246
Creditors: amounts falling due after more than one year 6 (15,834) (25,833)
Provisions for liabilities (14,491) (18,423)
Net assets 80,811 16,990
Capital and reserves
Called up share capital 2 2
Profit and loss account 80,809 16,988
Shareholders' funds 80,811 16,990
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.
P S Baker
Director
Approved by the board on 19 November 2024
CORNWELL PRODUCTS PACKAGING LIMITED
Notes to the Accounts
for the year ended 31 March 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.
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 25% reducing balance
Motor vehicles 25% reducing balance
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.
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.
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
including directors 6 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 36,564 143,280 179,844
At 31 March 2024 36,564 143,280 179,844
Depreciation
At 1 April 2023 32,299 70,263 102,562
Charge for the year 1,066 18,254 19,320
At 31 March 2024 33,365 88,517 121,882
Net book value
At 31 March 2024 3,199 54,763 57,962
At 31 March 2023 4,265 73,017 77,282
4 Debtors 2024 2023
£ £
Trade debtors 60,060 41,057
Other debtors 64,804 11,426
124,864 52,483
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 39,827 39,967
Taxation and social security costs 64,923 22,955
Other creditors 14,417 22,092
129,167 95,014
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 15,834 25,833
7 Related party transactions
During the year the directors continued to provide funds to the company on an interest free basis with no set repayment terms. At the end of the year the company owed the directors £2,547(2023: £16,255).
8 Other information
CORNWELL PRODUCTS PACKAGING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
1 The Stables, Court Lodge
Horton Road
Horton Kirby
Kent
DA4 9BN
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