2023-03-012024-02-292024-02-29false01541108BUDGET PAPER SUPPLIES LIMITED2024-11-19iso4217:GBPxbrli:pure015411082023-03-01015411082024-02-29015411082023-03-012024-02-29015411082022-03-01015411082023-02-28015411082022-03-012023-02-2801541108bus:SmallEntities2023-03-012024-02-2901541108bus:AuditExempt-NoAccountantsReport2023-03-012024-02-2901541108bus:FullAccounts2023-03-012024-02-2901541108bus:PrivateLimitedCompanyLtd2023-03-012024-02-2901541108core:WithinOneYear2024-02-2901541108core:AfterOneYear2024-02-2901541108core:WithinOneYear2023-02-2801541108core:AfterOneYear2023-02-2801541108core:ShareCapital2024-02-2901541108core:SharePremium2024-02-2901541108core:RevaluationReserve2024-02-2901541108core:OtherReservesSubtotal2024-02-2901541108core:RetainedEarningsAccumulatedLosses2024-02-2901541108core:ShareCapital2023-02-2801541108core:SharePremium2023-02-2801541108core:RevaluationReserve2023-02-2801541108core:OtherReservesSubtotal2023-02-2801541108core:RetainedEarningsAccumulatedLosses2023-02-2801541108core:LandBuildings2024-02-2901541108core:PlantMachinery2024-02-2901541108core:Vehicles2024-02-2901541108core:FurnitureFittings2024-02-2901541108core:OfficeEquipment2024-02-2901541108core:NetGoodwill2024-02-2901541108core:IntangibleAssetsOtherThanGoodwill2024-02-2901541108core:ListedExchangeTraded2024-02-2901541108core:UnlistedNon-exchangeTraded2024-02-2901541108core:LandBuildings2023-02-2801541108core:PlantMachinery2023-02-2801541108core:Vehicles2023-02-2801541108core:FurnitureFittings2023-02-2801541108core:OfficeEquipment2023-02-2801541108core:NetGoodwill2023-02-2801541108core:IntangibleAssetsOtherThanGoodwill2023-02-2801541108core:ListedExchangeTraded2023-02-2801541108core:UnlistedNon-exchangeTraded2023-02-2801541108core:LandBuildings2023-03-012024-02-2901541108core:PlantMachinery2023-03-012024-02-2901541108core:Vehicles2023-03-012024-02-2901541108core:FurnitureFittings2023-03-012024-02-2901541108core:OfficeEquipment2023-03-012024-02-2901541108core:NetGoodwill2023-03-012024-02-2901541108core:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-2901541108core:ListedExchangeTraded2023-03-012024-02-2901541108core:UnlistedNon-exchangeTraded2023-03-012024-02-2901541108core:MoreThanFiveYears2023-03-012024-02-2901541108core:Non-currentFinancialInstruments2024-02-2901541108core:Non-currentFinancialInstruments2023-02-2801541108dpl:CostSales2023-03-012024-02-2901541108dpl:DistributionCosts2023-03-012024-02-2901541108core:LandBuildings2023-03-012024-02-2901541108core:PlantMachinery2023-03-012024-02-2901541108core:Vehicles2023-03-012024-02-2901541108core:FurnitureFittings2023-03-012024-02-2901541108core:OfficeEquipment2023-03-012024-02-2901541108dpl:AdministrativeExpenses2023-03-012024-02-2901541108core:NetGoodwill2023-03-012024-02-2901541108core:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-2901541108dpl:GroupUndertakings2023-03-012024-02-2901541108dpl:ParticipatingInterests2023-03-012024-02-2901541108dpl:GroupUndertakingscore:ListedExchangeTraded2023-03-012024-02-2901541108core:ListedExchangeTraded2023-03-012024-02-2901541108dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-03-012024-02-2901541108core:UnlistedNon-exchangeTraded2023-03-012024-02-2901541108dpl:CostSales2022-03-012023-02-2801541108dpl:DistributionCosts2022-03-012023-02-2801541108core:LandBuildings2022-03-012023-02-2801541108core:PlantMachinery2022-03-012023-02-2801541108core:Vehicles2022-03-012023-02-2801541108core:FurnitureFittings2022-03-012023-02-2801541108core:OfficeEquipment2022-03-012023-02-2801541108dpl:AdministrativeExpenses2022-03-012023-02-2801541108core:NetGoodwill2022-03-012023-02-2801541108core:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-2801541108dpl:GroupUndertakings2022-03-012023-02-2801541108dpl:ParticipatingInterests2022-03-012023-02-2801541108dpl:GroupUndertakingscore:ListedExchangeTraded2022-03-012023-02-2801541108core:ListedExchangeTraded2022-03-012023-02-2801541108dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-03-012023-02-2801541108core:UnlistedNon-exchangeTraded2022-03-012023-02-2801541108core:NetGoodwill2024-02-2901541108core:IntangibleAssetsOtherThanGoodwill2024-02-2901541108core:LandBuildings2024-02-2901541108core:PlantMachinery2024-02-2901541108core:Vehicles2024-02-2901541108core:FurnitureFittings2024-02-2901541108core:OfficeEquipment2024-02-2901541108core:AfterOneYear2024-02-2901541108core:WithinOneYear2024-02-2901541108core:ListedExchangeTraded2024-02-2901541108core:UnlistedNon-exchangeTraded2024-02-2901541108core:ShareCapital2024-02-2901541108core:SharePremium2024-02-2901541108core:RevaluationReserve2024-02-2901541108core:OtherReservesSubtotal2024-02-2901541108core:RetainedEarningsAccumulatedLosses2024-02-2901541108core:NetGoodwill2023-02-2801541108core:IntangibleAssetsOtherThanGoodwill2023-02-2801541108core:LandBuildings2023-02-2801541108core:PlantMachinery2023-02-2801541108core:Vehicles2023-02-2801541108core:FurnitureFittings2023-02-2801541108core:OfficeEquipment2023-02-2801541108core:AfterOneYear2023-02-2801541108core:WithinOneYear2023-02-2801541108core:ListedExch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BUDGET PAPER SUPPLIES LIMITED

Registered Number
01541108
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

BUDGET PAPER SUPPLIES LIMITED
Company Information
for the year from 1 March 2023 to 29 February 2024

Directors

Mrs Debra Louise Lovering
Mr Nicholas David Lovering

Company Secretary

Mrs Debra Louise Lovering

Registered Address

Arborfield Mill
Glinton Road
Helpston, Peterborough
PE6 7DH

Registered Number

01541108 (England and Wales)
BUDGET PAPER SUPPLIES LIMITED
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3564,103503,572
564,103503,572
Current assets
Stocks51,766,3971,850,337
Debtors6382,321181,887
Current asset investments658,057806,381
Cash at bank and on hand223,222150,307
3,029,9972,988,912
Creditors amounts falling due within one year7(570,887)(754,142)
Net current assets (liabilities)2,459,1102,234,770
Total assets less current liabilities3,023,2132,738,342
Creditors amounts falling due after one year8(68,565)(29,155)
Provisions for liabilities10(100,345)(75,605)
Net assets2,854,3032,633,582
Capital and reserves
Called up share capital100100
Revaluation reserve67,71668,952
Profit and loss account2,786,4872,564,530
Shareholders' funds2,854,3032,633,582
The financial statements were approved and authorised for issue by the Board of Directors on 19 November 2024, and are signed on its behalf by:
Mr Nicholas David Lovering
Director
Registered Company No. 01541108
BUDGET PAPER SUPPLIES LIMITED
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
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.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Land and buildings-100
Plant and machinery15-
Fixtures and fittings15-
Vehicles25-
Office Equipment15-
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year2120
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 March 23263,953633,52186,748107,66362,3681,154,253
Additions-97,94950,370474-148,793
Disposals-(143,825)(59,976)--(203,801)
At 29 February 24263,953587,64577,142108,13762,3681,099,245
Depreciation and impairment
At 01 March 2370,074399,79370,62174,93935,254650,681
Charge for year2,64035,2647,8194,9714,06854,762
On disposals-(120,364)(49,937)--(170,301)
At 29 February 2472,714314,69328,50379,91039,322535,142
Net book value
At 29 February 24191,239272,95248,63928,22723,046564,103
At 28 February 23193,879233,72816,12732,72427,114503,572
4.Revaluation of property, plant and equipment
The fair value of the company's Freehold land and buildings was revalued on 28 February 1993 by an independent valuer. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £105,220 (2023 - £105,220).
5.Stocks

2024

2023

££
Finished goods1,766,3971,850,337
Total1,766,3971,850,337
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables311,731110,348
Other debtors7,21555,141
Prepayments and accrued income63,37516,398
Total382,321181,887
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables334,851573,070
Bank borrowings and overdrafts-14,276
Taxation and social security115,43186,852
Finance lease and HP contracts59,58032,400
Other creditors6,7024,462
Accrued liabilities and deferred income54,32343,082
Total570,887754,142
8.Creditors: amounts due after one year

2024

2023

££
Other creditors68,56529,155
Total68,56529,155
Coronavirus Business Interruption Loan Scheme is denominated in £ with a nominal interest rate of 5.85%, and the final instalment was due on 15 March 2023. The carrying amount at year end is £0 (2023 - £14,276).
9.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts68,56529,155
Lease purchase contracts are denominated in £ with a nominal interest rate of market rate, the final instalments dates vary among the leases, the last instalment is due on 9 January 2028. The carrying amount at year end is £128,144 (2023 - £61,555). The lease purchase contracts are secured on the related asset.
10.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)100,34575,605
Total100,34575,605