Company registration number 02792180 (England and Wales)
EAST LONDON PACKAGING SUPPLIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
EAST LONDON PACKAGING SUPPLIES LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
EAST LONDON PACKAGING SUPPLIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
62,500
125,000
Tangible assets
5
68,168
32,514
130,668
157,514
Current assets
Stocks
22,100
28,000
Debtors
6
182,244
212,868
Cash at bank and in hand
841,981
804,219
1,046,325
1,045,087
Creditors: amounts falling due within one year
7
(103,437)
(173,352)
Net current assets
942,888
871,735
Net assets
1,073,556
1,029,249
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
1,072,556
1,028,249
Total equity
1,073,556
1,029,249

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 23 October 2024 and are signed on its behalf by:
Mr Peter Fatt
Director
Company registration number 02792180 (England and Wales)
EAST LONDON PACKAGING SUPPLIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2022
1,000
1,002,050
1,003,050
Year ended 28 February 2023:
Profit and total comprehensive income
-
30,199
30,199
Dividends
-
(4,000)
(4,000)
Balance at 28 February 2023
1,000
1,028,249
1,029,249
Year ended 28 February 2024:
Profit and total comprehensive income
-
46,307
46,307
Dividends
-
(2,000)
(2,000)
Balance at 28 February 2024
1,000
1,072,556
1,073,556
EAST LONDON PACKAGING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

East London Packaging Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 325-327 Oldfield Lane North, Greenford, Middlesex, UB6 0FX.

1.1
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 £.

1.2
Turnover

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

 

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired.

1.4
Tangible fixed assets

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
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Motor vehicles
25% on reducing balance
1.5
Impairment of fixed assets

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.

EAST LONDON PACKAGING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year.

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.

1.9
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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
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.

EAST LONDON PACKAGING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
7
4
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2023 and 28 February 2024
250,000
Amortisation and impairment
At 1 March 2023
125,000
Amortisation charged for the year
62,500
At 28 February 2024
187,500
Carrying amount
At 28 February 2024
62,500
At 28 February 2023
125,000
EAST LONDON PACKAGING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
45,347
40,060
20,300
105,707
Additions
43,700
4,833
-
0
48,533
At 28 February 2024
89,047
44,893
20,300
154,240
Depreciation and impairment
At 1 March 2023
27,425
32,714
13,054
73,193
Depreciation charged in the year
9,243
1,826
1,810
12,879
At 28 February 2024
36,668
34,540
14,864
86,072
Carrying amount
At 28 February 2024
52,379
10,353
5,436
68,168
At 28 February 2023
17,922
7,346
7,246
32,514
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
182,244
202,868
Other debtors
-
0
10,000
182,244
212,868
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
59,253
94,106
Corporation tax
20,732
33,233
Other taxation and social security
10,489
21,479
Other creditors
12,963
24,534
103,437
173,352
8
Directors' transactions

Dividends totalling £1,998 (2023 - £3,996) were paid in the year in respect of shares held by the company's directors.

 

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