Company registration number 01868479 (England and Wales)
PAPERLINK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PAPERLINK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PAPERLINK LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
5
1,873.8
2,022.1
Investments
-
0
-
0
1,873.8
2,022.1
Current assets
Stocks
1,080.4
1,216.4
Debtors
6
1,557.7
1,290.4
Cash at bank and in hand
29.1
35.6
2,667.2
2,542.4
Creditors: amounts falling due within one year
7
(2,058.9)
(1,447.2)
Net current assets
608.3
1,095.2
Total assets less current liabilities
2,482.1
3,117.3
Creditors: amounts falling due after more than one year
8
(656.0)
(746.6)
Provisions for liabilities
0.1
(41.7)
Net assets
1,826.2
2,329.0
Capital and reserves
Called up share capital
13.5
13.5
Share premium account
12.7
12.7
Revaluation reserve
1,664.9
1,699.7
Profit and loss account
135.1
603.1
Shareholders' funds
1,826.2
2,329.0

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 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.

PAPERLINK LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 December 2024 and are signed on its behalf by:
Tim Purcell
Director
Company Registration No. 01868479
PAPERLINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Paperlink Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 presented in sterling (£), which is also the functional currency for the company.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of freehold land and buildings and in accordance with applicable accounting standards.

1.2
Turnover

Turnover represents the amounts derived from the sale of greeting cards and related products, excluding Value Added Tax.

1.3
Tangible fixed assets

Depreciation

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset evenly over its useful life as follows:

Freehold land & buildings
over 50 years
Furniture, fixtures & office equipment
over 3 to 10 years
Computer equipment
over 3 to 5 years
1.4
Stocks

Stocks and work in progress are valued at the lower of cost incurred in bringing each product to its present location and condition, and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using the first in first out method.

1.5
Cash at bank and in hand

Cash at bank in the balance sheet comprises cash at bank and in hand and short term deposits with an original maturity date of three months or less.

1.6
Financial instruments

Debtors

Trade and other debtors are measured at their transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are equally measured at fair value and are subsequently measured at the amortised cost using the effective interest method less any impairment.

 

Creditors

Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future payments discounted at the prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs, they are subsequently measured at amortised cost using the effective interest method.

PAPERLINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current or deferred taxation assets and liabilities are not discounted.

Current taxation

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation

The charge for deferred taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a nondiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

1.8
Pensions

The company operates two defined contribution pension schemes, one on behalf of the directors and one on behalf of other staff. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the schemes.

1.9
Leases

Finance leases and hire purchase commitments

Assets acquired under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives. The interest element of the contracts is charged to the profit and loss account over the period of the lease and hire purchase contracts and represents a constant proportion of the balance of capital

repayments outstanding.

Operating leases

Rentals paid under operating leases are charged to income on a straight line basis over the term of the lease.

1.10
Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction.

 

Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date.

 

All differences are taken to the profit and loss account.

2
Judgements and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision reflects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

PAPERLINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 5 -

The company makes allowance for slow moving stock, trade receivables (doubtful debtors and credit notes) and sale or return obligations under contracts with certain customers. It also revalues freehold property so it is stated at a fair price. The judgements, estimates and associated assumptions necessary to calculate these allowances are based on historical experience and activity up to the date of signing of these financial statements.

3
Directors' remuneration
2024
2023
£'000
£'000
Remuneration paid to directors
291.3
297.7
4
Employees

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

2024
2023
Number
Number
Sales
8.0
7.0
Other
21.0
20.0
Total
29.0
27.0
5
Tangible fixed assets
Freehold land & buildings
Furniture, fixtures & office equipment
Computer equipment
Total
£'000
£'000
£'000
£'000
Cost or valuation
At 1 April 2023
1,950.0
181.8
316.9
2,448.7
Additions
-
0
2.0
8.1
10.1
Disposals
-
0
(10.0)
(59.2)
(69.2)
At 31 March 2024
1,950.0
173.8
265.8
2,389.6
Depreciation and impairment
At 1 April 2023
-
0
147.6
279.0
426.6
Depreciation charged in the year
130.4
13.5
14.5
158.4
Eliminated in respect of disposals
-
0
(9.9)
(59.2)
(69.1)
At 31 March 2024
130.4
151.1
234.3
515.8
Carrying amount
At 31 March 2024
1,819.6
22.7
31.5
1,873.8
At 31 March 2023
1,950.0
34.2
37.9
2,022.1
PAPERLINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Tangible fixed assets
(Continued)
- 6 -

Freehold land & buildings were revalued at 30 June 2020 by Vail Williams LLP, independent valuers not connected with the company on the basis of market value as defined by the Royal Institute of Chartered Surveyors Appraisal and Valuation Standards. The valuation conformed to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. In the opinion of the directors, the carrying amount at 31 March 2024 is reflective of conditions prevalent at the balance sheet date.

The historical valuations of the freehold property are as follows:

 

If land and buildings were measured using the cost model, the carrying amount would have been £201,600, being cost of £402,700 less depreciation of £201,100.

6
Debtors
2024
2023
Amounts falling due within one year:
£'000
£'000
Trade debtors
1,258.1
992.1
Other debtors
79.1
82.5
Prepayments and accrued income
190.8
180.1
1,528.0
1,254.7
2024
2023
Amounts falling due after more than one year:
£'000
£'000
Other debtors
29.7
35.7
Total debtors
1,557.7
1,290.4
PAPERLINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£'000
£'000
Bank loans and overdrafts
436.4
287.8
Other borrowings
267.5
-
0
Trade creditors
969.4
799.4
Taxation and social security
149.9
121.5
Other creditors
44.3
13.7
Accruals and deferred income
191.4
224.8
2,058.9
1,447.2
8
Creditors: amounts falling due after more than one year
2024
2023
£'000
£'000
Bank loans and overdrafts
656.0
746.6
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£'000
£'000
231.0
87.0
10
Directors' transactions

Included in other debtors, the amount owed by Louise Tighe to the company at the balance sheet date was £42,000 (2023: £41,900) and the maximum amount that was owing during the year was £42,000 (2023: £41,900 ). No interest was charged on the balance outstanding and the loan is repayable on demand.

 

There has been a liability to tax under s455 of the Corporation Taxes Act 2010 in respect of this director's overdrawn loan account. The liability will cease when the balance due is repaid by the director to the company.

11
Ultimate controlling party

The company is controlled by Louise Tighe by virtue of her shareholding in the company.

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