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Company No: 02122666 (England and Wales)

WILLITON PACKAGING LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

WILLITON PACKAGING LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

WILLITON PACKAGING LIMITED

BALANCE SHEET

As at 31 May 2024
WILLITON PACKAGING LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 491,184 495,131
491,184 495,131
Current assets
Stocks 64,041 58,080
Debtors 4 35,566 109,014
Cash at bank and in hand 0 4,813
99,607 171,907
Creditors: amounts falling due within one year 5 ( 117,143) ( 147,800)
Net current (liabilities)/assets (17,536) 24,107
Total assets less current liabilities 473,648 519,238
Creditors: amounts falling due after more than one year 6 ( 11,239) ( 21,594)
Provision for liabilities ( 2,699) ( 4,573)
Net assets 459,710 493,071
Capital and reserves
Called-up share capital 7 20,001 20,001
Fair value reserve 270,725 270,725
Profit and loss account 168,984 202,345
Total shareholder's funds 459,710 493,071

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Williton Packaging Limited (registered number: 02122666) were approved and authorised for issue by the Director on 10 January 2025. They were signed on its behalf by:

Mrs S F Loffstadt
Director
WILLITON PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
WILLITON PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Williton Packaging Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom. The principle place of business is Williton Box Co, 4a Egrove Way, Williton, Taunton, TA4 4TB.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on the following basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Fixtures and fittings 10 % reducing balance
Office equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 8 10

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 June 2023 446,422 243,287 73,270 27,176 790,155
Additions 0 2,426 0 0 2,426
At 31 May 2024 446,422 245,713 73,270 27,176 792,581
Accumulated depreciation
At 01 June 2023 0 226,577 43,246 25,201 295,024
Charge for the financial year 0 2,719 3,002 652 6,373
At 31 May 2024 0 229,296 46,248 25,853 301,397
Net book value
At 31 May 2024 446,422 16,417 27,022 1,323 491,184
At 31 May 2023 446,422 16,710 30,024 1,975 495,131

4. Debtors

2024 2023
£ £
Trade debtors 28,626 105,359
Other debtors 6,940 3,655
35,566 109,014

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 20,236 9,973
Trade creditors 61,608 98,051
Taxation and social security 33,612 32,333
Other creditors 1,687 7,443
117,143 147,800

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 11,239 21,594

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
20,001 Ordinary shares of £ 1.00 each 20,001 20,001

8. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Opening balance - Directors Loan Account 1,648 (12,260)
Advances 15,292 13,908
Repayments (10,000) 0
0 0
Closing Balance 6,940 1,648

Loan is interest free and repayable on demand.