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BELLWOVEN PACKAGING LIMITED

Registered Number
07733104
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

BELLWOVEN PACKAGING LIMITED
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

BRABENDER, Hans John Oliver
BRABENDER, Janette Suzanne
DONEY, Steven Mark
SIBLEY, Deborah Jane

Registered Address

Bell Woven House
New Market Street
Colne
BB8 9DA

Registered Number

07733104 (England and Wales)
BELLWOVEN PACKAGING LIMITED
Statement of Financial Position
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4270,194250,616
Investments52,8012,801
272,995253,417
Current assets
Stocks6228,458204,615
Debtors7310,909289,821
Cash at bank and on hand45,23639,664
584,603534,100
Creditors amounts falling due within one year8(340,125)(280,393)
Net current assets (liabilities)244,478253,707
Total assets less current liabilities517,473507,124
Creditors amounts falling due after one year9(398,391)(396,213)
Provisions for liabilities11(15,000)(6,500)
Net assets104,082104,411
Capital and reserves
Called up share capital66
Profit and loss account104,076104,405
Shareholders' funds104,082104,411
The financial statements were approved and authorised for issue by the Board of Directors on 24 January 2025, and are signed on its behalf by:
BRABENDER, Hans John Oliver
Director
DONEY, Steven Mark
Director

Registered Company No. 07733104
BELLWOVEN PACKAGING LIMITED
Notes to the Financial Statements
for the year ended 31 August 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.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors, shareholders and creditors and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
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/or 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.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds. Holiday Pay Accrual: A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of financial position date.
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 the Income Statement.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery255
Vehicles-5
Investments
Investments in subsidiaries are measured at cost less any accumulated impairment losses.
Finance leases and hire purchase contracts
Operating leases: the Company as a lessor Rentals income from operating leases is credited to profit or loss on a straight line basis over the term of the relevant lease. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished. Operating leases: the Company as a lessee Rentals paid under operating leases are charged to profit or loss on a straight line basis over the term of the relevant lease. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern over which the lessee's benefit from the use of the leased asset. Leased assets: the Company as a lessee Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year1717
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 September 23415,009415,009
At 31 August 24415,009415,009
Amortisation and impairment
At 01 September 23415,009415,009
At 31 August 24415,009415,009
Net book value
At 31 August 24--
At 31 August 23--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Total

££££
Cost or valuation
At 01 September 23203,721104,34152,895360,957
Additions-62,725-62,725
Disposals--(35,400)(35,400)
At 31 August 24203,721167,06617,495388,282
Depreciation and impairment
At 01 September 232,03781,95226,352110,341
Charge for year4,07512,5297,66324,267
On disposals--(16,520)(16,520)
At 31 August 246,11294,48117,495118,088
Net book value
At 31 August 24197,60972,585-270,194
At 31 August 23201,68422,38926,543250,616
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows: Plant and machinery £69,048 (2023- £15,227) Motor vehicles £Nil (2023- £26,543)
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 September 232,8012,801
At 31 August 242,8012,801
Net book value
At 31 August 242,8012,801
At 31 August 232,8012,801

Notes

1Investments in group undertakings and participating interests
6.Stocks

2024

2023

££
Work in progress228,458204,615
Total228,458204,615
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables305,622285,479
Other debtors290-
Prepayments and accrued income4,9974,342
Total310,909289,821
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.
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables66,19031,623
Bank borrowings and overdrafts10,28910,035
Taxation and social security34,43034,797
Finance lease and HP contracts21,36716,537
Other creditors111,992137,336
Accrued liabilities and deferred income95,85750,065
Total340,125280,393
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. The following liabilities disclosed under creditors falling due within one year are secured by the company:- Bank Loans £10,289 (2023- £10,035) Obligations under finance lease and hire purchase contracts £21,367 (2023- £16,537) Invoice financing creditor £100,744 (2023- £129,490)
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts8,77319,062
Other creditors389,618377,151
Total398,391396,213
The following liabilities disclosed under creditors falling due after one year are secured by the company:- Bank Loans £8,773 (2023 - £19,062) Obligations under finance lease and hire purchase contracts £39,618 (2023- £27,151)
10.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts39,61827,151
11.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)15,0006,500
Total15,0006,500
12.Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company and amounted to £58,939 (2023 - £84,316). Contributions totalling £4,308 (2023- £967) were payable to the fund at the reporting date and are included in creditors.
13.Related party transactions
During the year, consultancy fees of £32,100 (2023- £30,450) were paid to H J O Brabender, a director and shareholder. During the year, consultancy fees of £34,300 (2023- £29,900) were paid to S M Doney, a director and shareholder. Included in other creditors, falling due over one year, is an amount of £350,000 (2023- £350,000) due to an intercompany, Bellwoven Asia. The balance is interest free.