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REGISTERED NUMBER: SC280922 (Scotland)















Financial Statements For The Year Ended 31 May 2024

for

Smith Packaging Products Limited

Smith Packaging Products Limited (Registered number: SC280922)






Contents of the Financial Statements
For The Year Ended 31 May 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Smith Packaging Products Limited

Company Information
For The Year Ended 31 May 2024







DIRECTOR: C Knox





REGISTERED OFFICE: Unit C, Lochlands Industrial Estate
Larbert
FK5 3NS





REGISTERED NUMBER: SC280922 (Scotland)





ACCOUNTANTS: Robb Ferguson Chartered Accountants
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

Smith Packaging Products Limited (Registered number: SC280922)

Abridged Statement of Financial Position
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 18,831 2,287
18,832 2,288

CURRENT ASSETS
Stocks 44,286 30,589
Debtors 209,475 205,024
Cash at bank and in hand 133,970 110,925
387,731 346,538
CREDITORS
Amounts falling due within one year 107,964 90,510
NET CURRENT ASSETS 279,767 256,028
TOTAL ASSETS LESS CURRENT
LIABILITIES

298,599

258,316

CREDITORS
Amounts falling due after more than one
year

(12,938

)

-

PROVISIONS FOR LIABILITIES (3,597 ) (146 )
NET ASSETS 282,064 258,170

CAPITAL AND RESERVES
Called up share capital 7 7
Retained earnings 282,057 258,163
282,064 258,170

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Smith Packaging Products Limited (Registered number: SC280922)

Abridged Statement of Financial Position - continued
31 May 2024


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

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 February 2025 and were signed by:





C Knox - Director


Smith Packaging Products Limited (Registered number: SC280922)

Notes to the Financial Statements
For The Year Ended 31 May 2024

1. STATUTORY INFORMATION

Smith Packaging Products Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Smith Packaging Products Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Overtoun (Holdings) Limited, .

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixed plant and equipment - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Smith Packaging Products Limited (Registered number: SC280922)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Current or deferred taxation assets and liabilities are not discounted.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023
and 31 May 2024 1
NET BOOK VALUE

At 31 May 2024 1
At 31 May 2023 1

Smith Packaging Products Limited (Registered number: SC280922)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023 55,280
Additions 17,250
At 31 May 2024 72,530
DEPRECIATION
At 1 June 2023 52,993
Charge for year 706
At 31 May 2024 53,699
NET BOOK VALUE
At 31 May 2024 18,831
At 31 May 2023 2,287

6. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 3,450 -
Between one and five years 12,938 -
16,388 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 54,961 48,262
Between one and five years 8,395 52,775
63,356 101,037