B. Smith Packaging (Worcester) Limited 01938928 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is that of supplying packaging materials. Digita Accounts Production Advanced 6.30.9574.0 true 01938928 2023-10-01 2024-09-30 01938928 2024-09-30 01938928 core:RetainedEarningsAccumulatedLosses 2024-09-30 01938928 core:ShareCapital 2024-09-30 01938928 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-09-30 01938928 core:CurrentFinancialInstruments 2024-09-30 01938928 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 01938928 core:FurnitureFittingsToolsEquipment 2024-09-30 01938928 core:MotorVehicles 2024-09-30 01938928 core:OtherPropertyPlantEquipment 2024-09-30 01938928 bus:SmallEntities 2023-10-01 2024-09-30 01938928 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 01938928 bus:FullAccounts 2023-10-01 2024-09-30 01938928 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 01938928 bus:RegisteredOffice 2023-10-01 2024-09-30 01938928 bus:CompanySecretaryDirector1 2023-10-01 2024-09-30 01938928 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 01938928 core:Goodwill 2023-10-01 2024-09-30 01938928 core:FurnitureFittings 2023-10-01 2024-09-30 01938928 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 01938928 core:MotorVehicles 2023-10-01 2024-09-30 01938928 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 01938928 core:PlantMachinery 2023-10-01 2024-09-30 01938928 countries:UnitedKingdom 2023-10-01 2024-09-30 01938928 2023-09-30 01938928 core:FurnitureFittingsToolsEquipment 2023-09-30 01938928 core:MotorVehicles 2023-09-30 01938928 core:OtherPropertyPlantEquipment 2023-09-30 01938928 2022-10-01 2023-09-30 01938928 2023-09-30 01938928 core:RetainedEarningsAccumulatedLosses 2023-09-30 01938928 core:ShareCapital 2023-09-30 01938928 core:CurrentFinancialInstruments 2023-09-30 01938928 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 01938928 core:FurnitureFittingsToolsEquipment 2023-09-30 01938928 core:MotorVehicles 2023-09-30 01938928 core:OtherPropertyPlantEquipment 2023-09-30 iso4217:GBP xbrli:pure

Registration number: 01938928

B. Smith Packaging (Worcester) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

B. Smith Packaging (Worcester) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

B. Smith Packaging (Worcester) Limited

Company Information

Director

Mr A R Smith

Company secretary

Mr A R Smith

Registered office

Stanier Road
Shire Business Park
Warndon
Worcester
WR4 9FE

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

B. Smith Packaging (Worcester) Limited

(Registration number: 01938928)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

166,537

70,625

Other financial assets

5

564,129

279,609

 

730,666

350,234

Current assets

 

Stocks

6

825,365

773,596

Debtors

7

1,422,626

1,494,954

Cash at bank and in hand

 

1,256,290

1,502,904

 

3,504,281

3,771,454

Creditors: Amounts falling due within one year

8

(591,365)

(694,123)

Net current assets

 

2,912,916

3,077,331

Total assets less current liabilities

 

3,643,582

3,427,565

Provisions for liabilities

(37,561)

-

Net assets

 

3,606,021

3,427,565

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

3,605,021

3,426,565

Shareholders' funds

 

3,606,021

3,427,565

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 March 2025
 

 

B. Smith Packaging (Worcester) Limited

(Registration number: 01938928)
Balance Sheet as at 30 September 2024

.........................................
Mr A R Smith
Company secretary and director

   
 

B. Smith Packaging (Worcester) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Stanier Road
Shire Business Park
Warndon
Worcester
WR4 9FE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

B. Smith Packaging (Worcester) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% on reducing balance basis

Motor vehicles

25% on reducing balance basis

Other plant and equipment

25% on reducing balance basis

Amortisation

Asset class

Amortisation method and rate

Goodwill

Not depreciated

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

B. Smith Packaging (Worcester) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

B. Smith Packaging (Worcester) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2023 - 18).

 

B. Smith Packaging (Worcester) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other plant and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

77,582

107,130

303,112

487,824

Additions

6,650

106,288

8,000

120,938

Disposals

-

(22,495)

-

(22,495)

At 30 September 2024

84,232

190,923

311,112

586,267

Depreciation

At 1 October 2023

64,766

72,148

280,283

417,197

Charge for the year

4,675

6,052

11,256

21,983

Eliminated on disposal

-

(19,450)

-

(19,450)

At 30 September 2024

69,441

58,750

291,539

419,730

Carrying amount

At 30 September 2024

14,791

132,173

19,573

166,537

At 30 September 2023

12,815

34,982

22,828

70,625

 

B. Smith Packaging (Worcester) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2023

279,609

279,609

Fair value adjustments

72,076

72,076

Additions

266,434

266,434

Disposals

(53,990)

(53,990)

At 30 September 2024

564,129

564,129

Impairment

Carrying amount

At 30 September 2024

564,129

564,129

 

B. Smith Packaging (Worcester) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Stocks

2024
£

2023
£

Other inventories

825,365

773,596

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,348,061

1,380,454

Prepayments

6,147

32,566

Other debtors

68,418

81,934

 

1,422,626

1,494,954

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

-

4,008

Trade creditors

 

319,846

400,905

Taxation and social security

 

131,061

101,244

Other creditors

 

140,458

187,966

 

591,365

694,123

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

-

4,008