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REGISTERED NUMBER: SC116848 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

C.V. LABELS LIMITED

C.V. LABELS LIMITED (REGISTERED NUMBER: SC116848)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


C.V. LABELS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: R S Veitch
S E Carr
R Veitch





SECRETARY: R S Veitch





REGISTERED OFFICE: 6 - 10 Mackintosh Place
South Newmoor Industrial Estate
Irvine
KA11 4JT





REGISTERED NUMBER: SC116848 (Scotland)





ACCOUNTANTS: McDaid & Partners
Chartered Accountants
Stanley House
69/71 Hamilton Road
Motherwell
ML1 3DG

C.V. LABELS LIMITED (REGISTERED NUMBER: SC116848)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 943,772 935,964

CURRENT ASSETS
Stocks 5 399,297 628,034
Debtors 6 742,382 788,996
Cash at bank 1,292,635 1,027,290
2,434,314 2,444,320
CREDITORS
Amounts falling due within one year 7 681,174 706,505
NET CURRENT ASSETS 1,753,140 1,737,815
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,696,912

2,673,779

CREDITORS
Amounts falling due after more than one
year

8

(32,685

)

(117,569

)

PROVISIONS FOR LIABILITIES (201,073 ) (185,090 )
NET ASSETS 2,463,154 2,371,120

CAPITAL AND RESERVES
Called up share capital 15,301 15,301
Capital redemption reserve 65,300 65,300
Retained earnings 2,382,553 2,290,519
SHAREHOLDERS' FUNDS 2,463,154 2,371,120

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

C.V. LABELS LIMITED (REGISTERED NUMBER: SC116848)

BALANCE SHEET - continued
30 JUNE 2024


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 3 March 2025 and were signed on its behalf by:




R S Veitch - Director



S E Carr - Director


C.V. LABELS LIMITED (REGISTERED NUMBER: SC116848)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

C.V. Labels 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.

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.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property improvements - 10% on cost
Plant & machinery - 10% on reducing balance
Fixtures & fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Equipment - 10% on cost

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

Raw Materials are at their purchase cost. Finished goods are valued at the prime cost of labour and materials plus attributable overheads.

Financial instruments
Trade debtors
Trade debtors are amounts due from customers for goods 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.

Trade Creditors
Trade creditors are amounts due to suppliers for goods or services obtained in the ordinary course of business.

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

Cash
Cash and cash equivalents are basic financial assets and include cash on hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.


C.V. LABELS LIMITED (REGISTERED NUMBER: SC116848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
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 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 tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Government grants
Regional Selective Assistance Grants were received in 1992, 1997, 2003, 2012 and 2015. These have been credited to a reserve account to match expenditure on fixed assets. The grants are being released to the Profit and Loss Account at the same rate as Plant & machinery is depreciated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 24 ) .

C.V. LABELS LIMITED (REGISTERED NUMBER: SC116848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TANGIBLE FIXED ASSETS
Property Plant & Fixtures
improvements machinery & fittings
£    £    £   
COST
At 1 July 2023 51,808 1,869,765 126,262
Additions - - -
At 30 June 2024 51,808 1,869,765 126,262
DEPRECIATION
At 1 July 2023 43,842 997,605 98,273
Charge for year 1,976 87,216 5,598
At 30 June 2024 45,818 1,084,821 103,871
NET BOOK VALUE
At 30 June 2024 5,990 784,944 22,391
At 30 June 2023 7,966 872,160 27,989

Motor
vehicles Equipment Totals
£    £    £   
COST
At 1 July 2023 38,746 4,300 2,090,881
Additions 119,520 - 119,520
At 30 June 2024 158,266 4,300 2,210,401
DEPRECIATION
At 1 July 2023 10,897 4,300 1,154,917
Charge for year 16,922 - 111,712
At 30 June 2024 27,819 4,300 1,266,629
NET BOOK VALUE
At 30 June 2024 130,447 - 943,772
At 30 June 2023 27,849 - 935,964

5. STOCKS
30.6.24 30.6.23
£    £   
Stocks 399,297 628,034

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 712,373 712,932
Other debtors 30,009 76,064
742,382 788,996

C.V. LABELS LIMITED (REGISTERED NUMBER: SC116848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts (see note 9) 81,252 96,226
Trade creditors 352,552 372,459
Taxation and social security 198,101 188,793
Other creditors 49,269 49,027
681,174 706,505

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts (see note 9) - 81,252
Other creditors 32,685 36,317
32,685 117,569

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
30.6.24 30.6.23
£    £   
Net obligations repayable:
Within one year 81,252 96,226
Between one and five years - 81,252
81,252 177,478

At the year end the company had total commitments under operating leases of £213,564 (2023 £252,852)

10. SECURED DEBTS

The Bank of Scotland hold a Bond and Floating Charge over the assets of the Company.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

30.6.24 30.6.23
£    £   
R S Veitch
Balance outstanding at start of year 17,892 17,892
Amounts advanced 17,892 17,892
Amounts repaid (17,892 ) (17,892 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 17,892 17,892

C.V. LABELS LIMITED (REGISTERED NUMBER: SC116848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

S E Carr
Balance outstanding at start of year (4,089 ) (4,089 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (4,089 ) (4,089 )

Loans to/from the directors are interest free and repayable on demand.