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Registration number: 07848721

Paperframe Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Paperframe Limited

Contents

Company Information

1

Director's Report

2

Statement of Financial Position

3

Notes to the Unaudited Financial Statements

4 to 7

 

Paperframe Limited

Company Information

Director

C J Hayes

Registered office

Willmott House
12 Blacks Road
London
W6 9EU

Accountants

Shaw Gibbs Limited Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Paperframe Limited

Director's Report for the Year Ended 30 June 2024

The director presents her report on the affairs of Paperframe Limited, together with the unaudited financial statements for the year ended 30 June 2024.

Principal activity

The principal activity of the company is that of a holding company.

Directors of the company

The directors who held office during the year and up to the date of approval of this report were as follows:

A J Sperrin (resigned 15 February 2024)

C J Hayes (appointed 25 September 2023)

Going concern

The director has considered financial projections for the company over the foreseeable future. After making enquiries, the director is satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Small companies provision statement

The director has taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the director's report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

The director's report approved by the director on 11 March 2025.
 

.........................................
C J Hayes
Director

 

Paperframe Limited

(Registration number: 07848721)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Non-current assets

 

Investments

4

884,400

884,400

Payables: Amounts falling due within one year

5

(634,396)

(634,396)

Net assets

 

250,004

250,004

Equity

 

Called up share capital

6

4

4

Retained earnings

6

250,000

250,000

Total equity

 

250,004

250,004

For the financial year ending 30 June 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 her 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 and in
accordance with the provisions of FRS 102 Section 1A - small entities.

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 directors have not delivered to the registrar a copy of the Income statement.

The financial statements of Paperframe Limited were approved and authorised for issue by the director on 11 March 2025.
 

.........................................

C J Hayes
Director

 

Paperframe Limited

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

1

General information

Paperframe Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.

2

Accounting policies

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.

Going concern

The director has considered financial projections for the company over the foreseeable future. After making enquiries, the director is satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, they continues to adopt the going concern basis in preparing the financial statements.

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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Exemption from preparing group accounts

The company and its subsidiaries comprise a small group. The company has therefore taken advantage of the exemption provided in Section 399 of the Companies Act 2006 not to prepare group financial statements and accordingly these financial statements present information about the company as a single undertaking.

Judgements and key sources of estimation uncertainty

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Investments

Investments in subsidiaries are accounted for at cost less impairments.

 

Paperframe Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Receivables

Receivables 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 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 receivable.

Payables

Other loans 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. Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The company had no employees during the current and the preceding period.

 

Paperframe Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2024 (continued)

4

Investments in subsidiary

Subsidiaries

£

Cost

At 1 July 2023 and at 30 June 2024

884,400

Carrying amount

At 30 June 2024

884,400

At 30 June 2023

884,400

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of
incorporation

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Textcore Limited

England and Wales

Ordinary shares

100%

100%

Subsidiary undertakings

Textcore Limited

The principal activity of Textcore Limited is property investment.

 

Paperframe Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2024 (continued)

5

Payables

2024
£

2023
£

Due within one year

Amounts due to related parties

103,600

56,600

Other loans

530,796

577,796

634,396

634,396

The amount owed to subsidiary undertaking disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.

6

Share capital and reserves

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4

       

The company has one class of share capital which carries no right to fixed income.

Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

7

Related party transactions

At 30 June 2024, the shareholders were owed a total of £530,796 (2023 : £562,796) by the company. The loans are unsecured, interest free and have no fixed repayment schedule.

The company is a parent undertaking of a wholly owned subsidiary and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities the not to disclose transactions with entities that are wholly owned members of the group.

8

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.