Registered number
07678045
Papersmiths Limited
Filleted Accounts for the year ended
30 June 2024
Papersmiths Limited
Registered number: 07678045
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,338 5,465
Current assets
Stocks 170,998 163,954
Debtors 4 83,751 51,243
Cash at bank and in hand 105,664 68,907
360,413 284,104
Creditors: amounts falling due within one year 5 (144,474) (137,875)
Net current assets 215,939 146,229
Total assets less current liabilities 219,277 151,694
Creditors: amounts falling due after more than one year 6 (10,000) (46,893)
Net assets 209,277 104,801
Capital and reserves
Called up share capital 2 2
Profit and loss account 209,275 104,799
Shareholder's funds 209,277 104,801
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Warren
Director
Approved by the board on 23 March 2025
Papersmiths Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 from 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings 5 years straight line
Plant and machinery 4 years straight line
Computer equipment 3 years straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
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 profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 19 20
3 Tangible fixed assets
Land and buildings Plant and machinery etc Computer equipment Total
£ £ £ £
Cost
At 1 July 2023 84,098 6,039 5,201 95,338
Additions - - 1,364 1,364
At 30 June 2024 84,098 6,039 6,565 96,702
Depreciation
At 1 July 2023 81,031 6,038 2,804 89,873
Charge for the year 1,946 - 1,545 3,491
At 30 June 2024 82,977 6,038 4,349 93,364
Net book value
At 30 June 2024 1,121 1 2,216 3,338
At 30 June 2023 3,067 1 2,397 5,465
4 Debtors 2024 2023
£ £
Accrued income and prepayments 45,722 11,124
Other debtors 38,029 40,119
83,751 51,243
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 47,516 39,325
Directors loan 20,403 24,474
Taxation and social security costs 59,797 60,490
Other creditors 6,758 3,586
144,474 137,875
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,000 20,000
Other creditors - 26,893
10,000 46,893
7 Related party transactions
As at 30th June 2024 the company was owed £5,442 (2023: £5,442) by Studio B Ltd, a company in which the former director K M Clarke has a controlling interest in.
This is included in other debtors.

There is no set repayment date. These loans have been made on an interest free basis.
8 Transactions with the director
As at 30th June 2024 the company owed the director S Warren £20,403 (2023: £24,474) on an interest free basis.
9 Controlling party
The controlling party is S Warren who holds 100% of the issued share capital of the company.
10 Other information
Papersmiths Limited is a private company limited by shares and incorporated in England. Its registered office is:
21 Sydney Street
Brighton
England
BN1 4EN
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