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Registered number: 01362187






C L PAPER SALES COMPANY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










img37ef.png

 
C L PAPER SALES COMPANY LIMITED
REGISTERED NUMBER:01362187

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023 as restated
Note
£
£

Fixed assets
  

Intangible assets
 6 
530,922
-

Tangible assets
 7 
820,228
-

Investments
  
2
-

Investment properties
 8 
2,357,430
2,533,425

  
3,708,582
2,533,425

Current assets
  

Stocks
 9 
26,000
-

Debtors and prepayments
 10 
129,666
37,576

Cash at bank and in hand
 11 
21,261
345

  
176,927
37,921

Creditors: amounts falling due within one year
 12 
(445,488)
(317,654)

Net current liabilities
  
 
 
(268,561)
 
 
(279,733)

Total assets less current liabilities
  
3,440,021
2,253,692

Creditors: amounts falling due after more than one year
 13 
(872,194)
-

Provisions for liabilities
  

Deferred tax
 15 
(533,663)
(451,804)

  
 
 
(533,663)
 
 
(451,804)

Net assets
  
2,034,164
1,801,888


Capital and reserves
  

Called up share capital 
 16 
1,000
1,000

Tangible fixed assets revaluation reserves
  
411,482
-

Investment properties fair value reserve
  
1,598,131
1,723,002

Profit and loss account
  
23,551
77,886

  
2,034,164
1,801,888


Page 7

 
C L PAPER SALES COMPANY LIMITED
REGISTERED NUMBER:01362187
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
T Thomas
Director

Date: 29 May 2025

The notes on pages 10 to 29 form part of these financial statements.

Page 8

 
C L PAPER SALES COMPANY LIMITED
REGISTERED NUMBER:01362187

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Tangible fixed assets revaluation reserves - non distributable
Investment property fair value reserve - non distributable
Profit and loss account - distributable
Total equity

£
£
£
£
£


At 1 May 2022
1,000
-
1,662,425
60,589
1,724,014


Comprehensive income for the year

Profit for the year including revaluation surplus after tax
-
-
-
122,124
122,124

Dividends paid
-
-
-
(44,250)
(44,250)

Investment property revaluation movement
-
-
80,770
(80,770)
-

Deferred tax movement
-
-
(20,193)
20,193
-



At 1 May 2023
1,000
-
1,723,002
77,886
1,801,888


Comprehensive income for the year

Profit for the year including revaluation surplus after tax
-
-
-
66,991
66,991

Freehold property revaluation movement
-
131,624
-
-
131,624

Other fixed assets revaluation movement
-
41,036
-
-
41,036

Dividends paid
-
-
-
(7,375)
(7,375)

Transfer from investment property revaluation reserve due to reclassification of an investment property as a tangible fixed asset
-
238,822
-
-
238,822

Investment property revaluation movement
-
-
151,935
(151,935)
-

Deferred tax movement
-
-
(37,984)
37,984
-

Release of reserve due to reclassification of an investment property as a tangible fixed asset
-
-
(238,822)
-
(238,822)


At 30 April 2024
1,000
411,482
1,598,131
23,551
2,034,164


The notes on pages 10 to 29 form part of these financial statements.

Page 9

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

C L Paper Sales Company Limited is a private company limited by share capital, incorporated in England and Wales under company number 01362187. The registered office address is Unit 11, Milmead Industrial Centre, Mill Mead Road, Tottenham, London N17 9QU.
The principal activities of the company are the ownership and letting of commercial property, the printing of books and other printed materials, and the supply and printing of paper and related materials.
During the year, the company acquired the right to use the trading names "CLOC" and "CLOCBOOKPRINT" as part of the acquisition of a printing business. These trading names are now used in connection with the company’s book printing operations. The company continues to operate under its registered name for its other trading activities.
The financial statements have been prepared in accordance with the Financial Reporting Standard 102 (FRS 102), as adopted in the United Kingdom, and in accordance with the Companies Act 2006.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
In forming this view, the directors have considered the company's financial position, cash flow forecasts, and future trading expectations, and have not identified any material uncertainties that may cast significant doubt on the company's ability to continue as a going concern.

Page 10

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Revenue recognition

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.

 
2.4

Operating leases: the company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases or contact hire agreements are charged to profit or loss on a straight-line basis over the lease term. Deposits paid up front for the contact hire agreements form part of the rental charged over the lease term.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 11

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

Finance costs incurred in arranging bank and other loans are capitalised and amortised on a straight-line basis over the term of the loan. The amortised cost is recognised in the profit and loss account as part of interest expense. This approach reflects the period over which the benefit of the loan is received.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.10

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 12

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the excess of the purchase consideration paid for the acquisition of a business over the fair value of the identifiable assets and liabilities acquired at the date of acquisition. Goodwill is recognised as an intangible asset in the period of acquisition.
Subsequent to initial recognition, goodwill is not amortised but is tested for impairment annually. The carrying amount of goodwill is reviewed for impairment at the end of each reporting period, and any impairment loss is recognised in the Profit and Loss Account.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
Motor vehicles
-
20%
Furniture and fixtures
-
20%
Computer and office equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 13

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

Revaluation of tangible fixed assets

Individual freehold properties classified as tangible fixed assets.
These are carried at fair value, determined at the date of revaluation, less any subsequent accumulated depreciation and accumulated impairment losses. Revaluations are performed with sufficient regularity to ensure that the carrying amount does not differ materially from the fair value at the balance sheet date.
Fair values are determined by the directors using market-based evidence, taking into account their knowledge of the property market in which the company operates and prevailing market conditions.
Other fixed assets
Other fixed assets are stated at fair value, determined at the date of revaluation, less any subsequent accumulated depreciation and accumulated impairment losses. The revaluations of these assets were initially undertaken at 30 April 2024 and subsequent revaluations will be carried out with sufficient regularity to ensure that the carrying amount does not differ materially from fair value at the balance sheet date.
Fair value is determined by the directors using observable market data where available, or by reference to the current cost of replacing the asset with a comparable item of similar age and condition, adjusted to reflect the asset's service potential and condition.

Revaluation gains are recognised in other comprehensive income and accumulated in a revaluation reserve, unless they reverse a revaluation decrease of the same asset previously recognised in profit or loss, in which case the gain is recognised in profit or loss.
Revaluation losses are recognised in profit or loss, unless they relate to a previous revaluation gain for the same asset, in which case the loss is recognised in other comprehensive income to the extent of the revaluation reserve balance for that asset.
Depreciation is charged on a straight-line basis over the asset's estimated useful life, adjusted for any residual value. The revalued amount is depreciated, and the depreciation charge is recognised in profit or loss.
Upon disposal of a revalued asset, the associated revaluation surplus is transferred directly to retained earnings and is not recycled through profit or loss.

Page 14

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.14

Investment properties including true and fair override

Investment properties comprise commercial properties that are held to earn rental income and/or for capital appreciation, and are not occupied by the company for its own use.
These properties are initially recognised at cost, including transaction costs directly attributable to the acquisition. After initial recognition, investment properties are measured at fair value at each reporting date, with changes in fair value recognised in the profit and loss account for the period in which they arise.
Fair value is determined by the directors based on current prices in an active market for similar properties in the same location and condition, supported where necessary by independent professional valuations.
No depreciation is provided on commercial investment properties carried at fair value. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Page 15

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 16

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies

In preparing these financial statements, the directors have made judgments and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual outcomes may differ from these estimates. The following are the critical judgments and key sources of estimation uncertainty that have had a significant effect on the amounts recognised in the financial statements.
Classification of property assets
The company owns properties that serve different purposes. The directors have exercised judgment in determining whether properties are classified as investment properties or as property, plant and equipment. This assessment involves consideration of the use of the property and the company’s intentions regarding rental income and operational use.
Useful life and amortisation of intangible assets
The company has capitalised the cost of an acquired trading website and associated brand names. Judgment was required to determine the appropriateness of recognition as separate intangible assets, their classification, and the estimation of useful economic lives. The website is amortised over 20 years, which reflects management’s expectation of its continued commercial utility.
Recognition of goodwill and other intangibles
Judgment was required in identifying and valuing intangible assets arising from the business acquisition during the year. The allocation of purchase consideration between goodwill and other identifiable intangible assets, including brands and websites, involves subjective assessment.
Capitalisation of finance costs
Finance costs associated with new loan facilities have been capitalised and are amortised over the term of the loan. This treatment requires judgment regarding the matching of these costs to the period over which the related benefit is derived.
Key sources of estimation uncertainty
These relate to assumptions or estimates which could materially change the reported amounts if revised:
Valuation of investment properties
Investment properties are stated at fair value. Fair values are determined by reference to market conditions and, where applicable, independent valuations. These valuations require the use of estimates, including assumptions about market rents, yields, occupancy rates, and comparable property transactions.
I
mpairment of goodwill and trademarks
Goodwill and trademarks are not amortised but are subject to annual impairment testing. The impairment review involves estimating future cash flows, applying appropriate discount rates, and assessing long-term business viability. Changes in these assumptions could materially affect carrying amounts..
Deferred tax liabilities on revalued assets
Deferred tax liabilities have been recognised in respect of revaluation gains on investment properties and other fixed assets. These calculations depend on estimates of future taxable profits, timing of asset disposals, and applicable tax rates, which may change over time.
Amortisation and depreciation rates
The estimated useful lives of tangible and intangible fixed assets are reviewed annually. These estimates are based on historical experience and expected future usage, but actual results may differ, requiring adjustments in future periods.
 

Page 17

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Employees

The average monthly number of employees during the year (including directors) expressed as full time equivalents was 8 (2023 -2).However as the company's activities increased substantially in the year this is not a true reflection of the number of employees, At the year end the company had 13 (2023 - 2) employees.


5.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
13,259


-
13,259


Total current tax
-
13,259

Deferred tax


Origination and reversal of timing differences
37,984
20,193

Total deferred tax
37,984
20,193


37,984
33,452
Page 18

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
5.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023: higher than) the tax  which would be assessed on the profits using the standard rate of corporation tax in the UK of 19% (2023 -19%). The differences are explained below:

2024
2023
£
£


Profit for the year before tax
104,975
155,576


Profit for the year before tax multiplied by standard rate of corporation tax in the UK of 19% (2023 -19%)
19,945
29,559

Effects of:


Utilisation of tax losses
-
(1,221)

Unrelieved tax losses carried forward
8,923
-

Adjustment in respect of expected rate of tax on deferred gains - in respect of the current year
9,116
4,846

Marginal relief
-
268

Total tax charge for the year
37,984
33,452


6.


Intangible assets




Client facing sales portal
Goodwill
Total

£
£
£



Cost


Additions
430,922
100,000
530,922



At 30 April 2024

430,922
100,000
530,922






Net book value



At 30 April 2024
430,922
100,000
530,922



At 30 April 2023
-
-
-


Page 19

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
           6.Intangible assets (continued)

Acquired client facing sales portal
The company acquired the right to use the trading website "clocbookprint.co.uk" as part of the business acquisition. This website is used for the marketing and fulfillment of book printing services. The website is being amortised over its estimated useful life of 20 years. The estimated useful life of 20 years is considered appropriate due to the long-term nature of the contracts and customer relationships associated with the website, as well as the significant ongoing improvements made by the company to enhance its functionality and value.
No amortisation was recognised in the current period, as the website was a recent acquisition, and the company carried out various improvements to the website, thereby increasing its value.
Goodwill
Goodwill represents the excess of the purchase consideration paid for the acquisition of a printing business acquired in the period including the right to use the trading name "CLOC" over the fair value of the identifiable assets and liabilities acquired. It reflects the value of the acquired business’s ongoing operations, customer relationships, and future revenue potential.
Goodwill is not amortised but is tested for impairment annually.
Acquired brands and trademarks
As noted above as part of the business acquisition, the company acquired the right to use the trading names "CLOC" and "CLOCBOOKPRINT". These brands are key to the company’s book printing operations and will continue to be used in connection with future business activities. 


Page 20

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Furniture and fixtures
Computer and office equipment
Total

£
£
£
£
£
£



Cost or valuation


Additions
98,651
170,202
3,695
13,720
3,960
290,228


Disposals
-
(3,500)
-
-
(75)
(3,575)


Transfer from investment properties
327,930
-
-
-
-
327,930


Revaluations
175,499
16,698
-
6,220
7,695
206,112



At 30 April 2024

602,080
183,400
3,695
19,940
11,580
820,695



Depreciation


Charge for the year on owned assets
-
836
467
1,490
424
3,217


Charge for the year on financed assets
-
7,672
-
-
-
7,672


Adjustment on revaluation
-
(8,508)
-
(1,490)
(424)
(10,422)



At 30 April 2024

-
-
467
-
-
467



Net book value



At 30 April 2024
602,080
183,400
3,228
19,940
11,580
820,228



At 30 April 2023
-
-
-
-
-
-

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
155,500
-

155,500
-

Page 21

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Tangible Fixed Assets (continued)
 
Cost or valuation at 30 April 2024 is as follows:

Land and buildings
Plant and machinery
Other assets
£
£
£




At cost
-
-
-



At valuation 30 April 2024 made by T. Thomas director on an open market value for existing use.
602,080
183,400
31,520





602,080
183,400
31,520

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
123,370
-

Net book value
123,370
-

If the plant and machinery had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
166,702
-

Accumulated depreciation
(8,508)
-

Net book value
158,194
-

If the other assets had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
17,604
-

Accumulated depreciation
(1,914)
-

Net book value
15,690
-

Page 22

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Investment properties


Freehold investment property

£



Valuation


At 1 May 2023
2,533,425


Surplus on revaluation
151,935


Transfer to tangible fixed assets (see below)
(327,930)



At 30 April 2024
2,357,430

The 2024 valuations were made by T Thomas, director, on an open market value for existing use basis.
During the year the company commenced to occupy one of the investment properties for the purpose of its own trade. Adjustments have been made in these accounts to treat this property as a tangible fixed asset.



If the investment properties had not been include at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£


Historic cost
333,899
358,619

333,899
358,619

Page 23

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Stocks

2024
2023
£
£

Raw materials and consumables
12,000
-

Work in progress
14,000
-

26,000
-



10.


Debtors

2024
2023 as restated
£
£


Trade debtors
76,215
32,427

Other debtors
15,247
215

Prepayments and accrued income
35,601
4,384

Tax recoverable
2,603
550

129,666
37,576


The prior year figures have been restated due to a reclassification between debtors and creditors. 


11.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
21,261
345

Less: deficit on payment API account shown in creditors
(453)
-

20,808
345


Page 24

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Creditors: Amounts falling due within one year

2024
2023 as restated
£
£

 Deficit on payment API account
453
-

Bank loans
10,595
138,919

Other loans
22,971
-

Trade creditors
133,163
65,727

Corporation tax
-
13,259

Other taxation and social security
25,501
54

Obligations under finance lease and hire purchase contracts
35,376
-

Other creditors
165,763
93,695

Accruals and deferred income
51,666
6,000

445,488
317,654


The prior year figures have been restated due to a reclassification between debtors and creditors. 

The following liabilities were secured:

2024
2023
£
£



Bank loans
10,595
138,919

10,595
138,919

Details of security provided:

Bank loans are secured by a fixed and floating charge over the assets of the company, and personal guarantees given by T. Thomas, director, and M. Christou, director.

Page 25

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
784,562
-

Obligations under finance leases and hire purchase contracts
87,632
-

872,194
-


The following liabilities were secured:

2024
2023
£
£



Bank loans
784,562
-

784,562
-

Details of security provided:

Bank loans are secured by a fixed and floating charge over the assets of the company, and personal guarantees given by T. Thomas, director, and M. Christou, director.


14.


Hire purchase obligations


Minimum lease payments under hire purchase contracts (including contact hire contracts) fall due as follows:

2024
2023
£
£


Within one year
14,660
-

Between 1-5 years
24,012
-

38,672
-

Page 26

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Deferred taxation




2024
2023


£

£






At beginning of year
(451,804)
(431,611)


Charged to the statement of comprehensive income
(81,859)
(20,193)



At end of year
(533,663)
(451,804)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Investment property revaluations
(533,663)
(451,804)

(533,663)
(451,804)


The deferred tax provision arises on the revaluation of properties would be payable on the eventual sale of the properties concerned. The directors do not have any intention in the short term to dispose of these properties.


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 -1,000) Ordinary shares of £1.00 each
1,000
1,000


Page 27

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Contingent liabilities

The Company had contingent liabilities, as set out below, in the form of guarantees to secure third party loans made to CLOC Limited, a company in which T. Thomas (director) is a director and shareholder and M. Christou (director) is a shareholder. These guarantees are in addition to personal guarantees made by  the directors of C. L. Paper Sales Company Limited. The guarantors have joint and several liability under the guarantees.
Loan granted by Cynergy Bank to CLOC Limited
The maximum potential liability under this guarantee was for the initial sum of the loan of £530,000  and any outstanding related interest, fees and charges. At the balance sheet date the outstanding capital value of the loan amounted to £Nil (2023: £465,989).
During the year this loan was repaid in full.
Loan granted by Fleximize Capital Limited to CLOC Limited
The maximum potential liability under this guarantee was for the initial sum of the loan of £105,000 plus any outstanding related interest, fees and charges. On 14 November 2023 CLOC Limited was placed into members’ voluntary liquidation. As a consequence of this, Fleximize Capital Limited has exercised its right to call upon the guarantee and therefore the company and the directors who were jointly and severally liable were obliged to fulfil the conditions of the guarantee. 
The cost to the company of fulfilling its share of the obligations under this guarantee have been included as an exceptional administrative expense (see note 6).


18.


Pension commitments

The company operates a defined contributions pension scheme under the workplace pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company  to the fund and for all employees  amounted to £3,568 (2023: £Nil). Contributions totaling £1,478 (2023: £Nil) were payable to the fund at the balance sheet date and are included in creditors.
The employees concerned make separate contributions to the scheme but these contributions are deducted from their net pay so there is no cost to the company for these contributions.


19.


Commitments under operating leases

At 30 April 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
14,660
-

Later than 1 year and not later than 5 years
24,012
-

38,672
-

Page 28

 
C L PAPER SALES COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.Directors' personal guarantees

As noted in the creditors notes above above the directors have given personal guarantees to secure the company's bank loans.


21.


Related party transactions

Transactions and balances with CLOC Limited a company in which T. Thomas (director) is a director and shareholder and M. Christou (director) is a shareholder.
At the balance sheet date the company owed £Nil to CLOC Limited (2023: £62,957). The amount owed represented a balance on a current account between the companies shown within creditors due within one year. The amount was unsecured, interest free, had no fixed date of repayment and was payable on demand. CLOC Limited went into liquidation during the period and the balance on the inter company account was duly cleared.  
At the balance sheet date CLOC Limited owed £Nil 
(2023: £25,826) to the company in respect of a balance on the sales ledger for normal supplies of materials and other goods and this was included in the debtors amount. On the liquidation of CLOC Limited part of this balance and other debts incurred between 01 May 2023 and the liquidation date was deemed  irrecoverable and formed the exceptional item referred to in Note 7.
Before its liquidation CLOC Limited occupied some of the premises owned by the company. During the year the company charged CLOC Limited rent for the period up the liquidation of £34,310
 (2023: £68,620).
CLOC Limited gave a guarantee of a maximum amount of £Nil 
(2023: £158,000) plus related interest, fees and charges to secure the bank loans of the company shown in creditors.
Balances with directors
At the balance sheet date the company owed an amount of £2,686 (2023: £2,008) to T. Thomas, a director of the company. This loan is unsecured and carries no interest.
At the balance sheet date the company also owed an amount of £114,112 
(2023: £Nil) to T. Thomas and M. Christou, directors of the company, in respect of a joint loan for funds advanced to the company. This loan is unsecured and carries no interest.

 
Page 29