|
Registered number: 01362187
C L PAPER SALES COMPANY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
|
|
|
|
|
C L PAPER SALES COMPANY LIMITED
REGISTERED NUMBER:01362187
|
BALANCE SHEET
AS AT 30 APRIL 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible fixed assets revaluation reserves
|
|
|
|
|
|
Investment properties fair value reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
The notes on pages 10 to 29 form part of these financial statements.
|
|
|
|
|
C L PAPER SALES COMPANY LIMITED
REGISTERED NUMBER:01362187
|
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
|
|
|
Tangible fixed assets revaluation reserves - non distributable
|
Investment property fair value reserve - non distributable
|
Profit and loss account - distributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
Profit for the year including revaluation surplus after tax
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property revaluation movement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
Profit for the year including revaluation surplus after tax
|
|
|
|
|
|
Freehold property revaluation movement
|
|
|
|
|
|
Other fixed assets revaluation movement
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfer from investment property revaluation reserve due to reclassification of an investment property as a tangible fixed asset
|
|
|
|
|
|
Investment property revaluation movement
|
|
|
|
|
|
|
|
|
|
|
|
|
Release of reserve due to reclassification of an investment property as a tangible fixed asset
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 10 to 29 form part of these financial statements.
|
|
|
|
|
|
C L PAPER SALES COMPANY LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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
|
|
|
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:
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.
|
|
|
|
|
C L PAPER SALES COMPANY LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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.
|
|
|
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.
|
|
|
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.
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.
|
|
|
|
|
C L PAPER SALES COMPANY LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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.
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.
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
|
|
|
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.
|
|
|
|
|
C L PAPER SALES COMPANY LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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.
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computer and office equipment
|
|
|
|
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.
|
|
|
|
|
C L PAPER SALES COMPANY LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
|
|
|
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.
|
|
|
|
|
C L PAPER SALES COMPANY LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
|
|
|
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.
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.
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.
|
|
|
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.
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.
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.
|
|
|
|
|
C L PAPER SALES COMPANY LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
|
|
|
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.
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.
|
|
|
|
|
C L PAPER SALES COMPANY LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
|
|
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.
Impairment 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.
|
|
|
|
|
C L PAPER SALES COMPANY LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
|
|
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.
|
|
|
|
|
|
|
|
Current tax on profits for the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination and reversal of timing differences
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year before tax
|
|
|
|
|
Profit for the year before tax multiplied by standard rate of corporation tax in the UK of 19% (2023 -19%)
|
|
|
|
|
|
|
|
|
|
Utilisation of tax losses
|
|
|
|
|
Unrelieved tax losses carried forward
|
|
|
|
|
Adjustment in respect of expected rate of tax on deferred gains - in respect of the current year
|
|
|
|
|
|
|
|
|
|
Total tax charge for the year
|
|
|
|
|
Client facing sales portal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
C L PAPER SALES COMPANY LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
|
|
|
|
|
|
Computer and office equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfer from investment properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
Charge for the year on financed assets
|
|
|
|
|
|
|
|
Adjustment on revaluation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At valuation 30 April 2024 made by T. Thomas director on an open market value for existing use.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
If the plant and machinery had not been included at valuation they would have been included under the historical cost convention as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
If the other assets had not been included at valuation they would have been included under the historical cost convention as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C L PAPER SALES COMPANY LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
|
|
Freehold investment property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfer to tangible fixed assets (see below)
|
|
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C L PAPER SALES COMPANY LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
|
|
Raw materials and consumables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The prior year figures have been restated due to a reclassification between debtors and creditors.
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: deficit on payment API account shown in creditors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C L PAPER SALES COMPANY LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deficit on payment API account
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
Obligations under finance lease and hire purchase contracts
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The prior year figures have been restated due to a reclassification between debtors and creditors.
|
|
|
The following liabilities were secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
C L PAPER SALES COMPANY LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations under finance leases and hire purchase contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following liabilities were secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
Hire purchase obligations
|
|
|
Minimum lease payments under hire purchase contracts (including contact hire contracts) fall due as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C L PAPER SALES COMPANY LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charged to the statement of comprehensive income
|
|
|
|
|
|
|
|
|
The provision for deferred taxation is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property revaluations
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
1,000 (2023 -1,000) Ordinary shares of £1.00 each
|
|
|
|
|
|
|
|
C L PAPER SALES COMPANY LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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).
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.
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
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.
|
|