Company registration number 00182580 (England and Wales)
STONEHOUSE PAPER & BAG MILLS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
STONEHOUSE PAPER & BAG MILLS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
STONEHOUSE PAPER & BAG MILLS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
289,357
318,454
Current assets
Stocks
283,927
286,686
Debtors
5
300,889
236,654
Cash at bank and in hand
259,483
293,751
844,299
817,091
Creditors: amounts falling due within one year
6
(141,336)
(151,231)
Net current assets
702,963
665,860
Total assets less current liabilities
992,320
984,314
Provisions for liabilities
(51,934)
(57,368)
Net assets excluding pension liability
940,386
926,946
Defined benefit pension liability
8
-
0
-
0
Net assets
940,386
926,946
Capital and reserves
Called up share capital
7
34,501
34,501
Capital redemption reserve
4,574
4,574
Profit and loss reserves
901,311
887,871
Total equity
940,386
926,946
STONEHOUSE PAPER & BAG MILLS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 2 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 1 July 2025 and are signed on its behalf by:
J H Daniels
Director
Company registration number 00182580 (England and Wales)
STONEHOUSE PAPER & BAG MILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Stonehouse Paper & Bag Mills Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lower Mills, Stonehouse, Glos, GL10 2BD.

1.1
Accounting convention
The financial statements are prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised at the point of despatch.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land & buildings
2.5% reducing balance
Plant & machinery
15% reducing balance
Fixtures, fittings & equipment
10-15% reducing balance on general fixtures & equipment
25% straight line on computer equipment

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

STONEHOUSE PAPER & BAG MILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

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

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

STONEHOUSE PAPER & BAG MILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
STONEHOUSE PAPER & BAG MILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

The company operates a defined contribution scheme in line its Auto Enrolment obligations and for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.13
Leases
As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
15
14
STONEHOUSE PAPER & BAG MILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2024
167,655
1,612,268
1,779,923
Additions
-
0
10,281
10,281
At 31 March 2025
167,655
1,622,549
1,790,204
Depreciation and impairment
At 1 April 2024
95,875
1,365,594
1,461,469
Depreciation charged in the year
1,707
37,671
39,378
At 31 March 2025
97,582
1,403,265
1,500,847
Carrying amount
At 31 March 2025
70,073
219,284
289,357
At 31 March 2024
71,780
246,674
318,454
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
300,889
229,147
Other debtors
-
0
7,507
300,889
236,654
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
63,490
61,507
Corporation tax
10,561
18,177
Other taxation and social security
24,078
24,342
Other creditors
43,207
47,205
141,336
151,231
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
34,476
34,476
34,476
34,476
STONEHOUSE PAPER & BAG MILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Called up share capital
(Continued)
- 8 -
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
25
25
25
25
Preference shares classified as equity
25
25
Total equity share capital
34,501
34,501
8
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
89,886
85,210

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Defined benefit schemes

The company operates a defined benefit scheme for qualifying employees.

 

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at 5 April 2022 by Miles Woodhouse, Fellow of the Institute of Actuaries. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.

 

As at 31 March 2025 the scheme assets outweigh its liabilities by £616,000 however as the recovery of this surplus is not certain it has not been presented in the financial statements as a company asset.

2025
2024
Key assumptions
%
%
Discount rate
4.9
4.9
Expected rate of increase of pensions in payment
3.4
3.4
Expected rate of salary increases
3.0
3.0
STONEHOUSE PAPER & BAG MILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Retirement benefit schemes
(Continued)
- 9 -
Mortality assumptions
2025
2024

Assumed life expectations on retirement at age 60:

Years
Years
Retiring today
- Males
24.2
24.2
- Females
27.1
26
Retiring in 20 years
- Males
26
26
- Females
28.7
28.6
2025
2024

Amounts recognised in the profit and loss account

£
£
Current service costs
5,000
5,000
2025
2024

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
(31,000)
(26,000)
Less: calculated interest element
43,000
45,000
Return on scheme assets excluding interest income
12,000
19,000
Actuarial changes related to obligations
(31,000)
(1,000)
Net interest on net defined benefit liability/(asset)
(27,000)
(27,000)
Effect of changes in the amount of surplus that is not recoverable
56,000
24,000
Total costs
10,000
15,000

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2025
2024
£
£
Present value of defined benefit obligations
286,000
334,000
Fair value of plan assets
(902,000)
(894,000)
Surplus in scheme
(616,000)
(560,000)
Restriction on scheme assets
616,000
560,000
Total liability recognised
-
-
STONEHOUSE PAPER & BAG MILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Retirement benefit schemes
(Continued)
- 10 -
2025

Movements in the present value of defined benefit obligations

£
Liabilities at 1 April 2024
334,000
Benefits paid
(33,000)
Actuarial gains and losses
(31,000)
Interest cost
16,000
At 31 March 2025
286,000

The defined benefit obligations arise from plans which are wholly or partly funded.

2025

Movements in the fair value of plan assets

£
Fair value of assets at 1 April 2024
894,000
Interest income
43,000
Return on plan assets (excluding amounts included in net interest)
(12,000)
Benefits paid
(33,000)
Contributions by the employer
15,000
Current service costs
(5,000)
At 31 March 2025
902,000

The actual return on plan assets was £31,000 (2024 - £26,000).

2025
2024

Fair value of plan assets at the reporting period end

£
£
Equity instruments
902,000
894,000
9
Related party transactions
Transactions with related parties

There were no related party transactions in the period to disclose.

 

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