Company registration number:
Paperline Limited
for the Year Ended 28 February 2025
Paperline Limited
Contents
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Company Information |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Assurance Report |
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Profit and Loss Account |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Paperline Limited
Company Information
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Directors |
S Hubner M Lee R Wilson P Wilson |
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Company secretary |
S Hubner |
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Registered office |
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Accountants |
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Paperline Limited
Directors' Report for the Year Ended 28 February 2025
The directors present their report and the financial statements for the year ended 28 February 2025.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is import and sale of personal protective equipment and hygiene disposables.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
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Paperline Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Paperline Limited
for the Year Ended 28 February 2025
We have reviewed the financial statements of Paperline Limited for the year ended 28 February 2025, which comprise the Profit and loss account, Balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards as adopted by the UK.
Directors' Responsibility for the Financial Statements
As explained more fully in the Directors’ Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Accountants' Responsibility
Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised) Engagements to review historical financial statements and ICAEW technical release TECH 09/13AAF (Revised) Assurance review engagements on historical financial statements. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK' (United Kingdom Generally Accepted Accounting Practice). ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics and the FRC’s Ethical Standard, as applicable.
Scope of the Assurance Review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures, and evaluating the evidence obtained.
In forming our conclusion on the financial statements, which is not modified but is subject to these limitations:
- we have not assessed whether it is appropriate to prepare the financial statement on the going concern basis.
- we have not considered whether the carrying value of the company's investment or amounts due from its subsidiary are impaired.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements.
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Paperline Limited
for the Year Ended 28 February 2025
Conclusions
Based on our review, and the limitations noted above within the scope of assurance review section, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:
• so as to give a true and fair view of the state of the company’s affairs as at 28 February 2025, and of its loss for the year then ended;
• in accordance with United Kingdom Generally Accepted Accounting Practice; and
• in accordance with the requirements of the Companies Act 2006.
Use of our Report
This report is made solely to the Board of Directors of Paperline Limited, as a body, in accordance with the terms of our engagement letter dated 27 February 2024. Our work has been undertaken so that we might state to the Board of Directors those matters that we have agreed to state to them in a reviewer's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paperline Limited and its Board of Directors as a body for our work or for this report, or the conlcusions we have formed.
25 King Street
Bristol
BS1 4PB
Paperline Limited
Profit and Loss Account
for the Year Ended 28 February 2025
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2025 |
2024 |
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Turnover |
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Cost of sales |
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( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Paperline Limited
(Registration number: 02469888)
Balance Sheet as at 28 February 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Deferred tax liabilities |
(4,628) |
(5,498) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Paperline Limited
(Registration number: 02469888)
Balance Sheet as at 28 February 2025
Approved and authorised by the
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Paperline Limited
Notes to the Unaudited Financial Statements
for the Year Ended 28 February 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
It is probable that future economic benefits will flow to the entity; and
Specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Paperline Limited
Notes to the Unaudited Financial Statements
for the Year Ended 28 February 2025
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Long leasehold land and buildings |
Over the length of the lease |
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Plant and machinery |
20% straight line |
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Office equipment |
10 %- 25% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Paperline Limited
Notes to the Unaudited Financial Statements
for the Year Ended 28 February 2025
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Reserves
Called up share capital represents the nominal value of shares that have been issued.
Share premium account includes any premiums received on the issue of share capital. Transaction costs associated with the issuing of shares are deducted from the share premium.
Profit and loss account includes all current and prior period profits and losses.
Capital redemption reserve records the nominal value of shares repurchased by the company.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Paperline Limited
Notes to the Unaudited Financial Statements
for the Year Ended 28 February 2025
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
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 payments obligations.
The contributions are recognised as an expense in the profit and loss account 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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Paperline Limited
Notes to the Unaudited Financial Statements
for the Year Ended 28 February 2025
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Intangible assets |
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Goodwill |
Total |
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Cost or valuation |
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At 1 March 2024 |
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At 28 February 2025 |
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Amortisation |
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At 1 March 2024 |
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At 28 February 2025 |
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Carrying amount |
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At 28 February 2025 |
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 March 2024 |
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Additions |
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At 28 February 2025 |
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Depreciation |
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At 1 March 2024 |
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Charge for the year |
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At 28 February 2025 |
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Carrying amount |
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At 28 February 2025 |
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At 29 February 2024 |
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Included within the net book value of land and buildings above is £8,791 (2024 - £11,877) in respect of long leasehold land and buildings.
Paperline Limited
Notes to the Unaudited Financial Statements
for the Year Ended 28 February 2025
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Investments |
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2025 |
2024 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 March 2024 |
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Provision |
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Carrying amount |
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At 28 February 2025 |
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At 29 February 2024 |
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Stocks |
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2025 |
2024 |
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Finished goods and goods for resale |
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Debtors |
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2025 |
2024 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Paperline Limited
Notes to the Unaudited Financial Statements
for the Year Ended 28 February 2025
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Creditors |
Creditors: amounts falling due within one year
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2025 |
2024 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2025 |
2024 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
- |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
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Reserves reconciliation |
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Share premium |
Capital redemption reserve |
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At 1 March 2024 |
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At 28 February 2025 |
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Share premium |
Capital redemption reserve |
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At 1 March 2023 |
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Other capital redemption reserve movements |
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7 |
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At 29 February 2024 |
36,317 |
248 |
Paperline Limited
Notes to the Unaudited Financial Statements
for the Year Ended 28 February 2025
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Related party transactions |
The company maintains unsecured loan accounts with the directors which are interest free and repayable on demand. At the year end the company owed £41,629 (2024 - £32,628) to the directors. This is included within other creditors.