Cherwell Packaging Limited - Accounts to registrar (filleted) - small 18.2
Cherwell Packaging Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2018 |
| FOR |
| CHERWELL PACKAGING LIMITED |
| CHERWELL PACKAGING LIMITED (REGISTERED NUMBER: 01320468) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 August 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| CHERWELL PACKAGING LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 August 2018 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditor |
| Magma House, 16 Davy Court |
| Castle Mound Way |
| Rugby |
| CV23 0UZ |
| CHERWELL PACKAGING LIMITED (REGISTERED NUMBER: 01320468) |
| BALANCE SHEET |
| 31 August 2018 |
| 2018 | 2017 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the director on |
| CHERWELL PACKAGING LIMITED (REGISTERED NUMBER: 01320468) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 August 2018 |
| 1. | STATUTORY INFORMATION |
| Cherwell Packaging Limited is a limited company, registered in England and Wales. Its registered office address |
| is Southfield Road, Kineton Road Industrial Estate, Southam, CV47 0FB and the registered number is |
| 01320468. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are presented in sterling rounded to the nearest £. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable and represents the amount |
| receivable for services rendered, net of returns, discounts and rebates allowed by the company and value added |
| taxes. |
| The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred |
| to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of |
| revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and |
| (e)when the specific criteria relating to the each of company’s sales channels have been met. |
| Preparation of consolidated financial statements |
| The company and its subsidiary form a small group. The company is therefore not required to produce |
| consolidated financial statements and has not done so. These financial statements present information about the |
| company as a single entity. |
| Tangible fixed assets |
| Tangible fixed assets 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. |
| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful |
| lives, using either a straight line or reducing balance method, as indicated below. |
| Depreciation is provided on the following basis: |
| Long leasehold land & buildings | - | 10% straight line |
| Fixtures and fittings | - | 10% straight line |
| Motor vehicles | - | 25% straight line |
| Computer equipment | - | 30 - 50% straight line |
| 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. |
| Stocks |
| Stocks are stated at the lower of cost and 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. |
| CHERWELL PACKAGING LIMITED (REGISTERED NUMBER: 01320468) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 August 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The Company only enters into basic financial instrument transactions that result in the recognition of financial |
| assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to |
| related parties and investments in non-puttable ordinary shares. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period |
| for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is |
| recognised in profit or loss. |
| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an |
| 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. |
| 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. |
| 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. |
| Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively |
| enacted by the balance sheet date. |
| Invoice discounting |
| The gross amount of invoice discounted debts are included in trade debtors and a corresponding liability in |
| respect of proceeds received from factors are shown within current liabilities. Charges and interest are |
| recognised in the profit and loss account as they accrue. |
| Leasing commitments |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with |
| the lessor are charged against profits on a straight line basis over the period of the lease. |
| Employee benefits |
| The company contributes to a defined contribution plan for the benefit of its employees. Contributions are |
| recognised in profit or loss as they become payable. |
| Share capital |
| Ordinary shares are classified as equity. |
| Investments |
| Investments held as fixed assets are shown at cost less provision for permanent diminution in value. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| CHERWELL PACKAGING LIMITED (REGISTERED NUMBER: 01320468) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 August 2018 |
| 4. | TANGIBLE FIXED ASSETS |
| Long |
| leasehold | Fixtures |
| land & | and | Motor | Computer |
| buildings | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 September 2017 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 August 2018 |
| DEPRECIATION |
| At 1 September 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 August 2018 |
| NET BOOK VALUE |
| At 31 August 2018 |
| At 31 August 2017 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 September 2017 |
| and 31 August 2018 |
| NET BOOK VALUE |
| At 31 August 2018 |
| At 31 August 2017 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| CHERWELL PACKAGING LIMITED (REGISTERED NUMBER: 01320468) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 August 2018 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Hire purchase contracts |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2018 | 2017 |
| £ | £ |
| Invoice discounting creditor | 688,752 | 570,780 |
| Hire purchase contracts | 33,144 | 46,251 |
| The invoice discounting creditor is secured by an unlimited debenture incorporating a fixed and floating charge. |
| The net obligation under hire purchase contracts is secured on the asset to which it relates. |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | OPERATING LEASE COMMITMENTS |
| Operating lease commitments not included in the balance sheet amount to £428,119 (2017 - £457,779). |
| 12. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
| Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
| transactions with wholly owned subsidiaries within the group. |
| The company rents property from the Cherwell Packaging Executive Pension Scheme in which the Director is a |
| trustee. Rent and other administrative expenses paid in the year amounted to £48,712 (2017: £53,100). At the |
| year end company owed £3,934 (2017: £6,434). |