Modern Packaging (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02553448 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2018

for

Modern Packaging (UK) Limited

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

9

DIRECTORS:

T Woods

B Woods

Mrs L Woods

SECRETARY:

Mrs L Woods

REGISTERED OFFICE:

Plot 6

Keytec 7 Business Park

Ascot Road

Pershore

Worcestershire

WR10 2JJ

REGISTERED NUMBER:

02553448 (England and Wales)

ACCOUNTANTS:

HATS Gloucester Ltd

The White House

162 Hucclecote Road

Hucclecote

Gloucester

Gloucestershire

GL3 3SH

BANKERS:

National Westminster Bank Plc

PO Box 34

15 Bishopsgate

London

EC2P 2AP

FIXED ASSETS

Tangible assets

4

2,312,287

2,532,912

CURRENT ASSETS

Stocks

702,688

769,232

Debtors

5

1,211,354

1,209,060

Cash at bank and in hand

28,370

134,185

1,942,412

2,112,477

CREDITORS

Amounts falling due within one year

6

2,622,369

2,634,030

NET CURRENT LIABILITIES

(679,957

)

(521,553

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,632,330

2,011,359

CREDITORS

Amounts falling due after more than one year

7

(1,283,382

)

(1,437,070

)

PROVISIONS FOR LIABILITIES

(266,410

)

(315,700

)

NET ASSETS

82,538

258,589

CAPITAL AND RESERVES

Called up share capital

40

40

Retained earnings

82,498

258,549

SHAREHOLDERS' FUNDS

82,538

258,589

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 20 August 2019 and were signed on its behalf by:

Mrs L Woods - Director

1.	STATUTORY INFORMATION

Modern Packaging (UK) Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The accounts have been prepared on a going concern basis, despite the fact that current liabilities

exceed assets. The directors have given an undertaking to support the company until it returns to a net

current assets position. They consider that it is appropriate to prepare the accounts on the going

concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of transaction.

Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates

at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2017 - 54 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

Cost

At 1 December 2017

745,662

4,631,855

158,861

Additions

-

6,683

-

Disposals

-

(1,532,342

)

(8,553

)

At 30 November 2018

745,662

3,106,196

150,308

Depreciation

At 1 December 2017

89,478

2,805,153

138,469

Charge for year

14,913

199,933

5,100

Eliminated on disposal

-

(1,532,342

)

(8,373

)

At 30 November 2018

104,391

1,472,744

135,196

Net book value

At 30 November 2018

641,271

1,633,452

15,112

At 30 November 2017

656,184

1,826,702

20,392

Motor

Computer

vehicles

equipment

Totals

£

£

£

Cost

At 1 December 2017

47,091

109,118

5,692,587

Additions

-

4,403

11,086

Disposals

(14,995

)

(63,206

)

(1,619,096

)

At 30 November 2018

32,096

50,315

4,084,577

Depreciation

At 1 December 2017

37,469

89,106

3,159,675

Charge for year

2,194

6,103

228,243

Eliminated on disposal

(14,150

)

(60,763

)

(1,615,628

)

At 30 November 2018

25,513

34,446

1,772,290

Net book value

At 30 November 2018

6,583

15,869

2,312,287

At 30 November 2017

9,622

20,012

2,532,912

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

Cost

At 1 December 2017

2,205,444

15,580

2,221,024

Transfer to ownership

(1,050,194

)

(15,580

)

(1,065,774

)

At 30 November 2018

1,155,250

-

1,155,250

Depreciation

At 1 December 2017

533,233

9,007

542,240

Charge for year

57,763

-

57,763

Transfer to ownership

(533,233

)

(9,007

)

(542,240

)

At 30 November 2018

57,763

-

57,763

Net book value

At 30 November 2018

1,097,487

-

1,097,487

At 30 November 2017

1,672,211

6,573

1,678,784

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/11/18

30/11/17

£

£

Trade debtors

1,179,761

1,146,726

Other debtors

31,593

62,334

1,211,354

1,209,060

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/11/18

30/11/17

£

£

Bank loans and overdrafts

72,700

70,523

Hire purchase contracts (see note 8)

173,900

326,681

Trade creditors

1,242,731

1,098,270

Taxation and social security

185,393

193,351

Other creditors

947,645

945,205

2,622,369

2,634,030

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/11/18

30/11/17

£

£

Bank loans

564,338

637,037

Hire purchase contracts (see note 8)

719,044

800,033

1,283,382

1,437,070

30/11/18

30/11/17

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

248,881

331,520

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30/11/18

30/11/17

£

£

Net obligations repayable:

Within one year

173,900

326,681

Between one and five years

719,044

800,033

892,944

1,126,714

Non-cancellable

operating leases

30/11/18

30/11/17

£

£

Within one year

41,505

47,374

Between one and five years

119,278

33,597

160,783

80,971

9.	SECURED DEBTS

The following secured debts are included within creditors:

30/11/18

30/11/17

£

£

Bank loans

637,038

707,560

Hire purchase contracts

892,944

1,126,714

Invoice discounting account

891,942

846,905

2,421,924

2,681,179

The bank loan is secured by fixed and floating legal charges over the company's freehold property,

fixed and current assets.

The company also operates an Invoice Discounting account. As means of security a debenture is in

place with fixed and floating charges over the company's property and assets.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2018

and 30 November 2017:

30/11/18

30/11/17

£

£

Mrs L Woods

Balance outstanding at start of year

86

224

Amounts advanced

713

54,699

Amounts repaid

(86

)

(54,837

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

713

86

The above to the director, Mrs L Woods, was repaid in full after the year end. The loan was interest

free with no fixed repayment terms.

11.

CONTROL

The Company is controlled by the directors who own 75% of the issued share capital.

12.	GOING CONCERN

Despite net current liabilities of £679,957 (2017 - £521,553) the accounts have been prepared on a

going concern basis. The directors have reviewed the future cash flows of the company and further to

this review, consider it appropriate to prepare the accounts on a going concern basis.