W.E.Roberts (Packing Supplies) Limited - Limited company accounts 18.2

REGISTERED NUMBER: 00774872 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2018

for

W.E.Roberts (Packing Supplies) Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Notes to the Financial Statements

9

DIRECTORS:

A W E Roberts

S W T Roberts

P T Roberts

R J Puffette

Ms S T Roberts

SECRETARY:

A W E Roberts

REGISTERED OFFICE:

3 Boyne Park

Tunbridge Wells

Kent

TN4 8EN

BUSINESS ADDRESS:

Thames Works

Grove Road

Nothfleet

Kent

DA11 9AX

REGISTERED NUMBER:

00774872 (England and Wales)

AUDITORS:

Deeks Evans Audit Services Limited

Statutory Auditor

3 Boyne Park

Tunbridge Wells

Kent

TN4 8EN

The directors present their strategic report for the year ended 31 December 2018.

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of our business during

the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business

and is written in the context of the risks and uncertainties we face.

The company's principle trade is the sale of corrugated cardboard packaging products and associated items.

We consider that our key performance indicators are those which communicate the financial performance and the

strength of the company as a whole, these being turnover and gross margin.

The business operates in a market where there can be a certain amount of uncertainty in respect of the long term

pricing structure of the raw paper material. Purchasing of the raw paper material is therefore tightly controlled .

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may

be subject to unforeseen future events outside of our control.

ON BEHALF OF THE BOARD:

R J Puffette - Director

4 June 2019

The directors present their report with the financial statements of the company for the year ended 31 December 2018.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of selling ancillary packaging materials and stock

size cases.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2018.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2018 to the date of this

report.

A W E Roberts

S W T Roberts

P T Roberts

R J Puffette

Ms S T Roberts

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to

have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that

the company's auditors are aware of that information.

AUDITORS

The auditors, Deeks Evans Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual

General Meeting.

ON BEHALF OF THE BOARD:

R J Puffette - Director

4 June 2019

Opinion

We have audited the financial statements of W.E.Roberts (Packing Supplies) Limited (the 'company') for the year ended

31 December 2018 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in

Equity 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 United Kingdom Accounting

Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and

Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our

responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial

statements section of our report. We are independent of the company in accordance with the ethical requirements that

are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled

our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to

you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic

Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors

thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise

explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing

so, consider whether the other information is materially inconsistent with the financial statements or our knowledge

obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or

apparent material misstatements, we are required to determine whether there is a material misstatement in the financial

statements or a material misstatement of the other information. If, based on the work we have performed, we conclude

that there is a material misstatement of this other information, we are required to report that fact. We have nothing to

report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit,

we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you

if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible

for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such

internal control as the directors determine necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a

going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic

alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with

ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting

Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those

matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's

members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Young (Senior Statutory Auditor)

for and on behalf of Deeks Evans Audit Services Limited

Statutory Auditor

3 Boyne Park

Tunbridge Wells

Kent

TN4 8EN

4 June 2019

TURNOVER

3,366,164

3,476,041

Cost of sales

(2,544,061

)

(2,577,479

)

GROSS PROFIT

822,103

898,562

Administrative expenses

(826,591

)

(788,075

)

OPERATING (LOSS)/PROFIT

(4,488

)

110,487

Interest receivable & similar income

46

-

(4,442

)

110,487

Interest payable and similar expenses

4

(306

)

(1,074

)

(LOSS)/PROFIT BEFORE TAXATION

5

(4,748

)

109,413

Tax on (loss)/profit

6

3,935

4,829

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(813

)

114,242

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(813

)

114,242

FIXED ASSETS

Tangible assets

8

19,580

57,591

CURRENT ASSETS

Stocks

9

245,222

213,194

Debtors

10

722,616

633,002

Cash at bank and in hand

235

902

968,073

847,098

CREDITORS

Amounts falling due within one year

11

728,960

645,183

NET CURRENT ASSETS

239,113

201,915

TOTAL ASSETS LESS CURRENT LIABILITIES

258,693

259,506

CAPITAL & RESERVES

Called up share capital

16

1,000

1,000

Retained earnings

17

257,693

258,506

SHAREHOLDERS' FUNDS

258,693

259,506

The financial statements were approved by the Board of Directors on 4 June 2019 and were signed on its behalf by:

R J Puffette - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2017

1,000

224,264

225,264

Changes in equity

Dividends

-

(80,000

)

(80,000

)

Total comprehensive income

-

114,242

114,242

Balance at 31 December 2017

1,000

258,506

259,506

Changes in equity

Total comprehensive income

-

(813

)

(813

)

Balance at 31 December 2018

1,000

257,693

258,693

1.	STATUTORY INFORMATION

W.E.Roberts (Packing Supplies) 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements,

as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of Section 33 Related Party Disclosures paragraph 33.7.

Related party exemption

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.

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.

Improvements to property

-

over the lease term

Plant & machinery

-

25% on cost

Motor vehicles

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive

Income, 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 balance sheet date.

Deferred tax

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

sheet 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.

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.

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

2018

2017

£

£

Wages and salaries

292,315

217,360

Social security costs

21,411

15,921

Other pension costs

2,674

1,092

316,400

234,373

The average number of employees during the year was as follows:

2018

2017

Office & management

7

6

Manufacturing & warehouse

11

10

18

16

2018

2017

£

£

Directors' remuneration

-

-

4.

INTEREST PAYABLE AND SIMILAR EXPENSES

2018

2017

£

£

Hire purchase

306

1,074

5.	(LOSS)/PROFIT BEFORE TAXATION

The loss (2017 - profit) is stated after charging:

2018

2017

£

£

Depreciation - owned assets

38,011

34,738

Depreciation - assets on hire purchase contracts

-

11,000

Auditors' remuneration

7,050

6,750

6.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

2018

2017

£

£

Current tax:

UK corporation tax

-

8,993

Previous years adjustments

-

(9,272

)

Total current tax

-

(279

)

Deferred tax

(3,935

)

(4,550

)

Tax on (loss)/profit

(3,935

)

(4,829

)

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is

explained below:

2018

2017

£

£

(Loss)/profit before tax

(4,748

)

109,413

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 19% (2017 - 19%)

(902

)

20,788

Effects of:

Expenses not deductible for tax purposes

(5,990

)

(9,867

)

Depreciation in excess of capital allowances

3,939

4,688

Utilisation of tax losses

2,944

-

Deferred tax movement

(3,935

)

(4,550

)

Change in tax rate

-

115

Research and development tax relief

-

(9,272

)

Losses brought forward

-

(6,731

)

Interest received

9

-

Total tax credit

(3,935

)

(4,829

)

7.

DIVIDENDS

2018

2017

£

£

Ordinary shares of £1 each

Paid

-

80,000

8.	TANGIBLE FIXED ASSETS

Improvements

to

Plant &

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 January 2018

and 31 December 2018

32,000

154,845

127,228

314,073

DEPRECIATION

At 1 January 2018

32,000

124,983

99,499

256,482

Charge for year

-

23,302

14,709

38,011

At 31 December 2018

32,000

148,285

114,208

294,493

NET BOOK VALUE

At 31 December 2018

-

6,560

13,020

19,580

At 31 December 2017

-

29,862

27,729

57,591

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

Plant &

machinery

£

COST

At 1 January 2018

44,000

Transfer to ownership

(44,000

)

At 31 December 2018

-

DEPRECIATION

At 1 January 2018

33,000

Transfer to ownership

(33,000

)

At 31 December 2018

-

NET BOOK VALUE

At 31 December 2018

-

At 31 December 2017

11,000

9.

STOCKS

2018

2017

£

£

Finished Goods

245,222

213,194

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

314,973

363,574

Amounts owed by fellow subsidiaries

376,671

238,147

Other debtors

-

9,319

Deferred tax asset

11,230

7,295

Prepayments & accrued income

19,742

14,667

722,616

633,002

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans & overdrafts (see note 12)

7,577

-

Hire purchase contracts (see note 13)

-

13,691

Trade creditors

222,014

202,068

Amounts owed to fellow subsidiaries

35,000

-

Corporation tax

-

8,993

Social security & other taxes

58,840

48,952

Other creditors

205,756

232,821

Accrued expenses

199,773

138,658

728,960

645,183

12.

LOANS

An analysis of the maturity of loans is given below:

2018

2017

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

7,577

-

13.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Gross obligations repayable:

Within one year

-

13,957

Finance charges repayable:

Within one year

-

266

Net obligations repayable:

Within one year

-

13,691

Non-cancellable operating

leases

2018

2017

£

£

Within one year

112,500

70,000

Between one and five years

280,000

-

In more than five years

350,000

-

742,500

70,000

14.	SECURED DEBTS

W E Roberts (Corrugated) Limited, associated company, borrowed £500,000 repayable over 5 years from Roberts

Pension Fund. Part of the loan agreement means that Roberts Pension Fund has a fixed and floating charge over

all assets of this company, dated 27 September 2010.

Lloyds TSB Commercial Finance Limited has a fixed and floating charge in the bank's standard form over the

assets of the company dated 25 July 2011.