Paper Lace Limited - Period Ending 2019-06-30

Registration number: 05145066

Paper Lace Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 June 2019

Gospel Hunt Limited
Chartered Certified Accountants
39 Oakdale Road
Bakersfield
Nottingham
NG3 7EL

Paper Lace Limited

Contents

Company Information	1
Accountants' Report	2
Abridged Balance Sheet	3
Statement of Changes in Equity	4
Notes to the Abridged Financial Statements	5 to 6

Paper Lace Limited

Company Information

Directors

Mr Chris Raynor Mr John Raynor

Registered office

1 Hillfield Gardens Rise park Nottingham NG5 5BA

Accountants

Gospel Hunt Limited Chartered Certified Accountants 39 Oakdale Road Bakersfield Nottingham NG3 7EL

Page 1

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Paper Lace Limited
for the Year Ended 30 June 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Paper Lace Limited for the year ended 30 June 2019 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Paper Lace Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Paper Lace Limited and state those matters that we have agreed to state to the Board of Directors of Paper Lace Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paper Lace Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Paper Lace Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Paper Lace Limited. You consider that Paper Lace Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Paper Lace Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Gospel Hunt Limited
Chartered Certified Accountants
39 Oakdale Road
Bakersfield
Nottingham
NG3 7EL

26 March 2020

Page 2

Paper Lace Limited

(Registration number: 05145066)
Abridged Balance Sheet as at 30 June 2019

	Note	2019 £	2018 £
Current assets
Debtors		6,842	6,607
Cash at bank and in hand		163	63
		7,005	6,670
Creditors: Amounts falling due within one year		(8,056)	(7,950)
Total assets less current liabilities		(1,051)	(1,280)
Accruals and deferred income		(360)	(240)
Net liabilities		(1,411)	(1,520)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(1,511)	(1,620)
Total equity		(1,411)	(1,520)

For the financial year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 26 March 2020 and signed on its behalf by:
 

.........................................

Mr Chris Raynor

Director

The notes on pages 5 to 6 form an integral part of these abridged financial statements.

Page 3

Paper Lace Limited

Statement of Changes in Equity for the Year Ended 30 June 2019

	Share capital £	Profit and loss account £	Total £
At 1 July 2018	100	(1,620)	(1,520)
Profit for the year	-	109	109
Total comprehensive income	-	109	109
At 30 June 2019	100	(1,511)	(1,411)

	Share capital £	Profit and loss account £	Total £
At 1 July 2017	100	(2,841)	(2,741)
Profit for the year	-	1,221	1,221
Total comprehensive income	-	1,221	1,221
At 30 June 2018	100	(1,620)	(1,520)

The notes on pages 5 to 6 form an integral part of these abridged financial statements.

Page 4

Paper Lace Limited

Notes to the Abridged Financial Statements for the Year Ended 30 June 2019

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
1 Hillfield Gardens
Rise park
Nottingham
NG5 5BA

These financial statements were authorised for issue by the Board on 26 March 2020.

2	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 abridged financial statements were 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.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention.

The presentation currency is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis with the continued support of the directors.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade 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. 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.

Page 5

Paper Lace Limited

Notes to the Abridged Financial Statements for the Year Ended 30 June 2019

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Share capital

Ordinary shares are classified as equity.

Page 6