Hull Boxes & Packaging Limited Filleted accounts for Companies House (small and micro)

Hull Boxes & Packaging Limited Filleted accounts for Companies House (small and micro)

HULL BOXES & PACKAGING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 8516246
Hull Boxes & Packaging Limited
Filleted Unaudited Financial Statements
30 April 2020
Hull Boxes & Packaging Limited
Statement of Financial Position
30 April 2020
2020
2019
Note
£
£
£
£
Fixed assets
Intangible assets
6
9,000
10,000
Tangible assets
7
579,246
629,799
---------
---------
588,246
639,799
Current assets
Stocks
159,280
156,650
Debtors
8
464,965
330,634
Cash at bank and in hand
64,319
7,425
---------
---------
688,564
494,709
Creditors: amounts falling due within one year
9
773,532
664,484
---------
---------
Net current liabilities
84,968
169,775
---------
---------
Total assets less current liabilities
503,278
470,024
Creditors: amounts falling due after more than one year
10
256,254
230,295
---------
---------
Net assets
247,024
239,729
---------
---------
Capital and reserves
Called up share capital
11
31,995
20,915
Revaluation reserve
171,717
171,717
Profit and loss account
43,312
47,097
---------
---------
Shareholders funds
247,024
239,729
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Hull Boxes & Packaging Limited
Statement of Financial Position (continued)
30 April 2020
These financial statements were approved by the board of directors and authorised for issue on 27 July 2020 , and are signed on behalf of the board by:
Richard Britton
Director
Company registration number: 8516246
Hull Boxes & Packaging Limited
Notes to the Financial Statements
Year ended 30 April 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Adept House, 64-66 Holderness Road, Hull, East Yorkshire, HU9 1EQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The directors consider that it is not appropriate to provide for deferred tax, as they are of the opinion that the potential liability will not crystallise, as it is the company's policy not to dispose of any fixed assets until they are fully written down.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% reducing balance
Motor vehicles
-
10% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2019: 18 ).
5. Tax on profit
Major components of tax income
2020
2019
£
£
Current tax:
UK current tax expense
5,272
–
Adjustments in respect of prior periods
( 17,622)
–
--------
----
Total current tax
( 12,350)
–
--------
----
--------
----
Tax on profit
( 12,350)
–
--------
----
6. Intangible assets
Goodwill
£
Cost
At 1 May 2019 and 30 April 2020
16,000
--------
Amortisation
At 1 May 2019
6,000
Charge for the year
1,000
--------
At 30 April 2020
7,000
--------
Carrying amount
At 30 April 2020
9,000
--------
At 30 April 2019
10,000
--------
7. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 May 2019
715,257
47,985
763,242
Additions
13,808
–
13,808
---------
--------
---------
At 30 April 2020
729,065
47,985
777,050
---------
--------
---------
Depreciation
At 1 May 2019
122,584
10,859
133,443
Charge for the year
60,648
3,713
64,361
---------
--------
---------
At 30 April 2020
183,232
14,572
197,804
---------
--------
---------
Carrying amount
At 30 April 2020
545,833
33,413
579,246
---------
--------
---------
At 30 April 2019
592,673
37,126
629,799
---------
--------
---------
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Plant and machinery
£
At 30 April 2020
Aggregate cost
557,348
Aggregate depreciation
(193,942)
---------
Carrying value
363,406
---------
At 30 April 2019
Aggregate cost
543,540
Aggregate depreciation
(153,563)
---------
Carrying value
389,977
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 30 April 2020
207,247
---------
At 30 April 2019
165,461
---------
8. Debtors
2020
2019
£
£
Trade debtors
449,310
330,634
Other debtors
15,655
–
---------
---------
464,965
330,634
---------
---------
9. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
274,455
244,452
Accruals and deferred income
1,000
1,000
Corporation tax
5,272
–
Social security and other taxes
53,309
27,195
Obligations under finance leases and hire purchase contracts
42,593
51,773
Factoring account
325,621
253,119
Other loans
71,282
86,945
---------
---------
773,532
664,484
---------
---------
The factoring account is secured on the trade debtors of the company.
10. Creditors: amounts falling due after more than one year
2020
2019
£
£
Obligations under finance leases and hire purchase contracts
90,722
96,151
Other loans
165,532
134,144
---------
---------
256,254
230,295
---------
---------
11. Called up share capital
Issued, called up and fully paid
2020
2019
No.
£
No.
£
Ordinary shares of £ 1 each
31,975
31,975
1,975
1,975
Preference shares of £ 1 each
–
–
18,920
18,920
'A' Ordinary shares of £ 1 each
10
10
10
10
'B' Ordinary shares of £ 1 each
10
10
10
10
--------
--------
--------
--------
31,995
31,995
20,915
20,915
--------
--------
--------
--------
Share movements
No.
£
Ordinary
At 1 May 2019
1,975
1,975
Issue of shares
30,000
30,000
--------
--------
At 30 April 2020
31,975
31,975
--------
--------
No.
£
Preference
At 1 May 2019
18,920
18,920
Shares cancelled
(18,920)
(18,920)
--------
--------
At 30 April 2020
–
–
--------
--------
12. Director's advances, credits and guarantees
During the year there were no directors' advances, credits and guarantees.