Wallace Packaging (N.I.) Limited Filleted accounts for Companies House (small and micro)

WALLACE PACKAGING (N.I.) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI011250

Wallace Packaging (N.I.) Limited

Filleted Unaudited Financial Statements

31 January 2020

Wallace Packaging (N.I.) Limited

Financial Statements

Year ended 31st January 2020

Contents	Pages

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 7

Wallace Packaging (N.I.) Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Wallace Packaging (N.I.) Limited

Year ended 31st January 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wallace Packaging (N.I.) Limited for the year ended 31st January 2020, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the Board of Directors of Wallace Packaging (N.I.) Limited, as a body, in accordance with the terms of our engagement letter dated 31st March 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Wallace Packaging (N.I.) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wallace Packaging (N.I.) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wallace Packaging (N.I.) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wallace Packaging (N.I.) Limited. You consider that Wallace Packaging (N.I.) 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 financial statements of Wallace Packaging (N.I.) 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 financial statements.

BMK ACCOUNTING LIMITED Chartered Accountants

43 Lockview Road Stranmillis Belfast BT9 5FJ

1 July 2020

Wallace Packaging (N.I.) Limited

Statement of Financial Position

31 January 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		10,153	12,284

Current assets

Stocks		310,000	316,844
Debtors	6	257,494	284,496
Cash at bank and in hand		467,920	401,099
		------------	------------
		1,035,414	1,002,439

Creditors: amounts falling due within one year	7	175,031		155,056
		------------		------------
Net current assets			860,383	847,383
			---------	---------
Total assets less current liabilities			870,536	859,667
			---------	---------
Net assets			870,536	859,667
			---------	---------

Capital and reserves

Called up share capital	25,000	25,000
Profit and loss account	845,536	834,667
	---------	---------
Shareholders funds	870,536	859,667
	---------	---------

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 31st January 2020 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Wallace Packaging (N.I.) Limited

Statement of Financial Position (continued)

31 January 2020

These financial statements were approved by the board of directors and authorised for issue on 30 June 2020 , and are signed on behalf of the board by:

Mrs Edith Wallace	Mr William Wallace
Director	Director

RJ Wallace
Director

Company registration number: NI011250

Wallace Packaging (N.I.) Limited

Notes to the Financial Statements

Year ended 31st January 2020

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Units 10-16, New Foundry Industrial Estate, Foundry Street, Portadown, BT63 5AB.

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.

Judgements and key sources of estimation uncertainty

No significant judgements have had to be made by the directors in preparing these financial statements.

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 taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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	-	25% reducing balance
Fixtures and fittings	-	10% / 25% reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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. Debtors and creditors receivable/payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2019: 13 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1st February 2019	14,760	41,198	26,925	82,883
Additions	–	1,350	–	1,350
	--------	--------	--------	--------
At 31st January 2020	14,760	42,548	26,925	84,233
	--------	--------	--------	--------
Depreciation
At 1st February 2019	14,576	39,189	16,834	70,599
Charge for the year	46	912	2,523	3,481
	--------	--------	--------	--------
At 31st January 2020	14,622	40,101	19,357	74,080
	--------	--------	--------	--------
Carrying amount
At 31st January 2020	138	2,447	7,568	10,153
	--------	--------	--------	--------
At 31st January 2019	184	2,009	10,091	12,284
	--------	--------	--------	--------

6. Debtors

	2020	2019
	£	£
Trade debtors	200,242	236,605
Amounts owed by group undertakings and undertakings in which the company has a participating interest	30,000	30,000
Other debtors	27,252	17,891
	---------	---------
	257,494	284,496
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank overdraft	–	67,548
Trade creditors	118,220	5,188
Corporation tax	–	5,699
Social security and other taxes	45,932	30,767
Other creditors	10,879	45,854
	---------	---------
	175,031	155,056
	---------	---------

8. Directors' advances, credits and guarantees

At the year end, there was a balance owing by the company to the directors as follows:-

2020	2019	Maximum in the year
£	£	£

Mr William Wallace and Mrs Edith Wallace	4,492	9,008	9,008
	-------	-------

This is as disclosed in Note 8 of the financial statements.

9. Related party transactions

The company was under the control of Mr William Wallace and his spouse Mrs Edith Wallace throughout the current and previous year. Wallace Packaging (N.I.) Limited is wholly owned and directly controlled by Walldith Properties Limited, a company in which Mr William Wallace and Mrs Edith Wallace own 100% of the shareholding. At the year end, a balance of £30,000 (2017 - £30,000) was due to Wallace Packaging (N.I.) Limited from Walldith Properties Limited which is disclosed in Note 6 to the financial statements.

10. Controlling party

Walldith Properties Limited is the ultimate controlling entity and owns 100% of the issued share capital of Wallace Packaging (N.I.) Limited.