Keymac Packaging Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05330303 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

Keymac Packaging Systems Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A Bradley

Mr M Bradley

REGISTERED OFFICE:

28b Burnett Business Park

Gypsy Lane

Keynsham

Bristol

BS31 2ED

REGISTERED NUMBER:

05330303 (England and Wales)

ACCOUNTANTS:

Norton Tax Shops Limited

3 & 5 Station Road

Keynsham

Bristol

BS31 2BH

FIXED ASSETS

Tangible assets

4

17,709

16,914

CURRENT ASSETS

Stocks

111,375

170,475

Debtors

404,180

243,712

Cash at bank and in hand

213,751

13,214

729,306

427,401

CREDITORS

Amounts falling due within one year

419,915

232,084

NET CURRENT ASSETS

309,391

195,317

TOTAL ASSETS LESS CURRENT LIABILITIES

327,100

212,231

PROVISIONS FOR LIABILITIES

5

739

318

NET ASSETS

326,361

211,913

CAPITAL AND RESERVES

Called up share capital

6

200

200

Retained earnings

326,161

211,713

SHAREHOLDERS' FUNDS

326,361

211,913

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 and authorised for issue on 16 October 2020 and were signed on its behalf by:

Mr A Bradley - Director

1.	STATUTORY INFORMATION

Keymac Packaging Systems 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.

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.

Improvements to property

-

2% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

33% on cost

Computer equipment

-

50% on cost

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 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

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 12 (2019 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

82,150

Additions

10,032

Disposals

(1,500

)

At 31 March 2020

90,682

DEPRECIATION

At 1 April 2019

65,236

Charge for year

9,237

Eliminated on disposal

(1,500

)

At 31 March 2020

72,973

NET BOOK VALUE

At 31 March 2020

17,709

At 31 March 2019

16,914

5.	PROVISIONS FOR LIABILITIES

31.3.20

31.3.19

£

£

Deferred tax

739

318

Deferred

tax

£

Balance at 1 April 2019

318

Charge to Income Statement during year

421

Balance at 31 March 2020

739

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

200

Ordinary

£1

200

200

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2020 and 31 March 2019:

31.3.20

31.3.19

£

£

Mr A Bradley

Balance outstanding at start of year

(13,582

)

(36,381

)

Amounts repaid

3,136

22,799

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(10,446

)

(13,582

)

Mr M Bradley

Balance outstanding at start of year

16,594

16,670

Amounts repaid

(6,275

)

(76

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

10,319

16,594

8.	RELATED PARTY DISCLOSURES

Keymac USA LLC

A company in which Mr M Bradley is the majority shareholder

As at 31 March 2020 Keymac USA LLC was owed £43,879 (2019 £31,524).

Keymac USA LLC

A company in which Mr M Bradley is the majority shareholder

During the year Keymac Packaging Systems Limited supplied goods and services to the value of £129,912 to Keymac USA LLC.

31.3.20

31.3.19

£

£

Amount due from related party at the balance sheet date

120,627

97,251

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr M Bradley.