Penningtons Packaging Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05758115 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

PENNINGTONS PACKAGING LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Chartered certified accountants' report

7

DIRECTORS:

S L Applegate-Rees

T L Applegate-Rees

SECRETARY:

S L Applegate-Rees

REGISTERED OFFICE:

Victoria House

Plas Llwyd Terrace

Bangor

Gwynedd

LL57 1UB

REGISTERED NUMBER:

05758115 (England and Wales)

ACCOUNTANTS:

Fraser Wood Limited

Chartered Certified Accountants

Victoria House

Plas Llwyd Terrace

Bangor

Gwynedd

LL57 1UB

FIXED ASSETS

Intangible assets

4

28,560

33,320

Tangible assets

5

2,202

2,590

30,762

35,910

CURRENT ASSETS

Stocks

44,400

44,500

Debtors

6

50,847

47,831

Cash at bank and in hand

680

1,849

95,927

94,180

CREDITORS

Amounts falling due within one year

7

(91,242

)

(100,831

)

NET CURRENT ASSETS/(LIABILITIES)

4,685

(6,651

)

TOTAL ASSETS LESS CURRENT LIABILITIES

35,447

29,259

CREDITORS

Amounts falling due after more than one year

8

(26,972

)

(23,692

)

PROVISIONS FOR LIABILITIES

(418

)

(492

)

NET ASSETS

8,057

5,075

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

8,055

5,073

SHAREHOLDERS' FUNDS

8,057

5,075

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.

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 15 December 2020 and were signed on its behalf by:

S L Applegate-Rees - Director

1.	STATUTORY INFORMATION

Penningtons Packaging 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 represents amounts receivable for packaging and paper products, net of V.A.T.

Goodwill

Acquired goodwill is written off in equal instalments over its estimated useful economic life.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

15% on reducing balance

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

56,000

AMORTISATION

At 1 April 2019

22,680

Charge for year

4,760

At 31 March 2020

27,440

NET BOOK VALUE

At 31 March 2020

28,560

At 31 March 2019

33,320

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

and 31 March 2020

19,288

DEPRECIATION

At 1 April 2019

16,698

Charge for year

388

At 31 March 2020

17,086

NET BOOK VALUE

At 31 March 2020

2,202

At 31 March 2019

2,590

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

50,847

38,758

Other debtors

-

9,073

50,847

47,831

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

10,526

22,005

Trade creditors

55,890

54,130

Taxation and social security

13,662

13,121

Other creditors

11,164

11,575

91,242

100,831

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Other creditors

26,972

23,692

9.	TRANSACTIONS WITH DIRECTORS

The directors loans £264 ( 31.3.19 - £675 ) are included in creditors falling due within one year.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S Applegate - Rees and T Applegate - Rees, directors and equal shareholders.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance sheet. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 we have prepared for your approval the accounts of Penningtons Packaging Limited for the year ended 31 March 2020from 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://rulebook.accaglobal.com.

Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163.

Fraser Wood Limited

Chartered Certified Accountants

Victoria House

Plas Llwyd Terrace

Bangor

Gwynedd

LL57 1UB

15 December 2020