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

REGISTERED NUMBER: 02341130 (England and Wales)

STEVENAGE PACKAGING LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH APRIL 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

7

DIRECTORS:

R J Stewart

W E Peacock

C Stewart

SECRETARY:

J E Vallis

REGISTERED OFFICE:

Stewart House

Primett Road

Stevenage

Hertfordshire

SG1 3EE

REGISTERED NUMBER:

02341130 (England and Wales)

AUDITORS:

Wags LLP t/a Wagstaffs

Chartered Accountants and Statutory Auditors

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

BUSINESS ADDRESS:

Stewart House

Primett Road

Stevenage

Herts

SG13EE

FIXED ASSETS

Intangible assets

5

39,469

46,111

Property, plant and equipment

6

67,029

79,580

106,498

125,691

CURRENT ASSETS

Inventories

988,395

776,270

Debtors

7

2,917,434

2,688,902

Cash at bank

2,717,929

1,475,662

6,623,758

4,940,834

CREDITORS

Amounts falling due within one year

8

(5,022,344

)

(3,390,185

)

NET CURRENT ASSETS

1,601,414

1,550,649

TOTAL ASSETS LESS CURRENT LIABILITIES

1,707,912

1,676,340

PROVISIONS FOR LIABILITIES

(10,823

)

(11,393

)

NET ASSETS

1,697,089

1,664,947

CAPITAL AND RESERVES

Called up share capital

10

10,000

10,000

Retained earnings

1,687,089

1,654,947

SHAREHOLDERS' FUNDS

1,697,089

1,664,947

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 5th March 2021 and were signed on its behalf by:

R J Stewart - Director

1.	STATUTORY INFORMATION

Stevenage 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are prepared on a going concern basis and under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies, which are described below, management is required to make judgements estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The Key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Revenue

Revenue represents the total invoice value, excluding value added tax, trade discounts and all other taxes of sales made during the year.

Revenue recognition

Revenue is recognised when goods have been delivered and services supplied to customers such that risks and rewards of ownership have transferred to them.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangible assets is being amortised evenly over its estimated useful life of ten years.

Property, plant and equipment

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

Plant and machinery etc

-

25% on cost and 20% on cost

Inventories

Inventories 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.

Tax

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 tax 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 the income statement in the period to which they relate.

Operating lease commitments

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2019 - 16 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

Cost

At 1st May 2019

and 30th April 2020

66,424

Amortisation

At 1st May 2019

20,313

Charge for year

6,642

At 30th April 2020

26,955

Net book value

At 30th April 2020

39,469

At 30th April 2019

46,111

6.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

Cost

At 1st May 2019

268,186

Additions

24,347

Disposals

(25,217

)

At 30th April 2020

267,316

Depreciation

At 1st May 2019

188,606

Charge for year

35,527

Eliminated on disposal

(23,846

)

At 30th April 2020

200,287

Net book value

At 30th April 2020

67,029

At 30th April 2019

79,580

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

2,199,016

2,437,949

Other debtors

718,418

250,953

2,917,434

2,688,902

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

-

74,178

Trade creditors

3,081,318

2,580,870

Taxation and social security

358,299

372,252

Other creditors

1,582,727

362,885

5,022,344

3,390,185

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

136,100

43,500

Between one and five years

320,584

87,000

In more than five years

558,783

-

1,015,467

130,500

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

10,000

Ordinary

£1

10,000

10,000

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

M R Hubbocks (Senior Statutory Auditor)

for and on behalf of Wags LLP t/a Wagstaffs

12.	POST BALANCE SHEET EVENTS

The outbreak of coronavirus, also known as Covid 19 has spread across the globe and is impacting worldwide economic activity . The outbreak and related mitigation measures may have an adverse impact on global economic conditions as well as on the Company's business activities.

The directors continue to monitor the impact of the virus on the business as more information about the pandemic emerges and have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet it's financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements

13.	ULTIMATE CONTROLLING PARTY

Stewart Packaging Limited, a company incorporated in the United Kingdom, is the ultimate parent company.

The registered office address is Stewart House, Primett Road, Stevenage , Hertfordshire, SG1 3EE.