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

REGISTERED NUMBER: 07370067 (England and Wales)

Financial Statements for the Year Ended 30 September 2020

for

Waseema Packaging Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

A Akhtar

REGISTERED OFFICE:

Unit F-2

Stratton Business Park

Normandy Lane

Biggleswade

Bedfordshire

SG18 8QB

REGISTERED NUMBER:

07370067 (England and Wales)

ACCOUNTANTS:

AS Associates

Chartered Certified Accountants

11a Empire Parade

Empire Way

Wembley

Middlesex

HA9 0RQ

FIXED ASSETS

Tangible assets

4

346,345

341,181

CURRENT ASSETS

Stocks

171,882

167,685

Debtors

5

217,613

59,840

Cash at bank and in hand

8,601

2,735

398,096

230,260

CREDITORS

Amounts falling due within one year

6

645,854

456,555

NET CURRENT LIABILITIES

(247,758

)

(226,295

)

TOTAL ASSETS LESS CURRENT LIABILITIES

98,587

114,886

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

8

98,487

114,786

SHAREHOLDERS' FUNDS

98,587

114,886

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 10 June 2021 and were signed by:

A Akhtar - Director

1.	STATUTORY INFORMATION

Waseema 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 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.

Plant and machinery etc

-

20% 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.

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 25 (2019 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2019

1,114,199

Additions

91,751

At 30 September 2020

1,205,950

DEPRECIATION

At 1 October 2019

773,018

Charge for year

86,587

At 30 September 2020

859,605

NET BOOK VALUE

At 30 September 2020

346,345

At 30 September 2019

341,181

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade debtors

217,613

59,840

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Hire purchase contracts

-

47,903

Trade creditors

235,071

68,313

Taxation and social security

68,583

15,246

Other creditors

342,200

325,093

645,854

456,555

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.20

30.9.19

value:

£

£

100

Ordinary share

£1

100

100

8.

RESERVES

Retained

earnings

£

At 1 October 2019

114,786

Profit for the year

18,701

Dividends

(35,000

)

At 30 September 2020

98,487