Company Registration No. 2169560 (England and Wales)
Pharmaceutical Packaging (Leeds) Limited
Unaudited accounts
for the year ended 31 October 2021
Pharmaceutical Packaging (Leeds) Limited
Unaudited accounts
Contents
Pharmaceutical Packaging (Leeds) Limited
Company Information
for the year ended 31 October 2021
Directors
P T McVicker
S A Templeman
Company Number
2169560 (England and Wales)
Registered Office
PPL House
129 Water Lane
Leeds
West Yorkshire
LS11 9UD
Pharmaceutical Packaging (Leeds) Limited
Statement of financial position
as at 31 October 2021
Tangible assets
343,417
430,902
Inventories
737,757
439,428
Debtors
1,790,059
1,471,520
Cash at bank and in hand
1,387
352
Creditors: amounts falling due within one year
(2,230,829)
(1,875,802)
Net current assets
298,374
35,498
Total assets less current liabilities
641,793
466,402
Creditors: amounts falling due after more than one year
(311,768)
(298,182)
Provisions for liabilities
Deferred tax
(15,262)
(12,512)
Net assets
314,763
155,708
Called up share capital
60,000
60,000
Profit and loss account
254,763
95,708
Shareholders' funds
314,763
155,708
For the year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2022 and were signed on its behalf by
P T McVicker
Director
Company Registration No. 2169560
Pharmaceutical Packaging (Leeds) Limited
Notes to the Accounts
for the year ended 31 October 2021
Pharmaceutical Packaging (Leeds) Limited is a private company, limited by shares, registered in England and Wales, registration number 2169560. The registered office is PPL House, 129 Water Lane, Leeds, West Yorkshire, LS11 9UD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% and 33% straight line
Fixtures & fittings
10% straight line
Computer equipment
20% straight line
Investments in shares are included at fair value.
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Pharmaceutical Packaging (Leeds) Limited
Notes to the Accounts
for the year ended 31 October 2021
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Plant & machinery
At 1 November 2020
2,631,620
At 31 October 2021
2,664,668
At 1 November 2020
2,200,718
Charge for the year
120,533
At 31 October 2021
2,321,251
At 31 October 2021
343,417
At 31 October 2020
430,902
5
Investments
Subsidiary undertakings
Valuation at 1 November 2020
2
Valuation at 31 October 2021
2
6
Debtors: amounts falling due within one year
2021
2020
Trade debtors
1,148,441
901,938
Amounts due from group undertakings etc.
527,901
477,901
Other debtors
113,717
91,681
Pharmaceutical Packaging (Leeds) Limited
Notes to the Accounts
for the year ended 31 October 2021
7
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
1,513
2,000
Obligations under finance leases and hire purchase contracts
139,217
115,123
Trade creditors
1,207,360
874,342
Taxes and social security
167,136
227,067
Other creditors
715,603
657,270
Hire purchase creditors are secured by charges over the related fixed assets.
Other creditors amounting to £554,591 (2020 £447,171) are secured over the trade debts of the company and by an unscheduled mortgage debenture incorporating a fixed and floating charge over all current and future assets of the company.
8
Creditors: amounts falling due after more than one year
2021
2020
Obligations under finance leases and hire purchase contracts
311,768
298,182
Hire purchase creditors are secured by charges over the related fixed assets.
9
Capital commitments
2021
2020
Amounts contracted but not provided for in the accounts
200,000
-
In the year to 31 October 2021, the company entered into a contract to buy plant and machinery.
10
Operating lease commitments
2021
2020
At 31 October 2021 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
80,000
80,000
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan
65,496
70,323
66,000
69,819
65,496
70,323
66,000
69,819
12
Average number of employees
During the year the average number of employees was 41 (2020: 40).
