Noble Gift Packaging Limited - Accounts to registrar (filleted) - small 18.2

Noble Gift Packaging Limited - Accounts to registrar (filleted) - small 18.2

NOBLE GIFT PACKAGING LIMITED - Company Information

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REGISTERED NUMBER: 02726646 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

FOR

NOBLE GIFT PACKAGING LIMITED
NOBLE GIFT PACKAGING LIMITED (REGISTERED NUMBER: 02726646)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 28 February 2022




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


NOBLE GIFT PACKAGING LIMITED

COMPANY INFORMATION
for the year ended 28 February 2022







DIRECTORS: Mr D Stobiecki
Mr S Herzog





REGISTERED OFFICE: 73 Lockfield Avenue
Enfield
Middlesex
EN3 7PY





REGISTERED NUMBER: 02726646 (England and Wales)





ACCOUNTANTS: Raffingers LLP
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD
Page 1
NOBLE GIFT PACKAGING LIMITED (REGISTERED NUMBER: 02726646)

ABRIDGED BALANCE SHEET
28 February 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 521,415 421,741
Investment property 5 287,265 287,265
808,680 709,006

CURRENT ASSETS
Stocks 2,312,901 2,067,990
Debtors 5,330,500 5,068,793
Cash at bank and in hand 36,605 6,889
7,680,006 7,143,672
CREDITORS
Amounts falling due within one year 1,510,842 1,025,987
NET CURRENT ASSETS 6,169,164 6,117,685
TOTAL ASSETS LESS CURRENT
LIABILITIES
6,977,844
6,826,691

CREDITORS
Amounts falling due after more than one
year
(285,474
)
(319,756
)

PROVISIONS FOR LIABILITIES (3,863 ) -
NET ASSETS 6,688,507 6,506,935

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings 6,588,507 6,406,935
SHAREHOLDERS' FUNDS 6,688,507 6,506,935

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 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 notes form part of these financial statements

Page 2 continued...
NOBLE GIFT PACKAGING LIMITED (REGISTERED NUMBER: 02726646)

ABRIDGED BALANCE SHEET - continued
28 February 2022


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 Income Statement and an abridged Balance Sheet for the year ended 28 February 2022 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 21 November 2022 and were signed on its behalf by:





Mr D Stobiecki - Director


The notes form part of these financial statements

Page 3
NOBLE GIFT PACKAGING LIMITED (REGISTERED NUMBER: 02726646)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 28 February 2022

1. STATUTORY INFORMATION

Noble Gift 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The accounts have been prepared on the going concern basis as the directors are of the opinion that the company will meet its liabilities as and when due, due to the continued support of the directors.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income from land and buildings is recognised on a straight-line basis over the term of the agreement.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Equipment - 25% on reducing balance

No provision is made for depreciation of freehold properties. This departure from the requirements of the Regulations, which require all freehold properties to be depreciated, is in the opinion of the director, necessary for the Financial Statements to show a true and fair view in accordance with applicable accounting standards.

Government grants
Government grants, including non-monetary grants shall not be recognised until there is reasonable assurance that:
(a) the entity will comply with the conditions attaching to them; and
(b) the grants will be received.

Investment property
Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Page 4 continued...
NOBLE GIFT PACKAGING LIMITED (REGISTERED NUMBER: 02726646)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or cancelled. The company holds the following financial instruments, all of which meet the conditions to be classified as basic instruments:

- Cash, short term trade debtors and creditors

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.

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Page 5 continued...
NOBLE GIFT PACKAGING LIMITED (REGISTERED NUMBER: 02726646)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2021 - 36 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2021 1,205,149
Additions 128,210
At 28 February 2022 1,333,359
DEPRECIATION
At 1 March 2021 783,408
Charge for year 28,536
At 28 February 2022 811,944
NET BOOK VALUE
At 28 February 2022 521,415
At 28 February 2021 421,741

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
Additions 49,500
At 28 February 2022 49,500
DEPRECIATION
Charge for year 12,375
At 28 February 2022 12,375
NET BOOK VALUE
At 28 February 2022 37,125

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2021
and 28 February 2022 287,265
NET BOOK VALUE
At 28 February 2022 287,265
At 28 February 2021 287,265

Investment property was valued on an open market basis on 28 February 2022 by the directors.

Page 6 continued...
NOBLE GIFT PACKAGING LIMITED (REGISTERED NUMBER: 02726646)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2022

6. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank overdrafts 153,273 653
Bank loans 323,256 -
Hire purchase contracts 46,464 -
522,993 653

Bank overdraft is secured by director personal guarantee.

The bank loans are secured by way of a fixed and floating charge over the undertaking and all property and assets present and future.

Hire purchase contracts are secured over the assets which relates.

7. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

At the balance sheet date, the company owed £8,483 (2021: £23,940) to Mr D Stobiecki, a director.

Page 7