Wrapping & Converting Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02973501 (England and Wales)

Wrapping & Converting Systems Limited

Unaudited Financial Statements for the Year Ended 31 July 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C Porter

Ms G Fielding

REGISTERED OFFICE:

Unit 4A

Arrow Trading Estate

Corporation Road

Audenshaw

Manchester

M34 5LR

REGISTERED NUMBER:

02973501 (England and Wales)

ACCOUNTANTS:

Heyes Tax & Accounting Limited

Shaw House

1 Shaw Street

Ashton

Lancashire

OL6 6QJ

FIXED ASSETS

Tangible assets

4

30,278

40,385

CURRENT ASSETS

Stocks

5

3,490

16,360

Debtors

6

395,707

351,098

Cash at bank and in hand

46,070

49,664

445,267

417,122

CREDITORS

Amounts falling due within one year

7

352,443

302,662

NET CURRENT ASSETS

92,824

114,460

TOTAL ASSETS LESS CURRENT LIABILITIES

123,102

154,845

CREDITORS

Amounts falling due after more than one year

8

(50,000

)

(50,000

)

PROVISIONS FOR LIABILITIES

(5,627

)

(15,305

)

NET ASSETS

67,475

89,540

CAPITAL AND RESERVES

Called up share capital

10

25,002

25,002

Retained earnings

11

42,473

64,538

SHAREHOLDERS' FUNDS

67,475

89,540

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 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 2 March 2022 and were signed on its behalf by:

C Porter - Director

1.	STATUTORY INFORMATION

Wrapping & Converting Systems 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.

Government grants

During the year ended 31 July 2021 £12,320.82 was received as part of the HMRC Covid Job Retention Scheme.

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.

Pension costs and other post-retirement benefits

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2020

and 31 July 2021

105,751

DEPRECIATION

At 1 August 2020

65,366

Charge for year

10,107

At 31 July 2021

75,473

NET BOOK VALUE

At 31 July 2021

30,278

At 31 July 2020

40,385

5.

STOCKS

31.7.21

31.7.20

£

£

Stocks

3,490

16,360

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Trade debtors

395,707

351,098

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Bank loans and overdrafts (see note 9)

-

1,252

Trade creditors

313,876

214,690

Corporation tax payable

22,006

10,353

Social security and other taxes

(2,154

)

1,050

VAT

16,395

38,899

Directors' current accounts

255

35,105

Accrued expenses

2,065

1,313

352,443

302,662

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.21

31.7.20

£

£

Bank loans (see note 9)

50,000

50,000

9.

LOANS

An analysis of the maturity of loans is given below:

31.7.21

31.7.20

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

1,252

31.7.21

31.7.20

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

50,000

50,000

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.21

31.7.20

value:

£

£

25,002

Ordinary

£2500

2

25,002

25,002

11.

RESERVES

Retained

earnings

£

At 1 August 2020

64,538

Profit for the year

93,435

Dividends

(115,500

)

At 31 July 2021

42,473