Cherwell Packaging Limited - Accounts to registrar (filleted) - small 18.2
Cherwell Packaging Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2021 |
| FOR |
| CHERWELL PACKAGING LIMITED |
| CHERWELL PACKAGING LIMITED (REGISTERED NUMBER: 01320468) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 August 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| CHERWELL PACKAGING LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 August 2021 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditor |
| Magma House, 16 Davy Court |
| Castle Mound Way |
| Rugby |
| CV23 0UZ |
| CHERWELL PACKAGING LIMITED (REGISTERED NUMBER: 01320468) |
| BALANCE SHEET |
| 31 August 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| CHERWELL PACKAGING LIMITED (REGISTERED NUMBER: 01320468) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 August 2021 |
| 1. | STATUTORY INFORMATION |
| Cherwell Packaging Limited is a limited company, registered in England and Wales. Its registered office address is Southfield Road, Kineton Road Industrial Estate, Southam, CV47 0FB and the registered number is 01320468. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are presented in sterling rounded to the nearest £. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. |
| The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e)when the specific criteria relating to the each of company’s sales channels have been met. |
| Government Grants |
| Grant funding receivable, relating to the Coronavirus Job Retention Scheme (CJRS), has been recognised in the year. The grant funding is recognised in the profit and loss account in the period in which the conditions of the grant funding are met. Grant funding is recognised within other operating income. |
| Preparation of consolidated financial statements |
| The company and its subsidiary form a small group. The company is therefore not required to produce consolidated financial statements and has not done so. These financial statements present information about the company as a single entity. |
| Tangible fixed assets |
| Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below. |
| Depreciation is provided on the following basis: |
| Long leasehold land & buildings | - | 10% straight line |
| Fixtures and fittings | - | 10% straight line |
| Motor vehicles | - | 25% straight line |
| Computer equipment | - | 30 - 50% straight line |
| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
| CHERWELL PACKAGING LIMITED (REGISTERED NUMBER: 01320468) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 August 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets, including trade and other debtors, cash and bank balances, investments and loans to fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
| Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
| Taxation |
| The tax expense for the year comprises current and deferred tax. |
| Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
| Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: |
| - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
| - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
| Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Invoice discounting |
| The gross amount of invoice discounted debts are included in trade debtors and a corresponding liability in respect of proceeds received from factors are shown within current liabilities. Charges and interest are recognised in the profit and loss account as they accrue. |
| Leasing commitments |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
| Employee benefits |
| The company contributes to a defined contribution plan for the benefit of its employees. Contributions are recognised in profit or loss as they become payable. |
| Share capital |
| Ordinary shares are classified as equity. |
| Investments |
| Investments held as fixed assets are shown at cost less provision for permanent diminution in value. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| CHERWELL PACKAGING LIMITED (REGISTERED NUMBER: 01320468) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 August 2021 |
| 4. | TANGIBLE FIXED ASSETS |
| Long |
| leasehold | Fixtures |
| land & | and | Motor | Computer |
| buildings | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 September 2020 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2021 |
| DEPRECIATION |
| At 1 September 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2021 |
| NET BOOK VALUE |
| At 31 August 2021 |
| At 31 August 2020 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 September 2020 |
| and 31 August 2021 |
| NET BOOK VALUE |
| At 31 August 2021 |
| At 31 August 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Tax |
| Prepayments and accrued income |
| Trade debtors includes £574,849 (2020: £499,752) of invoiced discounted debts. |
| CHERWELL PACKAGING LIMITED (REGISTERED NUMBER: 01320468) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 August 2021 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans - 2-5 years |
| Hire purchase contracts |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| Invoice discounting creditor | 574,849 | 499,752 |
| Hire purchase contracts | 33,921 | 42,465 |
| The invoice discounting creditor and bank loan is secured by an unlimited debenture incorporating a fixed and floating charge. |
| The net obligation under hire purchase contracts is secured on the asset to which it relates. |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | OPERATING LEASE COMMITMENTS |
| Operating lease commitments not included in the balance sheet amount to £77,424 (2020 - £174,111). |
| 12. | 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. |
| The company rents property from the Cherwell Packaging Executive Pension Scheme in which the Director is a trustee. Rent and other administrative expenses paid in the year amounted to £40,319 (2020: £40,236). At the year end the company owed £Nil (2020: £Nil). |