Morrow Brothers Packaging Limited - Accounts to registrar (filleted) - small 18.2
Morrow Brothers Packaging Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Morrow Brothers Packaging Limited |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2021 |
| Morrow Brothers Packaging Limited (Registered number: 09293277) |
| Contents of the Financial Statements |
| for the year ended 31 March 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Morrow Brothers Packaging Limited |
| Company Information |
| for the year ended 31 March 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 28 Eaton Avenue |
| Matrix Office Park |
| Buckshaw Village |
| Chorley |
| Lancashire |
| PR7 7NA |
| Morrow Brothers Packaging Limited (Registered number: 09293277) |
| Balance Sheet |
| 31 March 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| Morrow Brothers Packaging Limited (Registered number: 09293277) |
| Balance Sheet - continued |
| 31 March 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Morrow Brothers Packaging Limited (Registered number: 09293277) |
| Notes to the Financial Statements |
| for the year ended 31 March 2021 |
| 1. | STATUTORY INFORMATION |
| Morrow Brothers Packaging Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| The amounts in the financial statements have been rounded to the nearest £1. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern |
| The financial statements have been prepared on the going concern basis despite the excess of liabilities over assets as the directors have indicated their willingness to continue to support the company. |
| 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 |
| Long leasehold - Over the term of the lease |
| Plant and machinery - 10% on cost and over the term of the lease |
| Fixtures and fitting - 20% on cost |
| Computer equipment - 33% on cost |
| Government grants |
| Government grants are accounted for under the accruals model. Where the grant is classed as revenue, it is recognised in income on a systematic basis over the periods in which the company recognises the related costs. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Morrow Brothers Packaging Limited (Registered number: 09293277) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
| Hire purchase and leasing commitments |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Long | Plant and | and | Computer |
| leasehold | machinery | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2020 |
| Additions |
| At 31 March 2021 |
| DEPRECIATION |
| At 1 April 2020 |
| Charge for year |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| Morrow Brothers Packaging Limited (Registered number: 09293277) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2021 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Included within other creditors are amounts of £7,840 (2020: £9,000) due to the directors'. These amounts are unsecured, interest free and have no fixed repayment date. |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| Other creditors |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| Invoice discounting creditor | 84,528 | 86,555 |
| The bank loan was secured by a fixed and floating charge over all assets of the company dated 18 June 2015. |
| The invoice discounting creditor is secured on the book debts of the company. |
| 9. | DEFERRED TAX |
| £ |
| Balance at 1 April 2020 | ( |
) |
| Provided during year | ( |
) |
| Balance at 31 March 2021 | ( |
) |
| Morrow Brothers Packaging Limited (Registered number: 09293277) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2021 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary A | £1 | 1 | 1 |
| Ordinary B | £1 | 1 | 1 |
| Ordinary C | £1 | 1 | 1 |
| 3 | 3 |
| 11. | RELATED PARTY DISCLOSURES |
| At the year end, there is an outstanding loan due from the company to Morrow Brothers Limited totalling £1,028,499 (2020: £1,077,033) due at the year end. There are no fixed repayment terms for this balance and no interest was charged. |
| 12. | ULTIMATE CONTROLLING PARTY |
| In the opinion of the directors the company is controlled by the directors. |