Reel Label Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04262651 (England and Wales)

Financial Statements for the Year Ended 31 August 2021

for

Reel Label Solutions Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr C Duffin

Mr P Prothero

Mr J Wright

SECRETARY:

Mr C Duffin

REGISTERED OFFICE:

Unit 20 East Side

Cambrian Industrial Estate

Coed Cae Lane

Pontyclun

Rhondda Cynon Taff

CF72 9EW

REGISTERED NUMBER:

04262651 (England and Wales)

ACCOUNTANTS:

DHB Accountants Limited

Chartered Accountants

Statutory Auditors

110 Whitchurch Road

Cardiff

CF14 3LY

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Reel Label Solutions Limited for the year ended 31 August 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Reel Label Solutions Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Reel Label Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Reel Label Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Reel Label Solutions Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Reel Label Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Reel Label Solutions Limited. You consider that Reel Label Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Reel Label Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

DHB Accountants Limited

Chartered Accountants

Statutory Auditors

110 Whitchurch Road

Cardiff

CF14 3LY

24 January 2022

FIXED ASSETS

Tangible assets

4

510,037

522,062

CURRENT ASSETS

Stocks

229,651

149,985

Debtors

5

489,560

497,294

Cash at bank and in hand

670,769

472,804

1,389,980

1,120,083

CREDITORS

Amounts falling due within one year

6

747,485

652,020

NET CURRENT ASSETS

642,495

468,063

TOTAL ASSETS LESS CURRENT LIABILITIES

1,152,532

990,125

CREDITORS

Amounts falling due after more than one year

7

(99,037

)

(165,062

)

PROVISIONS FOR LIABILITIES

9

(90,034

)

(93,068

)

NET ASSETS

963,461

731,995

CAPITAL AND RESERVES

Called up share capital

10,300

10,300

Retained earnings

953,161

721,695

SHAREHOLDERS' FUNDS

963,461

731,995

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 24 January 2022 and were signed on its behalf by:

Mr J Wright - Director

Mr P Prothero - Director

Mr C Duffin - Director

1.	STATUTORY INFORMATION

Reel Label Solutions 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% on cost

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.

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2020 - 27 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 September 2020

2,941

1,302,517

100,611

-

1,406,069

Additions

-

88,000

-

13,000

101,000

At 31 August 2021

2,941

1,390,517

100,611

13,000

1,507,069

DEPRECIATION

At 1 September 2020

2,940

786,750

94,317

-

884,007

Charge for year

-

107,513

2,262

3,250

113,025

At 31 August 2021

2,940

894,263

96,579

3,250

997,032

NET BOOK VALUE

At 31 August 2021

1

496,254

4,032

9,750

510,037

At 31 August 2020

1

515,767

6,294

-

522,062

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

Plant and

machinery

£

COST

At 1 September 2020

and 31 August 2021

345,000

DEPRECIATION

At 1 September 2020

69,000

Charge for year

34,500

At 31 August 2021

103,500

NET BOOK VALUE

At 31 August 2021

241,500

At 31 August 2020

276,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

487,910

495,040

Other debtors

1,650

2,254

489,560

497,294

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Hire purchase contracts

66,025

66,025

Trade creditors

455,380

331,860

Taxation and social security

210,046

242,337

Other creditors

16,034

11,798

747,485

652,020

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

99,037

165,062

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

165,062

231,087

9.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

Accelerated capital allowances

90,034

93,068

Deferred

tax

£

Balance at 1 September 2020

93,068

Provided during year

(3,034

)

Balance at 31 August 2021

90,034

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr C Duffin, Mr P Prothero and Mr J Wright throughout the current and previous year by virtue of their majority joint shareholding.