Modern Paper Limited
Modern Paper Limited
Registered number: 12484691
Financial Statements
For The Year Ended
28 February 2022
Smith Hannah Limited
Chartered Certified Accountants
50 Woodgate
Leicester
LE3 5GF
Modern Paper Limited
Financial Statements
For The Year Ended
28 February 2022
Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Modern Paper Limited
Balance Sheet
As at
28 February 2022
Balance Sheet
Registered number:
12484691
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks |
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| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (935,739) | (52,437) | |||
Modern Paper Limited
Balance Sheet (continued)
As at
28 February 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Modern Paper Limited
Notes to the Financial Statements
For The Year Ended
28 February 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
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| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.5.
Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
1.6.
Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 14 (2021: NIL)
Modern Paper Limited
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2022
3.
Tangible Assets
| Land & Property | ||||
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| Freehold | Plant & Machinery | Motor Vehicles | Total | |
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| Additions |
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| Depreciation | ||||
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| Provided during the period |
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| Net Book Value | ||||
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4.
Debtors
| 2022 | 2021 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors |
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5.
Creditors: Amounts Falling Due Within One Year
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| Trade creditors |
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| Other taxes and social security |
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| Other creditors |
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Modern Paper Limited
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2022
6.
Creditors: Amounts Falling Due After More Than One Year
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| £ | £ | ||
| Other creditors |
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| Amounts owed to group undertakings |
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Included in amounts owed to group undertakings is a loan balance due to Nova Paper and Packaging B.V for £20,406,468 (2021: £16,489,670).
The above balance comprises of the principal loan amount of £19,930,399 (2021: £16,489,670) and accrued interest of £476,069 (2021: nil)
The balance is due to be repaid on 28 September 2025 and has an interest rate of £1.69%
7.
FRC Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
8.
Audit Information
The auditors report on the account of Modern Paper Limited for the year ended 28 February 2022 was qualified
The basis of qualification in the auditor's report was as follows:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK , and the provisions available for small entities, in the circumstances set out in note 7 to the financial statements and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
The matters required to report by exception are stated below:
We were not appointed as auditors of the company until after 28 February 2022 and did not observe the counting of physical inventories at the year end. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 28 February 2022, which are included in the balance sheet at £809,453.
The auditor's report was signed by
M I Umar
(Senior Statutory Auditor)
for and on behalf of
Smith Hannah Limited
, Statutory Auditor
9.
General Information
Modern Paper Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
12484691
. The registered office is 1 Turpin Lane, Erith, DA8 2AT.