Cummins And Papyrus Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 01516358 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

CUMMINS AND PAPYRUS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N P Cummins

D S Cummins

C M Cummins

REGISTERED OFFICE:

385 Canal Road

Bradford

West Yorkshire

BD2 1AJ

REGISTERED NUMBER:

01516358 (England and Wales)

ACCOUNTANTS:

Brosnans

Chartered Accountants

Birkby House

Bailiff Bridge

Brighouse

West Yorkshire

HD6 4JJ

FIXED ASSETS

Tangible assets

4

1,571,726

1,144,990

Investments

5

38,500

38,500

Investment property

6

80,000

80,000

1,690,226

1,263,490

CURRENT ASSETS

Stocks

225,000

100,000

Debtors

7

819,049

694,629

Cash in hand

-

3

1,044,049

794,632

CREDITORS

Amounts falling due within one year

8

(964,207

)

(660,870

)

NET CURRENT ASSETS

79,842

133,762

TOTAL ASSETS LESS CURRENT LIABILITIES

1,770,068

1,397,252

CREDITORS

Amounts falling due after more than one year

9

(220,614

)

(198,701

)

PROVISIONS FOR LIABILITIES

(4,851

)

(12,449

)

NET ASSETS

1,544,603

1,186,102

CAPITAL AND RESERVES

Called up share capital

10

3,003

3,003

Revaluation reserve

11

1,366,790

961,790

Capital redemption reserve

1,001

1,001

Fair value reserve

11

23,541

23,541

Retained earnings

150,268

196,767

SHAREHOLDERS' FUNDS

1,544,603

1,186,102

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 12 May 2023 and were signed on its behalf by:

N P Cummins - Director

1.	STATUTORY INFORMATION

Cummins And Papyrus 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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 as modified by the revaluation of certain assets.

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 the cost less estimated residual value of each asset over its estimated useful life.

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

INVESTMENTS IN ASSOCIATES

Investments in associate undertakings are recognised at cost less any provision for impairment.

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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 16 (2021 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 January 2022

1,095,000

1,116,563

2,211,563

Additions

-

122,950

122,950

Revaluations

405,000

-

405,000

At 31 December 2022

1,500,000

1,239,513

2,739,513

DEPRECIATION

At 1 January 2022

101,404

965,169

1,066,573

Charge for year

36,778

64,436

101,214

At 31 December 2022

138,182

1,029,605

1,167,787

NET BOOK VALUE

At 31 December 2022

1,361,818

209,908

1,571,726

At 31 December 2021

993,596

151,394

1,144,990

Cost or valuation at 31 December 2022 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2015

281,801

-

281,801

Valuation in 2022

405,000

-

405,000

Cost

813,199

1,239,513

2,052,712

1,500,000

1,239,513

2,739,513

During the year, the land and buildings were revalued on an open market basis by Eddisons and the directors.

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 January 2022

and 31 December 2022

76,500

PROVISIONS

At 1 January 2022

and 31 December 2022

38,000

NET BOOK VALUE

At 31 December 2022

38,500

At 31 December 2021

38,500

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

and 31 December 2022

80,000

NET BOOK VALUE

At 31 December 2022

80,000

At 31 December 2021

80,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

409,275

98,704

Amounts owed by group undertakings

73,138

339,484

Other debtors

336,636

256,441

819,049

694,629

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

223,128

53,783

Finance leases

43,582

17,880

Trade creditors

543,759

377,986

Amounts owed to group undertakings

-

1,045

Taxation and social security

62,325

80,953

Other creditors

91,413

129,223

964,207

660,870

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Finance leases

149,781

77,868

Other creditors

70,833

120,833

220,614

198,701

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

3,003

Ordinary £1 Shares

1

3,003

3,003

11.

RESERVES

Fair

Revaluation

value

reserve

reserve

Totals

£

£

£

At 1 January 2022

961,790

23,541

985,331

Revaluation of property

405,000

-

405,000

At 31 December 2022

1,366,790

23,541

1,390,331

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2022 and 31 December 2021:

2022

2021

£

£

N P Cummins

Balance outstanding at start of year

(4,262

)

391,157

Amounts advanced

122,306

159,720

Amounts repaid

-

(555,139

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

118,044

(4,262

)

13.	RELATED PARTY DISCLOSURES

At 31 December 2022 the company was owed £73,138 (2021:£53,207) by The Golden Fleece, a business in which Messrs NP Cummins and CM Cummins are partners.

During the year the company sold goods in the normal course of business to a company in which it has a participating interest for £1,849,294 (2021: £2,998,206)

At the balance sheet date, the net amount due from that company was nil (2021: £286,277).