DOWNLANDS_PACKAGING_LIMIT - Accounts
DOWNLANDS_PACKAGING_LIMIT - Accounts
Company Registration No. 02606536 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2015
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 6
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DOWNLANDS PACKAGING LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2015
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 6 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Downlands Packaging Limited for the year ended 30 September 2015 which comprise the Profit and Loss Account, the Balance Sheet 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Downlands Packaging Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Downlands Packaging Limited and state those matters that we have agreed to state to the Board of Directors of Downlands Packaging Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Downlands Packaging Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Downlands Packaging 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 Downlands Packaging Limited. You consider that Downlands Packaging 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 Downlands Packaging 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.
Carpenter Box
Chartered Accountants
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2015
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
3
(319,403 )
(332,450 )
Net current liabilities
(84,455 )
(110,099 )
Total assets less current liabilities
Creditors: amounts falling due after more than one year
4
(54,552 )
(66,258 )
Provisions for liabilities
(19,632 )
(20,100 )
(31,278)
(72,422)
Capital and reserves
Called up share capital
5
Other reserves
Profit and loss account
(31,404 )
(72,548 )
Shareholders' funds
(31,278 )
(72,422 )
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2015
- 3 -
Directors' responsibilities:
-
-
Approved by the Board for issue on 25 January 2016
Director
Director
Company Registration No. 02606536
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2015
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements have been prepared on a going concern basis, as the directors and the bank have confirmed that they will continue to support the company. This basis may not be appropriate due to the fact that the company has net current liabilities at the balance sheet date. The company is dependent on the continued support of the bank and its factoring arm. The financial statements do not include any adjustments that would result from the bank withdrawing their support.
1.2
Turnover
1.3
Tangible fixed assets and depreciation
Plant and machinery
Office equipment
Motor vehicles
1.4
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
1.6
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2015
- 5 -
2
Fixed assets
Tangible assets
£
Cost
At 1 October 2014
541,238
Additions
33,902
Disposals
(16,170)
At 30 September 2015
558,970
Depreciation
At 1 October 2014
417,203
On disposals
(14,742)
Charge for the period
29,148
At 30 September 2015
431,609
Net book value
At 30 September 2015
127,361
At 30 September 2014
124,035
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £159,471 (2014 - £188,254).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £54,552 (2014 - £66,258).
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid
6
Ultimate parent company
The company is under the control of Mr M J Lee, majority shareholder in the parent company Lee Holdings Limited.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2015
- 6 -
7
Related party relationships and transactions
Loans to directors
The following directors had interest free loans during the year. The movement on these loans are as follows:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr M J Lee -
-
2,393
-
-
2,393
-
Mrs L K Lee -
-
2,393
-
-
2,393
-
4,786
-
-
4,786
-