CLF Packaging Limited - Period Ending 2016-04-30

Registration number: 01192635

CLF Packaging Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2016
 

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

CLF Packaging Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Registration number: 01192635

CLF Packaging Limited
Balance Sheet as at 30 April 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			25,232			21,471
Investments					767,309			767,309
					792,541			788,780
Current assets
Stocks					407,398			417,151
Debtors					1,610,812			1,562,464
Cash at bank and in hand					56,548			114,928
					2,074,758			2,094,543
Creditors: Amounts falling due within one year		3			(2,095,697)			(2,143,447)
Net current liabilities					(20,939)			(48,904)
Total assets less current liabilities					771,602			739,876
Provisions for liabilities					(4,889)			(4,044)
Net assets					766,713			735,832
Capital and reserves
Called up share capital		4			98,250			98,250
Share premium account		6			240,290			240,290
Capital redemption reserve		6			6,750			6,750
Revaluation reserve		6			107,274			107,274
Profit and loss account		6			314,149			283,268
Shareholders' funds					766,713			735,832

For the year ending 30 April 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Registration number: 01192635

CLF Packaging Limited
Balance Sheet as at 30 April 2016
......... continued

Approved by the Board on 19 October 2016 and signed on its behalf by:

D W Lightning
Director

R J Lyon
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

CLF Packaging Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Departures from Companies Act requirements

In accordance with SSAP 19 investment properties are revalued annually and the aggregate surplus or deficit is transferred to a revaluation reserve. No depreciation or amortisation is provided in respect of freehold investment properties and leasehold investment properties with over 20 years to expiry. Depreciation had been previously charged to 30 April 2010. This treatment may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the Directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the accounts to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Turnover

Turnover represents supply of packaging materials excluding value added tax, and is recognised on an accruals basis.

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Asset class	Depreciation method and rate
Plant and machinery etc	25% Straight Line Method

Investment properties

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

Fixed asset investments

Fixed asset investments held by the company are included in the balance sheet at the cost of acquisition including associated costs.

Stock

Stocks are stated at the lower of cost and net realisable value. Cost represents the expenditure incurred in bringing each product to its present location and condition as follows: Raw materials - Purchase costs

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Page 3

CLF Packaging Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held for use in operating leases are included within investment property at market value. Rental income from operating leases is recognised on a straight line basis over the term of the lease.

Pensions

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 May 2015		209,333			767,309			976,642
Additions		19,824			-			19,824
Disposals		(14,199)			-			(14,199)
At 30 April 2016		214,958			767,309			982,267
Depreciation
At 1 May 2015		187,862			-			187,862
Charge for the year		15,995			-			15,995
Eliminated on disposals		(14,131)			-			(14,131)
At 30 April 2016		189,726			-			189,726
Net book value
At 30 April 2016		25,232			767,309			792,541
At 30 April 2015		21,471			767,309			788,780

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings
Boxwise Limited	Ordinary	100%	Merchanting and agency for packaging supplies
CLF Manufacturing Limited	Ordinary	100%	Merchanting and agency for packaging supplies

The profit for the financial period of Boxwise Limited was £183,204 and the aggregate amount of capital and reserves at the end of the period was £607,412.

Page 4

CLF Packaging Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

The profit for the financial period of CLF Manufacturing Limited was £82,874 and the aggregate amount of capital and reserves at the end of the period was (£452,560).

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		867,831			808,680

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		98,250			98,250			98,250			98,250

5

Control

The company is controlled by CLF Limited, the ultimate parent company. No one person has ultimate control of CLF Limited, a company registered in England & Wales
.

6

Reserves

There were retained reserves at the balance sheet date in the sum of £314,149 compared with £283,268 as at 30th April 2015. Deductions from reserves included group dividends of £265,322 which were paid to the parent company.

Page 5