Packaging Supplies Limited - Period Ending 2014-06-30

Registration number: 01586493

Packaging Supplies Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2014
 

Potts & Co
Accountants and Business Advisors
6 Jacobs Yard
Middle Barton
Oxfordshire
OX7 7BY

Packaging Supplies Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Packaging Supplies Limited
(Registration number: 01586493)
Abbreviated Balance Sheet at 30 June 2014

		Note			30 June 2014 £			30 June 2013 £
Fixed assets
Tangible fixed assets					25,915			27,152
Investments					2			2
					25,917			27,154
Current assets
Stocks					248,326			217,288
Debtors					584,766			516,190
Cash at bank and in hand					49,201			27,902
					882,293			761,380
Creditors: Amounts falling due within one year					(798,774)			(687,135)
Net current assets					83,519			74,245
Total assets less current liabilities					109,436			101,399
Provisions for liabilities					(366)			(1,085)
Net assets					109,070			100,314
Capital and reserves
Called up share capital		3			10,000			10,000
Profit and loss account					99,070			90,314
Shareholders' funds					109,070			100,314

For the year ending 30 June 2014 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 .

Approved by the Board on 21 October 2014 and signed on its behalf by:

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

Packaging Supplies Limited
(Registration number: 01586493)
Abbreviated Balance Sheet at 30 June 2014
......... continued

.........................................
Mr Stewart John Middleton
Director

.........................................
Mr Timothy John Allen
Director

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

Packaging Supplies Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014
......... 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 April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Acquired goodwill is stated at cost less amortisation. Amortisation is calculated to write off the goodwill over its estimated expected useful economic life.

Asset class	Amortisation method and rate
Goodwill	Straight line over 10 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	Reducing balance - 25%
Office equipment	Reducing balance - 25%
Motor vehicles	Reducing balance - 25%
Fixtures and fittings	Reducing balance - 25%

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 3

Packaging Supplies Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014
......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 4

Packaging Supplies Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Investments £			Total £
Cost
At 1 July 2013		333,062			179,125			2			512,189
Additions		-			2,506			-			2,506
At 30 June 2014		333,062			181,631			2			514,695
Depreciation
At 1 July 2013		333,062			151,973			-			485,035
Charge for the year		-			3,743			-			3,743
At 30 June 2014		333,062			155,716			-			488,778
Net book value
At 30 June 2014		-			25,915			2			25,917
At 30 June 2013		-			27,152			2			27,154

3	Share capital

Allotted, called up and fully paid shares

	30 June 2014						30 June 2013
		No.			£			No.			£
Ordinary share capital of £1 each		10,000			10,000			10,000			10,000

Page 5