Elite Packing Services Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 07801987 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 October 2016

for

Elite Packing Services Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

6

DIRECTOR:

L J Perring

REGISTERED OFFICE:

46 Shepherds Way

Saffron Walden

Essex

CB10 2AH

REGISTERED NUMBER:

07801987 (England and Wales)

ACCOUNTANTS:

Lanham and Company Limited

Chartered Accountants

9 Great Chesterford Court

London Road

Great Chesterford

Essex

CB10 1PF

FIXED ASSETS

Intangible assets

2

157,500

210,000

Tangible assets

3

1,357,615

1,371,974

1,515,115

1,581,974

CURRENT ASSETS

Stocks

2,518

7,000

Debtors

99,003

145,372

Cash at bank

10,750

10,203

112,271

162,575

CREDITORS

Amounts falling due within one year

4

121,311

205,812

NET CURRENT LIABILITIES

(9,040

)

(43,237

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,506,075

1,538,737

CREDITORS

Amounts falling due after more than one
year

4

(1,342,551

)

(1,384,715

)

PROVISIONS FOR LIABILITIES

(2,539

)

(2,667

)

NET ASSETS

160,985

151,355

CAPITAL AND RESERVES

Called up share capital

5

2

Profit and loss account

160,983

151,353

SHAREHOLDERS' FUNDS

160,985

151,355

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 25 July 2017 and were signed by:

L J Perring - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Revenue from the rendering of services is only recognised when the outcome of a transaction can be estimated

reliably and is then recognised according to the stage of completion of the transaction at the end of the reporting

period.

Revenue from operating leases is recognised on a straight-line basis over the lease term. The aggregate cost of

any lease incentives provided is recognised as a reduction to the revenue recognised on a straight-line basis.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in the year ended 31 October

2012, was originally being amortised evenly over its estimated useful life of ten years. After review during the

year, the useful life of the goodwill has been reduced to a total of eight years and the remaining goodwill is being

amortised evenly over the remaining four years of its estimated useful life.

Tangible fixed assets

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

Freehold property

-

2% on cost

Fixtures and fittings

-

20% on cost

Computer software

-

20% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the

balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that

it is more likely than not they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2015

and 31 October 2016

350,000

AMORTISATION

At 1 November 2015

140,000

Amortisation for year

52,500

At 31 October 2016

192,500

NET BOOK VALUE

At 31 October 2016

157,500

At 31 October 2015

210,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2015

1,385,029

Additions

4,283

At 31 October 2016

1,389,312

DEPRECIATION

At 1 November 2015

13,055

Charge for year

18,642

At 31 October 2016

31,697

NET BOOK VALUE

At 31 October 2016

1,357,615

At 31 October 2015

1,371,974

4.

CREDITORS

Creditors include an amount of £ 1,159,380 (31.10.15 - £ 1,220,344 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.10.16

31.10.15

£

Repayable by instalments

880,344

927,585

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.16

31.10.15

value:

£

2

Ordinary

£1

2

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to five)

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 Elite Packing Services Limited for the year ended 31 October 2016 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Elite Packing Services Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Elite Packing Services Limited and state those matters that we have agreed to state to the director of Elite Packing Services Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elite Packing Services Limited director for our work or for this report.

It is your duty to ensure that Elite Packing Services 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 Elite Packing Services Limited. You consider that Elite Packing Services 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 Elite Packing Services 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.

Lanham and Company Limited

Chartered Accountants

9 Great Chesterford Court

London Road

Great Chesterford

Essex

CB10 1PF

25 July 2017