Weig Karton UK Limited - Limited company accounts 16.3

REGISTERED NUMBER: 00390660 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2016

for

WEIG KARTON UK LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Cash Flow Statement

9

Notes to the Cash Flow Statement

10

Notes to the Financial Statements

11

DIRECTORS:

R Rex

M J Weig

REGISTERED OFFICE:

The Chestnuts

Brewers End

Takeley

Essex

CM22 6QJ

REGISTERED NUMBER:

00390660 (England and Wales)

SENIOR STATUTORY AUDITOR:

Frank P Dongworth FCA

AUDITORS:

Frank P Dongworth & Co

Menor House

The Maltings

Station Road

Sawbridgeworth

Hertfordshire

CM21 9JX

The directors present their strategic report for the year ended 31 December 2016.

REVIEW OF BUSINESS

The results for the year and the financial position at the year end were considered satisfactory by the directors however

due to the lack of business opportunity available during the year it had been agreed that the company was to cease its

operations fully and all UK business was now to be managed directly by the parent company.

The directors use a number of financial measures to monitor the performance of the company. The key financial

measures are turnover, profit before tax and net assets and the figures for all these measures can be readily

ascertained from the financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the company are the economic climate domestically and overseas, negative

impacts on general business confidence arising from political or other external events and fluctuations in foreign

currency exchange rates.

Additional factors fundamental to the ongoing development of the company are the normal risks facing any such

business, namely the continued stability of existing relationships with major clients, development and retention of new

clients, the availability of technical resources throughout the various market places and the retention of existing, and

recruitment of additional, key personnel to manage and develop the business.

ON BEHALF OF THE BOARD:

R Rex - Director

4 August 2017

The directors present their report with the financial statements of the company for the year ended 31 December 2016.

CESSATION OF TRADING

The company ceased trading on 31 December 2016.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of paper and board agents.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2016.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2016 to the date of this report.

R Rex

M J Weig

FINANCIAL INSTRUMENTS

The company uses a variety of financial instruments including cash, equity investments and other items, such as trade

debtors and trade creditors, which arise directly from its operation. The purpose of these financial instruments is to

provide working capital for the company's operations. The directors consider that the main risks arising from the

company's financial instruments are liquidity risk. The directors set and review policies for managing this risk and they

have remained unchanged from previous years. The company seeks to manage financial risk by ensuring sufficient

liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements

in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have

taken as a director in order to make himself aware of any relevant audit information and to establish that the company's

auditors are aware of that information.

AUDITORS

The auditors, Frank P Dongworth & Co, will be proposed for re-appointment at the forthcoming Annual General

Meeting.

ON BEHALF OF THE BOARD:

R Rex - Director

4 August 2017

We have audited the financial statements of Weig Karton UK Limited for the year ended 31 December 2016 on pages

six to fourteen. The financial reporting framework that has been applied in their preparation is applicable law and United

Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial

Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those

matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's

members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give

reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or

error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances

and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates

made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and

non-financial information in the Strategic Report and the Report of the Directors to identify material inconsistencies with

the audited financial statements and to identify any information that is apparently materially incorrect based on, or

materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of

any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2016 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit, the information given in the Strategic Report

and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with

the financial statements, and has been prepared in accordance with applicable legal requirements. In the light of the

knowledge and understanding of the company and its environment, we have not identified any material misstatements in

the Strategic Report or the Report of the Directors.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you

if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Frank P Dongworth FCA (Senior Statutory Auditor)

for and on behalf of Frank P Dongworth & Co

Menor House

The Maltings

Station Road

Sawbridgeworth

Hertfordshire

CM21 9JX

18 August 2017

TURNOVER

3

13,944

147,155

Administrative expenses

17,405

234,221

(3,461

)

(87,066

)

Other operating income

4

5

-

OPERATING LOSS and

LOSS BEFORE TAXATION

6

(3,456

)

(87,066

)

Tax on loss

7

-

(1,069

)

LOSS FOR THE FINANCIAL YEAR

(3,456

)

(85,997

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(3,456

)

(85,997

)

CURRENT ASSETS

Debtors

8

545

1,875

Cash at bank

10,619

11,703

11,164

13,578

CREDITORS

Amounts falling due within one year

9

135

(907

)

NET CURRENT ASSETS

11,029

14,485

TOTAL ASSETS LESS CURRENT LIABILITIES

11,029

14,485

CAPITAL AND RESERVES

Called up share capital

10

8,613

8,613

Share premium

11

19,488

19,488

Capital redemption reserve

11

(6,194

)

(6,194

)

Retained earnings

11

(10,878

)

(7,422

)

SHAREHOLDERS' FUNDS

11,029

14,485

The financial statements were approved by the Board of Directors on 4 August 2017 and were signed on its behalf by:

R Rex - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2015

8,613

78,575

19,488

(6,194

)

100,482

Changes in equity

Total comprehensive loss

-

(85,997

)

-

-

(85,997

)

Balance at 31 December 2015

8,613

(7,422

)

19,488

(6,194

)

14,485

Changes in equity

Total comprehensive loss

-

(3,456

)

-

-

(3,456

)

Balance at 31 December 2016

8,613

(10,878

)

19,488

(6,194

)

11,029

Cash flows from operating activities

Cash generated from operations

1

(2,153

)

(96,746

)

Tax paid

1,069

(1,069

)

Net cash from operating activities

(1,084

)

(97,815

)

Decrease in cash and cash equivalents

(1,084

)

(97,815

)

Cash and cash equivalents at beginning of year

2

11,703

109,518

Cash and cash equivalents at end of year

2

10,619

11,703

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2016

2015

£

£

Loss before taxation

(3,456

)

(87,066

)

Decrease in trade and other debtors

1,330

3,827

Decrease in trade and other creditors

(27

)

(13,507

)

Cash generated from operations

(2,153

)

(96,746

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of

these Balance Sheet amounts:

Year ended 31 December 2016

31.12.16

1.1.16

£

£

Cash and cash equivalents

10,619

11,703

Year ended 31 December 2015

31.12.15

1.1.15

£

£

Cash and cash equivalents

11,703

109,518

1.	STATUTORY INFORMATION

Weig Karton UK 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in Sterling (£)

Turnover

Turnover represents commissions receivable.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive

Income, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Going concern

As explained within the strategic report, the lack of business opportunities over recent years has resulted in the

directors deciding to cease its UK operations. In this regard the directors do not consider the going concern

basis to be appropriate and the financial statements have therefore not been prepared on that basis. Because

the company ceased to trade in the year the financial statements have been prepared under the break up basis.

The company has adequate resources to settle all its obligations and all assets have been stated at their

recoverable sums.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2016

2015

£

£

Europe

13,944

147,155

13,944

147,155

4.	OTHER OPERATING INCOME

2016

2015

£

£

Sundry receipts

5

-

5.	EMPLOYEES AND DIRECTORS

2016

2015

£

£

Wages and salaries

-

167,800

Social security costs

140

10,249

Other pension costs

-

15,364

140

193,413

The average monthly number of employees during the year was as follows:

2016

2015

Administration

1

1

2016

2015

£

£

Directors' remuneration

-

98,863

Directors' pension contributions to money purchase schemes

-

15,364

Compensation to director for loss of office

-

75,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

-

1

6.	OPERATING LOSS

The operating loss is stated after charging:

2016

2015

£

£

Auditors' remuneration

1,150

1,150

7.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

2016

2015

£

£

Current tax:

UK corporation tax

-

(1,069

)

Tax on loss

-

(1,069

)

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is

explained below:

2016

2015

£

£

Loss before tax

(3,456

)

(87,066

)

Loss multiplied by the standard rate of corporation tax in the UK of 20% (2015 - 20%)

(691

)

(17,413

)

Effects of:

Expenses not deductible for tax purposes

-

294

Capital allowances in excess of depreciation

-

(137

)

Utilisation of tax losses

691

17,256

Adjustments to tax charge in respect of previous periods

-

(1,069

)

Total tax credit

-

(1,069

)

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

-

1,099

Other debtors

47

142

VAT

498

520

Prepayments

-

114

545

1,875

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

135

162

Tax

-

(1,069

)

135

(907

)

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

8,613

Ordinary

£1

8,613

8,613

11.

RESERVES

Capital

Retained

Share

redemption

earnings

premium

reserve

Totals

£

£

£

£

At 1 January 2016

(7,422

)

19,488

(6,194

)

5,872

Deficit for the year

(3,456

)

(3,456

)

At 31 December 2016

(10,878

)

19,488

(6,194

)

2,416

12.	ULTIMATE PARENT COMPANY

13.	RELATED PARTY DISCLOSURES