W.E.Roberts (Packing Supplies) Limited - Limited company accounts 16.3

REGISTERED NUMBER: 00774872 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2016

for

W.E.Roberts (Packing Supplies) Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Financial Statements

8

DIRECTORS:

A W E Roberts

S W T Roberts

P T Roberts

R J Puffette

Ms S T Roberts

SECRETARY:

A W E Roberts

REGISTERED OFFICE:

3 Boyne Park

Tunbridge Wells

Kent

TN4 8EN

BUSINESS ADDRESS:

Thames Works

Grove Road

Nothfleet

Kent

DA11 9AX

REGISTERED NUMBER:

00774872 (England and Wales)

AUDITORS:

Deeks Evans Audit Services Limited

Statutory Auditor

3 Boyne Park

Tunbridge Wells

Kent

TN4 8EN

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

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of our business during

the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business

and is written in the context of the risks and uncertainties we face.

The company's principle trade is the sale of corrugated cardboard packaging products and associated items.

We consider that our key performance indicators are those which communicate the financial performance and the

strength of the company as a whole, these being turnover and gross margin.

The business operates in a market where there can be a certain amount of uncertainty in respect of the long term

pricing structure of the raw paper material. Purchasing of the raw paper material is therefore tightly controlled .

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may

be subject to unforeseen future events outside of our control.

ON BEHALF OF THE BOARD:

R J Puffette - Director

22 September 2017

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

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.

A W E Roberts

S W T Roberts

P T Roberts

R J Puffette

Ms S T Roberts

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), including Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 or she ought to

have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that

the company's auditors are aware of that information.

AUDITORS

The auditors, Deeks Evans Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual

General Meeting.

ON BEHALF OF THE BOARD:

R J Puffette - Director

22 September 2017

We have audited the financial statements of W.E.Roberts (Packing Supplies) Limited for the year ended

31 December 2016 on pages five to thirteen. 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 profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; 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.

Paul Garside (Senior Statutory Auditor)

for and on behalf of Deeks Evans Audit Services Limited

Statutory Auditor

3 Boyne Park

Tunbridge Wells

Kent

TN4 8EN

22 September 2017

TURNOVER

3,129,594

2,937,636

Cost of sales

2,231,185

2,085,489

GROSS PROFIT

898,409

852,147

Administrative expenses

879,898

754,247

OPERATING PROFIT

18,511

97,900

Interest payable and similar expenses

4

2,060

1,590

PROFIT BEFORE TAXATION

5

16,451

96,310

Tax on profit

6

3,627

21,241

PROFIT FOR THE FINANCIAL YEAR

12,824

75,069

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

12,824

75,069

FIXED ASSETS

Tangible assets

8

87,630

102,934

CURRENT ASSETS

Stocks

9

177,480

189,240

Debtors

10

537,039

467,340

Cash at bank and in hand

5,492

7,450

720,011

664,030

CREDITORS

Amounts falling due within one year

11

568,686

509,513

NET CURRENT ASSETS

151,325

154,517

TOTAL ASSETS LESS CURRENT LIABILITIES

238,955

257,451

CREDITORS

Amounts falling due after more than one year

12

(13,691

)

(42,111

)

PROVISIONS FOR LIABILITIES

15

-

(2,900

)

NET ASSETS

225,264

212,440

CAPITAL & RESERVES

Called up share capital

16

1,000

1,000

Retained earnings

17

224,264

211,440

SHAREHOLDERS' FUNDS

225,264

212,440

The financial statements were approved by the Board of Directors on 22 September 2017 and were signed on its behalf by:

R J Puffette - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2015

1,000

182,371

183,371

Changes in equity

Dividends

-

(46,000

)

(46,000

)

Total comprehensive income

-

75,069

75,069

Balance at 31 December 2015

1,000

211,440

212,440

Changes in equity

Total comprehensive income

-

12,824

12,824

Balance at 31 December 2016

1,000

224,264

225,264

1.	STATUTORY INFORMATION

W.E.Roberts (Packing Supplies) 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.

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements,

as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of Section 33 Related Party Disclosures paragraph 33.7.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

over the lease term

Plant & machinery

-

25% on cost

Motor vehicles

-

20% 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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2016 nor for the year ended 31 December 2015.

2016

2015

£

£

Directors' remuneration

-

-

4.

INTEREST PAYABLE AND SIMILAR EXPENSES

2016

2015

£

£

Bank interest

27

50

Hire purchase

2,033

1,540

2,060

1,590

5.	PROFIT BEFORE TAXATION

The profit is stated after charging:

2016

2015

£

£

Depreciation - owned assets

29,769

37,103

Depreciation - assets on hire purchase contracts

20,769

20,769

Auditors' remuneration

7,000

6,500

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2016

2015

£

£

Current tax:

UK corporation tax

9,272

13,941

Deferred tax

(5,645

)

7,300

Tax on profit

3,627

21,241

Reconciliation of total tax charge 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

£

£

Profit before tax

16,451

96,310

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

3,290

19,262

Effects of:

Expenses not deductible for tax purposes

324

382

Capital allowances in excess of depreciation

-

(5,703

)

Depreciation in excess of capital allowances

5,658

-

Deferred tax movement

(5,645

)

7,300

Total tax charge

3,627

21,241

7.

DIVIDENDS

2016

2015

£

£

Ordinary shares of £1 each

Paid

-

46,000

8.	TANGIBLE FIXED ASSETS

Improvements

to

Plant &

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 January 2016

32,000

128,756

106,529

267,285

Additions

-

26,234

9,000

35,234

At 31 December 2016

32,000

154,990

115,529

302,519

DEPRECIATION

At 1 January 2016

32,000

68,664

63,687

164,351

Charge for year

-

28,234

22,304

50,538

At 31 December 2016

32,000

96,898

85,991

214,889

NET BOOK VALUE

At 31 December 2016

-

58,092

29,538

87,630

At 31 December 2015

-

60,092

42,842

102,934

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant &

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2016

and 31 December 2016

44,000

48,846

92,846

DEPRECIATION

At 1 January 2016

11,000

19,538

30,538

Charge for year

11,000

9,769

20,769

At 31 December 2016

22,000

29,307

51,307

NET BOOK VALUE

At 31 December 2016

22,000

19,539

41,539

At 31 December 2015

33,000

29,308

62,308

9.

STOCKS

2016

2015

£

£

Finished Goods

177,480

189,240

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

335,476

319,580

Amounts owed by fellow subsidiaries

186,416

134,674

Deferred tax asset

2,745

-

Prepayments & accrued income

12,402

13,086

537,039

467,340

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Hire purchase contracts (see note 13)

28,420

27,420

Trade creditors

191,170

165,983

Corporation tax

9,272

13,941

Social security & other taxes

22,047

30,722

Other creditors

231,596

239,552

Accrued expenses

86,181

31,895

568,686

509,513

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Hire purchase contracts (see note 13)

13,691

42,111

13.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2016

2015

£

£

Gross obligations repayable:

Within one year

29,453

29,453

Between one and five years

13,957

43,410

43,410

72,863

Finance charges repayable:

Within one year

1,033

2,033

Between one and five years

266

1,299

1,299

3,332

Net obligations repayable:

Within one year

28,420

27,420

Between one and five years

13,691

42,111

42,111

69,531

Non-cancellable operating

leases

2016

2015

£

£

Within one year

76,000

76,000

14.	SECURED DEBTS

W E Roberts (Corrugated) Limited, associated company, borrowed £500,000 repayable over 5 years from Roberts

Pension Fund. Part of the loan agreement means that Roberts Pension Fund has a fixed and floating charge over

all assets of this company, dated 27 September 2010.

Lloyds TSB Commercial Finance Limited has a fixed and floating charge in the bank's standard form over the

assets of the company dated 25 July 2011.

15.	PROVISIONS FOR LIABILITIES

2015

£

Deferred tax

2,900

Deferred

tax

£

Balance at 1 January 2016

2,900

Accelerated capital allowances

(5,645

)

Balance at 31 December 2016

(2,745

)

16.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

1,000

Ordinary

£1

1,000

1,000

17.

RESERVES

Retained

earnings

£

At 1 January 2016

211,440

Profit for the year

12,824

At 31 December 2016

224,264

18.	ULTIMATE PARENT COMPANY

The ultimate parent company is W.E.Roberts (Holdings) Limited, a company incorporated in England & Wales.

19.	RELATED PARTY DISCLOSURES

Other related parties

2016

2015

£

£

Rent

40,000

40,000