CLF Packaging Limited - Period Ending 2017-04-30
CLF Packaging Limited - Period Ending 2017-04-30
Registration number:
CLF Packaging Limited
for the Year Ended 30 April 2017
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB
CLF Packaging Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
CLF Packaging Limited
Company Information
Directors |
R J Lyon D J George R G Cairns J Jolley A M Boulter J M Blackbourn |
Company secretary |
R J Lyon |
Registered office |
|
Solicitors |
|
Bankers |
|
Accountants |
|
Page 1 |
CLF Packaging Limited
(Registration number: 01192635)
Balance Sheet as at 30 April 2017
Note |
2017 |
2016 |
|
Tangible assets |
|
|
|
Investment property |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Capital redemption reserve |
|
|
|
Other reserves |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Page 2 |
CLF Packaging Limited
(Registration number: 01192635)
Balance Sheet as at 30 April 2017
For the financial year ended 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
R J Lyon
Company secretary and director
J Jolley
Director
Page 3 |
CLF Packaging Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Group accounts not prepared
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery etc. |
25% Straight Line Method |
Page 4 |
CLF Packaging Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Investment property
Investments
Fixed asset investments held by the company are included in the balance sheet at the cost of acquisition including associated costs. The investments are subsequently measured at cost less any provision for impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Share capital
Ordinary shares are classified as equity.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 5 |
CLF Packaging Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Office equipment |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
||||
At 1 May 2016 |
|
|
|
|
Additions |
|
- |
- |
|
Disposals |
( |
- |
- |
( |
At 30 April 2017 |
|
|
|
|
Depreciation |
||||
At 1 May 2016 |
|
|
|
|
Charge for the year |
|
- |
|
|
Eliminated on disposal |
( |
- |
- |
( |
At 30 April 2017 |
|
|
|
|
Carrying amount |
||||
At 30 April 2017 |
|
- |
|
|
At 30 April 2016 |
|
- |
|
|
Page 6 |
CLF Packaging Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Investment properties |
2017 |
|
At 1 May 2016 |
|
At 30 April 2017 |
|
The investment property was valued on 20th August 2013 by an independent valuer. The property valuation was in the sum of £255,000. The valuer held a MRICS qualification. The directors have carried out their own valuation of the property at the balance sheet date and are of the opinion that the value is fairly stated at £255,000.
Investments |
2017 |
2016 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 May 2016 |
|
Provision |
|
Carrying amount |
|
At 30 April 2017 |
|
At 30 April 2016 |
|
Page 7 |
CLF Packaging Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) 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 |
||
2017 |
2016 |
|||
Subsidiary undertakings |
||||
|
Incorporated in England |
Ordinary |
|
|
|
Incorporated in England |
Ordinary |
|
|
The principal activity of Boxwise Limited is |
The principal activity of CLF Manufacturing Limited is |
Stocks |
2017 |
2016 |
|
Stocks |
|
|
Debtors |
Note |
2017 |
2016 |
|
Trade debtors |
994,577 |
1,024,366 |
|
Amounts owed by group undertakings |
|
|
|
Other debtors |
|
- |
|
Prepayments and accrued income |
103,512 |
101,569 |
|
Total current trade and other debtors |
|
|
Page 8 |
CLF Packaging Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts owed to group undertakings |
|
|
|
Social security and other taxes |
|
|
|
Directors loan |
627 |
627 |
|
Other creditors |
|
|
|
Corporation tax |
66,203 |
76,565 |
|
Accruals and deferred income |
24,836 |
19,298 |
|
Due within one year |
|
|
Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Summary of transactions with other related parties
Group Companies
Page 9 |
CLF Packaging Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Loans from related parties
2017 |
Key management |
At start of period |
|
2016 |
Key management |
At start of period |
|
Advanced |
|
At end of period |
|
Parent and ultimate parent undertaking |
The company's immediate parent is
Transition to FRS 102 |
The transition to FRS 102 Section 1A has resulted in no material changes in accounting policies compared to those used previously, except for the transfer of the revaluation reserve on investment property to a non distributable reserve.
Page 10 |
CLF Packaging Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Balance Sheet at 1 May 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
21,471 |
- |
- |
21,471 |
|
Investment property |
255,000 |
- |
- |
255,000 |
|
Investments |
512,309 |
- |
- |
512,309 |
|
788,780 |
- |
- |
788,780 |
||
Current assets |
|||||
Stocks |
417,151 |
- |
- |
417,151 |
|
Debtors |
1,562,464 |
- |
- |
1,562,464 |
|
Cash at bank and in hand |
114,928 |
- |
- |
114,928 |
|
2,094,543 |
- |
- |
2,094,543 |
||
Creditors: Amounts falling due within one year |
(2,143,447) |
- |
- |
(2,143,447) |
|
Net current liabilities |
(48,904) |
- |
- |
(48,904) |
|
Total assets less current liabilities |
739,876 |
- |
- |
739,876 |
|
Provisions for liabilities |
(4,044) |
- |
- |
(4,044) |
|
Net assets |
735,832 |
- |
- |
735,832 |
|
Capital and reserves |
|||||
Called up share capital |
98,250 |
- |
- |
98,250 |
|
Share premium reserve |
240,290 |
- |
- |
240,290 |
|
Capital redemption reserve |
6,750 |
- |
- |
6,750 |
|
Revaluation reserve |
107,274 |
(107,274) |
- |
- |
|
Other reserves |
- |
107,274 |
- |
107,274 |
|
Profit and loss account |
283,268 |
- |
- |
283,268 |
|
735,832 |
- |
- |
735,832 |
||
Total equity |
735,832 |
- |
- |
735,832 |
Page 11 |
CLF Packaging Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Balance Sheet at 30 April 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
25,232 |
- |
- |
25,232 |
|
Investment property |
255,000 |
- |
- |
255,000 |
|
Investments |
512,309 |
- |
- |
512,309 |
|
792,541 |
- |
- |
792,541 |
||
Current assets |
|||||
Stocks |
407,398 |
- |
- |
407,398 |
|
Debtors |
1,610,812 |
- |
- |
1,610,812 |
|
Cash at bank and in hand |
56,548 |
- |
- |
56,548 |
|
2,074,758 |
- |
- |
2,074,758 |
||
Creditors: Amounts falling due within one year |
(2,095,697) |
- |
- |
(2,095,697) |
|
Net current liabilities |
(20,939) |
- |
- |
(20,939) |
|
Total assets less current liabilities |
771,602 |
- |
- |
771,602 |
|
Provisions for liabilities |
(4,889) |
- |
- |
(4,889) |
|
Net assets |
766,713 |
- |
- |
766,713 |
|
Capital and reserves |
|||||
Called up share capital |
98,250 |
- |
- |
98,250 |
|
Share premium reserve |
240,290 |
- |
- |
240,290 |
|
Capital redemption reserve |
6,750 |
- |
- |
6,750 |
|
Revaluation reserve |
107,274 |
(107,274) |
- |
- |
|
Other reserves |
- |
107,274 |
- |
107,274 |
|
Profit and loss account |
314,149 |
- |
- |
314,149 |
|
766,713 |
- |
- |
766,713 |
||
Total equity |
766,713 |
- |
- |
766,713 |
Page 12 |