Abbreviated Company Accounts - K S E PACKAGING LIMITED

K S E PACKAGING LIMITED - Company Information

06242638 K S E PACKAGING LIMITED 2014-03-31 false 2013-04-01 2014-03-31 true 06242638 2013-04-01 2014-03-31 06242638 2014-03-31 06242638 2013-03-31 06242638 uk-gaap-cd-bus:Director1 2013-04-01 2014-03-31 06242638 uk-gaap-cd-bus:Director2 2013-04-01 2014-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-04-01 2014-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-03-31 iso4217:GBP shares

Registered Number 06242638

K S E PACKAGING LIMITED

Abbreviated Accounts

31 March 2014

K S E PACKAGING LIMITED Registered Number 06242638

Abbreviated Balance Sheet as at 31 March 2014

	Notes	2014	2013
		£	£
Fixed assets
Tangible assets	2	39,326	40,192
		39,326	40,192
Current assets
Stocks		47,705	47,652
Debtors		324,508	269,497
Cash at bank and in hand		17,190	22,322
		389,403	339,471
Creditors: amounts falling due within one year		(513,061)	(366,051)
Net current assets (liabilities)		(123,658)	(26,580)
Total assets less current liabilities		(84,332)	13,612
Creditors: amounts falling due after more than one year		(32,584)	(47,758)
Total net assets (liabilities)		(116,916)	(34,146)
Capital and reserves
Called up share capital	3	5	5
Profit and loss account		(116,921)	(34,151)
Shareholders' funds		(116,916)	(34,146)

For the year ending 31 March 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 November 2014

And signed on their behalf by:
R M Price, Director

K S E PACKAGING LIMITED Registered Number 06242638

Notes to the Abbreviated Accounts for the period ended 31 March 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

As at 31 March 2014 the company reports a deficiency in shareholder funds. The shareholders have provided assurances of continued financial support for the company should the need arise. On this basis the directors consider that the company will be able to meet its liabilities as and when they fall due.

The company sold it's trade and the majority of assets to Plasto-Sac UK Limited on 1 June 2014. The company is expected to trade for the next 12 months using the remaining assets.

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery - 50% straight line
Computer equipment - 25% straight line
Fixtures, fittings & equipment - 15-20% straight line
Motor vehicles - 25% straight line

Other accounting policies
Stock

Stock is valued at the lower of cost and net realisable value.

Revenue recognition

Revenue is recognised as earned income when, and to the extent that, the firm obtains the right to consideration in exchange for goods and services it has provided.

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

2Tangible fixed assets

	£
Cost
At 1 April 2013	97,070
Additions	24,990
Disposals	-
Revaluations	-
Transfers	-
At 31 March 2014	122,060
Depreciation
At 1 April 2013	56,878
Charge for the year	25,856
On disposals	-
At 31 March 2014	82,734
Net book values
At 31 March 2014	39,326
At 31 March 2013	40,192

3Called Up Share Capital
Allotted, called up and fully paid:

	2014 £	2013 £
5 Ordinary shares of £1 each	5	5

The company is a corporate guarantor for a factoring agreement with RBS Invoice Finance Limited held by fellow subsidiary Glass & Stainless Ltd. As at 31 March 2014 Glass & Stainless Ltd owed £101,475 to RBS Invoice Finance Limited.