Innovative Packaging Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05501369 (England and Wales)

Financial Statements for the Year Ended 31 August 2018

for

Innovative Packaging Solutions Limited

Page

Company Information

1

Chartered Certified Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

P J Diggins

REGISTERED OFFICE:

Unit 9 Princewood Road

Earltrees Industrial Estate

Corby

NN17 4AP

REGISTERED NUMBER:

05501369 (England and Wales)

ACCOUNTANTS:

Hamiltons Group Limited

Chartered Certified Accountants

Meriden House

6 Great Cornbow

Halesowen

West Midlands

B63 3AB

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

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary

statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Innovative Packaging Solutions Limited for the year ended 31 August 2018 which comprise the

Income Statement, Statement of Financial Position, Statement of Changes in Equity 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Innovative Packaging Solutions Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Innovative Packaging Solutions Limited and state those matters that we have agreed to state to the director of Innovative Packaging Solutions Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Innovative Packaging Solutions 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 Innovative Packaging Solutions Limited. You consider that Innovative Packaging Solutions 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 Innovative Packaging Solutions 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.

Hamiltons Group Limited

Chartered Certified Accountants

Meriden House

6 Great Cornbow

Halesowen

West Midlands

B63 3AB

4 January 2019

FIXED ASSETS

Intangible assets

4

6

6

Property, plant and equipment

5

14,155

1,260

14,161

1,266

CURRENT ASSETS

Inventories

6

479,744

-

Debtors

7

686,920

648,872

Cash at bank and in hand

87,467

4,501

1,254,131

653,373

CREDITORS

Amounts falling due within one year

8

749,588

243,166

NET CURRENT ASSETS

504,543

410,207

TOTAL ASSETS LESS CURRENT LIABILITIES

518,704

411,473

CREDITORS

Amounts falling due after more than one year

9

39,167

-

NET ASSETS

479,537

411,473

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

479,437

411,373

SHAREHOLDERS' FUNDS

479,537

411,473

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 4 January 2019 and were signed by:

P J Diggins - Director

1.	STATUTORY INFORMATION

Innovative Packaging Solutions 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 the provisions of Section 1A "Small Entities" of 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.

The financial statements are presented in pound sterling which is the functional currency of the company and

rounded to the nearest £.

Turnover

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

value added tax and other sales taxes.

Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the

identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life.

Tangible fixed assets

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

Plant and machinery

-

15-20% Straight line

Fixtures and fittings

-

33% on cost

Stocks

Inventories 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 Income Statement, 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 statement of financial position date.

Deferred tax

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

statement of financial position 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2017 - 24 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2017

and 31 August 2018

6

NET BOOK VALUE

At 31 August 2018

6

At 31 August 2017

6

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 September 2017

340,111

6,511

346,622

Additions

-

15,061

15,061

At 31 August 2018

340,111

21,572

361,683

DEPRECIATION

At 1 September 2017

338,851

6,511

345,362

Charge for year

1,260

906

2,166

At 31 August 2018

340,111

7,417

347,528

NET BOOK VALUE

At 31 August 2018

-

14,155

14,155

At 31 August 2017

1,260

-

1,260

6.	INVENTORIES

2018

2017

£

£

Finished goods

479,744

-

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

84,422

77,997

Amounts owed by group undertakings

526,000

526,000

Other debtors

52,253

42,092

Prepayments

24,245

2,783

686,920

648,872

Amounts owed by group undertakings do not bear interest, are unsecured and are repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other loans

10,000

-

Monies to invoice discounting

3,640

51,417

Trade creditors

610,405

57,147

Corporation tax

28,399

25,610

Social security and other taxes

38,244

76,355

Other creditors

48,361

18,998

Accruals and deferred income

10,539

13,639

749,588

243,166

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Other loans > 1 year

39,167

-

10.	SECURED DEBTS

On 26 August 2016 and 30 July 2018 a fixed and floating charge was registered with Companies House in favour

of Arden Commercial Finance Limited.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

A Ordinary

£1

100

100