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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 AUGUST 2017 |
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POWELL PACKAGING LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 AUGUST 2017 |
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FOR |
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POWELL PACKAGING LIMITED |
POWELL PACKAGING LIMITED (REGISTERED NUMBER: 01690366) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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POWELL PACKAGING LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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4th Floor Stockdale House |
8 Victoria Road |
Leeds |
West Yorkshire |
LS6 1PF |
POWELL PACKAGING LIMITED (REGISTERED NUMBER: 01690366) |
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BALANCE SHEET |
31 AUGUST 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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ACCRUALS AND DEFERRED INCOME | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
POWELL PACKAGING LIMITED (REGISTERED NUMBER: 01690366) |
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BALANCE SHEET - continued |
31 AUGUST 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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POWELL PACKAGING LIMITED (REGISTERED NUMBER: 01690366) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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1. | STATUTORY INFORMATION |
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Powell Packaging Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The principal activity of the company during the year was the manufacture of packaging and cartons. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Although the company has net current liabilities, this is a direct result of the company's continuing investment in |
plant and the financing repayments due thereon. The directors have prepared revised profit and cash flow |
forecasts and are satisfied the company is able to operate within its financial facilities and meet its liabilities and |
financial obligations, incurred or to be incurred in the ordinary course of business, as and when they fall due. |
Accordingly the financial statements are prepared on the going concern basis. |
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Turnover |
Turnover represents sales to external customers at invoiced amounts less value added tax or local taxes on sales. |
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Tangible fixed assets |
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Short leasehold | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Office Equipment | - |
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Tangible fixed assets are recognised when first brought into use and recorded at their cost of acquisition. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, |
first out basis. Net realisable value is based on estimated selling price less additional costs to completed and |
disposal. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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POWELL PACKAGING LIMITED (REGISTERED NUMBER: 01690366) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), |
the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the |
minimum lease payments payable during the lease term. The corresponding leasing are shown commitmentsas |
amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account. |
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Lease payments are analysed between capital and interest components. The interest element of the is |
paymentcharged to the profit and loss account over the period of the lease and is calculate so that it represents a |
constant proportion of the balance of capital repayments outstanding. The capital part reduces the amount |
payable to the lessor. |
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All other leases are treated as operating leases. Their rentals are charged to the profit and loss account on a |
straight-line basis over the term of the lease. |
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Pension costs and other post-retirement benefits |
Contributions to the company's defined contribution pension scheme are charged to the profit and loss account in |
the year in which they become payable. |
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Deferred grants |
Grants are released over the life of the assets to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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POWELL PACKAGING LIMITED (REGISTERED NUMBER: 01690366) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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4. | TANGIBLE FIXED ASSETS |
Short | Plant and | Motor | Office |
leasehold | machinery | vehicles | Equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2016 |
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Additions |
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Disposals |
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At 31 August 2017 |
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DEPRECIATION |
At 1 September 2016 |
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Charge for year |
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Eliminated on disposal |
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At 31 August 2017 |
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NET BOOK VALUE |
At 31 August 2017 |
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At 31 August 2016 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor | Office |
machinery | vehicles | Equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2016 |
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Additions |
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Transfer to ownership | - | (18,490 | ) | - | (18,490 | ) |
At 31 August 2017 |
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DEPRECIATION |
At 1 September 2016 |
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Charge for year |
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Transfer to ownership | - | (11,828 | ) | - | (11,828 | ) |
At 31 August 2017 |
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NET BOOK VALUE |
At 31 August 2017 |
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At 31 August 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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POWELL PACKAGING LIMITED (REGISTERED NUMBER: 01690366) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank overdrafts |
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Hire purchase contracts | 286,209 | 259,467 |
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The bank overdraft represents an invoice financing facility and is secured on trade debtors. Hire purchase |
contracts are secured on the assets to which they relate. |
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9. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred taxation | 87,210 | 77,210 |
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Deferred |
tax |
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Balance at 1 September 2016 |
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Accelerated capital allowances | 10,000 |
Balance at 31 August 2017 |
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10. | ACCRUALS AND DEFERRED INCOME |
2017 | 2016 |
£ | £ |
Deferred grants | 66,635 | 78,396 |
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11. | OTHER FINANCIAL COMMITMENTS |
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The company has commitments under property leases totalling £72,500 per annum due to expire in August 2021. |
POWELL PACKAGING LIMITED (REGISTERED NUMBER: 01690366) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 August 2017 and |
31 August 2016: |
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2017 | 2016 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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13. | RELATED PARTY DISCLOSURES |
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The parent company, Chosenrainbow Limited, has given a cross guarantee to secure the borrowings of the |
company. |
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During the year the company paid rent to the Powell Packaging Limited Pension Scheme, of which the directors |
are beneficiaries, of £72,500 (2016: £72,500). |
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Included in the accounts is an amount due from S Powell, an employee and son of the directors, of £47,425 |
(2016: £44,218). Also included is an amount due to N Powell, an employee and son of the directors, of £13,796 |
(2016: £13,796). |
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14. | FIRST YEAR ADOPTION |
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For all periods up to and including the period ended 31 August 2016, the company prepared its financial |
statements in accordance with previously extant United Kingdom generally accepted accounting practice (UK |
GAAP). These financial statements, for the year ended 31 August 2017, are the first the company has prepared in |
accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
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Accordingly, the company has prepared individual financial statements which comply with FRS102 - The |
Financial Reporting Standard applicable in the UK and Republic of Ireland applicable for periods beginning on |
or after 1 January 2016 and the significant accounting policies meeting those requirements are described in the |
relevant notes. |
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There are no adjustments to the carrying value of assets and liabilities on first adoption of FRS102. |