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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31st December 2021 |
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Cumberland Packaging Limited |
REGISTERED NUMBER:
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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31st December 2021 |
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for |
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Cumberland Packaging Limited |
Cumberland Packaging Limited (Registered number: 01964182) |
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Contents of the Financial Statements |
for the Year Ended 31st December 2021 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Accountants | 3 |
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Statement of Income and Retained Earnings | 4 |
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Balance Sheet | 5 |
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Notes to the Financial Statements | 7 |
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Cumberland Packaging Limited |
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Company Information |
for the Year Ended 31st December 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Silver Rose |
Unit 21, East Lodge Village |
Enfield |
England |
EN2 8AS |
Cumberland Packaging Limited (Registered number: 01964182) |
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Report of the Directors |
for the Year Ended 31st December 2021 |
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The directors present their report with the financial statements of the Company for the year ended 31st December 2021. |
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PRINCIPAL ACTIVITY |
The principal activity of the Company in the year under review was that of the manufacture and distribution of cardboard boxes and associated packaging materials |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1st January 2021 to the date of this report. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Cumberland Packaging Limited |
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Report of the Accountants to the Directors of |
Cumberland Packaging Limited |
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As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st December 2021 set out on pages four to twelve and you consider that the Company is exempt from an audit. |
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In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
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Silver Rose |
Unit 21, East Lodge Village |
Enfield |
England |
EN2 8AS |
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Cumberland Packaging Limited (Registered number: 01964182) |
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Statement of Income and Retained Earnings |
for the Year Ended 31st December 2021 |
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31/12/21 | 31/12/20 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Distribution costs |
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Administrative expenses |
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4,085,665 | 2,369,820 |
3,834,444 | 905,332 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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3,834,538 | 921,755 |
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Interest payable and similar expenses | 5 |
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Other finance costs |
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108,617 | 131,952 |
PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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Retained earnings at beginning of year |
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Dividends | 7 | ( |
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RETAINED EARNINGS AT END OF YEAR |
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Cumberland Packaging Limited (Registered number: 01964182) |
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Balance Sheet |
31st December 2021 |
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31/12/21 | 31/12/20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
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CURRENT ASSETS |
Stocks | 9 |
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Debtors | 10 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
12 |
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PROVISIONS FOR LIABILITIES | 14 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 15 |
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Retained earnings | 16 |
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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. |
Cumberland Packaging Limited (Registered number: 01964182) |
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Balance Sheet - continued |
31st December 2021 |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Cumberland Packaging Limited (Registered number: 01964182) |
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Notes to the Financial Statements |
for the Year Ended 31st December 2021 |
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1. | STATUTORY INFORMATION |
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Cumberland Packaging Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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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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. |
Cumberland Packaging Limited (Registered number: 01964182) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 -
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31/12/21 | 31/12/20 |
£ | £ |
Directors' remuneration |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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31/12/21 | 31/12/20 |
£ | £ |
Depreciation - owned assets |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/12/21 | 31/12/20 |
£ | £ |
Bank interest |
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Bank loan interest |
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Hire purchase |
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Cumberland Packaging Limited (Registered number: 01964182) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2021 |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31/12/21 | 31/12/20 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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Tax on profit |
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7. | DIVIDENDS |
31/12/21 | 31/12/20 |
£ | £ |
Ordinary Shares shares of £1 each |
Final |
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8. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
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COST |
At 1st January 2021 |
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Additions |
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Disposals | ( |
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At 31st December 2021 |
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DEPRECIATION |
At 1st January 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31st December 2021 |
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NET BOOK VALUE |
At 31st December 2021 |
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At 31st December 2020 |
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Cumberland Packaging Limited (Registered number: 01964182) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2021 |
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8. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST |
At 1st January 2021 |
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Additions |
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Disposals | ( |
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Transfer to ownership | (609,337 | ) |
At 31st December 2021 |
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DEPRECIATION |
At 1st January 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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Transfer to ownership | (274,285 | ) |
At 31st December 2021 |
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NET BOOK VALUE |
At 31st December 2021 |
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At 31st December 2020 |
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9. | STOCKS |
31/12/21 | 31/12/20 |
£ | £ |
Stocks |
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10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/21 | 31/12/20 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Cumberland Packaging Limited (Registered number: 01964182) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2021 |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/21 | 31/12/20 |
£ | £ |
Bank loans and overdrafts (see note 13) |
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Hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/21 | 31/12/20 |
£ | £ |
Bank loans (see note 13) |
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Hire purchase contracts |
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Other creditors |
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13. | LOANS |
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An analysis of the maturity of loans is given below: |
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31/12/21 | 31/12/20 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Other loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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Other loans - 2-5 years |
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Cumberland Packaging Limited (Registered number: 01964182) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2021 |
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14. | PROVISIONS FOR LIABILITIES |
31/12/21 | 31/12/20 |
£ | £ |
Deferred tax | 400,001 | 339,872 |
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Deferred |
tax |
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Balance at 1st January 2021 |
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Provided during year |
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Balance at 31st December 2021 |
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15. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/21 | 31/12/20 |
value: | £ | £ |
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Ordinary Shares | £1 | 956,653 | 956,653 |
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16. | RESERVES |
Retained |
earnings |
£ |
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At 1st January 2021 |
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Profit for the year |
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Dividends | ( |
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At 31st December 2021 |
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17. | RELATED PARTY DISCLOSURES |
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The ultimate controlling party is
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