Registration number:
Creative Paper Products Limited
for the Year Ended 31 December 2018
Thompson Jenner LLP
Statutory Auditors
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
Creative Paper Products Limited
(Registration number: 02714679)
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Creative Paper Products Limited
(Registration number: 02714679)
Company Information
Directors |
Mr A M Kaupang Mr T E Seljaas |
Registered office |
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Auditors |
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Page 1 |
Creative Paper Products Limited
(Registration number: 02714679)
Balance Sheet as at 31 December 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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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 |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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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
.........................................
Director
Page 2 |
Creative Paper Products Limited
(Registration number: 02714679)
Notes to the Financial Statements for the Year Ended 31 December 2018
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
Millfield House
Lichfield Road
Tamworth
Staffordshire
B79 7SP
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 except that as disclosed in the accounting policies certain items are shown at fair value.
Audit report
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Page 3 |
Creative Paper Products Limited
(Registration number: 02714679)
Notes to the Financial Statements for the Year Ended 31 December 2018
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.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 |
Short leasehold land and buildings |
15% reducing balance |
Plant and machinery |
15% reducing balance |
Fixtures and fittings |
15% reducing balance |
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 amortised cost using the effective interest method, 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.
Page 4 |
Creative Paper Products Limited
(Registration number: 02714679)
Notes to the Financial Statements for the Year Ended 31 December 2018
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Page 5 |
Creative Paper Products Limited
(Registration number: 02714679)
Notes to the Financial Statements for the Year Ended 31 December 2018
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
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
Page 6 |
Creative Paper Products Limited
(Registration number: 02714679)
Notes to the Financial Statements for the Year Ended 31 December 2018
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2018 |
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Additions |
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Disposals |
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- |
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At 31 December 2018 |
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Depreciation |
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At 1 January 2018 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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At 31 December 2017 |
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Included within the net book value of land and buildings above is £24,104 (2017 - £28,358) in respect of short leasehold land and buildings.
Revaluation
The fair value of the company's plant and machinery was revalued on 18 May 2014 by M Connor of Haworth Enterprises, a business that specialises in the supply of used and rebuilt machinery to the world's leading printing and paper converting companies and who is external to the company. The basis of this valuation was open market value.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £218,072 (2017 - £234,566),
The company elected to use this valuation as deemed cost upon transition to FRS 102.
Stocks |
2018 |
2017 |
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Other stocks |
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Page 7 |
Creative Paper Products Limited
(Registration number: 02714679)
Notes to the Financial Statements for the Year Ended 31 December 2018
Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Corporation tax liability |
42,997 |
47,078 |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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2018 |
2017 |
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Due after more than five years |
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After more than five years by instalments |
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- |
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Page 8 |
Creative Paper Products Limited
(Registration number: 02714679)
Notes to the Financial Statements for the Year Ended 31 December 2018
Reserves |
Deferred tax provided on the revaluation reserve amounted to £14,934 (2017 - £17,569). This has been charged directly to the revaluation reserve.
Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Bank loan |
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Invoice discounting facility |
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Finance lease and hire purchase liabilities |
- |
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2018 |
2017 |
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Non-current loans and borrowings |
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Bank loan |
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Secured loans and borrowings
The bank loan and invoice discounting facility are secured by a fixed and floating charge over all assets of the company.
The finance lease liabilities are secured on the individual assets financed.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Page 9 |
Creative Paper Products Limited
(Registration number: 02714679)
Notes to the Financial Statements for the Year Ended 31 December 2018
Related party transactions |
The company has taken advantage of the exemptions in FRS 102 Section 1A from disclosing transactions with other members of the group.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The parent of the largest group in which these financial statements are consolidated is Norwegian Paper Holdings AS, incorporated in Norway.
The address of Norwegian Paper Holdings AS is:
PB163, 48 91
Grimstad
Osterkogen 20, NO-4879
Grimstad
Norway
Page 10 |