Registration number:
Thorpe Packaging Limited
Information for Filing with The Registrar
30 June 2019
Thorpe Packaging Limited
(Registration number: 03084801)
Balance Sheet
30 June 2019
Note |
2019 |
2018 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Other financial assets |
32,000 |
282,000 |
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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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Provision for liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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TOTAL EQUITY |
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For the financial year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
As permitted by section 444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's Profit and Loss Account.
Approved and authorised by the
P.R. Jolliffe
Director
Page 1 |
Thorpe Packaging Limited
Notes to the Accounts
Year Ended 30 June 2019
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and is recognised when the goods are physically delivered to the customer. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises corporation and deferred tax.
The current corporation 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 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 tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Page 2 |
Thorpe Packaging Limited
Notes to the Accounts
Year Ended 30 June 2019
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 |
Fixture and fittings |
25% reducing balance basis |
Plant and machinery |
25% reducing balance basis |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life,
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
5% straight line basis |
Fixed asset investments
A financial asset held as an equity investment is recognised initially at the transaction price (including transaction costs).
At the end of each reporting period, unlisted equity investments are recorded at fair value where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit or loss immediately. Impairment loss is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset (including sales proceeds if sold) at the balance sheet date.
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. 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.
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.
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 are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Page 3 |
Thorpe Packaging Limited
Notes to the Accounts
Year Ended 30 June 2019
Staff numbers |
The average number of persons employed by the company during the year, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 July 2018 |
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At 30 June 2019 |
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Amortisation |
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At 1 July 2018 |
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Amortisation eliminated on disposals |
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At 30 June 2019 |
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Carrying amount |
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At 30 June 2019 |
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At 30 June 2018 |
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Tangible assets |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 July 2018 |
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Additions |
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Disposals |
- |
( |
( |
At 30 June 2019 |
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Depreciation |
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At 1 July 2018 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 30 June 2019 |
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Carrying amount |
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At 30 June 2019 |
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At 30 June 2018 |
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Page 4 |
Thorpe Packaging Limited
Notes to the Accounts
Year Ended 30 June 2019
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 July 2018 |
282,000 |
282,000 |
Disposals |
(250,000) |
(250,000) |
At 30 June 2019 |
32,000 |
32,000 |
Carrying amount |
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At 30 June 2019 |
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32,000 |
Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Creditors |
Note |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Amounts due to related parties |
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Corporation tax |
- |
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Other taxes and social security |
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Other creditors |
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Page 5 |
Thorpe Packaging Limited
Notes to the Accounts
Year Ended 30 June 2019
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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12 |
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12 |
Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Financial commitments, guarantees and contingencies |
Not included in the balance sheet are contingencies of £193,392
(2018 - £193,392)
. The company is a corporate member of Silberhutte Developments LLP and is liable to contribute to the assets of the LLP in the event of a winding up before 1 July 2020. The maximum liability in relation to this undertaking is £83,776. The company does not believe that a winding up of the LLP is probable and has not made provision for the liability as at 30 June 2019,
The company is a corporate member of L.R R & D LLP and is liable to contribute to the assets of the LLP in the event of a winding up before 1 July 2020. The maximum liability in relation to this undertaking is £109,616. The company does not believe that a winding up of the LLP is probable and has not made provision for the liability as at 30 June 2019.
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2019 |
2018 |
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Remuneration |
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Contributions paid to money purchase schemes |
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28,950 |
28,452 |
Page 6 |
Thorpe Packaging Limited
Notes to the Accounts
Year Ended 30 June 2019
During the year the number of directors who were receiving benefits and share incentives was as follows:
2019 |
2018 |
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Accruing benefits under money purchase pension scheme |
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Other transactions with directors |
Peter Jolliffe
P.R. Jolliffe is a director and shareholder in Hejj Limited, the company's parent company. On 28 July 2015, the company acquired an interest in Thorpe Packaging (TP) LLP from Tashira Limited. As part of the consideration Tashira Limited novated an outstanding loan due to Mastic 2014 Settlement No 43 (''the settlement'') to the company. As a result the company owed £250,000 to the settlement, the primary interest in which is held by Thorpe Packaging (TP) LLP. The loan accrues interest at 4% per annum. On 12 August 2015 the company novated the loan such that the company assumed liability to the following shareholder and they became indebted to the settlement as follows: P.R. Jolliffe - £250,000. During the year the company disposed of the interest to a shareholder in the company.
Summary of transactions with parent
Summary of transactions with entities with joint control or significant interest
Summary of transactions with all subsidiaries
Summary of transactions with other related parties
P.R. & J.L. Jolliffe are partners in the Hejj Partnership.
Page 7 |