REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2019 |
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COLOURPAK LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2019 |
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FOR |
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COLOURPAK LIMITED |
COLOURPAK LIMITED (REGISTERED NUMBER: 04505824) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2019 |
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Statement of Financial Position | 1 | to | 2 |
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Notes to the Financial Statements | 3 | to | 7 |
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COLOURPAK LIMITED (REGISTERED NUMBER: 04505824) |
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STATEMENT OF FINANCIAL POSITION |
31 AUGUST 2019 |
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31.8.19 | 31.8.18 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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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 |
8 |
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( |
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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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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. |
COLOURPAK LIMITED (REGISTERED NUMBER: 04505824) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 AUGUST 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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COLOURPAK LIMITED (REGISTERED NUMBER: 04505824) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2019 |
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1. | STATUTORY INFORMATION |
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Colourpak Limited is a
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company's registered number and registered office address are as below: |
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Registered number: | 04505824 |
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Registered office: | Unit 4 |
Park Lane |
151 King Street |
Stoke-On-Trent |
Staffordshire |
ST4 3NA |
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The principal activity of the company continued to be the manufacturing of corrugated paper, |
paperboard, sacks and bags. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are prepared in sterling, which is the functional currency of the entity. |
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Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable and represents |
amounts receivable for goods supplied and services rendered, stated net of discounts and of |
Value Added Tax. |
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Revenue from the sale of goods is recognised when the significant risks and rewards of |
ownership of the goods have transferred to the buyer, usually on despatch of the goods, the |
amount of revenue can be measured reliably, it is probable that the associated economic benefits |
will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be |
measured reliably. |
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Goodwill |
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition |
over the company's interest in the net amount of the identifiable assets, liabilities and contingent |
liabilities of the acquired business. |
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Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. |
It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful |
life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. |
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Amortisation |
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Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, |
over the useful life of that asset as follows: |
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Goodwill - Fully amortised |
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If there is an indication that there has been a significant change in amortisation rate, useful life or |
residual value of an intangible asset, the amortisation is revised prospectively to reflect the new |
estimates. |
COLOURPAK LIMITED (REGISTERED NUMBER: 04505824) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated |
depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at |
the fair value at the date of revaluation less any subsequent accumulated depreciation and |
subsequent accumulated impairment losses. |
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An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other |
comprehensive income and accumulated in equity, except to the extent it reverses a revaluation |
decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount |
of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of |
any previously recognised revaluation increase accumulated in equity in respect of that asset. Where |
a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of |
that asset, the excess shall be recognised in profit or loss. |
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Investment property |
Investment property is initially recorded at cost, which includes purchase price and any directly |
attributable expenditure. |
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Investment property is revalued to its fair value at each reporting date and any changes in fair |
value are recognised in profit or loss. |
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If a reliable measure of fair value is no longer available without undue cost or effort for an item of |
investment property, it shall be transferred to tangible assets and treated as such until it is expected |
that fair value will be reliably measurable on an on-going basis. |
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Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. |
Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock |
to its present location and condition. |
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Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the |
contractual provisions of the instrument. |
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Basic financial instruments are initially recognised at the transaction price, unless the arrangement |
constitutes a financing transaction, where it is recognised at the present value of the future payments |
discounted at a market rate of interest for a similar debt instrument. |
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Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of |
impairment at the end of each reporting date. If there is objective evidence of impairment, an |
impairment loss is recognised in profit or loss immediately. |
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For all equity instruments regardless of significance, and other financial assets that are individually |
significant, these are assessed individually for impairment. Other financial assets are either assessed |
individually or grouped on the basis of similar credit risk characteristics. |
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COLOURPAK LIMITED (REGISTERED NUMBER: 04505824) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2019 |
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2. | ACCOUNTING POLICIES - continued |
Corporation tax |
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 statement of financial position 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 statement of financial position 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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 September 2018 |
and 31 August 2019 |
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AMORTISATION |
At 1 September 2018 |
and 31 August 2019 |
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NET BOOK VALUE |
At 31 August 2019 |
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At 31 August 2018 |
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COLOURPAK LIMITED (REGISTERED NUMBER: 04505824) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2019 |
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5. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2018 |
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Additions |
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At 31 August 2019 |
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DEPRECIATION |
At 1 September 2018 |
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Charge for year |
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At 31 August 2019 |
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NET BOOK VALUE |
At 31 August 2019 |
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At 31 August 2018 |
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The directors consider the investment properties are stated at fair value as at 31 August 2019. The |
directors have considered the carrying value and do not consider it to be impaired. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.19 | 31.8.18 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.19 | 31.8.18 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 29,838 | 23,753 |
Other creditors |
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Accruals and deferred income |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.8.19 | 31.8.18 |
£ | £ |
Bank loans - 2-5 years |
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The Bank Loan in favour of Lloyds Bank Plc at the date 24 January 2017 is secured by a fixed and |
floating charge over the company's assets. |
COLOURPAK LIMITED (REGISTERED NUMBER: 04505824) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2019 |
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9. | EVENTS AFTER THE END OF THE REPORTING PERIOD |
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There were no significant events up to the date of approval of financel statements by the Board. |