Company registration number 04564687 (England and Wales)
JEM PACKAGING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
PAGES FOR FILING WITH REGISTRAR
JEM PACKAGING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
JEM PACKAGING LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2021
31 October 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
781,030
719,151
Current assets
Stocks
124,145
84,805
Debtors
4
281,656
332,816
Cash at bank and in hand
486,833
415,276
892,634
832,897
Creditors: amounts falling due within one year
5
(834,740)
(722,717)
Net current assets
57,894
110,180
Total assets less current liabilities
838,924
829,331
Creditors: amounts falling due after more than one year
6
(30,291)
(54,997)
Provisions for liabilities
(160,174)
(126,839)
Net assets
648,459
647,495
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
648,359
647,395
Total equity
648,459
647,495
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
JEM PACKAGING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2021
31 October 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 June 2022 and are signed on its behalf by:
Mr RW Page
Director
Company Registration No. 04564687
JEM PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
- 3 -
1
Accounting policies
Company information
Jem Packaging Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
62 Norwich Street, Dereham, Norfolk, England, NR19 1AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
- 15% reducing balance
Motor vehicles
- 25% reducing balance
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
JEM PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
19
19
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2020
1,391,490
Additions
132,307
At 31 October 2021
1,523,797
Depreciation and impairment
At 1 November 2020
672,339
Depreciation charged in the year
70,428
At 31 October 2021
742,767
Carrying amount
At 31 October 2021
781,030
At 31 October 2020
719,151
JEM PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 5 -
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
236,552
290,130
Other debtors
45,104
42,686
281,656
332,816
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
250,000
120,000
Trade creditors
402,590
409,413
Corporation tax
16,578
24,057
Other taxation and social security
64,957
89,468
Other creditors
100,615
79,779
834,740
722,717
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
30,291
54,997