Company Registration No. 05048727 (England and Wales)
IMPORTED PACKAGING SOLUTIONS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2015
IMPORTED PACKAGING SOLUTIONS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
IMPORTED PACKAGING SOLUTIONS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2015
31 August 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
21,547
20,822
Current assets
Stocks
280,872
212,651
Debtors
470,024
497,271
Cash at bank and in hand
815
5,862
751,711
715,784
Creditors: amounts falling due within one year
3
(559,907)
(513,461)
Net current assets
191,804
202,323
Total assets less current liabilities
213,351
223,145
Creditors: amounts falling due after more than one year
4
(73,883)
(110,955)
139,468
112,190
Capital and reserves
Called up share capital
5
1,002
1,002
Profit and loss account
138,466
111,188
Shareholders' funds
139,468
112,190
For the financial year ended 31 August 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 23 May 2016
Mr S Aggarwal
Director
Company Registration No. 05048727
IMPORTED PACKAGING SOLUTIONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% on straight line
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Fixed assets
Tangible assets
£
Cost
At 1 September 2014
48,905
Additions
10,634
At 31 August 2015
59,539
Depreciation
At 1 September 2014
28,083
Charge for the year
9,909
At 31 August 2015
37,992
Net book value
At 31 August 2015
21,547
At 31 August 2014
20,822
IMPORTED PACKAGING SOLUTIONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2015
- 3 -
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £140,289 (2014 - £155,774).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £72,083 (2014 - £110,955).
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1,002 Ordinary shares of £1 each
1,002
1,002
6
Related party relationships and transactions
Other transactions
At the year end the amount owned by Mr S Aggarwal, a director of the company, was £2,100. Loan was repaid on 4 September 2015.