Company Registration No. 05048727 (England and Wales)
Imported Packaging Solutions Limited
Unaudited accounts
for the year ended 31 August 2022
Imported Packaging Solutions Limited
Unaudited accounts
Contents
Imported Packaging Solutions Limited
Statement of financial position
as at 31 August 2022
Inventories
366,920
330,181
Debtors
1,429,842
1,175,617
Cash at bank and in hand
456,096
782,512
Creditors: amounts falling due within one year
(1,015,378)
(1,123,083)
Net current assets
1,237,480
1,165,227
Total assets less current liabilities
1,237,480
1,166,624
Creditors: amounts falling due after more than one year
(140,892)
(214,690)
Net assets
1,096,588
951,934
Called up share capital
1,002
1,002
Profit and loss account
1,095,586
950,932
Shareholders' funds
1,096,588
951,934
For the year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2023 and were signed on its behalf by
Mr S Aggarwal
Director
Company Registration No. 05048727
Imported Packaging Solutions Limited
Notes to the Accounts
for the year ended 31 August 2022
Imported Packaging Solutions Limited is a private company, limited by shares, registered in England and Wales, registration number 05048727. The registered office is Unit C, 126 Rickmansworth Road, Watford, WD18 7WR.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Expenditure on research and development is written off in the year in which it is incurred.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on straight line
Fixtures & fittings
25% on straight line
Computer equipment
25% on straight line
Intangible fixed assets are included at cost less accumulated amortisation.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Imported Packaging Solutions Limited
Notes to the Accounts
for the year ended 31 August 2022
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
4
Intangible fixed assets
Other
At 1 September 2021
51,950
At 1 September 2021
51,950
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 September 2021
10,980
4,243
51,784
67,007
At 31 August 2022
10,980
4,243
51,784
67,007
At 1 September 2021
10,980
4,243
50,387
65,610
Charge for the year
-
-
1,397
1,397
At 31 August 2022
10,980
4,243
51,784
67,007
At 31 August 2021
-
-
1,397
1,397
Amounts falling due within one year
Trade debtors
897,325
681,880
Accrued income and prepayments
60,000
25,739
Other debtors
472,517
467,998
Imported Packaging Solutions Limited
Notes to the Accounts
for the year ended 31 August 2022
7
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
53,350
53,350
Trade creditors
736,430
802,198
Taxes and social security
193,625
265,652
Loans from directors
1,562
1,883
The bank loan is unsecured.
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Creditors: amounts falling due after more than one year
2022
2021
Bank loans
140,892
214,690
The bank loan is unsecured.
Allotted, called up and fully paid:
1,002 Ordinary shares of £1 each
1,002
1,002
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Operating lease commitments
2022
2021
At 31 August 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
35,000
-
Later than one year and not later than five years
-
107,000
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Average number of employees
During the year the average number of employees was 17 (2021: 17).