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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2018 |
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CARDBOARD LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2018 |
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FOR |
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CARDBOARD LTD |
CARDBOARD LTD (REGISTERED NUMBER: 08024532) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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CARDBOARD LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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1 The Old Stables |
Eridge Park |
Tunbridge Wells |
Kent |
TN3 9JT |
CARDBOARD LTD (REGISTERED NUMBER: 08024532) |
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BALANCE SHEET |
31 MAY 2018 |
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2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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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 |
7 |
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( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | 9 |
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SHAREHOLDERS' FUNDS |
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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. |
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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
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CARDBOARD LTD (REGISTERED NUMBER: 08024532) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2018 |
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1. | STATUTORY INFORMATION |
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Cardboard Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is recognised to the extent it is probable that economic benefit will flow to the company, and that it can |
be reliably measured. Turnover is measured at the fair value of consideration received or receivable, net of |
discounts, rebates, VAT and other sales taxes. |
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Turnover from the sale of goods is recognised when the following conditions are satisfied: |
- the significant risks and rewards of ownership are transferred to the customer; |
- the company does not retain managerial involvement, nor control over the goods sold; |
- the amount of turnover can be reliably measured; |
- the right to consideration due for the transaction is probable; and |
- the costs incurred, or to be incurred, can be reliably measured. |
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Turnover is recognised upon dispatch or collection of the goods by the customer. Design work is recognised |
when designs are sent to a customer. Products and designs completed but not dispatched until after the |
reporting period are recognised as work in progress. |
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Monies received in respect of advanced orders are treated as deposits until the criteria for recognition as turnover |
is met. |
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Other income |
Other income is income from letting of spare desk space. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Tangible fixed assets are held under the cost model, and are stated at their historical cost less accumulated |
depreciation and impairment losses. Cost includes directly attributable expenditure in bringing the asset into the |
location and condition necessary for operation. |
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The assets' residual values; useful lives and depreciation methods are reviewed periodically and prospectively |
adjusted where appropriate; or where there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposal are determined by comparing the proceeds with the carrying amount, and are |
recognised in the statement of income and retained earnings. |
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Stocks and work in progress |
Work in progress is valued at the lower of cost and net realisable value. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
CARDBOARD LTD (REGISTERED NUMBER: 08024532) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and creditors; loans from banks and other third parties; loans to |
related parties and investments in non-puttable ordinary shares. |
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Debt instruments, other than those wholly payable or receivable within one year, including loans and other |
accounts receivable and payable are initially measured at the present value of future cash flows, and |
subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable |
or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of |
consideration expected to be paid or received. If the arrangements of a short term instrument constitute a |
financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a |
rate of interest that is not at a market rate, the financial asset or liability is initially measured at the present value |
of future cash flows discounted at a market rate of interest for a similar debt instrument, and subsequently |
measured at amortised cost. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period |
for objective evidence of impairment, and such impairments is recognised in total comprehensive income. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet 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 balance |
sheet 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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Foreign currencies |
At each reporting date, foreign currency monetary items are translated using the closing rate. Non-monetary |
items measured at historical cost are translated using the exchange rate at the date of the transaction. |
Non-monetary items at fair value are measured using the exchange rate when fair value was determined. |
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Foreign exchange gains and losses resulting from the settlement of transactions and from translation of monetary |
assets and liabilities denominated in foreign currencies at the reporting date are recognised in the statement of |
income and retained earnings. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight |
line basis over the term of the lease. |
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets |
acquired by hire purchase are depreciated over the useful economic life. Assets acquired by finance lease are |
depreciated over the term of the lease, or useful economic life if shorter. |
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Finance leases are those where substantially all of the risks and benefits of ownership are assumed by the |
company. Obligations under such agreements are included in creditors, net of finance charges allocated to future |
periods. The finance element of the rental payment is charged to the statement of income and retained earnings |
so as to produce a constant, periodic rate of charge on the net obligation outstanding in each period. |
CARDBOARD LTD (REGISTERED NUMBER: 08024532) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. A defined contribution scheme is a plan under |
which the company pays fixed contributions into a separate legal entity. Once the contributions have been paid, |
the company has no further payment obligations. |
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Contributions payable to the company's pension scheme are recognised in the statement of income and retained |
earnings in the period to which they fall due. Amounts not paid by the reporting date are shown within accruals |
as a liability in the balance sheet. The assets of the plan are held separately from the company in independently |
administered funds. |
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Cash and cash equivalents |
Cash at bank is represented by bank current and short term deposit accounts. |
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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. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 June 2017 |
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Additions |
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At 31 May 2018 |
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DEPRECIATION |
At 1 June 2017 |
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Charge for year |
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At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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The bank loan is secured by way of a fixed and floating charge over the assets of the company. |
CARDBOARD LTD (REGISTERED NUMBER: 08024532) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans |
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The bank loan is secured by way of a fixed and floating charge over the assets of the company. |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary shares | 1 | 300 | 300 |
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9. | RESERVES |
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Retained earnings represent distributable reserves of accumulated profits and losses. |
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10. | PENSION COMMITMENTS |
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The charge for the year was £400 (2017 - £nil). There were no contributions due and not paid at the reporting |
date for the current or comparative period. |
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11. | RELATED PARTY DISCLOSURES AND CONTROLLING PARTY |
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Included within other debtors is £550 (2017 - £3,288) owed by the directors. The loans to the directors do not |
carry interest and were settled after the reporting date. |
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12. | ULTIMATE CONTROLLING PARTY |
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The company is controlled by its directors. |