Company Registration No. 01302244 (England and Wales)
ADCAL LABELS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
PAGES FOR FILING WITH REGISTRAR
ADCAL LABELS LIMITED
COMPANY INFORMATION
Directors
M D O'Connor
Mrs K A O'Connor
(Appointed 28 October 2020)
Company number
01302244
Registered office
Jayem Works
Gomm Road
HIGH WYCOMBE
Bucks
HP13 7DJ
Accountants
Harwood Hutton Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
ADCAL LABELS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ADCAL LABELS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2020
30 April 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
126,813
137,876
Current assets
Stocks
65,030
62,552
Debtors
5
343,437
332,922
Investments
4
19,091
19,091
Cash at bank and in hand
184,829
155,795
612,387
570,360
Creditors: amounts falling due within one year
6
(155,583)
(138,473)
Net current assets
456,804
431,887
Total assets less current liabilities
583,617
569,763
Provisions for liabilities
(23,694)
(17,213)
Net assets
559,923
552,550
Capital and reserves
Called up share capital
7
10,028
10,028
Capital redemption reserve
200,000
200,000
Profit and loss reserves
349,895
342,522
Total equity
559,923
552,550
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 30 April 2020 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.
The financial statements were approved by the board of directors and authorised for issue on 5 November 2020 and are signed on its behalf by:
M D O'Connor
Director
Company Registration No. 01302244
ADCAL LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
- 2 -
1
Accounting policies
Company information
Adcal Labels Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Jayem Works, Gomm Road, HIGH WYCOMBE, Bucks, HP13 7DJ.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover
is measured at the fair value of the consideration received or receivable for the sale of printed labels and the rendering of services in the normal course of business, and is shown net of discounts and VAT. Revenue is recognised when the customer accepts delivery of the goods.
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 machinery
10% per annum on written down value
Computer equipment
33.33% per annum on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
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).
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
ADCAL LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.7
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.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
ADCAL LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9
(2019 - 10).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2019
818,141
Additions
4,459
Disposals
(3,222)
At 30 April 2020
819,378
Depreciation and impairment
At 1 May 2019
680,265
Depreciation charged in the year
15,181
Eliminated in respect of disposals
(2,881)
At 30 April 2020
692,565
Carrying amount
At 30 April 2020
126,813
At 30 April 2019
137,876
4
Current asset investments
2020
2019
£
£
Other investments
19,091
19,091
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
141,836
141,493
Amounts owed by group undertakings
159,376
155,117
Other debtors
42,225
36,312
343,437
332,922
ADCAL LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 5 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
102,880
85,040
Corporation tax
(753)
(753)
Other taxation and social security
36,338
29,527
Other creditors
17,118
24,659
155,583
138,473
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of £1 each
10,000
10,000
2,750 Non participating shares of 1p each
28
28
10,028
10,028
£1 Ordinary shares have full equity rights.
£0.01 Non participating shares do not confer the right to receive dividends nor to any further participation in the profits of the company and carry one vote per share.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
23,111
21,906
9
Related party transactions
The company is a wholly owned subsidiary of Adcal Holdings Limited and as such has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures', not to provide disclosures of transactions entered into with other wholly-owned members of the group.