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Company registration number: |
2751006
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A & S PACKING (YORKSHIRE) LIMITED
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REPORT OF THE DIRECTORS' AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 November 2017 |
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A & S PACKING (YORKSHIRE) LIMITED |
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BALANCE SHEET |
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AS AT 30 November 2017
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2017 |
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2016 |
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Notes |
£ |
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£ |
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£ |
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£ |
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FIXED ASSETS | | | | | | | | | | | |
Tangible assets | | | 3 | | | 903,558 | | | | 844,919 | |
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| | | | | | | 903,558 | | | | 844,919 | |
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CURRENT ASSETS |
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Stocks | | | | 2,750 | | | | 2,524 | | | | |
Debtors | | | | 554,113 | | | | 371,824 | | | | |
Cash at bank and in hand | | | | 521,085 | | | | 572,309 | | | | |
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| | | | | 1,077,948 | | | | 946,657 | | | |
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CREDITORS |
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Amounts falling due within one year |
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(317,803) |
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(314,699) |
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NET CURRENT ASSETS |
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760,145 |
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631,958 |
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TOTAL ASSETS LESS |
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CURRENT LIABILITIES |
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1,663,703 |
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1,476,877 |
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Creditors falling due after one year | | | | | (33,276) | | | | (13,418) | |
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PROVISIONS FOR LIABILITIES | | | | | (54,398) | | | | (52,148) | |
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NET ASSETS |
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1,576,029 |
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1,411,311 |
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CAPITAL AND RESERVES |
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Called-up equity share capital |
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200 |
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200 |
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Profit and loss account |
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1,575,829 |
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1,411,111 |
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SHAREHOLDERS FUNDS |
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1,576,029 |
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1,411,311 |
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For the year ending 30 November 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. | | | | | | | |
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. | | | | | | | |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts. | | | | | | | |
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All the members have consented to the preparation of abridged financial statements for the year ended 30 November 2017 in accordance with Section 444(2A) of the Companies Act 2006. | | | | | | | |
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The profit and loss account has not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies' regime. | | | | | | | |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Approved by the board of directors on 20 June 2018 and signed on its behalf. | | | | | | | |
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.......................................................................... |
S Lockwood |
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20 June 2018
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The annexed notes form part of these financial statements. | | | | | | | |
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A & S PACKING (YORKSHIRE) LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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1. |
Accounting policies |
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| Statutory information | | | | | | | |
| A & S Packing (Yorkshire) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The presentation currency of the financial statements is the £ sterling. | |
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| Statement of compliance | | | | | | | |
| These financial statements have been prepared in accordance with the provisions of Section 1A 'Small entities' of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There were no material departures from the standard. | |
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Basis of preparing the financial statements |
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The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
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| Turnover | | | | | | | | | |
| Turnover represents the value of work done during the year exclusive of value added tax. A sale is recognised on despatch of the goods to the customer which is the point at which the risks and rewards of ownership of the goods pass to the customer. | |
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| Fixed Assets | | | | | | | | |
| Tangible fixed assets are stated at cost less depreciation Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: | |
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| Plant & Equipment 20% reducing balance basis Computers 33.33% straightline basis | |
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| Motor Vehicles 30% reducing balance basis. | |
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| Freehold property has not been depreciated contrary to FRS 11 because the property is well maintained on a continuous basis such that the standard and performance of the property is well preserved and any depreciation charge would be immaterial. | |
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| Impairment of fixed assets | | | | | | | |
| At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is 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. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset from which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit and loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment cease to apply. | |
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| Equity Instruments | | | | | | | |
| Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. | |
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| Stocks and Work In Progress | | | | | | | |
| Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. | |
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| Leasing | | | | | | | | | |
| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element has been charged to the profit and loss account under the straight line basis in accordance with SSAP 21. | |
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| Financial Instruments | | | | | | | |
| 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 and loss account. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the profit and loss account. Debtors Short term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method, less any impairment. Creditors Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method. Classification of Financial Liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. | |
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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. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted substantively enacted by the balance sheet date. | |
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| Deferred Taxation | | | | | | | | |
| Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences. | |
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| Pension Scheme | | | | | | | | |
| The company operates a defined contribution pension scheme, and the pension charge represents the amounts payable by the company to the fund in respect of the year. | |
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2. | Employees | | | |
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| The average number of persons employed by the company (including directors during the year was 73 (2016 : 74). |
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3. | Tangible fixed assets | | | | | | | | | |
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Total |
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| Cost | | | | | | | | | | |
| At start of period | | 1,447,369 | |
| Additions | | | 167,269 | |
| Disposals | | | (46,765) | |
| At end of period | | 1,567,873 | |
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| Depreciation | | | | | | | | | | |
| At start of period | | 602,450 | |
| Provided during the period | | 99,221 | |
| On disposals | | | (37,356) | |
| At end of period | | 664,315 | |
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| Net Book Value | | | | | | | | | |
| At start of period | | 844,919 | |
| At end of period | | 903,558 | |
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| The net book value of assets held under hire purchase & finance lease contracts is analysed as follows: 2017 2016 £ £ Motor Vehicles 89,702 27,037 |
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4. | Creditors due within one year | | | | | |
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| Creditors include net obligations under finance lease and hire purchase contracts which are secured of £20,285 (2016 £8,052). The finance leases are secured on the assets concerned. |
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5. | Creditors due after more than one year | | | | | |
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| Creditors include net obligations under finance lease and hire purchase contracts which are secured of £33,276 (2016 £13,418). The finance leases are secured on the assets concerned. |
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6. | Related Party Transactions | | | | | | | | |
| Dividends All dividends paid in the year were paid to Mr & Mrs Lockwood and Mr & Mrs Scriven . | |
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7. | Pension costs | | | | | | | | |
| The company operates a defined contribution scheme, and the pension charge represents the amounts payable by the company to the fund in respect of the year. | |
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