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Company registration number: 01651229

Abpac Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2017

 

Abpac Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Abpac Limited

(Registration number: 01651229)
Balance Sheet as at 28 February 2017

Note

2017
 £

2016
 £

Fixed assets

 

Tangible assets

5

992,823

918,723

Current assets

 

Stocks

6

615,460

379,338

Debtors

7

766,912

588,321

Cash at bank and in hand

 

525,619

699,329

 

1,907,991

1,666,988

Creditors: Amounts falling due within one year

8

(706,041)

(913,147)

Net current assets

 

1,201,950

753,841

Total assets less current liabilities

 

2,194,773

1,672,564

Provisions for liabilities

 

Deferred tax liabilities

 

(34,581)

(7,965)

Net assets

 

2,160,192

1,664,599

Capital and reserves

 

Called up share capital

12,000

12,000

Revaluation reserve

213,441

214,149

Profit and loss reserve

1,934,751

1,438,450

Total equity

 

2,160,192

1,664,599

Page 1

 

Abpac Limited

(Registration number: 01651229)
Balance Sheet as at 28 February 2017

For the financial year ending 28 February 2017 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 10 July 2017 and signed on its behalf by:
 


L A Barker
Director


M C Barker
Director

 

Page 2

 

Abpac Limited

Notes to the Financial Statements
for the Year Ended 28 February 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Abpac House
Wessex Way
Wincanton Business Park
Wincanton
Somerset
BA9 9RR

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

This is the first year in which the financial statements have been prepared under FRS 102 Section 1A. No restatements were required to the prior year as a result of transition to FRS 102 Section 1A.

Basis of preparation

These financial statements are presented in Sterling (£) and have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Revenue earned from the sale and distribution of packaging is recognised upon the supply of goods.

Page 3

 

Abpac Limited

Notes to the Financial Statements
for the Year Ended 28 February 2017

Tangible assets

Tangible assets except for land and buildings are stated at cost, less accumulated depreciation and accumulated impairment losses. Land and buildings are stated at a revalued amount, being fair value less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

0% and 2% straight line

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Office equipment

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Page 4

 

Abpac Limited

Notes to the Financial Statements
for the Year Ended 28 February 2017

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2016 - 26).

Page 5

 

Abpac Limited

Notes to the Financial Statements
for the Year Ended 28 February 2017

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2016

14,000

14,000

At 28 February 2017

14,000

14,000

Amortisation

At 1 March 2016

14,000

14,000

At 28 February 2017

14,000

14,000

Carrying amount

At 28 February 2017

-

-

Page 6

 

Abpac Limited

Notes to the Financial Statements
for the Year Ended 28 February 2017

5

Tangible assets

Freehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Plant and machinery
 £

Office equipment
£

Total
£

Cost or valuation

At 1 March 2016

700,000

192,766

253,910

84,335

118,020

1,349,031

Additions

-

18,924

129,225

8,480

16,241

172,870

Disposals

-

-

(48,000)

-

-

(48,000)

At 28 February 2017

700,000

211,690

335,135

92,815

134,261

1,473,901

Depreciation

At 1 March 2016

20,000

177,820

57,316

77,832

97,340

430,308

Charge for the year

4,000

2,662

56,019

1,970

5,109

69,760

Eliminated on disposal

-

-

(18,990)

-

-

(18,990)

At 28 February 2017

24,000

180,482

94,345

79,802

102,449

481,078

Carrying amount

At 28 February 2017

676,000

31,208

240,790

13,013

31,812

992,823

At 29 February 2016

680,000

14,946

196,594

6,503

20,680

918,723

Page 7

 

Abpac Limited

Notes to the Financial Statements
for the Year Ended 28 February 2017

Revaluation

The fair value of the company's land and buildings was revalued on 29 February 2016. An independent valuer was not involved. The basis of the valuation was open market value, on an existing use basis. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £463,399 (2016 - £465,851).

6

Stocks

2017
£

2016
£

Goods for resale

615,460

379,338

7

Debtors

2017
 £

2016
 £

Trade debtors

758,819

572,536

Other debtors

8,093

15,785

Total current trade and other debtors

766,912

588,321

8

Creditors

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

476,192

279,890

Taxation and social security

 

58,121

82,970

Corporation tax

 

156,314

135,053

Other creditors

 

15,414

415,234

 

706,041

913,147

9

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £175,866 (2016 - £866). The commitment relates to non-cancellable operating leases and is due over the following periods: £62,227 (2016 - £2,227) in one year and £115,000 (2016 - £nil) in two to five years.

Page 8