Company registration number:
for the Year Ended
Abpac Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Abpac Limited
(Registration number: 01651229)
Balance Sheet as at 28 February 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Deferred tax liabilities |
(34,581) |
(7,965) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss reserve |
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Total equity |
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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:
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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 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
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Page 2
Abpac Limited
Notes to the Financial Statements
for the Year Ended 28 February 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
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.
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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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5
Abpac Limited
Notes to the Financial Statements
for the Year Ended 28 February 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 March 2016 |
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At 28 February 2017 |
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Amortisation |
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At 1 March 2016 |
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At 28 February 2017 |
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Carrying amount |
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At 28 February 2017 |
- |
- |
Page 6
Abpac Limited
Notes to the Financial Statements
for the Year Ended 28 February 2017
Tangible assets |
Freehold land and buildings |
Fixtures and fittings
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Motor vehicles |
Plant and machinery |
Office equipment
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Total |
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Cost or valuation |
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At 1 March 2016 |
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Additions |
- |
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Disposals |
- |
- |
( |
- |
- |
( |
At 28 February 2017 |
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Depreciation |
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At 1 March 2016 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
- |
- |
( |
At 28 February 2017 |
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Carrying amount |
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At 28 February 2017 |
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At 29 February 2016 |
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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
Stocks |
2017 |
2016 |
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Goods for resale |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Corporation tax |
156,314 |
135,053 |
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Other creditors |
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Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Page 8