Paperscope Limited - Period Ending 2020-04-30

Registration number: 06420429

Prepared for the registrar

Paperscope Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2020

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

Paperscope Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

Paperscope Limited

Company Information

Directors

K E Betts K E Betts

Registered office

5 Deansway Worcester WR1 2JG

Solicitors

Harrison Clark Rickerbys 5 Deansway Worcester Worcestershire WR1 2JG

Bankers

Santander UK PLC 1st Floor 5 Market Place Derby DE1 3PY

Accountants

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

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Paperscope Limited

(Registration number: 06420429)
Balance Sheet as at 30 April 2020

	Note	2020  £	2019  £
Fixed assets
Tangible assets	4	331,041	334,072
Investments	5	8,341,387	8,341,387
		8,672,428	8,675,459
Current assets
Cash at bank and in hand		324	324
Creditors: Amounts falling due within one year	6	(8,667,948)	(8,677,992)
Net current liabilities		(8,667,624)	(8,677,668)
Net assets/(liabilities)		4,804	(2,209)
Capital and reserves
Called up share capital		118	118
Profit and loss account		4,686	(2,327)
Total equity		4,804	(2,209)

For the financial year ending 30 April 2020 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 March 2021 and signed on its behalf by:
 

.........................................

K E Betts
Director

The notes on pages 3 to 7 form an integral part of these financial statements.
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Paperscope Limited

Notes to the Financial Statements for the Year Ended 30 April 2020

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:
5 Deansway
Worcester
WR1 2JG

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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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Paperscope Limited

Notes to the Financial Statements for the Year Ended 30 April 2020

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent 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, over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	1% on cost

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.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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Paperscope Limited

Notes to the Financial Statements for the Year Ended 30 April 2020

Financial instruments (continued)

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

	2020  No.	2019  No.
Average number of employees	2	2

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Paperscope Limited

Notes to the Financial Statements for the Year Ended 30 April 2020

4

Tangible assets

	Land and buildings £
Cost
At 1 May 2019 and at 30 April 2020	373,472
Depreciation
At 1 May 2019	39,400
Charge for the year	3,031
At 30 April 2020	42,431
Carrying amount
At 30 April 2020	331,041
At 30 April 2019	334,072

Freehold property includes land of £70,400 (2018 - £70,400) which is not subject to depreciation.

5

Investments

	2020 £	2019 £
Investments in subsidiaries	8,341,387	8,341,387

Subsidiaries	£
Cost and carrying amount
At 1 May 2019 and at 30 April 2019	8,341,387

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2020	2019
Subsidiary undertakings
Laurel Residential Homes Limited		Ordinary	100%	100%
	England and Wales

The principal activity of Laurel Residential Homes Limited is the provision of residential care.

6

Creditors

	2020  £	2019  £
Due within one year
Amounts owed to group undertakings	8,667,948	8,677,992

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Paperscope Limited

Notes to the Financial Statements for the Year Ended 30 April 2020

7

Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary A shares of £1 each	75	75	75	75
Ordinary B shares of £1 each	25	25	25	25
Ordinary C shares of £1 each	12	12	12	12
Ordinary D shares of £1 each	6	6	6	6
	118	118	118	118

Rights, preferences and restrictions

The Ordinary A, B, C and D shares rank pari passu in all respects, other than dividend rights.

8

Control

The company is controlled by K Betts.

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