Economy Packing Limited - Accounts to registrar (filleted) - small 18.2

ECONOMY PACKING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Lee

M A Stephens

REGISTERED OFFICE:

Unit 7 Pavillion Business Park

Royds Hall Road

Leeds

LS12 6AJ

REGISTERED NUMBER:

01393285 (England and Wales)

ACCOUNTANTS:

Wilkinson and Partners

Moors House

11 South Hawksworth Street

Ilkley

West Yorkshire

LS29 9DX

FIXED ASSETS

Tangible assets

4

3,764

7,269

CURRENT ASSETS

Stocks

29,363

27,072

Debtors

5

113,266

102,072

Cash at bank and in hand

27,404

35,297

170,033

164,441

CREDITORS

Amounts falling due within one year

6

132,773

103,306

NET CURRENT ASSETS

37,260

61,135

TOTAL ASSETS LESS CURRENT LIABILITIES

41,024

68,404

CREDITORS

Amounts falling due after more than one year

7

40,000

-

NET ASSETS

1,024

68,404

CAPITAL AND RESERVES

Called up share capital

9

60

60

Capital redemption reserve

40

40

Retained earnings

924

68,304

SHAREHOLDERS' FUNDS

1,024

68,404

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2022 and were signed on its behalf by:

D Lee - Director

1.	STATUTORY INFORMATION

Economy Packing 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2021

and 31 December 2021

75,201

6,831

45,595

127,627

DEPRECIATION

At 1 January 2021

73,662

3,246

43,450

120,358

Charge for year

1,002

358

2,145

3,505

At 31 December 2021

74,664

3,604

45,595

123,863

NET BOOK VALUE

At 31 December 2021

537

3,227

-

3,764

At 31 December 2020

1,539

3,585

2,145

7,269

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

83,860

70,510

Other debtors

-

3,586

Corporation tax

2

2

Prepayments

29,404

27,974

113,266

102,072

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

10,000

-

Trade creditors

109,120

84,603

Social security and other taxes

5,369

4,315

VAT

6,042

12,906

Other creditors

1,167

1,019

Accrued expenses

1,075

463

132,773

103,306

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans

40,000

-

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.21

31.12.20

£

£

Within one year

52,500

52,500

Between one and five years

52,500

105,000

105,000

157,500

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

60

Ordinary

1

60

60