Oyster Retail Packaging Limited - Period Ending 2017-04-30
Oyster Retail Packaging Limited - Period Ending 2017-04-30
Registration number:
Oyster Retail Packaging Limited
for the Year Ended 30 April 2017
Chartered Accountants
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB
Oyster Retail Packaging Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Abridged Profit and Loss Account |
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Abridged Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Abridged Financial Statements |
Oyster Retail Packaging Limited
Company Information
Directors |
Mr A P K Mundin Mr M A Lewis |
Registered office |
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Accountants |
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Page 1 |
Oyster Retail Packaging Limited
Directors' Report for the Year Ended 30 April 2017
The directors present their report and the abridged financial statements for the year ended 30 April 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is the sale of retail packaging.
Small companies provision statement
This report has 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.
The address of its registered office is:
Approved by the Board on
.........................................
Mr A P K Mundin
Director
Page 2 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Oyster Retail Packaging Limited
for the Year Ended 30 April 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Oyster Retail Packaging Limited for the year ended 30 April 2017 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Oyster Retail Packaging Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Oyster Retail Packaging Limited and state those matters that we have agreed to state to the Board of Directors of Oyster Retail Packaging Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oyster Retail Packaging Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Oyster Retail Packaging Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Oyster Retail Packaging Limited. You consider that Oyster Retail Packaging Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Oyster Retail Packaging Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
7 Gregory Boulevard
Nottingham
NG7 6LB
Page 3 |
Oyster Retail Packaging Limited
Abridged Profit and Loss Account for the Year Ended 30 April 2017
2017 |
2016 |
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Gross profit |
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Distribution costs |
( |
( |
Administrative expenses |
( |
( |
Other interest receivable and similar income |
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- |
Interest payable and similar expenses |
( |
( |
Profit before tax |
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Taxation |
( |
( |
Profit for the financial year |
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Page 4 |
Oyster Retail Packaging Limited
(Registration number: 05775496)
Abridged Balance Sheet as at 30 April 2017
Note |
2017 |
2016 |
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£ |
£ |
£ |
£ |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 5 |
Oyster Retail Packaging Limited
(Registration number: 05775496)
Abridged Balance Sheet as at 30 April 2017
For the financial year ending 30 April 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the Board on
.........................................
Mr A P K Mundin
Director
Page 6 |
Oyster Retail Packaging Limited
Statement of Changes in Equity for the Year Ended 30 April 2017
Share capital |
Profit and loss account |
Total |
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At 1 May 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 30 April 2017 |
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Share capital |
Profit and loss account |
Total |
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At 1 May 2015 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 30 April 2016 |
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Page 7 |
Oyster Retail Packaging Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The principal place of business is:
9 Vision Business Centre
Firth Way
Nottingham
NG6 8GF
These financial statements were authorised for issue by the
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.
Basis of preparation of financial statements
These financial statements were prepared under the historical cost convention in accordance with applicable United Kingdom accounting standards, including the Financial Reporting Standard 102 ('FRS 102') Section 1A small entities, and with the Companies Act 2006.
This is the first year in which the financial statements have been prepared under FRS 102. The transition from preparing the financial statements in accordance with FRSSE (2015) to FRS 102 (1a) has had no material impact on either the financial position or the financial performance as previously reported by the company.
Revenue 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.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income 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.
Page 8 |
Oyster Retail Packaging Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
Deferred income 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 income 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.
Tangible assets
Tangible assets are stated in the statement of financial position 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, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% reducing balance |
Fixtures and fittings |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Equipment |
25% reducing balance |
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.
Trade 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.
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.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.
Page 9 |
Oyster Retail Packaging Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
Trade 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
During the year, the average number of employees at the company was
Page 10 |
Oyster Retail Packaging Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
Tangible assets |
Motor vehicles |
Plant and machinery |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 May 2016 |
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Additions |
- |
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Disposals |
( |
- |
- |
- |
( |
At 30 April 2017 |
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Depreciation |
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At 1 May 2016 |
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Charge for the year |
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Eliminated on disposal |
( |
- |
- |
- |
( |
At 30 April 2017 |
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Carrying amount |
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At 30 April 2017 |
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At 30 April 2016 |
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Page 11 |
Oyster Retail Packaging Limited
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
Creditors: amounts falling due within one year |
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £36,489 (2016 - £57,986).
The creditor relating to monies received in advance on factored debt is secured by way of a floating charge dated 14 March 2012 against the assets of the company.
The monies due to HSBC Bank plc are secured by way of legal assignment and debenture dated 19 August 2010 and 7 June 2006 respectively against the property of the company.
Obligations under leases and hire purchase contracts |
Operating leases
At 30 April 2017 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £12,095 (2016 - £30,278).
Related party transactions |
Transactions with directors |
Other transactions with directors |
At the balance sheet date, the directors owed the company £36,996 (2016 - £11,967) with the maximum amount outstanding during the year being £36,996 (2016 - £11,967) and interest charged at HMRC's official rate.
Page 12 |