Baco-Compak (Norfolk) Limited
|
For the year ended 31 January 2016
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 00995738
Baco-Compak (Norfolk) Limited
For the year ended 31 January 2016
1
Accountants' Report
2
Balance Sheet
3 to 4
Notes to the Abbreviated Financial Statements
Baco-Compak (Norfolk) Limited
Accountants' Report
For the year ended 31 January 2016
In order to assist you to fulfil your duties under Companies Act
2006
,
we have prepared for your approval the accounts of
|
Baco
-
Compak
(
Norfolk
)
Limited for the year ended
31
January
2016
which comprise the Profit and Loss Account
,
the
|
Balance Sheet and the related notes from the company
'
s accounting records and from information and explanations you
|
have given us
.
|
As a practising firm of the Association of Chartered Certified Accountants
,
we are subject to its ethical and other
|
professional requirements which are detailed at http
://
rulebook
.
accaglobal
.
com
.
|
This report is made solely to the Board of Directors of Baco
-
Compak
(
Norfolk
)
Limited
.
Our work has been undertaken
|
solely to prepare for your approval the accounts of Baco
-
Compak
(
Norfolk
)
Limited and state those matters that we have
|
agreed to state to the Board of Directors of Baco
-
Compak
(
Norfolk
)
Limited
,
as a body
,
in this report in accordance with the
|
requirements of the ACCA and as detailed at http
://
www
.
accaglobal
.
com
/
factsheet
163
.
To the fullest extent permitted by
|
law
,
we do not accept or assume responsibility to anyone other than Baco
-
Compak
(
Norfolk
)
Limited and its Board of
|
Directors as a body for our work or for this report
.
|
It is your duty to ensure that Baco
-
Compak
(
Norfolk
)
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 Baco
-
Compak
|
(
Norfolk
)
Limited
.
You consider that Baco
-
Compak
(
Norfolk
)
Limited is exempt from the statutory audit requirement for the
|
year
.
|
Steve Pye & Co.
Chartered Certified Accountants
The Pink House
Estuary Road
King's Lynn
PE30 2HJ
30 August 2016
1 of 4
Abbreviated Balance Sheet
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Baco-Compak (Norfolk) Limited
2016
2015
2
1,230,517
1,291,309
1,230,517
1,291,309
4,920
5,113
668,821
919,258
1,855
1,589
926,226
675,330
Creditors
:
amounts falling due within one year
|
(760,770)
(920,367)
(85,440)
5,859
Net current assets
Total assets less current liabilities
|
1,236,376
1,205,869
Creditors
:
amounts falling due after more than one year
|
3
(244,997)
(149,707)
(189,667)
(180,520)
Provisions for liabilities
|
897,002
Net assets
780,352
2,502
4
2,502
428,495
428,495
466,005
349,355
897,002
780,352
Shareholders funds
For the year ended 31 January 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
|
Directors responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
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2) The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
|
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
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Date approved by the board: 30 August 2016
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Signed on behalf of the board of directors
|
Mr Peter Groves Bacon Director
|
2 of 4
Notes to the Abbreviated Financial Statements
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Baco-Compak (Norfolk) Limited
For the year ended 31 January 2016
The financial statements are prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
|
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
|
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
|
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.
|
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved by the
|
shareholders prior to the balance sheet date
.
|
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|
Plant and Machinery
Office Equipment
Motor Vehicles
No depreciation is provided on the company
'
s freehold properties since in the opinion of the directors the expected useful lives
|
are sufficiently long and the estimated residual values are sufficiently high that any such depreciation would be immaterial
.
|
The directors undertake an annual impairment review of these properties
.
|
3 of 4
Notes to the Abbreviated Financial Statements
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Baco-Compak (Norfolk) Limited
For the year ended 31 January 2016
Assets on finance lease and hire purchase
|
Assets held under finance lease or hire purchase contracts i
.
e
.
those contracts where substantially all the risks and rewards of
|
ownership have passed to the company
,
are included in the appropriate category of tangible fixed assets and depreciated over
|
the shorter of the lease term and their estimated expected useful lives
.
|
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods
.
|
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
2,596,977
148,159
2,745,136
1,305,668
208,951
Charge for year
1,514,619
1,230,517
1,291,309
3
Creditors due after more than one year
|
The bank holds a specific equitable charge over all freehold and leasehold properties and proceeds of sale
,
thereof fixed and
|
floating charges over undertaking and all property and assets present and future including goodwill bookdebts and the
|
benefits of any licenses
.
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Allotted called up and fully paid
|
2016
2015
1
Class A share of £
1
.
00
each
|
1
1
501
Class B shares of £
1
.
00
each
|
501
501
2
,
000
Class C shares of £
1
.
00
each
|
2,000
2,000
2,502
2,502
4 of 4