Company Registration No. 03885675 (England and Wales)
PACKAGING SOLUTIONS INTERNATIONAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
PAGES FOR FILING WITH REGISTRAR
PACKAGING SOLUTIONS INTERNATIONAL LTD
COMPANY INFORMATION
Director
Mr J M McCaul
Company number
03885675
Registered office
Unit 3 Ringwood Trading Estate
Castleman Way
Ringwood
Dorset
BH24 3BA
Accountants
HJS (Reading) Limited
3 Richfield Place
Richfield Avenue
Reading
Berkshire
RG1 8EQ
PACKAGING SOLUTIONS INTERNATIONAL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PACKAGING SOLUTIONS INTERNATIONAL LTD
BALANCE SHEET
AS AT
31 OCTOBER 2017
31 October 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
2
2,311
3,081
Current assets
Debtors
3
26,830
70,397
Cash at bank and in hand
115,281
78,233
142,111
148,630
Creditors: amounts falling due within one year
4
(9,687)
(31,511)
Net current assets
132,424
117,119
Total assets less current liabilities
134,735
120,200
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
134,733
120,198
Total equity
134,735
120,200
PACKAGING SOLUTIONS INTERNATIONAL LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2017
31 October 2017
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 25 May 2018
Mr J M McCaul
Director
Company Registration No. 03885675
PACKAGING SOLUTIONS INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
- 3 -
1
Accounting policies
Company information
Packaging Solutions International Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 3 Ringwood Trading Estate, Castleman Way, Ringwood, Dorset, BH24 3BA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and is shown net of vat.
The sale of goods is recognised when goods are shipped and title has passed.
Revenue from service contracts is recognised as the work has been completed and a right to consideration exists.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets.
A provision is made for any impairment loss and taken to the profit and loss account.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
PACKAGING SOLUTIONS INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company
only enters into Basic financial instrument transactions
.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.
Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PACKAGING SOLUTIONS INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 5 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2016 and 31 October 2017
17,497
Depreciation and impairment
At 1 November 2016
14,416
Depreciation charged in the year
770
At 31 October 2017
15,186
Carrying amount
At 31 October 2017
2,311
At 31 October 2016
3,081
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
2,267
64,392
Corporation tax recoverable
-
314
Other debtors
24,563
5,691
26,830
70,397
4
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
588
3,779
Corporation tax
4,030
9,995
Other taxation and social security
895
15,737
Other creditors
4,174
2,000
9,687
31,511
PACKAGING SOLUTIONS INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 6 -
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
2
2
6
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr J M McCaul - Loan
3.00
5,691
18,097
23,788
5,691
18,097
23,788
The directors loan will be repaid by the end of April 2018. Beneficial interest has been paid by the director at 3% and 2.5%.