Company Registration No. 06799045 (England and Wales)
COMPACT FOILERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
PAGES FOR FILING WITH REGISTRAR
COMPACT FOILERS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
COMPACT FOILERS LTD
BALANCE SHEET
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,523
13,154
Current assets
Debtors
4
106,539
367,170
Cash at bank and in hand
572,082
179,431
678,621
546,601
Creditors: amounts falling due within one year
5
(444,361)
(313,862)
Net current assets
234,260
232,739
Total assets less current liabilities
244,783
245,893
Provisions for liabilities
(1,999)
(2,499)
Net assets
242,784
243,394
Capital and reserves
Called up share capital
667
667
Capital redemption reserve
333
333
Profit and loss reserves
241,784
242,394
Total equity
242,784
243,394
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
COMPACT FOILERS LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 February 2022 and are signed on its behalf by:
Mr T Self
Director
Company Registration No. 06799045
COMPACT FOILERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
- 3 -
1
Accounting policies
Company information
Compact Foilers Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 1, Albemarle Road, Taunton, Somerset, TA1 1BJ.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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 and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost
of assets less their residual values over their useful lives on the following bases:
Plant and 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
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
COMPACT FOILERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
COMPACT FOILERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2020 and 31 May 2021
98,000
Depreciation and impairment
At 1 June 2020
84,846
Depreciation charged in the year
2,631
At 31 May 2021
87,477
Carrying amount
At 31 May 2021
10,523
At 31 May 2020
13,154
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
71,609
122,867
Other debtors
34,930
244,303
106,539
367,170
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
1,977
Amounts owed to group undertakings
163,555
Taxation and social security
357
12,760
Other creditors
280,449
299,125
444,361
313,862
6
Parent company
The company's ultimate parent is T S Converting Equipment Limited, a company registered in England & Wales. The address of parent's registered office and business address is Albemarle Road, Taunton, Somerset, TA1 1BJ.