Pak-Pro Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04464691 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2021

for

Pak-Pro Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C Ledigo

Mrs J O'Neill

Mr P B Meads

SECRETARY:

Mrs J O'Neill

REGISTERED OFFICE:

Reedham House

31 King Street West

Manchester

Greater Manchester

M3 2PJ

REGISTERED NUMBER:

04464691 (England and Wales)

ACCOUNTANTS:

Freedman Frankl & Taylor

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

FIXED ASSETS

Intangible assets

4

495,586

-

Tangible assets

5

301,180

158,953

796,766

158,953

CURRENT ASSETS

Stocks

34,680

29,289

Debtors

6

891,440

1,905,943

Cash at bank and in hand

1,132,152

175,051

2,058,272

2,110,283

CREDITORS

Amounts falling due within one year

7

437,382

544,755

NET CURRENT ASSETS

1,620,890

1,565,528

TOTAL ASSETS LESS CURRENT LIABILITIES

2,417,656

1,724,481

CREDITORS

Amounts falling due after more than one year

8

(164,500

)

(220,765

)

PROVISIONS FOR LIABILITIES

(28,225

)

(22,815

)

NET ASSETS

2,224,931

1,480,901

CAPITAL AND RESERVES

Called up share capital

101

101

Retained earnings

2,224,830

1,480,800

SHAREHOLDERS' FUNDS

2,224,931

1,480,901

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2022 and were signed on its behalf by:

Mrs J O'Neill - Director

1.	STATUTORY INFORMATION

Pak-Pro Ltd 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

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Interest income

Interest income is recognised in the statement of comprehensive income using the effective interest method.

Grant income

Grants of a revenue nature are credited to income in the period to which they relate.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademark are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Leasehold improvements

-

The period of the lease

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% 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 Income Statement, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Going concern

The company's financial statements for the year ended 30 June 2021 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2020 - 39 ) .

4.	INTANGIBLE FIXED ASSETS

Trademark

£

COST

Additions

535,769

At 30 June 2021

535,769

AMORTISATION

Amortisation for year

40,183

At 30 June 2021

40,183

NET BOOK VALUE

At 30 June 2021

495,586

5.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

improvements

machinery

fittings

£

£

£

COST

At 1 July 2020

103,191

110,672

185,391

Additions

12,148

46,422

85,463

Disposals

-

-

-

At 30 June 2021

115,339

157,094

270,854

DEPRECIATION

At 1 July 2020

74,241

88,258

110,294

Charge for year

31,845

8,358

20,922

Eliminated on disposal

-

-

-

At 30 June 2021

106,086

96,616

131,216

NET BOOK VALUE

At 30 June 2021

9,253

60,478

139,638

At 30 June 2020

28,950

22,414

75,097

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 July 2020

17,165

31,206

447,625

Additions

34,391

45,465

223,889

Disposals

-

(336

)

(336

)

At 30 June 2021

51,556

76,335

671,178

DEPRECIATION

At 1 July 2020

12,896

2,983

288,672

Charge for year

7,515

13,022

81,662

Eliminated on disposal

-

(336

)

(336

)

At 30 June 2021

20,411

15,669

369,998

NET BOOK VALUE

At 30 June 2021

31,145

60,666

301,180

At 30 June 2020

4,269

28,223

158,953

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

846,043

1,867,158

Other debtors

45,397

38,785

891,440

1,905,943

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

57,979

24,859

Trade creditors

69,377

65,408

Taxation and social security

218,263

336,437

Other creditors

91,763

118,051

437,382

544,755

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

164,500

220,765

9.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

1,348

40,000

Between one and five years

140,280

35,297

141,628

75,297

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

222,479

245,624

11.	CONTINGENT LIABILITIES

The company has guaranteed up to a maximum of £500,000, the bank facilities of a company in which some of the directors of the company, are directors and shareholders. At 30 June 2021, this company had bank borrowings of £264,267.

12.	RELATED PARTY DISCLOSURES

Included within other creditors is the directors' current account balance of £50,157 (2020: £59,367). There are no fixed repayment terms and no interest is chargeable to the company in respect of this balance.

The company's bank facilities are also secured by joint and several guarantee up to a maximum of £278,000 given by some of the directors.

At 30 June 2021, balances amounting to £30,000 (2020: £49,000) were due to companies in which some of the directors of the company have a material interest. The balances are interest free and repayable on demand.