Company No: 05248233 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	4	881,115		754,056
Investments	5	180		180
		881,295		754,236
Current assets
Stocks		90,200		14,975
Debtors	6	221,486		292,210
Cash at bank and in hand		136,990		544,289
		448,676		851,474
Creditors: amounts falling due within one year	7	( 221,010)		( 694,125)
Net current assets		227,666		157,349
Total assets less current liabilities		1,108,961		911,585
Provision for liabilities		( 92,366)		( 140,206)
Net assets		1,016,595		771,379
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		1,016,495		771,279
Total shareholders' funds		1,016,595		771,379

For the financial year ending 31 August 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Prestige Packaging Limited (registered number: 05248233) were approved and authorised for issue by the Board of Directors on 30 May 2023. They were signed on its behalf by:

Mr M Corran Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Prestige Packaging Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Units 16 Langage South Business Park, Langage South Road, Plympton, PL7 5FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, reducing balance basis over its expected useful life, as follows:

Plant and machinery	25 % reducing balance
Vehicles	3 years straight line
Fixtures and fittings	25 % reducing balance
Office equipment	25 % reducing balance
Other property, plant and equipment	not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	11		12

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 September 2021	34,000		34,000
At 31 August 2022	34,000		34,000
Accumulated amortisation
At 01 September 2021	34,000		34,000
At 31 August 2022	34,000		34,000
Net book value
At 31 August 2022	0		0
At 31 August 2021	0		0

4. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Other property, plant and equipment		Total
	£		£		£		£		£		£
Cost
At 01 September 2021	915,372		74,840		91,200		46,466		289,366		1,417,244
Additions	14,800		0		18,607		1,181		227,827		262,415
At 31 August 2022	930,172		74,840		109,807		47,647		517,193		1,679,659
Accumulated depreciation
At 01 September 2021	531,114		28,884		71,102		32,088		0		663,188
Charge for the financial year	104,466		19,447		7,668		3,775		0		135,356
At 31 August 2022	635,580		48,331		78,770		35,863		0		798,544
Net book value
At 31 August 2022	294,592		26,509		31,037		11,784		517,193		881,115
At 31 August 2021	384,258		45,956		20,098		14,378		289,366		754,056

5. Fixed asset investments

Investments in subsidiaries

	2022
	£
Cost
At 01 September 2021	180
At 31 August 2022	180
Carrying value at 31 August 2022	180
Carrying value at 31 August 2021	180

6. Debtors

	2022		2021
	£		£
Trade debtors	194,420		197,263
Amounts owed by directors	0		19,873
Prepayments	5,975		7,400
VAT recoverable	18,450		65,032
Other debtors	2,641		2,642
	221,486		292,210

7. Creditors: amounts falling due within one year

	2022		2021
	£		£
Trade creditors	156,719		642,768
Amounts owed to directors	7,860		0
Accruals and deferred income	11,444		13,823
Corporation tax	43,744		35,412
Other creditors	1,243		2,122
	221,010		694,125

8. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
85 Ordinary shares of £ 1.00 each	85		85
15 Ordinary A shares of £ 1.00 each	15		15
	100		100

9. Financial commitments

Commitments

Capital commitments are as follows:

	2022		2021
	£		£
Contracted for but not provided for:
- other	50,000		91,300