Heypac Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01386560 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Heypac Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

Mr D H Monds

Mr N W Harrison

REGISTERED OFFICE:

Unit 3

The Royston Centre

Lynchford Road

Ash Vale

Surrey

GU12 5PQ

REGISTERED NUMBER:

01386560 (England and Wales)

ACCOUNTANTS:

Haines Watts (Berkhamsted) Limited

Chartered Accountants

4 Claridge Court

Lower Kings Road

Berkhamsted

Hertfordshire

HP4 2AF

FIXED ASSETS

Tangible assets

4

8,634

10,586

Investments

5

767

721

9,401

11,307

CURRENT ASSETS

Stocks

398,161

388,157

Debtors

6

112,679

115,116

Cash at bank and in hand

328,319

207,783

839,159

711,056

CREDITORS

Amounts falling due within one year

7

210,821

184,152

NET CURRENT ASSETS

628,338

526,904

TOTAL ASSETS LESS CURRENT LIABILITIES

637,739

538,211

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

627,739

528,211

SHAREHOLDERS' FUNDS

637,739

538,211

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2023 and were signed on its behalf by:

Mr D H Monds - Director

Mr N W Harrison - Director

1.	STATUTORY INFORMATION

Heypac Limited 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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

33% on reducing balance and 10% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

229,939

Additions

2,607

At 31 March 2023

232,546

DEPRECIATION

At 1 April 2022

219,354

Charge for year

4,558

At 31 March 2023

223,912

NET BOOK VALUE

At 31 March 2023

8,634

At 31 March 2022

10,585

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2022

721

Exchange differences

46

At 31 March 2023

767

NET BOOK VALUE

At 31 March 2023

767

At 31 March 2022

721

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

90,641

78,200

Other debtors

22,038

36,916

112,679

115,116

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade creditors

60,223

61,427

Amounts owed to group undertakings

100,968

98,012

Taxation and social security

24,467

5,634

Other creditors

25,163

19,079

210,821

184,152

8.	LEASING AGREEMENTS

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

31.3.23

31.3.22

£

£

Within one year

29,856

29,856

Between one and five years

87,080

116,936

116,936

146,792

9.	RELATED PARTY DISCLOSURES

During the year, Heypac Limited made sales of £432,433 (2022: £380,483) to Heypac Inc., its subsidiary undertaking.

During the year, Heypac Limited made purchases of £9,961 (2022: £5,829) to Heypac Inc., its subsidiary undertaking.

At the balance sheet date, the company had the following balances with related parties:

Heypac Inc.

31.3.23

31.3.22

Trade Debtors

£107,217

£96.,993

31.3.23

31.3.22

Trade Creditors

Nil

Nil

At the year end the company owed Heypac Inc. of £100,968 (2022: £98,012). The company owned 95% of the share capital of Heypac Inc..

10.	ULTIMATE CONTROLLING PARTY

The Company was controlled during the year by N W Harrison who owns 55% of the shares in the Company.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Heypac Limited for the year ended 31 March 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Heypac Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Heypac Limited and state those matters that we have agreed to state to the Board of Directors of Heypac Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Heypac Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Heypac Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Heypac Limited. You consider that Heypac Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Heypac Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haines Watts (Berkhamsted) Limited

Chartered Accountants

4 Claridge Court

Lower Kings Road

Berkhamsted

Hertfordshire

HP4 2AF

23 August 2023