Packpost International Ltd. - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03177756 (England and Wales)

Unaudited Financial Statements

for the Period 1 January 2016 to 30 June 2017

for

Packpost International Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N S Sandhu

J Sandhu

REGISTERED OFFICE:

Morton House

9 Beacon Court

Pitstone Green Business Park

Pitstone

LU7 9GY

REGISTERED NUMBER:

03177756 (England and Wales)

ACCOUNTANTS:

Ashbys Chartered Accountants

Morton House

9 Beacon Court

Pitstone Green Business Park

Pitstone

LU7 9GY

FIXED ASSETS

Intangible assets

4

23,442

54,698

Tangible assets

5

1,392,190

280,947

Investments

6

4,700

4,100

1,420,332

339,745

CURRENT ASSETS

Debtors

7

4,912,158

5,406,222

Cash at bank and in hand

406,922

1,124,737

5,319,080

6,530,959

CREDITORS

Amounts falling due within one year

8

1,696,576

2,231,319

NET CURRENT ASSETS

3,622,504

4,299,640

TOTAL ASSETS LESS CURRENT LIABILITIES

5,042,836

4,639,385

CREDITORS

Amounts falling due after more than one year

9

(691,792

)

(16,048

)

PROVISIONS FOR LIABILITIES

(12,984

)

(38,257

)

NET ASSETS

4,338,060

4,585,080

CAPITAL AND RESERVES

Called up share capital

300

300

Capital redemption reserve

600

600

Retained earnings

4,337,160

4,584,180

SHAREHOLDERS' FUNDS

4,338,060

4,585,080

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 27 March 2018 and were signed on its behalf by:

N S Sandhu - Director

1.	STATUTORY INFORMATION

Packpost International 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax, except in respect of

service contracts where turnover is recognised when the company obtains the right to consideration.

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.

Computer software is being amortised evenly over its estimated useful life of nil years.

Computer software

Amortisation is provided at an annual rate of 33% on cost in order to write off each asset over its estimated

useful life.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

Straight line over 15 years

Plant and machinery etc

-

33% on cost, 20% on cost and 10% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the period 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 period 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

Going concern

Since the balance sheet date circumstances beyond the directors control have impacted on the company's ability

to trade. As a result the company has made widespread changes to its operations and future trading will be

significantly lower with the prospect of trade ceasing altogether.

The directors are working with advisors to oversee this change in circumstances and the liabilities of the

company and the directors consider at present there is uncertainty as to the company as a going concern.

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2016

and 30 June 2017

164,715

AMORTISATION

At 1 January 2016

110,017

Charge for period

31,256

At 30 June 2017

141,273

NET BOOK VALUE

At 30 June 2017

23,442

At 31 December 2015

54,698

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2016

182,903

450,700

633,603

Additions

1,191,097

85,816

1,276,913

Disposals

-

(213,359

)

(213,359

)

At 30 June 2017

1,374,000

323,157

1,697,157

DEPRECIATION

At 1 January 2016

41,086

311,570

352,656

Charge for period

41,554

108,674

150,228

Eliminated on disposal

-

(197,917

)

(197,917

)

At 30 June 2017

82,640

222,327

304,967

NET BOOK VALUE

At 30 June 2017

1,291,360

100,830

1,392,190

At 31 December 2015

141,817

139,130

280,947

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2016

170,018

Disposals

(149,574

)

At 30 June 2017

20,444

DEPRECIATION

At 1 January 2016

104,567

Charge for period

48,704

Eliminated on disposal

(134,531

)

At 30 June 2017

18,740

NET BOOK VALUE

At 30 June 2017

1,704

At 31 December 2015

65,451

6.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 January 2016

100

4,000

4,100

Additions

-

600

600

At 30 June 2017

100

4,600

4,700

NET BOOK VALUE

At 30 June 2017

100

4,600

4,700

At 31 December 2015

100

4,000

4,100

7.

DEBTORS

2017

2015

£

£

Amounts falling due within one year:

Trade debtors

230,406

925,498

Amounts owed by group undertakings

-

21,915

Other debtors

4,101,048

3,872,161

4,331,454

4,819,574

Amounts falling due after more than one year:

Other debtors

580,704

586,648

Aggregate amounts

4,912,158

5,406,222

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2015

£

£

Hire purchase contracts (see note 10)

2,050

42,372

Trade creditors

613,712

950,961

Amounts owed to group undertakings

28,598

-

Taxation and social security

93,147

462,086

Other creditors

959,069

775,900

1,696,576

2,231,319

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2015

£

£

Bank loans

691,792

-

Hire purchase contracts (see note 10)

-

16,048

691,792

16,048

2017

2015

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

691,792

-

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2015

£

£

Gross obligations repayable:

Within one year

2,574

51,196

Between one and five years

-

19,769

2,574

70,965

Finance charges repayable:

Within one year

524

8,824

Between one and five years

-

3,721

524

12,545

Net obligations repayable:

Within one year

2,050

42,372

Between one and five years

-

16,048

2,050

58,420

Non-cancellable operating

leases

2017

2015

£

£

Within one year

80,888

143,185

Between one and five years

323,551

660,367

In more than five years

276,367

362,000

680,806

1,165,552

11.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2015

£

£

Bank loans

691,792

-

Hire purchase contracts

2,050

58,420

693,842

58,420

The bank loan is secured against the property it was used to purchase.

The hire purchase creditors are secured on the assets the contracts relate to.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 30 June 2017 and the year

ended 31 December 2015:

2017

2015

£

£

N S Sandhu

Balance outstanding at start of period

1,925,594

1,459,109

Amounts advanced

566,309

680,261

Amounts repaid

(710,303

)

(213,776

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

1,781,600

1,925,594

J Sandhu

Balance outstanding at start of period

885,064

665,351

Amounts advanced

240,721

233,213

Amounts repaid

(466,701

)

(13,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

659,084

885,064

Interest has been charged at the HMRC official rate of interest of 3.00%.

13.	RELATED PARTY DISCLOSURES

Transactions undertaken with related parties -

2017

2015

£

£

Transactions with entities under common control -

Loans from company (included in other debtors)

1,543,168

833,626

Loans to company (included in other creditors)

843,084

554,931

Transactions with directors -

Directors' remuneration and other benefits

185,442

180,304

Dividends paid during the year

1,126,200

90,000

Loans to directors (included in other debtors)

2,440,684

2,810,658

Interest charged to directors

108,766

82,571