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REGISTERED NUMBER: SC698707 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

PACKED UP LIMITED

PACKED UP LIMITED (REGISTERED NUMBER: SC698707)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 7

PACKED UP LIMITED

COMPANY INFORMATION
for the Year Ended 31 May 2023







DIRECTORS: Ms J Crawford
Mrs S Wright
Mr S McConochie





REGISTERED OFFICE: Unit 11
Wellheads Terrace
Dyce
Aberdeen
AB21 7GF





REGISTERED NUMBER: SC698707 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Unit 1, Office 1 & 8
Blackhall Industrial Estate
Burghmuir Circle
Inverurie
Aberdeenshire
AB51 4FS

PACKED UP LIMITED (REGISTERED NUMBER: SC698707)

BALANCE SHEET
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 52,585 -
Tangible assets 6 56,874 23,549
109,459 23,549

CURRENT ASSETS
Stocks 163,515 86,365
Debtors 7 460,405 198,600
Cash at bank and in hand 81,122 7,039
705,042 292,004
CREDITORS
Amounts falling due within one year 8 619,543 273,265
NET CURRENT ASSETS 85,499 18,739
TOTAL ASSETS LESS CURRENT
LIABILITIES

194,958

42,288

CREDITORS
Amounts falling due after more than one year 9 (22,794 ) (11,043 )

PROVISIONS FOR LIABILITIES (14,219 ) (4,474 )
NET ASSETS 157,945 26,771

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 157,845 26,671
SHAREHOLDERS' FUNDS 157,945 26,771

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2023 and were signed on its behalf by:




Mrs S Wright - Director


PACKED UP LIMITED (REGISTERED NUMBER: SC698707)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Packed Up Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of fifteen years.

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.

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.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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.


PACKED UP LIMITED (REGISTERED NUMBER: SC698707)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2023

3. ACCOUNTING POLICIES - continued
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.

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.

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.

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are measured at transaction price including transaction costs..

Basic financial liabilities
Basic financial liabilities, which include trade and other creditors and loans, are recognised at transaction price.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 3 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 53,750
At 31 May 2023 53,750
AMORTISATION
Charge for year 1,165
At 31 May 2023 1,165
NET BOOK VALUE
At 31 May 2023 52,585

PACKED UP LIMITED (REGISTERED NUMBER: SC698707)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2023

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 - 6,091 19,065 5,390 30,546
Additions 20,273 5,275 27,995 1,080 54,623
Disposals - - (19,065 ) - (19,065 )
At 31 May 2023 20,273 11,366 27,995 6,470 66,104
DEPRECIATION
At 1 June 2022 - 1,396 4,369 1,232 6,997
Charge for year 847 2,590 2,544 1,415 7,396
Eliminated on disposal - - (5,163 ) - (5,163 )
At 31 May 2023 847 3,986 1,750 2,647 9,230
NET BOOK VALUE
At 31 May 2023 19,426 7,380 26,245 3,823 56,874
At 31 May 2022 - 4,695 14,696 4,158 23,549

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2022 19,065
Additions 27,995
Disposals (19,065 )
At 31 May 2023 27,995
DEPRECIATION
At 1 June 2022 4,369
Charge for year 2,544
Eliminated on disposal (5,163 )
At 31 May 2023 1,750
NET BOOK VALUE
At 31 May 2023 26,245
At 31 May 2022 14,696

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 424,496 167,696
Other debtors 35,909 30,904
460,405 198,600

PACKED UP LIMITED (REGISTERED NUMBER: SC698707)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 4,499 4,514
Trade creditors 256,289 38,687
Taxation and social security 73,321 12,602
Other creditors 285,434 217,462
619,543 273,265

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 22,794 11,043

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 4,499 4,514
Between one and five years 22,794 11,043
27,293 15,557

Non-cancellable operating leases
2023 2022
£    £   
Within one year 71,486 56,824
Between one and five years 827,520 223,967
In more than five years 208,413 261,213
1,107,419 542,004

11. RELATED PARTY DISCLOSURES

Directors Loans:

There is a directors loan balance of £159,554 (2022: £173,242) due to director 1.

There is a directors loan balance of £37,826 (2022: £5,024) due to director 2.

There is a directors loan balance of £61,212 (2022: £34,109) due to director 3.

These amounts bear no interest and have no fixed repayment terms.

12. ULTIMATE CONTROLLING PARTY

The controlling party is Jennifer Crawford, Samantha Wright& Sean McConnochie.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PACKED UP LIMITED (REGISTERED NUMBER: SC698707)

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 Packed Up Limited for the year ended 31 May 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Packed Up 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 Packed Up Limited and state those matters that we have agreed to state to the Board of Directors of Packed Up Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Packed Up 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 Packed Up Limited. You consider that Packed Up 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 Packed Up 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.






Acumen Accountants and Advisors Limited
Unit 1, Office 1 & 8
Blackhall Industrial Estate
Burghmuir Circle
Inverurie
Aberdeenshire
AB51 4FS


17 October 2023