Company Registration Number 01861177 (England and Wales)
D-PAC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
D-PAC LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
D-PAC LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,338,142
1,350,447
Current assets
Stocks
73,390
81,684
Debtors
4
67,482
61,466
Cash at bank and in hand
78
68
140,950
143,218
Creditors: amounts falling due within one year
5
(288,490)
(267,203)
Net current liabilities
(147,540)
(123,985)
Total assets less current liabilities
1,190,602
1,226,462
Creditors: amounts falling due after more than one year
6
(15,000)
(20,247)
Provisions for liabilities
(86,777)
(90,197)
Net assets
1,088,825
1,116,018
Capital and reserves
Called up share capital
7
50,000
50,000
Revaluation reserve
934,383
934,383
Profit and loss reserves
104,442
131,635
Total equity
1,088,825
1,116,018
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
D-PAC LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 November 2023 and are signed on its behalf by:
Mr PR Devani
Director
Company registration number 01861177 (England and Wales)
D-PAC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
50,000
445,143
103,034
598,177
Year ended 31 March 2022:
Profit
-
-
28,601
28,601
Other comprehensive income net of taxation:
Revaluation of tangible fixed assets
-
604,000
-
604,000
Tax relating to other comprehensive income
-
(114,760)
(114,760)
Total comprehensive income
-
489,240
28,601
517,841
Balance at 31 March 2022
50,000
934,383
131,635
1,116,018
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
(27,193)
(27,193)
Balance at 31 March 2023
50,000
934,383
104,442
1,088,825
D-PAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
D-Pac Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Sketty Close, Brackmills, Northampton, Northamptonshire, NN4 7PL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
2% on cost
Plant and machinery
10 - 33% on cost
Fixtures and fittings
10 - 33% on cost
Motor vehicles
20 - 33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.5
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.
D-PAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
7
D-PAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Tangible fixed assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2022
1,404,000
145,492
33,920
71,120
1,654,532
Disposals
(158)
(310)
(468)
At 31 March 2023
1,404,000
145,334
33,610
71,120
1,654,064
Depreciation and impairment
At 1 April 2022
54,000
145,402
33,566
71,117
304,085
Depreciation charged in the year
12,000
303
12,303
Eliminated in respect of disposals
(157)
(309)
(466)
At 31 March 2023
66,000
145,245
33,560
71,117
315,922
Carrying amount
At 31 March 2023
1,338,000
89
50
3
1,338,142
At 31 March 2022
1,350,000
90
354
3
1,350,447
Included in cost of land and buildings is freehold land of £750,000 (2022 - £750,000) which is not depreciated.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Freehold Land & Buildings | |
| |
Depreciation on buildings | |
| |
| |
| |
Land and buildings with a carrying amount of £1,350,000 were valued at 29th March 2022 by Underwoods LLP, Chartered Surveyors. In the opinion of the Director, as at 31st March 2023, the market value was not materially different.
Freehold Land & Property
2023
2022
£
£
Cost
531,119
531,119
Accumulated depreciation
(235,049)
(223,049)
Carrying value
296,070
308,070
D-PAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
64,502
56,041
Other debtors
2,980
5,425
67,482
61,466
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
80,693
57,475
Trade creditors
33,354
29,554
Taxation and social security
23,687
25,084
Other creditors
150,756
155,090
288,490
267,203
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,000
20,247
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000