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COMPANY REGISTRATION NUMBER: 08865919
Pacco Logistics Ltd
Unaudited Financial Statements
31 January 2024
Pacco Logistics Ltd
Financial Statements
Year Ended 31 January 2024
Contents
Page
Officers and Professional Advisers
1
Director's Report
2
Statement of Income and Retained Earnings
3
Statement of Financial Position
4
Notes to the Financial Statements
5
The following pages do not form part of the financial statements
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements
10
Pacco Logistics Ltd
Officers and Professional Advisers
Director
Mr P Collinson
Registered Office
Within Body Matters Gym
Hooley Bridge Mill
Bamford Road
Heywood
OL10 4AG
Accountants
Steve Astbury Ltd
Chartered accountants
Within Body Matters Gym
Hooley Bridge Mill
Bamford Road
Heywood
OL10 4AG
Pacco Logistics Ltd
Director's Report
Year Ended 31 January 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 January 2024 .
Incorporation
The company was incorporated on 28th January 2014 and commenced trading on that date.
Director
The director who served the company during the year was as follows:
Mr P Collinson
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 5 March 2024 and signed on behalf of the board by:
Mr P Collinson
Director
Registered office:
Within Body Matters Gym
Hooley Bridge Mill
Bamford Road
Heywood
OL10 4AG
Pacco Logistics Ltd
Statement of Income and Retained Earnings
Year Ended 31 January 2024
2024
2023
Note
£
£
Turnover
264,029
169,595
Cost of sales
236,751
141,044
---------
---------
Gross Profit
27,278
28,551
Administrative expenses
18,078
21,551
--------
--------
Operating Profit
9,200
7,000
Other interest receivable and similar income
433
72
--------
--------
Profit Before Taxation
5
9,633
7,072
Tax on profit
2,404
3,309
-------
-------
Profit for the Financial Year and Total Comprehensive Income
7,229
3,763
-------
-------
Dividends paid and payable
( 20,000)
( 22,000)
Retained Earnings at the Start of the Year
56,473
74,710
--------
--------
Retained Earnings at the End of the Year
43,702
56,473
--------
--------
All the activities of the company are from continuing operations.
Pacco Logistics Ltd
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed Assets
Tangible assets
6
8,869
11,815
Current Assets
Debtors
7
6,620
Cash at bank and in hand
51,356
50,704
--------
--------
51,356
57,324
Creditors: amounts falling due within one year
8
16,522
12,665
--------
--------
Net Current Assets
34,834
44,659
--------
--------
Total Assets Less Current Liabilities
43,703
56,474
--------
--------
Net Assets
43,703
56,474
--------
--------
Capital and Reserves
Called up share capital
1
1
Profit and loss account
43,702
56,473
--------
--------
Shareholders Funds
43,703
56,474
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 5 March 2024 , and are signed on behalf of the board by:
Mr P Collinson
Director
Company registration number: 08865919
Pacco Logistics Ltd
Notes to the Financial Statements
Year Ended 31 January 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Within Body Matters Gym, Hooley Bridge Mill, Bamford Road, Heywood, OL10 4AG.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial Instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Profit Before Taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
2,946
3,925
-------
-------
6. Tangible Assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
342
27,815
28,157
----
--------
--------
Depreciation
At 1 February 2023
262
16,080
16,342
Charge for the year
12
2,934
2,946
----
--------
--------
At 31 January 2024
274
19,014
19,288
----
--------
--------
Carrying amount
At 31 January 2024
68
8,801
8,869
----
--------
--------
At 31 January 2023
80
11,735
11,815
----
--------
--------
7. Debtors
2024
2023
£
£
Other debtors
6,620
----
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
5,713
4,715
Social security and other taxes
8,465
6,374
Other creditors
2,344
1,576
--------
--------
16,522
12,665
--------
--------
9. Director's Advances, Credits and Guarantees
Balance brought forward on Director's loan account£776 Net movement in the year £668 Balance carried forward on Director's loan account £1444
10. Related Party Transactions
During the year, the company paid a dividend of £20,000 to the Director (2023 £22,000)
Pacco Logistics Ltd
Management Information
Year Ended 31 January 2024
The following pages do not form part of the financial statements.
Pacco Logistics Ltd
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Pacco Logistics Ltd
Year Ended 31 January 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 January 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Steve Astbury Ltd Chartered accountants
Within Body Matters Gym Hooley Bridge Mill Bamford Road Heywood OL10 4AG
5 March 2024