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Registration number: NI041493

PrimePac Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2023

 

PrimePac Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

PrimePac Limited

Company Information

Directors

Simon Hartley

Mark Tyne

Registered office

2 Caulside Drive
Newpark Industrial Estate
Antrim
Co. Antrim
BT41 2DU

Accountants

Kennedy & Co
Chartered Certified Accountants
21 Kilmorey Street
Newry
Co Down
BT34 2DF

 

PrimePac Limited

(Registration number: NI041493)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,229,777

1,385,249

Current assets

 

Stocks

260,110

331,090

Debtors

1,042,406

928,604

Cash at bank and in hand

 

135,071

7,153

 

1,437,587

1,266,847

Prepayments and accrued income

 

36,323

7,358

Creditors: Amounts falling due within one year

6.1

(1,008,514)

(1,273,023)

Net current assets

 

465,396

1,182

Total assets less current liabilities

 

1,695,173

1,386,431

Creditors: Amounts falling due after more than one year

6.2

-

(57,842)

Provisions for liabilities

(359,287)

(275,274)

Accruals and deferred income

 

(862,468)

(674,327)

Net assets

 

473,418

378,988

Capital and reserves

 

Called up share capital

7

38,000

38,000

Share premium reserve

36,500

36,500

Capital redemption reserve

7,500

7,500

Retained earnings

391,418

296,988

Shareholders' funds

 

473,418

378,988

 

PrimePac Limited

(Registration number: NI041493)
Abridged Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

The financial statements were approved and authorised by the Board on 10 April 2024 and signed on its behalf by:
 

..................................................
Simon Hartley
Director

 

PrimePac Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
2 Caulside Drive
Newpark Industrial Estate
Antrim
Co. Antrim
BT41 2DU

These financial statements were authorised for issue by the Board on 10 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company.

All members have consented to the abridgement of these financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of plastic containers is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.


Interest receivable

Interest income is recognised using the effective interest method.

 

PrimePac Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Foreign currency transactions and balances

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

3 - 5 Years

Plant and Machinery

3 - 15 Years

Motor Vehicles

3 - 4 Years

Trade debtors

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

PrimePac Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Trade creditors

Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2022 - 35).

 

PrimePac Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2023

5,003

At 31 December 2023

5,003

Amortisation

At 1 January 2023

5,003

At 31 December 2023

5,003

Carrying amount

At 31 December 2023

-

 

PrimePac Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

3,577,624

29,251

45,716

3,652,591

Additions

106,804

1,216

-

108,020

Disposals

(91,539)

-

-

(91,539)

At 31 December 2023

3,592,889

30,467

45,716

3,669,072

Depreciation

At 1 January 2023

2,238,698

25,417

3,227

2,267,342

Charge for the year

204,319

836

11,804

216,959

Eliminated on disposal

(45,006)

-

-

(45,006)

At 31 December 2023

2,398,011

26,253

15,031

2,439,295

Carrying amount

At 31 December 2023

1,194,878

4,214

30,685

1,229,777

At 31 December 2022

1,338,926

3,834

42,489

1,385,249

 

PrimePac Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £101,367 (2022 - £373,685).

The security is a floating charge held by HSBC Invoice Finance (UK) LTD on all assets owned by the company.

Creditors: amounts falling due after more than one year

Creditors include finance lease liabilities of £0 (2022 - £57,841).

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

38,000

38,000

38,000

38,000

       

8

Parent and ultimate parent undertaking

The company's immediate parent is Him & Me Limited, incorporated in England.