Company registration number 05195622 (England and Wales)
Willpack Ltd
Unaudited financial statements
For the year ended 31 August 2023
Willpack Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Willpack Ltd
Balance sheet
As at 31 August 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,200
1,388
Investments
4
192,869
214,982
200,069
216,370
Current assets
Stocks
67,913
49,913
Debtors
942,070
619,255
Cash at bank and in hand
746,104
743,306
1,756,087
1,412,474
Creditors: amounts falling due within one year
(372,385)
(355,923)
Net current assets
1,383,702
1,056,551
Net assets
1,583,771
1,272,921
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
1,583,671
1,272,821
Total equity
1,583,771
1,272,921

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

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

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

The directors acknowledge their 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.

Willpack Ltd
Balance sheet (CONTINUED)
As at 31 August 2023
31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 April 2024 and are signed on its behalf by:
Mr S Willetts
Director
Company registration number 05195622 (England and Wales)
WILLPACK LTD
Willpack Ltd
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

Willpack Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, Pedmore Road Industrial Estate, Brierley Hill, West Midlands, DY5 1TJ.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts receivable for goods and services net of VAT and trade discounts.

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:

Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
20% straight line

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
Fixed asset investments

Fixed asset investments are recognised at fair value through profit and loss.

1.5
Stocks

Stocks are stated at the lower of cost and net realisable value.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

WILLPACK LTD
Willpack Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation

The tax expense represents the sum of the tax currently payable.

1.8
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
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
14
14
WILLPACK LTD
Willpack Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
3
Tangible fixed assets
Total
£
Cost
At 1 September 2022
167,484
Additions
9,000
Disposals
(6,500)
At 31 August 2023
169,984
Depreciation and impairment
At 1 September 2022
166,096
Depreciation charged in the year
3,188
Eliminated in respect of disposals
(6,500)
At 31 August 2023
162,784
Carrying amount
At 31 August 2023
7,200
At 31 August 2022
1,388
4
Fixed asset investments
2023
2022
£
£
Investments
192,869
214,982
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 September 2022
214,982
Valuation changes
(22,113)
At 31 August 2023
192,869
Carrying amount
At 31 August 2023
192,869
At 31 August 2022
214,982
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
100
100
100
100
WILLPACK LTD
Willpack Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
5
Called up share capital
(Continued)
- 6 -
6
Related party transactions

The company provided a loan to Swift Packaging Supplies Limited in the year. Mr S Willetts controls both companies. At the balance sheet date other debtors includes £442,862 (2022 - £nil)

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