HARDING PACKAGING SERVICES LIMITED

Company Registration Number:
02364649 (England and Wales)

Unaudited abridged accounts for the year ended 31 July 2023

Period of accounts

Start date: 01 August 2022

End date: 31 July 2023

HARDING PACKAGING SERVICES LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2023

Balance sheet
Notes

HARDING PACKAGING SERVICES LIMITED

Balance sheet

As at 31 July 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 22,881 28,467
Total fixed assets: 22,881 28,467
Current assets
Stocks: 1,550 4,216
Debtors:   136,934 205,812
Cash at bank and in hand: 75,700 110,996
Total current assets: 214,184 321,024
Creditors: amounts falling due within one year: 4 (102,026) (190,294)
Net current assets (liabilities): 112,158 130,730
Total assets less current liabilities: 135,039 159,197
Creditors: amounts falling due after more than one year: 5 (5,263) (7,873)
Provision for liabilities: (5,720) (5,409)
Total net assets (liabilities): 124,056 145,915
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 124,054 145,913
Shareholders funds: 124,056 145,915

The notes form part of these financial statements

HARDING PACKAGING SERVICES LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

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

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 12 February 2024
and signed on behalf of the board by:

Name: Mr D T Howarth
Status: Director

The notes form part of these financial statements

HARDING PACKAGING SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

RevenueRevenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:Sale of goodsRevenue from the sale of goods is recognised when all of the following conditions are satisfied:- the Company has transferred the significant risks and rewards of ownership to the buyer;- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;- the amount of revenue can be measured reliably;- it is probable that the Company will receive the consideration due under the transaction; and- the costs incurred or to be incurred in respect of the transaction can be measured reliably.Rendering of servicesRevenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:- the amount of revenue can be measured reliably;- it is probable that the Company will receive the consideration due under the contract;- the stage of completion of the contract at the end of the reporting period can be measured reliably; and- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets and depreciation policy

Tangible fixed assetsTangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.Depreciation is provided on the following basis:Plant and machinery - 15% Reducing balanceMotor vehicles - 25% Reducing balanceFixtures and fittings - 15% Reducing balanceOffice equipment - 15% Reducing balanceThe assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Other accounting policies

StocksStocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.DebtorsShort-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.Cash and cash equivalentsCash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.Financial instrumentsThe Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial 11 and 12 and the other presentation requirements of FRS 102.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.Basic financial assetsBasic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.Other financial assetsOther financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.Impairment of financial assetsFinancial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate theestimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. Theimpairment reversal is recognised in the profit or loss.Financial liabilitiesFinancial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initiallyrecognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.Derecognition of financial instrumentsDerecognition of financial liabilitiesFinancial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.CreditorsShort-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.Finance costsFinance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.DividendsEquity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.Operating leases: the Company as lesseeRentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.PensionsDefined contribution pension planThe Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.Interest incomeInterest income is recognised in profit or loss using the effective interest method.Provisions for liabilitiesProvisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.Increases in provisions are generally charged as an expense to profit or loss.Current and deferred taxationThe tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

HARDING PACKAGING SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

2. Employees

2023 2022
Average number of employees during the period 11 12

HARDING PACKAGING SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

3. Tangible Assets

Total
Cost £
At 01 August 2022 77,872
Additions 583
At 31 July 2023 78,455
Depreciation
At 01 August 2022 49,405
Charge for year 6,169
At 31 July 2023 55,574
Net book value
At 31 July 2023 22,881
At 31 July 2022 28,467

HARDING PACKAGING SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

4. Creditors: amounts falling due within one year note

Trade creditors - £32,148 (2022 - £90,683)Corporation tax - £24,361 (2022 - £20,465)Other taxation and social security - £24,095 (2022 - £44,110)Obligations under finance lease and hire purchase contracts - £4,992 (2022 - £4,992)Other creditors - £11,499 (2022 - £25,623)Accruals and deferred income - £4,931 (2022 - £4,421)Total - £102,026 (2022 - £190,294)

HARDING PACKAGING SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2023

5. Creditors: amounts falling due after more than one year note

Net obligations under finance leases and hire purchase contracts - £5,263 (2022 - £7,873)