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Registration number: 09989506

Surepac Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 29 February 2024

 

Surepac Limited

Contents

Company Information

1

Directors' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 10

 

Surepac Limited

Company Information

Directors

Mrs Tracy Sharratt

Mr Richard Sharratt

Registered office

St James Point
Moorgate Road
Knowsley
Liverpool
L33 7XW

 

Surepac Limited

Directors' Report for the Year Ended 29 February 2024

The Directors present their report and the abridged financial statements for the year ended 29 February 2024.

Directors of the Company

The Directors who held office during the year were as follows:

Mrs Tracy Sharratt

Mr Richard Sharratt

Principal activity

The principal activity of the Company is Manufacture of other paper and paperboard containers

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 2 April 2024 and signed on its behalf by:
 

.........................................
Mrs Tracy Sharratt
Director

.........................................
Mr Richard Sharratt
Director

 

Surepac Limited

(Registration number: 09989506)
Abridged Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed Assets

 

Intangible assets

4

15,000

20,000

Tangible Assets

5

417,351

319,662

 

432,351

339,662

Current assets

 

Stocks

6

294,803

226,847

Debtors

7

220,509

194,445

Cash at bank and in hand

 

15,058

25,273

 

530,370

446,565

Prepayments and accrued income

 

4,234

1,923

Creditors: Amounts falling due within one year

8

(356,216)

(304,907)

Net current assets

 

178,388

143,581

Total assets less current liabilities

 

610,739

483,243

Creditors: Amounts falling due after more than one year

9

(133,244)

(66,174)

Accruals and deferred income

 

(1,500)

(9,750)

Net assets

 

475,995

407,319

Capital and Reserves

 

Called up share capital

10

16,002

16,002

Retained Earnings

459,993

391,317

Shareholders' funds

 

475,995

407,319

For the financial year ending 29 February 2024 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Surepac Limited

(Registration number: 09989506)
Abridged Balance Sheet as at 29 February 2024

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

Approved and authorised by the Board on 2 April 2024 and signed on its behalf by:
 

.........................................
Mrs Tracy Sharratt
Director

.........................................
Mr Richard Sharratt
Director

 

Surepac Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
St James Point
Moorgate Road
Knowsley
Liverpool
L33 7XW

These financial statements were authorised for issue by the Board on 2 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

 

Surepac Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Tangible Assets

Tangible Assets are stated in the balance sheet 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

Plant & machinery

10% reducing balance

Office equipment

33% straight line

Motor vehicles

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

Surepac Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Surepac Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 7 (2023 - 9).

 

Surepac Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 March 2023

50,000

At 29 February 2024

50,000

Amortisation

At 1 March 2023

30,000

Amortisation charge

5,000

At 29 February 2024

35,000

Carrying amount

At 29 February 2024

15,000

At 28 February 2023

20,000

5

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

412,300

24,970

437,270

Additions

176,656

-

176,656

Disposals

(24,750)

(24,970)

(49,720)

At 29 February 2024

564,206

-

564,206

Depreciation

At 1 March 2023

107,592

10,016

117,608

Charge for the year

42,513

3,732

46,245

Eliminated on disposal

(3,250)

(13,748)

(16,998)

At 29 February 2024

146,855

-

146,855

Carrying amount

At 29 February 2024

417,351

-

417,351

At 28 February 2023

304,708

14,954

319,662

 

Surepac Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

6

Stocks

2024
£

2023
£

Other inventories

294,803

226,847

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Creditors: amounts falling due within one year

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

20,396

-

Other borrowings

98,680

129,600

119,076

129,600

9

Creditors: amounts falling due after more than one year

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

22,528

32,522

Finance lease liabilities

110,716

33,652

133,244

66,174

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary £1 of £1 each

16,000

16,000

16,000

16,000

Ordinary A of £1 each

1

1

1

1

Ordinary B of £1 each

1

1

1

1

 

16,002

16,002

16,002

16,002