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REGISTERED NUMBER: 04920552 (England and Wales)








REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

PACKNET LIMITED

PACKNET LIMITED (REGISTERED NUMBER: 04920552)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2023




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3 to 4

Notes to the Financial Statements 5 to 8


PACKNET LIMITED

COMPANY INFORMATION
for the Year Ended 31 October 2023







DIRECTORS: Mr P R Byrnes
Mrs N Byrnes



SECRETARY: Mr P R Byrnes



REGISTERED OFFICE: Suite S39
The Innovation Centre Keckwick Lane
Daresbury
Warrington
Cheshire
WA4 4FS



REGISTERED NUMBER: 04920552 (England and Wales)



ACCOUNTANTS: Cadishead Accountancy Services Limited
Britannic House
657 Liverpool Road
Irlam
Manchester
Lancashire
M44 5XD



BANKERS: NatWest Bank Plc
Manchester City Centre Branch
11 Spring Gardens
Manchester
Greater Manchester
M60 2DB

PACKNET LIMITED (REGISTERED NUMBER: 04920552)

REPORT OF THE DIRECTORS
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the provision of telecommunications services.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 November 2022 to the date of this report.

The beneficial interests of the directors holding office at 31 October 2023 in the shares of the company, according to the register of directors' interests, were as follows:

1.11.22
or date of
appointment
31.10.23 if later
Ordinary shares of £1 each
Mr P R Byrnes 640 640
Mrs N Byrnes - appointed 23.10.23 - -

Ordinary "B" shares of £1 each
Mr P R Byrnes 80 80
Mrs N Byrnes 20 20

Ordinary "C" shares of £1 each
Mr P R Byrnes 100 100
Mrs N Byrnes - -

Ordinary "D" shares of £1 each
Mr P R Byrnes 100 100
Mrs N Byrnes - -

Ordinary "E" shares of £1 each
Mr P R Byrnes 100 100
Mrs N Byrnes - -

These directors did not hold any non-beneficial interests in any of the shares of the company.

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

ON BEHALF OF THE BOARD:





Mr P R Byrnes - Director


30 July 2024

PACKNET LIMITED (REGISTERED NUMBER: 04920552)

BALANCE SHEET
31 October 2023

31.10.23 31.10.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 18,571 23,681
Investments 5 103,189 106,240
121,760 129,921

CURRENT ASSETS
Debtors 6 120,182 207,189
Cash at bank and in hand 521,534 489,001
641,716 696,190
CREDITORS
Amounts falling due within one year 7 (83,204 ) (69,743 )
NET CURRENT ASSETS 558,512 626,447
TOTAL ASSETS LESS CURRENT
LIABILITIES

680,272

756,368

CREDITORS
Amounts falling due after more than one
year

8

(15,281

)

(25,701

)
NET ASSETS 664,991 730,667

CAPITAL AND RESERVES
Called up share capital 1,400 1,400
Share premium 600 600
Fair value reserve 10 (3,304 ) (253 )
Retained earnings 666,295 728,920
SHAREHOLDERS' FUNDS 664,991 730,667

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PACKNET LIMITED (REGISTERED NUMBER: 04920552)

BALANCE SHEET - continued
31 October 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





Mr P R Byrnes - Director


PACKNET LIMITED (REGISTERED NUMBER: 04920552)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Packnet Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Listed investments in shares are included at fair value.

PACKNET LIMITED (REGISTERED NUMBER: 04920552)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 November 2022 6,976 150,885 157,861
Additions - 965 965
At 31 October 2023 6,976 151,850 158,826
DEPRECIATION
At 1 November 2022 6,066 128,114 134,180
Charge for year 228 5,847 6,075
At 31 October 2023 6,294 133,961 140,255
NET BOOK VALUE
At 31 October 2023 682 17,889 18,571
At 31 October 2022 910 22,771 23,681

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 November 2022 106,240
Revaluations (3,051 )
At 31 October 2023 103,189
NET BOOK VALUE
At 31 October 2023 103,189
At 31 October 2022 106,240

Cost or valuation at 31 October 2023 is represented by:

Other
investments
£   
Valuation in 2023 (3,051 )
Valuation in 2022 (3,605 )
Valuation in 2021 9,215
Valuation in 2020 (4,472 )
Valuation in 2019 1,702
Valuation in 2018 (3,627 )
Valuation in 2017 659
Cost 106,368
103,189

PACKNET LIMITED (REGISTERED NUMBER: 04920552)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 13,738 135,341
Other debtors 106,444 71,848
120,182 207,189

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 13,604 10,838
Trade creditors 25,112 24,537
Taxation and social security 19,151 28,162
Other creditors 25,337 6,206
83,204 69,743

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 15,281 25,701

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.10.23 31.10.22
£    £   
Within one year 11,232 19,500
Between one and five years 21,956 -
33,188 19,500

10. RESERVES
Fair
value
reserve
£   
At 1 November 2022 (253 )
Transfer to fair value reserve (3,051 )

At 31 October 2023 (3,304 )

PACKNET LIMITED (REGISTERED NUMBER: 04920552)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
Mr P R Byrnes
Balance outstanding at start of year 9,894 -
Amounts advanced 8,410 9,894
Amounts repaid (9,894 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,410 9,894

Mrs N Byrnes
Balance outstanding at start of year - -
Amounts advanced 8,410 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,410 -

12. ULTIMATE CONTROLLING PARTY

The controlling party is Mr P R Byrnes.