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Registered number: 05667142
Packets2Disk Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05667142
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,133 25,141
3,133 25,141
CURRENT ASSETS
Debtors 5 141,911 2,927
Cash at bank and in hand 280,888 139,339
422,799 142,266
Creditors: Amounts Falling Due Within One Year 6 (135,820 ) (74,243 )
NET CURRENT ASSETS (LIABILITIES) 286,979 68,023
TOTAL ASSETS LESS CURRENT LIABILITIES 290,112 93,164
Creditors: Amounts Falling Due After More Than One Year 7 (20,623 ) (40,341 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 - (6,285 )
NET ASSETS 269,489 46,538
CAPITAL AND RESERVES
Called up share capital 9 6 3
Profit and Loss Account 269,483 46,535
SHAREHOLDERS' FUNDS 269,489 46,538
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jonathan Axon
Director
28/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Packets2Disk Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05667142 . The registered office is 30 Wallingford Road, Cholsey, Wallingford, Oxon, OX10 9LG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 25% Reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 813 7,549 93,719 102,081
Additions 221 - - 221
Disposals - - (57,492 ) (57,492 )
As at 31 January 2024 1,034 7,549 36,227 44,810
Depreciation
As at 1 February 2023 764 7,309 68,867 76,940
Provided during the period 39 60 907 1,006
Disposals - - (36,269 ) (36,269 )
As at 31 January 2024 803 7,369 33,505 41,677
Net Book Value
As at 31 January 2024 231 180 2,722 3,133
As at 1 February 2023 49 240 24,852 25,141
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 135,953 -
Other debtors 290 -
VAT 5,665 2,927
Director's loan account 3 -
141,911 2,927
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 47,872 -
Bank loans and overdrafts 21,664 36,007
Corporation tax 50,417 21,243
Other taxes and social security 11,329 12,546
Other creditors 1,738 1,399
Accruals and deferred income 2,800 2,800
Director's loan account - 248
135,820 74,243
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 20,623 40,341
20,623 40,341
Page 4
Page 5
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences - 6,285
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
600 Ordinary Shares of £ 0.01 each 6 3
Shares issued during the period: £
300 Ordinary Shares of £ 0.01 each 3
Page 5