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Company No: 05922819 (England and Wales)

P & M (PACKING) LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

P & M (PACKING) LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

P & M (PACKING) LIMITED

COMPANY INFORMATION

For the financial year ended 29 February 2024
P & M (PACKING) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 29 February 2024
DIRECTOR A D Jones
REGISTERED OFFICE Unit 4 Eastleigh Works
Campbell Road
Eastleigh
SO50 5AD
United Kingdom
COMPANY NUMBER 05922819 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire SP3 4UF
P & M (PACKING) LIMITED

BALANCE SHEET

As at 29 February 2024
P & M (PACKING) LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 64,561 76,200
64,561 76,200
Current assets
Stocks 170,883 170,883
Debtors 4, 7 161,596 212,499
Cash at bank and in hand 3,458 464
335,937 383,846
Creditors: amounts falling due within one year 5, 8 ( 327,607) ( 419,832)
Net current assets/(liabilities) 8,330 (35,986)
Total assets less current liabilities 72,891 40,214
Creditors: amounts falling due after more than one year 6 ( 55,845) ( 109,572)
Net assets/(liabilities) 17,046 ( 69,358)
Capital and reserves
Called-up share capital 30,000 30,000
Profit and loss account ( 12,954 ) ( 99,358 )
Total shareholders' funds/(deficit) 17,046 ( 69,358)

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.

Director's responsibilities:

The financial statements of P & M (Packing) Limited (registered number: 05922819) were approved and authorised for issue by the Director on 03 September 2024. They were signed on its behalf by:

A D Jones
Director
P & M (PACKING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
P & M (PACKING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

P & M (Packing) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 4 Eastleigh Works, Campbell Road, Eastleigh, SO50 5AD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents the value of goods sold during the year, net of Value Added Tax and trade discounts. Turnover is recognised when goods are physically delivered to the customer.

Uninvoiced deliveries at the year end are included in accrued income. Invoiced deliveries are included in debtors. Where customers pay in advance for goods, the amount is recorded as deferred income until the goods have been delivered

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 15 % reducing balance
Vehicles 15 % reducing balance
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all therisks 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.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 18 18

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 March 2023 5,246 207,019 99,799 15,942 328,006
Disposals 0 0 ( 16,575) 0 ( 16,575)
At 29 February 2024 5,246 207,019 83,224 15,942 311,431
Accumulated depreciation
At 01 March 2023 3,150 165,495 69,166 13,995 251,806
Charge for the financial year 525 6,228 4,594 292 11,639
Disposals 0 0 ( 16,575) 0 ( 16,575)
At 29 February 2024 3,675 171,723 57,185 14,287 246,870
Net book value
At 29 February 2024 1,571 35,296 26,039 1,655 64,561
At 28 February 2023 2,096 41,524 30,633 1,947 76,200

4. Debtors

2024 2023
£ £
Trade debtors 157,938 199,309
Amounts owed by director 0 3,083
Corporation tax 0 6,449
Other debtors 3,658 3,658
161,596 212,499

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 32,667 38,312
Trade creditors 142,421 114,275
Amounts owed to director 107 0
Accruals 4,590 4,450
Other taxation and social security 46,599 104,961
Obligations under finance leases and hire purchase contracts 21,060 26,607
Other creditors 80,163 131,227
327,607 419,832

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 36,159 68,826
Obligations under finance leases and hire purchase contracts 19,686 40,746
55,845 109,572

The bank loans are secured on freehold properties of the Company.

7. Related party transactions

Transactions with the director

2024 2023
£ £
As at 1 March 2023 3,085 2,939
Advances to director 12,812 1,146
Repayments by director (15,897) (1,000)
0 3,085

8. Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £10,792 (2023 - £6,479). These relate to non-cancellable operating leases of which £4,955 is due within one year.