Company registration number 05060185 (England and Wales)
VANGUARD PACKING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
VANGUARD PACKING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
VANGUARD PACKING LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
3
-
0
-
0
Tangible assets
4
363,029
371,655
363,029
371,655
Current assets
Stocks
332,770
277,862
Debtors
5
1,161,033
2,929,893
Cash at bank and in hand
448,784
1,180,666
1,942,587
4,388,421
Creditors: amounts falling due within one year
6
(987,378)
(1,068,887)
Net current assets
955,209
3,319,534
Total assets less current liabilities
1,318,238
3,691,189
Creditors: amounts falling due after more than one year
7
(166,920)
(152,979)
Provisions for liabilities
(81,416)
(65,309)
Net assets
1,069,902
3,472,901
Capital and reserves
Called up share capital
8
95
100
Capital redemption reserve
5
-
0
Profit and loss reserves
1,069,802
3,472,801
Total equity
1,069,902
3,472,901

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

VANGUARD PACKING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 July 2024 and are signed on its behalf by:
J D Sumner
Director
Company Registration No. 05060185
VANGUARD PACKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Vanguard Packing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Manner Sutton Street, Blackburn, Lancashire, BB1 5DT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true

1.3
Turnover
Turnover represents amounts receivable for goods and services provided net of VAT.
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% Reducing balance
Fixtures, fittings & equipment
15% Reducing balance
Motor vehicles
25% Reducing balance
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

VANGUARD PACKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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 assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

VANGUARD PACKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits
The company operates a defined contribution scheme for the benefit of its directors and its employees.  Contributions payable are charged to the profit and loss account in the year they are payable.
1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
41
46
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2023 and 28 February 2024
45,000
Amortisation and impairment
At 1 March 2023 and 28 February 2024
45,000
Carrying amount
At 28 February 2024
-
0
At 28 February 2023
-
0
VANGUARD PACKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023
984,340
Additions
127,863
Disposals
(132,887)
At 28 February 2024
979,316
Depreciation and impairment
At 1 March 2023
612,685
Depreciation charged in the year
52,417
Eliminated in respect of disposals
(48,815)
At 28 February 2024
616,287
Carrying amount
At 28 February 2024
363,029
At 28 February 2023
371,655

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and machinery
46,568
54,786
Motor vehicles
77,939
109,488
124,507
164,274
Depreciation charge for the year in respect of leased assets
9,027
38,368
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,004,497
1,456,716
Amounts owed by group undertakings
1,727
1,172,968
Other debtors
154,809
300,209
1,161,033
2,929,893
VANGUARD PACKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
40,000
40,000
Trade creditors
363,033
425,463
Amounts owed to group undertakings
20,076
13,475
Taxation and social security
343,431
433,497
Other creditors
220,838
156,452
987,378
1,068,887

Net obligations of £28,517 (2023 - £36,920) due under hire purchase contracts are secured by fixed charges on the assets concerned.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
82,094
118,496
Obligations under hire purchase contracts
84,826
34,483
166,920
152,979
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
95
100
95
100

During the year the company repurchased 5 Ordinary shares of £1 each for a consideration of £20,000.

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding annual commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
45,000
45,000
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