Silverfin false false 31/03/2024 01/04/2023 31/03/2024 T M Winter 01/10/2013 P Winter 20/01/2010 11 September 2024 The principal activity of the Company during the financial year was manufacture of material handling equipment. 02818254 2024-03-31 02818254 bus:Director1 2024-03-31 02818254 bus:Director2 2024-03-31 02818254 2023-03-31 02818254 core:CurrentFinancialInstruments 2024-03-31 02818254 core:CurrentFinancialInstruments 2023-03-31 02818254 core:Non-currentFinancialInstruments 2024-03-31 02818254 core:Non-currentFinancialInstruments 2023-03-31 02818254 core:ShareCapital 2024-03-31 02818254 core:ShareCapital 2023-03-31 02818254 core:SharePremium 2024-03-31 02818254 core:SharePremium 2023-03-31 02818254 core:RetainedEarningsAccumulatedLosses 2024-03-31 02818254 core:RetainedEarningsAccumulatedLosses 2023-03-31 02818254 core:PlantMachinery 2023-03-31 02818254 core:Vehicles 2023-03-31 02818254 core:FurnitureFittings 2023-03-31 02818254 core:PlantMachinery 2024-03-31 02818254 core:Vehicles 2024-03-31 02818254 core:FurnitureFittings 2024-03-31 02818254 2023-04-01 2024-03-31 02818254 bus:FilletedAccounts 2023-04-01 2024-03-31 02818254 bus:SmallEntities 2023-04-01 2024-03-31 02818254 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02818254 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02818254 bus:Director1 2023-04-01 2024-03-31 02818254 bus:Director2 2023-04-01 2024-03-31 02818254 core:PlantMachinery 2023-04-01 2024-03-31 02818254 core:Vehicles 2023-04-01 2024-03-31 02818254 core:FurnitureFittings 2023-04-01 2024-03-31 02818254 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 02818254 (England and Wales)

PACKLINE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

PACKLINE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

PACKLINE LIMITED

BALANCE SHEET

As at 31 March 2024
PACKLINE LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 166,838 90,843
166,838 90,843
Current assets
Stocks 4 437,525 375,286
Debtors 5 387,433 521,754
Cash at bank and in hand 573,664 511,944
1,398,622 1,408,984
Creditors: amounts falling due within one year 6 ( 374,938) ( 492,111)
Net current assets 1,023,684 916,873
Total assets less current liabilities 1,190,522 1,007,716
Creditors: amounts falling due after more than one year 7 ( 71,629) ( 56,299)
Provision for liabilities ( 41,122) ( 16,786)
Net assets 1,077,771 934,631
Capital and reserves
Called-up share capital 211 211
Share premium account 233,088 233,088
Profit and loss account 844,472 701,332
Total shareholders' funds 1,077,771 934,631

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Packline Limited (registered number: 02818254) were approved and authorised for issue by the Board of Directors on 11 September 2024. They were signed on its behalf by:

P Winter
Director
PACKLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
PACKLINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

Packline 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 28 Albion Close, Newtown Business Park Ringwood Road, Poole, BH12 3LL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % 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
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 14

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2023 209,854 7,069 58,872 275,795
Additions 84,393 40,030 0 124,423
Disposals 0 ( 7,344) 0 ( 7,344)
At 31 March 2024 294,247 39,755 58,872 392,874
Accumulated depreciation
At 01 April 2023 123,372 5,578 56,002 184,952
Charge for the financial year 37,270 3,096 718 41,084
At 31 March 2024 160,642 8,674 56,720 226,036
Net book value
At 31 March 2024 133,605 31,081 2,152 166,838
At 31 March 2023 86,482 1,491 2,870 90,843

4. Stocks

2024 2023
£ £
Stocks 437,525 375,286

5. Debtors

2024 2023
£ £
Trade debtors 377,422 505,578
Other debtors 10,011 16,176
387,433 521,754

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 18,182 18,182
Trade creditors 201,039 239,964
Taxation and social security 12,646 41,259
Obligations under finance leases and hire purchase contracts (secured) 42,564 23,864
Other creditors 100,507 168,842
374,938 492,111

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

2024 2023
£ £
Bank loans 21,223 38,849
Obligations under finance leases and hire purchase contracts (secured) 50,406 17,450
71,629 56,299

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 15,336 24,245