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Registration number: 06007174

Advanced Packing Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Advanced Packing Solutions Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Advanced Packing Solutions Limited

Company Information

Directors

Mr S T Reeves

Mr V Small

Company secretary

Mr V Small

Registered office

15 Oxford Street
Southampton
Hampshire
SO14 3DJ

Accountants

Accountants for Business Development and Solutions
Chartered Certified Accountants
15 Oxford Street
Southampton
Hampshire
SO14 3DJ

 

Advanced Packing Solutions Limited

(Registration number: 06007174)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

628,189

109,155

Current assets

 

Stocks

5

60,000

40,000

Debtors

6

161,878

337,222

Cash at bank and in hand

 

774,716

235,614

 

996,594

612,836

Creditors: Amounts falling due within one year

7

(475,366)

(125,388)

Net current assets

 

521,228

487,448

Total assets less current liabilities

 

1,149,417

596,603

Provisions for liabilities

(21,362)

(20,739)

Net assets

 

1,128,055

575,864

Capital and reserves

 

Called up share capital

8

21

21

Retained earnings

1,128,034

575,843

Shareholders' funds

 

1,128,055

575,864

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

.........................................
Mr V Small
Director

 

Advanced Packing Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
15 Oxford Street
Southampton
Hampshire
SO14 3DJ

These financial statements were authorised for issue by the Board on 6 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at fair value when there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants related to expenses are treated as other income in the income statement.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Advanced Packing Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Plant & machinery

20% straight line

Equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Advanced Packing Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 7).

 

Advanced Packing Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2022

-

196,164

26,322

222,486

Additions

561,424

2,952

-

564,376

At 30 November 2023

561,424

199,116

26,322

786,862

Depreciation

At 1 December 2022

-

98,486

14,845

113,331

Charge for the year

18,681

23,814

2,847

45,342

At 30 November 2023

18,681

122,300

17,692

158,673

Carrying amount

At 30 November 2023

542,743

76,816

8,630

628,189

At 30 November 2022

-

97,678

11,477

109,155

Included within the net book value of land and buildings above is £542,743 (2022 - £Nil) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

60,000

40,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

158,163

333,551

Prepayments

2,984

2,939

Other debtors

731

732

 

161,878

337,222

 

Advanced Packing Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

8,206

-

Taxation and social security

234,385

94,665

Accruals and deferred income

202,160

1,400

Other creditors

30,615

29,323

475,366

125,388

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

21

21

21

21

       

9

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £3,430.00 (2022 - £2,800.00) per each Ordinary

72,030

58,800

 

 
 

Advanced Packing Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

10

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Mr V Small

(2,053)

6,204

(6,000)

(1,849)

-

-

-

-

(2,053)

6,204

(6,000)

(1,849)

Mr S T Reeves

(25,625)

-

-

(25,625)

-

-

-

-

(25,625)

-

-

(25,625)

2022

At 1 December 2021
£

Advances to director
£

At 30 November 2022
£

Mr V Small

(2,474)

420

(2,053)

-

-

-

(2,474)

420

(2,053)

Mr S T Reeves

(25,625)

-

(25,625)

-

-

-

(25,625)

-

(25,625)

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

206,500

79,500

Contributions paid to money purchase schemes

50,000

30,000

256,500

109,500

 

Advanced Packing Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Summary of transactions with other related parties

Transactions with related parties occurred during the year. The related parties were: Mrs D Small a 48% shareholder and the wife of the director Mr V Small, Mr V Small a 48% shareholder and director, Mr S Reeves a 4% shareholder and director, and Advanced Product Solutions Ltd a company owned by Mr L Small, the son of the director Mr V Small, and Mrs D Small

Transactions with Mrs D Small during the year were as follows: Remuneration £9,500 (2022 - £9,500), and dividends £34,300 (2022 - £28,000).

Transactions with Mr V Small during the year were as follows: Remuneration £9,500 (2022 - £9,500), pension contribution £50,000 (2022 - £30,000), and dividends £34,300 (2022 - £28,000).

Transactions with Mr S Reeves during the year were as follows: Director's Fees £197,000 (2022 - £70,000), and dividends £3,430 (2022 - £2,800).

Advanced Product Solutions Ltd provided the company with software support services of £141,118 (2022 - £134,393), machining support services of £100,298 (2022 - £nil), charged rent to the company of £51,696 (2022 - £14,835), and was reimbursed travel costs of £58,822 (2022 - £nil). An amount of £nil (2022 - £nil) was outstanding at the year-end.

11

Controlling party

The controlling party is Mr V Small, who is the managing director, and Mrs D Small, who each held 48% of the shares in issue.