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REGISTERED NUMBER: 03916021 (England and Wales)















Speedpac Limited

Unaudited Financial Statements For The Year Ended 31 December 2023






Speedpac Limited (Registered number: 03916021)






Contents of the Financial Statements
For The Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Speedpac Limited

Company Information
For The Year Ended 31 December 2023







DIRECTORS: D Brocklehurst
K Brocklehurst
A Hambidge





REGISTERED OFFICE: 3 Coldbath Square
London
EC1R 5HL





REGISTERED NUMBER: 03916021 (England and Wales)





ACCOUNTANTS: Kingswood Allotts Limited
Chartered Accountants
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

Speedpac Limited (Registered number: 03916021)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 884,273 1,026,344
884,273 1,026,344

CURRENT ASSETS
Stocks 79,442 79,442
Debtors 6 763,363 643,338
Cash at bank 94,990 82,352
937,795 805,132
CREDITORS
Amounts falling due within one year 7 1,643,638 988,331
NET CURRENT LIABILITIES (705,843 ) (183,199 )
TOTAL ASSETS LESS CURRENT LIABILITIES 178,430 843,145

CREDITORS
Amounts falling due after more than one year 8 1,626,976 2,028,069
NET LIABILITIES (1,448,546 ) (1,184,924 )

CAPITAL AND RESERVES
Called up share capital 10 300,000 300,000
Retained earnings (1,748,546 ) (1,484,924 )
SHAREHOLDERS' FUNDS (1,448,546 ) (1,184,924 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2024 and were signed on its behalf by:



D Brocklehurst - Director


Speedpac Limited (Registered number: 03916021)

Notes to the Financial Statements
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

Speedpac Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
As at the year end the company had net liabilities of £1,448,546 (2022 - £1,184,924). Having reviewed cashflow forecasts for a period of not less than 12 months from the date of approval of these financial statements, and making appropriate enquiries, the directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover is recognised by reference to the stage of completion of the transactions as at the end of the accounting period, including estimates of amounts not yet invoiced.

Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is being amortised evenly over its estimated useful life of twenty years.

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

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

Plant and equipment3% - 5% on cost
Fixtures and fittings10% on cost
Computers33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated net realisable value, after making due allowance for obsolete and slow moving items.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.


Speedpac Limited (Registered number: 03916021)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

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.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2022 - 71 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 55,000
AMORTISATION
At 1 January 2023
and 31 December 2023 55,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Speedpac Limited (Registered number: 03916021)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
equipment fittings Computers Totals
£    £    £    £   
COST
At 1 January 2023 842,592 406,486 349,979 1,599,057
Additions 939 - 1,421 2,360
At 31 December 2023 843,531 406,486 351,400 1,601,417
DEPRECIATION
At 1 January 2023 264,980 88,174 219,559 572,713
Charge for year 20,739 39,408 84,284 144,431
At 31 December 2023 285,719 127,582 303,843 717,144
NET BOOK VALUE
At 31 December 2023 557,812 278,904 47,557 884,273
At 31 December 2022 577,612 318,312 130,420 1,026,344

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 490,039 468,329
Other debtors 264,261 130,908
Prepayments and accrued income 9,063 44,101
763,363 643,338

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 30,000 30,000
Other loans 495,516 11,749
Trade creditors 885,173 573,835
Social security and other taxes 120,554 169,224
Other creditors - 7,204
Accruals and deferred income 112,395 196,319
1,643,638 988,331

Loans are secured by fixed and floating charges on the assets of the company.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 45,000 75,000
Other loans 1,581,976 1,953,069
1,626,976 2,028,069

Speedpac Limited (Registered number: 03916021)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

Amounts falling due in more than five years:

Repayable by instalments
Other loans over 5 years-111,004

Loans are secured by fixed and floating charges on the assets of the company.

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 495,000 495,000
Between one and five years 1,980,000 1,980,000
In more than five years 990,000 1,485,000
3,465,000 3,960,000

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
300,000 Ordinary £1 300,000 300,000