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REGISTERED NUMBER: 10910819 (England and Wales)








Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Wepack Ltd.

Wepack Ltd. (Registered number: 10910819)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wepack Ltd.

Company Information
for the Year Ended 31 December 2023







DIRECTOR: S M Clark





SECRETARY: Mrs S Clark





REGISTERED OFFICE: Cedar Court
Griffon Road
Quarry Hill Industrial Park
Ilkeston
Derbyshire
DE7 4RF





REGISTERED NUMBER: 10910819 (England and Wales)





ACCOUNTANTS: Haines Watts
Cliffe Hill House
22-26 Nottingham Road
Stapleford
Nottingham
NG9 8AA

Wepack Ltd. (Registered number: 10910819)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 19,500 25,500
Tangible assets 5 750,898 592,577
770,398 618,077

CURRENT ASSETS
Stocks 233,171 271,360
Debtors 6 603,702 486,206
Cash at bank and in hand 283,377 566,342
1,120,250 1,323,908
CREDITORS
Amounts falling due within one year 7 1,074,913 1,362,366
NET CURRENT ASSETS/(LIABILITIES) 45,337 (38,458 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

815,735

579,619

CREDITORS
Amounts falling due after more than one
year

8

(68,170

)

(52,693

)

PROVISIONS FOR LIABILITIES (119,765 ) (81,567 )
NET ASSETS 627,800 445,359

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 627,700 445,259
SHAREHOLDERS' FUNDS 627,800 445,359

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 director acknowledges his 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.

Wepack Ltd. (Registered number: 10910819)

Balance Sheet - continued
31 December 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 September 2024 and were signed by:





S M Clark - Director


Wepack Ltd. (Registered number: 10910819)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Wepack Ltd. 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.

The company shortened its year end from 31 March 2023 to 31 December 2022. The change was made to align the company's period end to the calendar year, as such the comparatives are not entirely comparable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 20% on reducing balance, 15% on reducing balance and 4% on cost

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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.


Wepack Ltd. (Registered number: 10910819)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 29 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 60,000
AMORTISATION
At 1 January 2023 34,500
Charge for year 6,000
At 31 December 2023 40,500
NET BOOK VALUE
At 31 December 2023 19,500
At 31 December 2022 25,500

Wepack Ltd. (Registered number: 10910819)

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 841,459
Additions 279,710
Disposals (20,507 )
At 31 December 2023 1,100,662
DEPRECIATION
At 1 January 2023 248,880
Charge for year 114,246
Eliminated on disposal (13,362 )
At 31 December 2023 349,764
NET BOOK VALUE
At 31 December 2023 750,898
At 31 December 2022 592,579

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023 188,529
Additions 69,020
Disposals (12,403 )
At 31 December 2023 245,146
DEPRECIATION
At 1 January 2023 46,135
Charge for year 29,088
Eliminated on disposal (8,728 )
At 31 December 2023 66,495
NET BOOK VALUE
At 31 December 2023 178,651
At 31 December 2022 142,394

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 560,745 407,392
Other debtors 42,957 78,814
603,702 486,206

Wepack Ltd. (Registered number: 10910819)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 9) 21,012 8,849
Trade creditors 149,094 180,264
Amounts owed to group undertakings 420,609 883,802
Taxation and social security 297,891 171,169
Other creditors 186,307 118,282
1,074,913 1,362,366

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 9) 68,170 52,693

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 21,012 8,849
Between one and five years 68,170 52,693
89,182 61,542

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 18,140 17,281
Between one and five years 6,898 10,650
25,038 27,931

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 89,182 61,542

The hire purchase debts are secured against the asset to which they relate.