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Company registration number: SC234179







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


PACKOLOGY LIMITED






































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PACKOLOGY LIMITED
 


 
COMPANY INFORMATION


Director
Mr R Herridge 




Registered number
SC234179



Registered office
7 Larchfield Drive

Burnside

Glasgow

G73 4HA




Accountants
Menzies LLP
Chartered Accountants

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


PACKOLOGY LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 6


 


PACKOLOGY LIMITED
REGISTERED NUMBER:SC234179



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
329
376

Tangible assets
 5 
101
150

  
430
526

Current assets
  

Debtors: amounts falling due within one year
 6 
76,750
57,228

Cash at bank and in hand
  
27,503
23,545

  
104,253
80,773

Creditors: amounts falling due within one year
 7 
(44,267)
(60,070)

Net current assets
  
 
 
59,986
 
 
20,703

Total assets less current liabilities
  
60,416
21,229

Creditors: amounts falling due after more than one year
 8 
(59,450)
(17,508)

Provisions for liabilities
  

Deferred tax
  
(38)
(38)

  
 
 
(38)
 
 
(38)

Net assets
  
928
3,683

Page 1

 


PACKOLOGY LIMITED
REGISTERED NUMBER:SC234179


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
£
£

Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
828
3,583

  
928
3,683


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr R Herridge
Director

Date: 24 September 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 


PACKOLOGY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Packology Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Current and deferred taxation

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

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 income.

Page 3

 


PACKOLOGY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1). 

Page 4

 


PACKOLOGY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Intellectual property

£



Cost


At 1 January 2023
470



At 31 December 2023

470



Amortisation


At 1 January 2023
94


Charge for the year on owned assets
47



At 31 December 2023

141



Net book value



At 31 December 2023
329



At 31 December 2022
376




5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2023
10,353



At 31 December 2023

10,353



Depreciation


At 1 January 2023
10,203


Charge for the year on owned assets
49



At 31 December 2023

10,252



Net book value



At 31 December 2023
101



At 31 December 2022
150

Page 5

 


PACKOLOGY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Other debtors
76,750
57,228

76,750
57,228



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,967
5,497

Corporation tax
29,243
46,145

Other taxation and social security
2,087
6,638

Accruals and deferred income
1,970
1,790

44,267
60,070



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
59,450
17,508

59,450
17,508



9.


Related party transactions

At the year end, included within other debtors were amounts due from a director totalling £61,710 (2022 - £43,191) This amount is undated, unsecured and interest free.

Page 6