Registered number
08154776
Mi-Pac Trading Limited
Filleted Accounts
31 January 2024
Mi-Pac Trading Limited
Registered number: 08154776
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Current assets
Stocks - 75,771
Debtors 4 552,877 165,747
Cash at bank and in hand 32,443 356,749
585,320 598,267
Creditors: amounts falling due within one year 5 (16,740) (22,101)
Net current assets 568,580 576,166
Net assets 568,580 576,166
Capital and reserves
Called up share capital 100 100
Profit and loss account 568,480 576,066
Shareholders' funds 568,580 576,166
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R X Boissevain
Director
Approved by the board on 20 September 2024
Mi-Pac Trading Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 February 2023 57,671
Disposals (3,393)
At 31 January 2024 54,278
Depreciation
At 1 February 2023 57,671
On disposals (3,393)
At 31 January 2024 54,278
Net book value
At 31 January 2024 -
4 Debtors 2024 2023
£ £
Trade debtors 72,824 90,696
Amounts owed by group undertakings and undertakings in which the company has a participating interest 34,000 34,000
Other debtors 446,053 41,051
552,877 165,747
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 3,012 4,984
Taxation and social security costs 11,870 189
Other creditors 1,858 16,928
16,740 22,101
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Julia Dixon 13,017 357 - 13,374
Richard X Boissevain 13,123 357 - 13,480
26,140 714 - 26,854
The loans were short term with no fixed repayment dates. Interest was accrued at 2.0% which is considered to be equivalent to market rate.
7 Related party transactions
During the year the company sold goods and services of £75,764 (2022 £240) to a company under common ownership. At the year end, the company was owed 75,764 (2022 £5,000) from this company.

Key management personel consist wholly of the directors, their remuneration for the year was £5,030 (2023 £25,158).
8 Controlling party
Mi-Pac Newco Limited is the ultimate parent company of the entity. The ultimate controlling party is RX Boissevain by virtue of his majority shareholdng in Mi-Pac Newco Limited.
9 Other information
Mi-Pac Trading Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Rear Buffer Depot
Badminton Road
Acton Turville
Badminton
GL9 1HE
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