Registered number
08752665
Dan Packaging Ltd
Filleted Accounts
31 March 2024
Dan Packaging Ltd
Registered number: 08752665
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 7,916 7,858
Tangible assets 4 16,076 22,914
23,992 30,772
Current assets
Stocks 49,770 39,432
Debtors 5 87,611 164,134
Cash at bank and in hand 90,996 61,002
228,377 264,568
Creditors: amounts falling due within one year 6 (155,942) (217,286)
Net current assets 72,435 47,282
Total assets less current liabilities 96,427 78,054
Creditors: amounts falling due after more than one year 7 (35,941) (35,952)
Net assets 60,486 42,102
Capital and reserves
Called up share capital 100 100
Profit and loss account 60,386 42,002
Shareholder's funds 60,486 42,102
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr S Holt
Director
Approved by the board on 19 July 2024
Dan Packaging Ltd
Notes to the Accounts
for the year ended 31 March 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 89,300
Additions 1,375
At 31 March 2024 90,675
Amortisation
At 1 April 2023 81,442
Provided during the year 1,317
At 31 March 2024 82,759
Net book value
At 31 March 2024 7,916
At 31 March 2023 7,858
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 35,142 17,750 52,892
At 31 March 2024 35,142 17,750 52,892
Depreciation
At 1 April 2023 16,002 13,976 29,978
Charge for the year 3,288 3,550 6,838
At 31 March 2024 19,290 17,526 36,816
Net book value
At 31 March 2024 15,852 224 16,076
At 31 March 2023 19,140 3,774 22,914
5 Debtors 2024 2023
£ £
Trade debtors 85,984 162,507
Other debtors 1,627 1,627
87,611 164,134
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 6,432
Obligations under finance lease and hire purchase contracts - 3,560
Trade creditors 96,387 137,951
Taxation and social security costs 48,503 44,479
Other creditors 11,052 24,864
155,942 217,286
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 35,941 31,031
Obligations under finance lease and hire purchase contracts - 4,921
35,941 35,952
8 Other information
Dan Packaging Ltd is a private company limited by shares and incorporated in England. Its registered office is:
40 Clarence Road
Chesterfield
Derbyshire
S40 1LQ
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