Company registration number 09074208 (England and Wales)
MEGA-PAK (2014) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MEGA-PAK (2014) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MEGA-PAK (2014) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
2
3,508,306
3,307,006
Current assets
Debtors
3
316
6,910
Cash at bank and in hand
370
609
686
7,519
Creditors: amounts falling due within one year
4
(503,934)
(499,355)
Net current liabilities
(503,248)
(491,836)
Total assets less current liabilities
3,005,058
2,815,170
Creditors: amounts falling due after more than one year
5
(296,875)
(534,375)
Net assets
2,708,183
2,280,795
Capital and reserves
Called up share capital
6
300
300
Profit and loss reserves
2,707,883
2,280,495
Total equity
2,708,183
2,280,795
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 October 2024 and are signed on its behalf by:
D J McQuilkin
Director
Company registration number 09074208 (England and Wales)
MEGA-PAK (2014) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Mega-Pak (2014) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
MEGA-PAK (2014) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
3,508,306
3,307,006
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
3,307,006
Additions
201,300
At 31 March 2024
3,508,306
Carrying amount
At 31 March 2024
3,508,306
At 31 March 2023
3,307,006
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
316
6,910
4
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
256,778
224,196
Other creditors
247,156
275,159
503,934
499,355
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
296,875
534,375
MEGA-PAK (2014) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ORDINARY A shares of £1 each
80
80
80
80
ORDINARY B shares of £1 each
80
80
80
80
ORDINARY C shares of £1 each
80
80
80
80
ORDINARY D shares of £1 each
20
20
20
20
ORDINARY E shares of £1 each
20
20
20
20
ORDINARY F shares of £1 each
20
20
20
20
300
300
300
300
7
Related party transactions
During the year dividends of £300,000 were declared to the shareholders of the company who are also directors. At the balance sheet date the company owed the directors £8,406 (2023 - £37,659).
At the balance sheet date, the company owed £256,778 to Mega-Pak Limited, its subsidiary undertaking (2023 - the company owed £224,196 to Mega-Pak Limited). This loan is interest free and repayable on demand.