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COMPANY REGISTRATION NUMBER: 07633171
STOREPAK LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2023
STOREPAK LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
2,044
3,006
Tangible assets
6
620,622
352,688
---------
---------
622,666
355,694
Current assets
Stocks
375,876
341,360
Debtors
7
1,671,348
1,175,763
Cash at bank and in hand
342,692
265,458
------------
------------
2,389,916
1,782,581
Creditors: amounts falling due within one year
8
1,899,145
1,288,514
------------
------------
Net current assets
490,771
494,067
------------
---------
Total assets less current liabilities
1,113,437
849,761
Creditors: amounts falling due after more than one year
9
145,988
66,666
Provisions
Taxation including deferred tax
151,456
83,488
------------
---------
Net assets
815,993
699,607
------------
---------
Capital and reserves
Called up share capital
1,100
1,100
Capital redemption reserve
100
100
Profit and loss account
814,793
698,407
---------
---------
Shareholders funds
815,993
699,607
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
STOREPAK LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr M J Canty
Director
Company registration number: 07633171
STOREPAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Butterly Avenue, Questor, Dartford, Kent, DA1 1JG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the statement of comprehensive income. The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each year end. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Statement of cash flows
The company has taken advantage of the small companies exemptions and not prepared a statement of cash flows.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years straight line
Intellectual Property
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in the statement of comprehensive income. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in the statement of comprehensive income.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Software
-
20% straight line
Motor Vehicles
-
25% straight line
Equipment
-
10% / 20% / 25% / 33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in the statement of comprehensive income unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
Financial liabilities are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in the statement of comprehensive income in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 13 ).
5. Intangible assets
Goodwill
Intellectual property
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
150,000
40,569
190,569
---------
--------
---------
Amortisation
At 1 November 2022
150,000
37,563
187,563
Charge for the year
962
962
---------
--------
---------
At 31 October 2023
150,000
38,525
188,525
---------
--------
---------
Carrying amount
At 31 October 2023
2,044
2,044
---------
--------
---------
At 31 October 2022
3,006
3,006
---------
--------
---------
6. Tangible assets
Software
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 November 2022
176,436
89,192
544,466
810,094
Additions
750
353,020
353,770
Disposals
( 18,400)
( 18,400)
---------
--------
---------
------------
At 31 October 2023
177,186
70,792
897,486
1,145,464
---------
--------
---------
------------
Depreciation
At 1 November 2022
38,628
89,192
329,586
457,406
Charge for the year
35,639
50,197
85,836
Disposals
( 18,400)
( 18,400)
---------
--------
---------
------------
At 31 October 2023
74,267
70,792
379,783
524,842
---------
--------
---------
------------
Carrying amount
At 31 October 2023
102,919
517,703
620,622
---------
--------
---------
------------
At 31 October 2022
137,808
214,880
352,688
---------
--------
---------
------------
7. Debtors
2023
2022
£
£
Trade debtors
1,214,107
677,640
Other debtors
457,241
498,123
------------
------------
1,671,348
1,175,763
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
66,667
66,667
Trade creditors
963,752
639,703
Corporation tax
54,215
Social security and other taxes
82,075
30,820
Other creditors
786,651
497,109
------------
------------
1,899,145
1,288,514
------------
------------
The bank loan is secured by a fixed and floating charge over all of the company's assets.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
66,666
Other creditors
145,988
---------
--------
145,988
66,666
---------
--------
The bank loan is secured by a fixed and floating charge over all of the company's assets.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
242,248
208,500
Later than 1 year and not later than 5 years
211,967
381,765
---------
---------
454,215
590,265
---------
---------