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REGISTERED NUMBER: SC698707 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

PACKED UP LIMITED

PACKED UP LIMITED (REGISTERED NUMBER: SC698707)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 7

PACKED UP LIMITED

COMPANY INFORMATION
for the Year Ended 31 May 2024







DIRECTORS: Ms J Crawford
Mrs S Wright
Mr S McConochie





REGISTERED OFFICE: Unit 11
Wellheads Terrace
Dyce
Aberdeen
AB21 7GF





REGISTERED NUMBER: SC698707 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Unit 1, Office 1 & 8
Blackhall Industrial Estate
Burghmuir Circle
Inverurie
Aberdeenshire
AB51 4FS

PACKED UP LIMITED (REGISTERED NUMBER: SC698707)

BALANCE SHEET
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 49,092 52,585
Tangible assets 6 46,438 56,874
95,530 109,459

CURRENT ASSETS
Stocks 179,689 163,515
Debtors 7 554,623 460,405
Cash at bank and in hand 124,180 81,122
858,492 705,042
CREDITORS
Amounts falling due within one year 8 583,012 619,543
NET CURRENT ASSETS 275,480 85,499
TOTAL ASSETS LESS CURRENT
LIABILITIES

371,010

194,958

CREDITORS
Amounts falling due after more than one year 9 (17,760 ) (22,794 )

PROVISIONS FOR LIABILITIES (11,610 ) (14,219 )
NET ASSETS 341,640 157,945

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 341,540 157,845
SHAREHOLDERS' FUNDS 341,640 157,945

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2025 and were signed on its behalf by:




Mrs S Wright - Director


PACKED UP LIMITED (REGISTERED NUMBER: SC698707)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Packed Up Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PACKED UP LIMITED (REGISTERED NUMBER: SC698707)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are measured at transaction price including transaction costs..

Basic financial liabilities
Basic financial liabilities, which include trade and other creditors and loans, are recognised at transaction price.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 5 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 53,750
AMORTISATION
At 1 June 2023 1,165
Charge for year 3,493
At 31 May 2024 4,658
NET BOOK VALUE
At 31 May 2024 49,092
At 31 May 2023 52,585

PACKED UP LIMITED (REGISTERED NUMBER: SC698707)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 20,273 11,366 27,995 6,470 66,104
Additions 5,245 852 - 1,199 7,296
At 31 May 2024 25,518 12,218 27,995 7,669 73,400
DEPRECIATION
At 1 June 2023 847 3,986 1,750 2,647 9,230
Charge for year 6,025 2,920 6,998 1,789 17,732
At 31 May 2024 6,872 6,906 8,748 4,436 26,962
NET BOOK VALUE
At 31 May 2024 18,646 5,312 19,247 3,233 46,438
At 31 May 2023 19,426 7,380 26,245 3,823 56,874

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023
and 31 May 2024 27,995
DEPRECIATION
At 1 June 2023 1,750
Charge for year 6,998
At 31 May 2024 8,748
NET BOOK VALUE
At 31 May 2024 19,247
At 31 May 2023 26,245

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 489,189 424,496
Other debtors 65,434 35,909
554,623 460,405

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 10) 5,034 4,499
Trade creditors 211,751 256,289
Taxation and social security 152,523 73,321
Other creditors 213,704 285,434
583,012 619,543

PACKED UP LIMITED (REGISTERED NUMBER: SC698707)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 10) 17,760 22,794

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 5,034 4,499
Between one and five years 17,760 22,794
22,794 27,293

Non-cancellable operating leases
2024 2023
£    £   
Within one year 74,398 71,486
Between one and five years 252,754 255,446
In more than five years 156,200 209,000
483,352 535,932

11. RELATED PARTY DISCLOSURES

Directors Loans:

There is a directors loan balance of £107,554 (2023: £159,554) due to director 1.

There is a directors loan balance of £31,826 (2023: £37,826) due to director 2.

There is a directors loan balance of £47,176 (2023: £61,213) due to director 3.

These amounts bear no interest and have no fixed repayment terms.

12. ULTIMATE CONTROLLING PARTY

The controlling party is Jennifer Crawford, Samantha Wright& Sean McConnochie.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PACKED UP LIMITED (REGISTERED NUMBER: SC698707)

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Packed Up Limited for the year ended 31 May 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Packed Up Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Packed Up Limited and state those matters that we have agreed to state to the Board of Directors of Packed Up Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Packed Up Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Packed Up Limited. You consider that Packed Up Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Packed Up Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Acumen Accountants and Advisors Limited
Unit 1, Office 1 & 8
Blackhall Industrial Estate
Burghmuir Circle
Inverurie
Aberdeenshire
AB51 4FS


5 February 2025