Company registration number 00995738 (England and Wales)
BACOCOMPAK (NORFOLK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
BACOCOMPAK (NORFOLK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BACOCOMPAK (NORFOLK) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,266,811
1,033,412
Current assets
Stocks
12,805
14,887
Debtors
4
1,481,442
1,580,918
Cash at bank and in hand
41,668
2,769
1,535,915
1,598,574
Creditors: amounts falling due within one year
6
(756,327)
(750,271)
Net current assets
779,588
848,303
Total assets less current liabilities
2,046,399
1,881,715
Creditors: amounts falling due after more than one year
5
(240,922)
(211,758)
Provisions for liabilities
(316,703)
(237,289)
Net assets
1,488,774
1,432,668
Capital and reserves
Called up share capital
9
2,502
2,502
Revaluation reserve
10
428,495
428,495
Profit and loss reserves
1,057,777
1,001,671
Total equity
1,488,774
1,432,668

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 January 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.

BACOCOMPAK (NORFOLK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 February 2025 and are signed on its behalf by:
Mr S P G Bacon
Mr P Bacon
Director
Director
Miss L E Bacon
Director
Company registration number 00995738 (England and Wales)
BACOCOMPAK (NORFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

BacoCompak (Norfolk) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Innisfree Trading Estate, Bawsey, King's Lynn, Norfolk, PE32 1EX.

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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Not Depreciated
Plant and equipment
15% Reducing Balance
Office equipment
15% Reducing Balance
Motor vehicles
15% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

BACOCOMPAK (NORFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

BACOCOMPAK (NORFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Retirement benefits

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

 

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
34
32
BACOCOMPAK (NORFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
6,450
2,384,311
53,476
1,072,836
3,517,073
Additions
-
0
488,313
605
42,000
530,918
Disposals
-
0
(343,300)
-
0
-
0
(343,300)
At 31 January 2024
6,450
2,529,324
54,081
1,114,836
3,704,691
Depreciation and impairment
At 1 February 2023
-
0
1,826,660
29,879
627,122
2,483,661
Depreciation charged in the year
-
0
145,694
3,630
73,156
222,480
Eliminated in respect of disposals
-
0
(268,261)
-
0
-
0
(268,261)
At 31 January 2024
-
0
1,704,093
33,509
700,278
2,437,880
Carrying amount
At 31 January 2024
6,450
825,231
20,572
414,558
1,266,811
At 31 January 2023
6,450
557,651
23,597
445,714
1,033,412
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
521,918
577,840
Prepayments and accrued income
94,055
80,052
Other debtors
865,469
923,026
1,481,442
1,580,918
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
63,750
108,750
Other creditors
177,172
103,008
240,922
211,758

Hire Purchase liabilities are secured against the asset to which the agreement relates.

BACOCOMPAK (NORFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
45,000
57,478
Trade creditors
464,172
373,287
Corporation tax
-
0
37,662
Other taxation and social security
51,495
82,866
Obligations under finance lease and hire purchase contracts
103,447
113,710
Accruals and deferred income
53,672
51,310
Other creditors
38,541
33,958
756,327
750,271

Hire Purchase liabilities are secured against the asset to which the agreement relates.

7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
316,703
237,289
2024
Movements in the year:
£
Liability at 1 February 2023
237,289
Charge to profit or loss
79,414
Liability at 31 January 2024
316,703
8
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
16,825
16,502

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions of £1,462 (2023 - £809) were due at the Balance Sheet date.

BACOCOMPAK (NORFOLK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
1
1
1
1
Ordinary B of £1 each
501
501
501
501
Ordinary E of 1p each
200,000
200,000
2,000
2,000
200,502
200,502
2,502
2,502
10
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
428,495
428,495
11
Directors' transactions

Included within Other Debtors at the Balance Sheet date is a loan to one of the Directors of £1,508 (2023 - £1,315). Although shown under amounts due within one year there is no fixed date for repayment of this loan.

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