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Registration number: 12762018

Prostar Packaging Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Prostar Packaging Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Prostar Packaging Limited

(Registration number: 12762018)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

25,488

 

34,158

Current assets

   

 

Stocks

5

98

 

9,013

 

Debtors

6

65,956

 

59,785

 

Cash at bank and in hand

 

16,726

 

53,797

 

 

82,780

 

122,595

 

Creditors: Amounts falling due within one year

7

(58,337)

 

(82,492)

 

Net current assets

   

24,443

 

40,103

Total assets less current liabilities

   

49,931

 

74,261

Provisions for liabilities

 

(6,400)

 

(8,500)

Net assets

   

43,531

 

65,761

Capital and reserves

   

 

Called up share capital

9

1

 

1

 

Retained earnings

43,530

 

65,760

 

Shareholders' funds

   

43,531

 

65,761

 

Prostar Packaging Limited

(Registration number: 12762018)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 January 2025 and signed on its behalf by:
 

.........................................
S R Glover
Director

 

Prostar Packaging Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Fusion House
Bridgeway
Bradford
BD4 9SN

These financial statements were authorised for issue by the Board on 10 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Prostar Packaging Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

25% straight line basis

Motor vehicles

25% reducing balance basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Prostar Packaging Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Prostar Packaging Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

2,226

40,999

43,225

At 31 July 2024

2,226

40,999

43,225

Depreciation

At 1 August 2023

526

8,541

9,067

Charge for the year

556

8,114

8,670

At 31 July 2024

1,082

16,655

17,737

Carrying amount

At 31 July 2024

1,144

24,344

25,488

At 31 July 2023

1,700

32,458

34,158

5

Stocks

2024
£

2023
£

Other stocks

98

9,013

6

Debtors

Current

2024
£

2023
£

Trade debtors

58,041

51,368

Prepayments

1,140

1,140

Other debtors

6,775

7,277

 

65,956

59,785

 

Prostar Packaging Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

5,146

7,441

Trade creditors

 

38,438

39,835

Taxation and social security

 

12,253

30,816

Accruals and deferred income

 

2,500

4,400

 

58,337

82,492

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

5,146

7,441

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.01 each

100

1.00

100

1.00

       
 

Prostar Packaging Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

10

Related party transactions

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Advanced

-

14,650

(14,650)

-

 

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Advanced

16,410

-

(16,410)

-

 

The above loan is interest free and repayable on demand.

Expenditure with and payables to related parties

2024

Key management
£

Amounts payable to related party

5,146

2023

Key management
£

Amounts payable to related party

7,441