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Registered number: 04446988
Postpack Ltd
Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04446988
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,527,861 1,555,066
1,527,861 1,555,066
CURRENT ASSETS
Stocks 5 328,000 245,000
Debtors 6 578,626 329,727
Cash at bank and in hand 55,516 94,171
962,142 668,898
Creditors: Amounts Falling Due Within One Year 7 (366,622 ) (443,180 )
NET CURRENT ASSETS (LIABILITIES) 595,520 225,718
TOTAL ASSETS LESS CURRENT LIABILITIES 2,123,381 1,780,784
Creditors: Amounts Falling Due After More Than One Year 8 (800,172 ) (483,810 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (50,049 ) (43,970 )
NET ASSETS 1,273,160 1,253,004
CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 548,937 529,833
Profit and Loss Account 724,123 723,071
SHAREHOLDERS' FUNDS 1,273,160 1,253,004
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For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mark Reid
Director
21 February 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Postpack Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04446988 . The registered office is Unit 4, Hollis Road, Grantham, Lincolnshire, NG31 7QH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 3 years straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
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2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 30 (2023: 28)
30 28
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost or Valuation
As at 1 June 2023 1,503,338 404,541 28,641 11,914 1,948,434
Additions - 44,283 11,500 200 55,983
Disposals - (1,907 ) (12,938 ) - (14,845 )
Revaluation 30,679 - - - 30,679
As at 31 May 2024 1,534,017 446,917 27,203 12,114 2,020,251
Depreciation
As at 1 June 2023 188,338 185,831 11,256 7,943 393,368
Provided during the period 30,679 65,749 6,061 4,038 106,527
Disposals - (1,186 ) (6,319 ) - (7,505 )
As at 31 May 2024 219,017 250,394 10,998 11,981 492,390
Net Book Value
As at 31 May 2024 1,315,000 196,523 16,205 133 1,527,861
As at 1 June 2023 1,315,000 218,710 17,385 3,971 1,555,066
Cost or valuation as at 31 May 2024 represented by:
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
At cost 1,534,017 446,917 27,203 12,114 2,020,251
1,534,017 446,917 27,203 12,114 2,020,251
All fixed assets are initially recorded at cost or valuiation. The properties has been revalued in the year to reflect their market value. The value shown in these accounts is now £1,315,000 (2023: £1,315,000).  The property valuation was carried out by an independent valuer. The carrying amount of the property, had the asset been disclosed under the cost model and depreciated accordingly, would be £985,080 (2023: £973,506).
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5. Stocks
2024 2023
£ £
Stock 328,000 245,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 310,968 296,627
Kid-Eco Limited 2,100 2,100
Damasco UK Limited 265,558 31,000
578,626 329,727
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 276,140 365,781
Bank loans and overdrafts 12,749 34,003
Corporation tax 2,491 4,351
Other taxes and social security 11,538 7,090
VAT 25,903 24,703
Pension control - 1,752
Accruals and deferred income 3,500 3,500
Directors' loan accounts 33,102 -
Credit card 1,199 2,000
366,622 443,180
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 800,172 483,810
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
Revaluation Reserve
£
As at 1 June 2023 529,833
Surplus on revaluation 30,679
Transfer to profit and loss (11,575 )
As at 31 May 2024 548,937
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