Acorah Software Products - Accounts Production 16.1.300 false true true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 09005105 Mr Alexander Stewart iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09005105 2023-03-31 09005105 2024-03-31 09005105 2023-04-01 2024-03-31 09005105 frs-core:CurrentFinancialInstruments 2024-03-31 09005105 frs-core:Non-currentFinancialInstruments 2024-03-31 09005105 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 09005105 frs-core:OtherResidualIntangibleAssets 2024-03-31 09005105 frs-core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 09005105 frs-core:OtherResidualIntangibleAssets 2023-03-31 09005105 frs-core:PlantMachinery 2024-03-31 09005105 frs-core:PlantMachinery 2023-04-01 2024-03-31 09005105 frs-core:PlantMachinery 2023-03-31 09005105 frs-core:OtherReservesSubtotal 2024-03-31 09005105 frs-core:SharePremium 2024-03-31 09005105 frs-core:ShareCapital 2024-03-31 09005105 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 09005105 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09005105 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 09005105 frs-bus:SmallEntities 2023-04-01 2024-03-31 09005105 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09005105 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09005105 frs-bus:Director1 2023-04-01 2024-03-31 09005105 frs-countries:EnglandWales 2023-04-01 2024-03-31 09005105 2022-03-31 09005105 2023-03-31 09005105 2022-04-01 2023-03-31 09005105 frs-core:CurrentFinancialInstruments 2023-03-31 09005105 frs-core:Non-currentFinancialInstruments 2023-03-31 09005105 frs-core:OtherReservesSubtotal 2023-03-31 09005105 frs-core:SharePremium 2023-03-31 09005105 frs-core:ShareCapital 2023-03-31 09005105 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 09005105
Pack'd Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09005105
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 177
Tangible Assets 5 36,235 26,998
36,235 27,175
CURRENT ASSETS
Stocks 6 677,500 800,301
Debtors 7 364,842 476,161
Cash at bank and in hand 8,992 3,754
1,051,334 1,280,216
Creditors: Amounts Falling Due Within One Year 8 (1,147,404 ) (1,013,696 )
NET CURRENT ASSETS (LIABILITIES) (96,070 ) 266,520
TOTAL ASSETS LESS CURRENT LIABILITIES (59,835 ) 293,695
Creditors: Amounts Falling Due After More Than One Year 9 (78,020 ) (142,803 )
NET (LIABILITIES)/ASSETS (137,855 ) 150,892
CAPITAL AND RESERVES
Called up share capital 11 281 281
Share premium account 1,267,468 1,267,468
Share-based payment reserve 14,559 10,705
Profit and Loss Account (1,420,163 ) (1,127,562 )
SHAREHOLDERS' FUNDS (137,855) 150,892
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Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Alexander Stewart
Director
13 March 2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Pack'd Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09005105 . The registered office is Unit 3 Vista Place, Coy Pond Business Park, Ingworth Road, Poole, Dorset, BH12 1JY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
These financial statements are presented in pound sterling which is the functional currency of the company.
2.2. Going Concern Disclosure
The Company has negative reserves at the Balance Sheet date but since then, it has experienced continued growth in sales.  The Directors confirm that the Company is a going concern and will continue to meet its liabilities for the next 12 months following approval of the accounts.
2.3. 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. 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.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are trademark and website development. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.5. 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:
Plant & Machinery 25 % Straight line
2.6. 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.
2.7. Financial Instruments
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially measured at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.9. 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. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 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. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.11. 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.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.12. Share-based payments
Share-based payment arrangements in which the Company receives goods or services as consideration for its own
equity instruments are accounted for as equity-settled share-based payment transactions, regardless of how the equity
instruments are obtained by the Company.
The fair value of options granted is recognised as an expense with a corresponding increase in equity. The total
amount to be expensed is determined by reference to the fair value of the options granted.
The total expense is recognised over the vesting period, which is the period over which all of the specified vesting
conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that
are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision
to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 9)
8 9
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4. Intangible Assets
Other
£
Cost
As at 1 April 2023 18,477
As at 31 March 2024 18,477
Amortisation
As at 1 April 2023 18,300
Provided during the period 177
As at 31 March 2024 18,477
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 177
5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 April 2023 72,503
Additions 25,875
As at 31 March 2024 98,378
Depreciation
As at 1 April 2023 45,505
Provided during the period 16,638
As at 31 March 2024 62,143
Net Book Value
As at 31 March 2024 36,235
As at 1 April 2023 26,998
6. Stocks
2024 2023
£ £
Finished goods and materials 627,496 737,093
Work in progress 50,004 63,208
677,500 800,301
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 222,833 304,282
Prepayments and accrued income 109,523 65,809
Other debtors 32,486 106,070
364,842 476,161
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 621,918 506,933
Bank loans and overdrafts 243,627 226,973
Other taxes and social security 47,613 75,675
Other creditors 160,412 76,623
Accruals and deferred income 73,834 127,492
1,147,404 1,013,696
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 78,020 142,803
10. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 178,844 130,928
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 281 281
12. Pension Commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £3,257 (2023: £1,893) were due to the fund. They are included in Other Creditors.
13. Share-based payments
There were 111,318 share options, that were issued on the 14th April 2022, vesting over three equal periods, starting on the 14th April 2023, at an exercise price of £0.20 per share.
During the current year there was a share-based payment charge of £3,854 which is reflected under other operating expenses.
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