Silverfin false false 31/12/2024 01/01/2024 31/12/2024 G V Chard 02/10/2015 22 April 2025 The principal activity of the Company during the financial year was the provision of packaging services. 09805338 2024-12-31 09805338 bus:Director1 2024-12-31 09805338 2023-12-31 09805338 core:CurrentFinancialInstruments 2024-12-31 09805338 core:CurrentFinancialInstruments 2023-12-31 09805338 core:Non-currentFinancialInstruments 2024-12-31 09805338 core:Non-currentFinancialInstruments 2023-12-31 09805338 core:ShareCapital 2024-12-31 09805338 core:ShareCapital 2023-12-31 09805338 core:RetainedEarningsAccumulatedLosses 2024-12-31 09805338 core:RetainedEarningsAccumulatedLosses 2023-12-31 09805338 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-12-31 09805338 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-12-31 09805338 core:LandBuildings 2023-12-31 09805338 core:LeaseholdImprovements 2023-12-31 09805338 core:PlantMachinery 2023-12-31 09805338 core:Vehicles 2023-12-31 09805338 core:FurnitureFittings 2023-12-31 09805338 core:OfficeEquipment 2023-12-31 09805338 core:LandBuildings 2024-12-31 09805338 core:LeaseholdImprovements 2024-12-31 09805338 core:PlantMachinery 2024-12-31 09805338 core:Vehicles 2024-12-31 09805338 core:FurnitureFittings 2024-12-31 09805338 core:OfficeEquipment 2024-12-31 09805338 core:CurrentFinancialInstruments core:Secured 2024-12-31 09805338 core:OtherMembersGroupNotDefinedElsewhere core:CurrentFinancialInstruments 2024-12-31 09805338 core:OtherMembersGroupNotDefinedElsewhere core:CurrentFinancialInstruments 2023-12-31 09805338 core:MoreThanFiveYears 2024-12-31 09805338 core:MoreThanFiveYears 2023-12-31 09805338 core:WithinOneYear 2024-12-31 09805338 core:WithinOneYear 2023-12-31 09805338 core:BetweenOneFiveYears 2024-12-31 09805338 core:BetweenOneFiveYears 2023-12-31 09805338 2024-01-01 2024-12-31 09805338 bus:FilletedAccounts 2024-01-01 2024-12-31 09805338 bus:SmallEntities 2024-01-01 2024-12-31 09805338 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 09805338 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 09805338 bus:Director1 2024-01-01 2024-12-31 09805338 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2024-01-01 2024-12-31 09805338 core:LandBuildings core:TopRangeValue 2024-01-01 2024-12-31 09805338 core:LeaseholdImprovements core:TopRangeValue 2024-01-01 2024-12-31 09805338 core:PlantMachinery 2024-01-01 2024-12-31 09805338 core:Vehicles 2024-01-01 2024-12-31 09805338 core:FurnitureFittings 2024-01-01 2024-12-31 09805338 core:OfficeEquipment 2024-01-01 2024-12-31 09805338 2023-01-01 2023-12-31 09805338 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-01-01 2024-12-31 09805338 core:LandBuildings 2024-01-01 2024-12-31 09805338 core:LeaseholdImprovements 2024-01-01 2024-12-31 09805338 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Company No: 09805338 (England and Wales)

NICE PACKAGE LTD

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

NICE PACKAGE LTD

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

NICE PACKAGE LTD

BALANCE SHEET

As at 31 December 2024
NICE PACKAGE LTD

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 1,923 2,846
Tangible assets 4 681,088 74,089
683,011 76,935
Current assets
Stocks 5 344,139 285,777
Debtors 6 331,722 329,539
Cash at bank and in hand 70,090 229,994
745,951 845,310
Creditors: amounts falling due within one year 7 ( 539,631) ( 322,992)
Net current assets 206,320 522,318
Total assets less current liabilities 889,331 599,253
Creditors: amounts falling due after more than one year 8 ( 350,537) ( 866)
Net assets 538,794 598,387
Capital and reserves
Called-up share capital 110 110
Profit and loss account 538,684 598,277
Total shareholders' funds 538,794 598,387

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Nice Package Ltd (registered number: 09805338) were approved and authorised for issue by the Director on 22 April 2025. They were signed on its behalf by:

G V Chard
Director
NICE PACKAGE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
NICE PACKAGE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Nice Package Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 6 33 Oxford Road, Yeovil, BA21 5HR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of goods 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Leasehold improvements 50 years straight line
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 8 7

3. Intangible assets

Website costs Total
£ £
Cost
At 01 January 2024 4,615 4,615
At 31 December 2024 4,615 4,615
Accumulated amortisation
At 01 January 2024 1,769 1,769
Charge for the financial year 923 923
At 31 December 2024 2,692 2,692
Net book value
At 31 December 2024 1,923 1,923
At 31 December 2023 2,846 2,846

4. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £ £
Cost
At 01 January 2024 0 2,780 13,560 93,378 3,487 2,233 115,438
Additions 605,929 0 17,000 12,973 0 171 636,073
At 31 December 2024 605,929 2,780 30,560 106,351 3,487 2,404 751,511
Accumulated depreciation
At 01 January 2024 0 14 6,016 32,200 2,080 1,039 41,349
Charge for the financial year 11,096 56 3,209 14,182 281 250 29,074
At 31 December 2024 11,096 70 9,225 46,382 2,361 1,289 70,423
Net book value
At 31 December 2024 594,833 2,710 21,335 59,969 1,126 1,115 681,088
At 31 December 2023 0 2,766 7,544 61,178 1,407 1,194 74,089

5. Stocks

2024 2023
£ £
Stocks 344,139 285,777

6. Debtors

2024 2023
£ £
Trade debtors 313,682 314,057
Prepayments 8,740 2,932
Other debtors 9,300 12,550
331,722 329,539

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 31,484 0
Trade creditors 332,137 217,427
Amounts owed to connected persons 37,966 3,940
Amounts owed to director 63,003 19,631
Accruals 2,561 2,963
Taxation and social security 59,108 64,725
Obligations under finance leases and hire purchase contracts (secured) 8,867 14,306
Other creditors 4,505 0
539,631 322,992

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 345,495 0
Obligations under finance leases and hire purchase contracts (secured) 5,042 866
350,537 866

Bank borrowings are secured by a fixed legal charge over the freehold property.

The obligations under hire purchase contractors are secured on the assets concerned which are included within plant and machinery & motor vehicles. At the balance sheet date the net book value of these assets was £27,125 (2023 - £20,625).

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 215,664 0

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 3,141 19,691
between one and five years 6,282 9,423
9,423 29,114