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COMPANY REGISTRATION NUMBER: 03546275
VALE PACK LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2024
VALE PACK LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
VALE PACK LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
R N C Boucher
Company secretary
R R Boucher
Registered office
Units 4 & 5
Dysart Road Industrial Estate
Grantham
Lincolnshire
NG31 7EJ
Accountants
Streets LLP
Chartered Accountants
Tower House
Lucy Tower Street
Lincoln
Lincolnshire
LN1 1XW
VALE PACK LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
143,474
165,827
Current assets
Stocks
101,235
171,205
Debtors
6
104,494
114,201
Cash at bank and in hand
126,547
84,028
-----------
-----------
332,276
369,434
Creditors: amounts falling due within one year
7
78,048
145,302
-----------
-----------
Net current assets
254,228
224,132
-----------
-----------
Total assets less current liabilities
397,702
389,959
Creditors: amounts falling due after more than one year
8
6,000
8,000
Provisions
Taxation including deferred tax
25,654
32,852
-----------
-----------
Net assets
366,048
349,107
-----------
-----------
VALE PACK LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
365,948
349,007
-----------
-----------
Shareholders funds
366,048
349,107
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 11 April 2025 , and are signed on behalf of the board by:
R N C Boucher
Director
Company registration number: 03546275
VALE PACK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Units 4 & 5, Dysart Road Industrial Estate, Grantham, Lincolnshire, NG31 7EJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Depreciation charges The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. These are reviewed periodically by the Directors to ensure that they reflect both external and internal factors.
Revenue recognition
The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
Various methods used
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
Various methods used
Stocks
Stocks are valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 8 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
422,179
14,670
32,318
27,117
496,284
Additions
610
610
Disposals
( 12,840)
( 3,073)
( 15,913)
-----------
---------
---------
---------
-----------
At 31 December 2024
409,339
14,670
32,318
24,654
480,981
-----------
---------
---------
---------
-----------
Depreciation
At 1 January 2024
286,687
2,934
18,457
22,379
330,457
Charge for the year
15,844
1,467
3,465
1,710
22,486
Disposals
( 12,513)
( 2,923)
( 15,436)
-----------
---------
---------
---------
-----------
At 31 December 2024
290,018
4,401
21,922
21,166
337,507
-----------
---------
---------
---------
-----------
Carrying amount
At 31 December 2024
119,321
10,269
10,396
3,488
143,474
-----------
---------
---------
---------
-----------
At 31 December 2023
135,492
11,736
13,861
4,738
165,827
-----------
---------
---------
---------
-----------
6. Debtors
2024
2023
£
£
Trade debtors
87,299
103,488
Other debtors
17,195
10,713
-----------
-----------
104,494
114,201
-----------
-----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
22,776
40,092
Corporation tax
8,292
12,929
Social security and other taxes
41,890
31,198
Other creditors
5,090
61,083
---------
-----------
78,048
145,302
---------
-----------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
6,000
8,000
--------
--------
9. Director's advances, credits and guarantees
New advances were made to the director during the year of amounts totalling £7,455, resulting in an overdrawn balance carried forward of £7,455. This balance will be fully repaid within 9 months of the year end, interest has not been charged on the overdrawn loan balance.
10. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS102.
11. Controlling party
The ultimate controlling party is R N C Boucher .