Company registration number 03916021 (England and Wales)
SPEEDPAC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SPEEDPAC LIMITED
COMPANY INFORMATION
Directors
D. Brocklehurst
K. Brocklehurst
A. Hambidge
Company number
03916021
Registered office
3 Coldbath Square
London
EC1R 5HL
Accountants
Kingswood LLP
3 Coldbath Square
London
EC1R 5HL
SPEEDPAC LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SPEEDPAC LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
807,387
884,273
Current assets
Stocks
79,442
79,442
Debtors
5
870,102
763,363
Cash at bank and in hand
21,523
94,990
971,067
937,795
Creditors: amounts falling due within one year
6
(502,190)
(568,108)
Net current assets
468,877
369,687
Total assets less current liabilities
1,276,264
1,253,960
Creditors: amounts falling due after more than one year
7
(12,500)
(45,000)
1,263,764
1,208,960
Capital and reserves
Called up share capital
8
300,000
300,000
Profit and loss reserves
(1,997,328)
(1,748,546)
Total equity
(1,697,328)
(1,448,546)
Shareholders' loan
9
2,961,092
2,657,506
1,263,764
1,208,960
SPEEDPAC LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

For the financial year ended 31 December 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 21 May 2025 and are signed on its behalf by:
D. Brocklehurst
Director
Company registration number 03916021 (England and Wales)
SPEEDPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Speedpac Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Coldbath Square, London, EC1R 5HL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of certain assets. The principal accounting policies adopted are set out below.

1.2
Going concern

As at the year-end the company had net liabilities of £1,697,328 (2023 – £1,448,546). Having reviewed cashflow forecasts for a period of not less than 12 months from the date of approval of these truethe financial statements, and making appropriate enquiries, the directors have directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.

1.3
Turnover

Turnover is recognised by reference to the stage of completion of the transactions as at the end of the accounting period, including estimates of amounts not yet invoiced.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is being amortised evenly over its estimated useful life of twenty years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
3% - 5% on cost
Fixtures and fittings
10% on cost
Computers
10% on cost

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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated net realisable value, after making due allowance for obsolete and slow moving items.

SPEEDPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

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.

1.7
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 current liabilities.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

SPEEDPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
28
47
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
55,000
Amortisation and impairment
At 1 January 2024 and 31 December 2024
55,000
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
843,531
406,486
351,400
1,601,417
Additions
1,655
-
0
1,643
3,298
At 31 December 2024
845,186
406,486
353,043
1,604,715
Depreciation and impairment
At 1 January 2024
285,719
127,582
303,843
717,144
Depreciation charged in the year
20,734
37,503
21,947
80,184
At 31 December 2024
306,453
165,085
325,790
797,328
Carrying amount
At 31 December 2024
538,733
241,401
27,253
807,387
At 31 December 2023
557,812
278,904
47,557
884,273
SPEEDPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
547,365
490,039
Other debtors
253,999
264,261
Prepayments and accrued income
68,738
9,063
870,102
763,363
6
Creditors: amounts falling due within one year
2024
2023
£
£
(as restated)
Bank loans
30,000
30,000
Trade creditors
349,469
305,159
Taxation and social security
62,862
120,554
Accruals and deferred income
59,859
112,395
502,190
568,108

Loans are secured by fixed and floating charges on the assets of the company.

7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
(as restated)
Bank loans and overdrafts
12,500
45,000

Loans are secured by fixed and floating charges on the assets of the company.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300,000
300,000
300,000
300,000
9
Shareholder's loans
2024
2023
£
£
(as restated)
Shareholders' loans
2,961,092
2,657,506
SPEEDPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
2,970,000
3,465,000
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