Registered number
11756725
Fortune Packaging Ltd
Filleted Accounts
30 June 2024
Fortune Packaging Ltd
Registered number: 11756725
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 25,395
Tangible assets 4 154,424 211,775
154,424 237,170
Current assets
Stocks 1,453,935 1,630,765
Debtors 5 2,487,272 1,914,311
Cash at bank and in hand 887,320 345,693
4,828,527 3,890,769
Creditors: amounts falling due within one year 6 (2,130,576) (2,046,092)
Net current assets 2,697,951 1,844,677
Total assets less current liabilities 2,852,375 2,081,847
Creditors: amounts falling due after more than one year 7 (101,862) (112,000)
Net assets 2,750,513 1,969,847
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,750,413 1,969,747
Shareholder's funds 2,750,513 1,969,847
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Yusuf
Director
Approved by the board on 13 May 2025
Fortune Packaging Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

The accounts are presented in Sterling, which is the functional currency of the entity.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Research and development
In the research phase of an internal project, it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs over 3 years
Amortisation commences from the date the asset comes into use.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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 recognised 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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 1
3 Intangible fixed assets £
Development costs:
Cost
At 1 July 2023 76,187
At 30 June 2024 76,187
Amortisation
At 1 July 2023 50,792
Provided during the year 25,395
At 30 June 2024 76,187
Net book value
At 30 June 2024 -
At 30 June 2023 25,395
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 87,198 190,000 277,198
Additions 10,078 - 10,078
At 30 June 2024 97,276 190,000 287,276
Depreciation
At 1 July 2023 17,923 47,500 65,423
Charge for the year 19,929 47,500 67,429
At 30 June 2024 37,852 95,000 132,852
Net book value
At 30 June 2024 59,424 95,000 154,424
At 30 June 2023 69,275 142,500 211,775
5 Debtors 2024 2023
£ £
Trade debtors 2,244,589 1,751,183
Other debtors 242,683 163,128
2,487,272 1,914,311
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 32,208 -
Trade creditors 808,426 413,620
Taxation and social security costs 256,965 361,147
Other creditors 1,032,977 1,271,325
2,130,576 2,046,092
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 112,000
Obligations under finance lease and hire purchase contracts 101,862 -
101,862 112,000
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 439,446 686,961
9 Related party transactions
As at 30 June 2024, included within other creditors is an amount of £955,977 (2023 - £300,000) owed to MY Marketing Limited, a company controlled by M Yusuf, the director. This was the maximum amount outstanding during the period. The amount loaned was unsecured, interest free and repayable on demand.

As at 30 June 2024, included within other creditors is an amount of £Nil (2023 - £48,773) owed to M Yusuf, the director. This was the maximum amount outstanding during the period. The amount loaned was unsecured, interest free and repayable on demand.
10 Controlling party
The company is controlled by M Yusuf, the director, by virtue of his holding in the issued share capital of the company.
11 Other information
Fortune Packaging Ltd is a private company limited by shares and incorporated in England. Its registered office is:
38 Station Road
Harrow
HA2 7SE
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