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Company No: 05248233 (England and Wales)

PRESTIGE PACKAGING LIMITED

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

PRESTIGE PACKAGING LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

PRESTIGE PACKAGING LIMITED

BALANCE SHEET

As at 31 August 2024
PRESTIGE PACKAGING LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 1,862,815 1,263,045
Investments 5 180 180
1,862,995 1,263,225
Current assets
Stocks 50,000 50,000
Debtors 6 599,851 321,175
Cash at bank and in hand 95,156 100,407
745,007 471,582
Creditors: amounts falling due within one year 7 ( 427,226) ( 233,656)
Net current assets 317,781 237,926
Total assets less current liabilities 2,180,776 1,501,151
Creditors: amounts falling due after more than one year 8 ( 269,753) ( 122,210)
Provision for liabilities ( 213,852) ( 125,263)
Net assets 1,697,171 1,253,678
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 1,697,071 1,253,578
Total shareholders' funds 1,697,171 1,253,678

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

Directors' responsibilities:

The financial statements of Prestige Packaging Limited (registered number: 05248233) were approved and authorised for issue by the Board of Directors on 25 June 2025. They were signed on its behalf by:

Mr M Corran
Director
PRESTIGE PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
PRESTIGE PACKAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 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

Prestige Packaging Limited (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 Units 16 Langage South Business Park, Langage South Road, Plympton, PL7 5FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

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

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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, reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 3 years straight line
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance
Other property, plant and equipment not depreciated

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 10

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 September 2023 34,000 34,000
At 31 August 2024 34,000 34,000
Accumulated amortisation
At 01 September 2023 34,000 34,000
At 31 August 2024 34,000 34,000
Net book value
At 31 August 2024 0 0
At 31 August 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 September 2023 943,174 89,868 113,106 48,057 971,298 2,165,503
Additions 428,000 60,000 0 3,298 194,489 685,787
Disposals 0 0 0 ( 2,583) ( 705) ( 3,288)
At 31 August 2024 1,371,174 149,868 113,106 48,772 1,165,082 2,848,002
Accumulated depreciation
At 01 September 2023 708,633 68,195 86,804 38,826 0 902,458
Charge for the financial year 49,544 25,822 6,576 2,682 0 84,624
Disposals 0 0 0 ( 1,895) 0 ( 1,895)
At 31 August 2024 758,177 94,017 93,380 39,613 0 985,187
Net book value
At 31 August 2024 612,997 55,851 19,726 9,159 1,165,082 1,862,815
At 31 August 2023 234,541 21,673 26,302 9,231 971,298 1,263,045

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 September 2023 180
At 31 August 2024 180
Carrying value at 31 August 2024 180
Carrying value at 31 August 2023 180

6. Debtors

2024 2023
£ £
Trade debtors 278,912 172,464
Other debtors 320,939 148,711
599,851 321,175

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,559 9,707
Trade creditors 174,325 104,596
Taxation and social security 76,034 108,245
Obligations under finance leases and hire purchase contracts 83,333 0
Other creditors 82,975 11,108
427,226 233,656

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

2024 2023
£ £
Bank loans 110,031 122,210
Obligations under finance leases and hire purchase contracts 159,722 0
269,753 122,210

Natwest Bank PLC hold a fixed charge over leasehold land owned by the company, as well as a fixed and floating charge over all assets of the company.

There is a fixed charge over the assets to which the hire purchase liabilities relate.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
85 Ordinary shares of £ 1.00 each 85 85
15 Ordinary A shares of £ 1.00 each 15 15
100 100

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Brought forward (96,847) 7,860
Advances (265,910) (112,682)
Repayments 184,533 8,828
Interest (3,473) (853)
0 0
Carried forward (181,697) (96,847)
0 0