Company registration number 00575393 (England and Wales)
GOOD PACKING COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GOOD PACKING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GOOD PACKING COMPANY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
169,728
222,092
Investments
5
417,929
380,611
587,657
602,703
Current assets
Stocks
20,026
21,391
Debtors
6
797,690
853,202
Cash at bank and in hand
2,073,758
1,776,169
2,891,474
2,650,762
Creditors: amounts falling due within one year
7
(617,965)
(523,860)
Net current assets
2,273,509
2,126,902
Total assets less current liabilities
2,861,166
2,729,605
Provisions for liabilities
(42,431)
(55,522)
Net assets
2,818,735
2,674,083
Capital and reserves
Called up share capital
8
9,990
9,990
Capital redemption reserve
10
10
Profit and loss reserves
2,808,735
2,664,083
Total equity
2,818,735
2,674,083
GOOD PACKING COMPANY 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 30 July 2025 and are signed on its behalf by:
Mr J R J Goode
Director
Company registration number 00575393 (England and Wales)
GOOD PACKING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Good Packing Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lichfield Rd Industrial Estate, Tamworth, Staffordshire, B79 7TJ. The company registration number is 00575393.
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 freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
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
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance
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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
GOOD PACKING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.6
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.
1.7
Financial instruments
Basic financial assets
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GOOD PACKING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
[The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority]
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
18
18
GOOD PACKING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
246,005
66,516
30,812
236,887
580,220
Additions
3,762
3,762
Disposals
(36,975)
(36,975)
At 31 December 2024
246,005
66,516
34,574
199,912
547,007
Depreciation and impairment
At 1 January 2024
169,993
63,289
25,206
99,640
358,128
Depreciation charged in the year
15,201
645
2,343
33,104
51,293
Eliminated in respect of disposals
(32,142)
(32,142)
At 31 December 2024
185,194
63,934
27,549
100,602
377,279
Carrying amount
At 31 December 2024
60,811
2,582
7,025
99,310
169,728
At 31 December 2023
76,012
3,227
5,606
137,247
222,092
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
417,929
380,611
Fixed asset investments revalued
If the listed investments had not been revalued they would have been included at the following historical cost: £360,276 (2023 £358,576)
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
380,611
Additions
15,665
Valuation changes
39,943
Charges
(3,967)
Disposals
(14,323)
At 31 December 2024
417,929
Carrying amount
At 31 December 2024
417,929
At 31 December 2023
380,611
GOOD PACKING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
447,854
361,365
Other debtors
349,836
491,837
797,690
853,202
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
329,303
384,004
Corporation tax
179,605
71,916
Other taxation and social security
71,101
49,265
Other creditors
37,956
18,675
617,965
523,860
8
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary A Shares of £1 each
3,500
3,500
Ordinary B Shares of £1 each
5,990
5,990
Ordinary C Shares of £1 each
500
500
9,990
9,990
9
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
Included in creditors is £26,861 owed to the directors. (2023: Included in debtors is £16,315 owed from the directors)
JSG Holdings Limited owns 100% of the share capital of Good Packing Company Limited and is owned and controlled by the directors of Good Packing Company Limited. At the year end JSG Holdings Limited owed £333,428 (2023: £461,315) to Good Packing Company Limited by means of an intercompany loan.
Other information
The amount due from JSG Holdings Limited at 31 December 2024 is unsecured and has no specific terms regarding payment of interest. The amount due is repayable on demand but the directors of Good Packing Company Limited have given their assurances that this amount will not be demanded until such time as JSG Holdings Limited can afford to do so without detriment to its operating and working capital.