Safe Packaging Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 07128024

		31 December 2024		31 January 2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,107,095		980,122

			1,107,095		980,122
CURRENT ASSETS
Stocks	5	1,513,500		2,013,500
Debtors	6	602,128		798,643
Cash at bank and in hand		23,344		73,026

		2,138,972		2,885,169
Creditors: Amounts Falling Due Within One Year	7	(1,932,562 )		(1,927,604 )

NET CURRENT ASSETS (LIABILITIES)			206,410		957,565

TOTAL ASSETS LESS CURRENT LIABILITIES			1,313,505		1,937,687

Creditors: Amounts Falling Due After More Than One Year	8		(788,834 )		(791,178 )

NET ASSETS			524,671		1,146,509

CAPITAL AND RESERVES
Called up share capital	9		2,000		2,000
Share premium account			360,345		360,345
Profit and Loss Account			162,326		784,164

SHAREHOLDERS' FUNDS			524,671		1,146,509

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Safe Packaging Ltd

Balance Sheet (continued)

As At 31 December 2024

For the period ending 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 in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Ms Kelly Margaret GUMLEY

Director

09/09/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Safe Packaging Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07128024 . The registered office is Unit B1 Eastern Avenue West, Newton Industrial Estate, Romford, Essex, RM6 5SD.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	20% reducing balance
Plant & Machinery	18% reducing balance
Motor Vehicles	20% reducing balance
Fixtures & Fittings	20% reducing Balance

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.6. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the period was: 22 (2024: 30)

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Safe Packaging Ltd

Notes to the Financial Statements (continued)

For the Period 1 February 2024 to 31 December 2024

4. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 February 2024	369,053	1,358,565	156,678	10,892	1,895,188
Additions	6,000	333,926	-	-	339,926
Disposals	-	-	(54,178 )	-	(54,178 )

As at 31 December 2024	375,053	1,692,491	102,500	10,892	2,180,936

Depreciation
As at 1 February 2024	132,859	678,564	99,722	3,921	915,066
Provided during the period	40,881	155,298	8,399	1,177	205,755
Disposals	-	-	(46,980 )	-	(46,980 )

As at 31 December 2024	173,740	833,862	61,141	5,098	1,073,841

Net Book Value
As at 31 December 2024	201,313	858,629	41,359	5,794	1,107,095

As at 1 February 2024	236,194	680,001	56,956	6,971	980,122

5. Stocks

	31 December 2024	31 January 2024
	£	£
Stock	1,513,500	2,013,500

6. Debtors

	31 December 2024	31 January 2024
	£	£
Due within one year
Trade debtors	602,128	554,365
Prepayments and accrued income	-	228,607
Other debtors	-	15,671

	602,128	798,643

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Safe Packaging Ltd

Notes to the Financial Statements (continued)

For the Period 1 February 2024 to 31 December 2024

7. Creditors: Amounts Falling Due Within One Year

	31 December 2024	31 January 2024
	£	£
Trade creditors	1,419,519	1,475,882
Bank loans and overdrafts	24,995	19,397
Corporation tax	6,812	6,812
Other taxes and social security	115,141	22,289
VAT	341,682	299,669
Net wages	19,905	75,035
Pension payable (Current liabilities - creditors < 1 year)	4,508	3,550
Accruals and deferred income	-	6,220
Directors' loan accounts	-	18,750

	1,932,562	1,927,604

8. Creditors: Amounts Falling Due After More Than One Year

	31 December 2024	31 January 2024
	£	£
Bank loans	752,834	780,817
Other creditors	36,000	10,361

	788,834	791,178

9. Share Capital

	31 December 2024	31 January 2024
	£	£
Allotted, Called up and fully paid	2,000	2,000

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