Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Current assets | ||||
| Stocks |
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| Debtors | 3 |
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| Cash at bank and in hand |
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| 395,539 | 251,594 | |||
| Creditors: amounts falling due within one year | 4 | (
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| Net current assets/(liabilities) | 145,600 | (16,413) | ||
| Total assets less current liabilities | 145,600 | (16,413) | ||
| Provision for liabilities |
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| Net assets/(liabilities) |
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| Capital and reserves | ||||
| Called-up share capital | 5 |
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| Profit and loss account |
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| Total shareholder's funds/(deficit) |
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The financial statements of Packhelp Limited (registered number:
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Mr W Sadowski
Director |
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.
Packhelp 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 C/O Francis Clark Llp Unit 18, 23 Melville Building East, Royal William Yard, Plymouth, PL1 3GW, United Kingdom. The address of the Company's principal place of business is Airtech Building, KOLEJOWA 5/7, WARSAW, 01-217, Poland.
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 £.
The Company is profitable, but depends on operational support from its parent undertaking, Packhelp S.A. The financial statements of Packhelp S.A. for the year ended 31 December 2024 included a negative balance sheet and, therefore, although there are plans to address that, disclosed a material uncertainty relating to going concern in relation to Packhelp S.A.
The uncertainty relating to its parent also represents a material uncertainty for Packhelp Limited, which may cast significant doubt on Packhelp Limited’s ability to continue as a going concern.
The parent company's accounts discuss activities planned to address its balance sheet. The parent company has provided written confirmation of its support for at least 12 months from the approval of these financial statements, and as noted Packhelp Limited is profitable.
Accordingly, the director has a reasonable expectation that the Company will continue to have adequate resources to continue in operational existence and meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. As a result, these financial statements continue to be prepared on a going concern basis.
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.
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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| £ | £ | ||
| Trade debtors |
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| Bank overdrafts |
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| Trade creditors |
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| Amounts owed to Group undertakings |
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| Taxation and social security |
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| Other creditors |
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| Allotted, called-up and fully-paid | |||
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The company has taken advantage of the exemption in the FRS 102 "Related Party Disclosures" from disclosing transactions with other wholly owned members of the group.
Material uncertainty related to going concern
We draw attention to Note 1 of the financial statements, which explains that the Company depends on operational support from its parent, and its parent company’s latest financial statements included a negative balance sheet. The uncertainty relating to its parent also represents a material uncertainty for Packhelp Limited, which may cast significant doubt on this company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the director’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The audit report was signed by James Barrett on behalf of Francis Clark LLP.
Parent Company:
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| Kolejowa 5/7, 01-217 Warszawa, Poland |