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Unaudited Financial Statements for the Year Ended 30 June 2018 |
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Propack Direct Mail Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 June 2018 |
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for |
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Propack Direct Mail Limited |
Propack Direct Mail Limited (Registered number: 04086927) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Propack Direct Mail Limited |
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Company Information |
for the Year Ended 30 June 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
3 Park Square |
Leeds |
LS1 2NE |
Propack Direct Mail Limited (Registered number: 04086927) |
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Balance Sheet |
30 June 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Propack Direct Mail Limited (Registered number: 04086927) |
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Balance Sheet - continued |
30 June 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Propack Direct Mail Limited (Registered number: 04086927) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2018 |
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1. | STATUTORY INFORMATION |
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Propack Direct Mail Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net sales of goods and services, excluding value added tax. |
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Goodwill |
Goodwill reflects the amount paid in connection with the acquisition of a business in 2008. The directors have |
considered the present value of goodwill to date and have provided for amortisation in the year to reflect the |
diminution in value which they deem reasonable. |
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Tangible fixed assets |
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Plant and machinery | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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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. |
Propack Direct Mail Limited (Registered number: 04086927) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2017 |
and 30 June 2018 |
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AMORTISATION |
At 1 July 2017 |
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Charge for year |
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At 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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At 30 June 2017 |
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Propack Direct Mail Limited (Registered number: 04086927) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
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5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2017 |
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Additions |
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Disposals |
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At 30 June 2018 |
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DEPRECIATION |
At 1 July 2017 |
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Charge for year |
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Eliminated on disposal |
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At 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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At 30 June 2017 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Improvements |
to | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2017 |
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Additions |
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Disposals |
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At 30 June 2018 |
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DEPRECIATION |
At 1 July 2017 |
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Charge for year |
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Eliminated on disposal |
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At 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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At 30 June 2017 |
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Propack Direct Mail Limited (Registered number: 04086927) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
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At 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Sundry debtors and prepayments |
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Amounts due from related |
undertakings | 192,008 | 161,182 |
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Included within trade debtors are debts owed to the company upon which advances have been made by invoice |
discounters and disclosed as part of the creditors: amounts falling due within one year note. At 30 June 2018 |
the amount advanced was £411,871 (2017: £350,935). |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Sundry creditors and accruals |
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Invoice discounting loan | 411,871 | 350,935 |
Directors' current accounts | 108 | 419 |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts |
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Propack Direct Mail Limited (Registered number: 04086927) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Bank loans |
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Hire purchase contracts | 259,074 | 447,071 |
Invoice discounting loan | 411,871 | 350,935 |
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The company's bankers have an unlimited mortgage debenture in place securing the bank overdraft, bank loan |
and the invoice discounting loan. |
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The hire purchase liabilities are secured upon the assets to which they relate. |
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11. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 53,787 | 83,132 |
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Deferred |
tax |
£ |
Balance at 1 July 2017 |
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Accelerated capital allowances | (29,345 | ) |
Balance at 30 June 2018 |
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12. | CONTINGENT LIABILITIES |
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During the year there was an unlimited cross guarantee in place between Propack Direct Mail Limited, Propack |
Print Management LLP, Propack Payroll LLP and Propack Payroll Services Limited securing all debts due to |
the company's bankers. |
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At the year end Propack Print Management LLP and Propack Payroll Services Limited had no outstanding debts |
to the company's bankers. |
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At the year end Propack Payroll LLP had total borrowings from the business' bankers of £Nil (2017:£97,361). |
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13. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £264,000 (2017 - £186,000) were paid to the directors . |
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The company has directors in common with the designated members of Propack Payroll LLP and Daniel Lloyd |
Racing.com LLP. The company also has directors in common with Propack Payroll Services Limited. |
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At 30 June 2018 Propack Payroll LLP owed the company £Nil (2017: £161,182). |
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At 30 June 2018 Daniel Lloyd Racing.com LLP owed the company £55,794 (2017: £Nil). |
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At 30 June 2018 Propack Payroll Services Limited owed the company £136,214 (2017: £Nil). There was also an |
amount due to Propack Payroll Services Limited in trade creditors of £101,552 (2017: £Nil). |
Propack Direct Mail Limited (Registered number: 04086927) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
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14. | ULTIMATE CONTROLLING PARTY |
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The company is under the ultimate control of the directors. |