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REGISTERED NUMBER: 01964182 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2022

for

Cumberland Packaging Limited

Cumberland Packaging Limited (Registered number: 01964182)






Contents of the Financial Statements
for the Year Ended 31st December 2022




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 8

Balance Sheet 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 13


Cumberland Packaging Limited

Company Information
for the Year Ended 31st December 2022







DIRECTORS: Mr C Monaghan
Mr J H Watson
Mr M L Field





REGISTERED OFFICE: Central Chambers
227 London Road
Hadleigh
Benfleet
Essex
SS7 2RF





REGISTERED NUMBER: 01964182 (England and Wales)





AUDITORS: Paul Winston Ltd
Silver Rose
Unit 21, East Lodge Village
Enfield
England
EN2 8AS

Cumberland Packaging Limited (Registered number: 01964182)

Strategic Report
for the Year Ended 31st December 2022

The directors present their strategic report for the year ended 31st December 2022.

ON BEHALF OF THE BOARD:





Mr J H Watson - Director


27th September 2023

Cumberland Packaging Limited (Registered number: 01964182)

Report of the Directors
for the Year Ended 31st December 2022

The directors present their report with the financial statements of the Company for the year ended 31st December 2022.

PRINCIPAL ACTIVITY
The principal activity of the Company in the year under review was that of the manufacture and distribution of cardboard boxes and associated packaging materials

DIVIDENDS
No dividends will be distributed for the year ended 31st December 2022.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2022 to the date of this report.

Mr C Monaghan
Mr J H Watson
Mr M L Field

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Cumberland Packaging Limited (Registered number: 01964182)

Report of the Directors
for the Year Ended 31st December 2022


AUDITORS
The auditors, Paul Winston Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J H Watson - Director


27th September 2023

Report of the Independent Auditors to the Members of
Cumberland Packaging Limited

Opinion
We have audited the financial statements of Cumberland Packaging Limited (the 'Company') for the year ended 31st December 2022 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the Company's affairs as at 31st December 2022 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Cumberland Packaging Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Detecting irregularities, including fraud

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Cumberland Packaging Limited


Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Paul Winston (Senior Statutory Auditor)
for and on behalf of Paul Winston Ltd
Silver Rose
Unit 21, East Lodge Village
Enfield
England
EN2 8AS

27th September 2023

Cumberland Packaging Limited (Registered number: 01964182)

Statement of Income and Retained Earnings
for the Year Ended 31st December 2022

31/12/22 31/12/21
Notes £    £    £    £   

TURNOVER 24,489,616 24,342,736

Cost of sales 16,704,286 16,422,627
GROSS PROFIT 7,785,330 7,920,109

Distribution costs 886,416 1,072,135
Administrative expenses 3,584,972 3,013,530
4,471,388 4,085,665
3,313,942 3,834,444

Other operating income 40,200 -
OPERATING PROFIT 4 3,354,142 3,834,444

Interest receivable and similar income 751 94
3,354,893 3,834,538

Interest payable and similar expenses 5 171,716 104,470
Other finance costs 2,481 4,147
174,197 108,617
PROFIT BEFORE TAXATION 3,180,696 3,725,921

Tax on profit 6 480,496 570,705
PROFIT FOR THE FINANCIAL YEAR 2,700,200 3,155,216

Retained earnings at beginning of year 4,434,454 1,979,238

Dividends 7 - (700,000 )

RETAINED EARNINGS AT END OF YEAR 7,134,654 4,434,454

Cumberland Packaging Limited (Registered number: 01964182)

Balance Sheet
31st December 2022

31/12/22 31/12/21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 5,215,196 2,830,437

CURRENT ASSETS
Stocks 9 1,033,456 1,030,855
Debtors 10 12,374,864 12,073,315
Cash at bank and in hand 434,117 541,518
13,842,437 13,645,688
CREDITORS
Amounts falling due within one year 11 7,225,335 9,277,017
NET CURRENT ASSETS 6,617,102 4,368,671
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,832,298

7,199,108

CREDITORS
Amounts falling due after more than
one year

12

(2,860,494

)

(1,408,000

)

PROVISIONS FOR LIABILITIES 15 (880,497 ) (400,001 )
NET ASSETS 8,091,307 5,391,107

CAPITAL AND RESERVES
Called up share capital 16 956,653 956,653
Retained earnings 17 7,134,654 4,434,454
SHAREHOLDERS' FUNDS 8,091,307 5,391,107

The financial statements were approved by the Board of Directors and authorised for issue on 27th September 2023 and were signed on its behalf by:





Mr J H Watson - Director


Cumberland Packaging Limited (Registered number: 01964182)

Cash Flow Statement
for the Year Ended 31st December 2022

31/12/22 31/12/21
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,815,798 (367,378 )
Interest paid (70,584 ) (42,139 )
Interest element of hire purchase
payments paid

(103,613

)

(66,478

)
Tax paid (442,410 ) (26,592 )
Net cash from operating activities 3,199,191 (502,587 )

Cash flows from investing activities
Purchase of tangible fixed assets (3,047,924 ) (740,657 )
Sale of tangible fixed assets 16,631 96,712
Interest received 751 94
Net cash from investing activities (3,030,542 ) (643,851 )

Cash flows from financing activities
New loans in year - 2,240,331
Loan repayments in year (2,288,225 ) -
Capital repayments in year 1,946,380 (217,501 )
Equity dividends paid - (700,000 )
Net cash from financing activities (341,845 ) 1,322,830

(Decrease)/increase in cash and cash equivalents (173,196 ) 176,392
Cash and cash equivalents at beginning
of year

2

541,518

365,126

Cash and cash equivalents at end of
year

2

368,322

541,518

Cumberland Packaging Limited (Registered number: 01964182)

Notes to the Cash Flow Statement
for the Year Ended 31st December 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31/12/22 31/12/21
£    £   
Profit before taxation 3,180,696 3,725,921
Depreciation charges 643,474 547,277
Loss/(profit) on disposal of fixed assets 3,060 (28,902 )
Finance costs 174,197 108,617
Finance income (751 ) (94 )
4,000,676 4,352,819
Increase in stocks (2,601 ) (329,210 )
Increase in trade and other debtors (301,550 ) (7,108,231 )
Increase in trade and other creditors 119,273 2,717,244
Cash generated from operations 3,815,798 (367,378 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 434,117 541,518
Bank overdrafts (65,795 ) -
368,322 541,518
Year ended 31st December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 541,518 365,126


Cumberland Packaging Limited (Registered number: 01964182)

Notes to the Cash Flow Statement
for the Year Ended 31st December 2022

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.22 Cash flow At 31.12.22
£    £    £   
Net cash
Cash at bank and in hand 541,518 (107,401 ) 434,117
Bank overdrafts - (65,795 ) (65,795 )
541,518 (173,196 ) 368,322
Debt
Finance leases (1,745,371 ) (1,946,380 ) (3,691,751 )
Debts falling due within 1 year (2,336,580 ) 2,050,311 (286,269 )
Debts falling due after 1 year (283,244 ) 283,244 -
(4,365,195 ) 387,175 (3,978,020 )
Total (3,823,677 ) 213,979 (3,609,698 )

Cumberland Packaging Limited (Registered number: 01964182)

Notes to the Financial Statements
for the Year Ended 31st December 2022

1. STATUTORY INFORMATION

Cumberland Packaging Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Cumberland Packaging Limited (Registered number: 01964182)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2022

2. ACCOUNTING POLICIES - continued

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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS
31/12/22 31/12/21
£    £   
Wages and salaries 3,380,610 2,902,273
Other pension costs 43,437 35,335
3,424,047 2,937,608

The average number of employees during the year was as follows:
31/12/22 31/12/21

Production 85 49

31/12/22 31/12/21
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/12/22 31/12/21
£    £   
Other operating leases 631,284 433,765
Depreciation - owned assets 209,023 162,851
Depreciation - assets on hire purchase contracts 434,451 384,426
Loss/(profit) on disposal of fixed assets 3,060 (28,902 )

Cumberland Packaging Limited (Registered number: 01964182)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2022

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31/12/22 31/12/21
£    £   
Bank interest 55,411 27,723
Bank loan interest 12,692 10,269
Hire purchase 103,613 66,478
171,716 104,470

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/12/22 31/12/21
£    £   
Current tax:
UK corporation tax - 510,576

Deferred tax 480,496 60,129
Tax on profit 480,496 570,705

7. DIVIDENDS
31/12/22 31/12/21
£    £   
Ordinary Shares shares of £1 each
Final - 700,000

Cumberland Packaging Limited (Registered number: 01964182)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2022

8. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1st January 2022 6,454,239
Additions 3,047,924
Disposals (202,051 )
At 31st December 2022 9,300,112
DEPRECIATION
At 1st January 2022 3,623,802
Charge for year 643,474
Eliminated on disposal (182,360 )
At 31st December 2022 4,084,916
NET BOOK VALUE
At 31st December 2022 5,215,196
At 31st December 2021 2,830,437

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1st January 2022 2,742,084
Additions 3,029,919
Transfer to ownership (191,770 )
At 31st December 2022 5,580,233
DEPRECIATION
At 1st January 2022 812,567
Charge for year 434,451
Transfer to ownership (47,820 )
At 31st December 2022 1,199,198
NET BOOK VALUE
At 31st December 2022 4,381,035
At 31st December 2021 1,929,517

Cumberland Packaging Limited (Registered number: 01964182)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2022

9. STOCKS
31/12/22 31/12/21
£    £   
Stocks 1,033,456 1,030,855

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/22 31/12/21
£    £   
Trade debtors 5,390,499 6,522,564
Amounts owed by group undertakings 6,445,125 5,445,125
Other debtors 449,000 46,790
Prepayments 90,240 58,836
12,374,864 12,073,315

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/22 31/12/21
£    £   
Bank loans and overdrafts (see note 13) 310,586 2,291,250
Other loans (see note 13) 41,478 45,330
Hire purchase contracts (see note 14) 831,257 620,615
Trade creditors 3,620,445 3,595,903
Amounts owed to group undertakings 1,732,123 1,732,123
Tax 116,975 559,385
Social security and other taxes 47,653 41,428
VAT 458,994 350,433
Other creditors 550 40,550
Accrued expenses 65,274 -
7,225,335 9,277,017

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/12/22 31/12/21
£    £   
Bank loans (see note 13) - 241,766
Other loans (see note 13) - 41,478
Hire purchase contracts (see note 14) 2,860,494 1,124,756
2,860,494 1,408,000

Cumberland Packaging Limited (Registered number: 01964182)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2022

13. LOANS

An analysis of the maturity of loans is given below:

31/12/22 31/12/21
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 65,795 -
Bank loans 244,791 2,291,250
Other loans 41,478 45,330
352,064 2,336,580

Amounts falling due between one and two years:
Bank loans - 1-2 years - 241,766

Amounts falling due between two and five years:
Other loans - 2-5 years - 41,478

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31/12/22 31/12/21
£    £   
Net obligations repayable:
Within one year 831,257 620,615
Between one and five years 2,860,494 1,124,756
3,691,751 1,745,371

15. PROVISIONS FOR LIABILITIES
31/12/22 31/12/21
£    £   
Deferred tax 880,497 400,001

Deferred
tax
£   
Balance at 1st January 2022 400,001
Charge to Income Statement during year 480,496
Balance at 31st December 2022 880,497

Cumberland Packaging Limited (Registered number: 01964182)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2022

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/22 31/12/21
value: £    £   
956,653 Ordinary Shares £1 956,653 956,653

17. RESERVES
Retained
earnings
£   

At 1st January 2022 4,434,454
Profit for the year 2,700,200
At 31st December 2022 7,134,654

18. RELATED PARTY DISCLOSURES

The ultimate controlling party is C.P. Holdings (UK) Ltd.