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REGISTERED NUMBER: 02660315 (England and Wales)
















PAPERWORK (PAPER CONVERTORS) LIMITED
TRADING AS
DISPO INTERNATIONAL

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023






PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


PAPERWORK (PAPER CONVERTORS) LIMITED
TRADING AS DISPO INTERNATIONAL

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: Mr R D Hall
Mrs E A Hall
Mr A J Hall
Mrs A Verheyen





REGISTERED OFFICE: Unit H
Rosie Road
Normanton
WF6 1ZB





REGISTERED NUMBER: 02660315 (England and Wales)





AUDITORS: BPR Audit Limited
Statutory Auditors
Glenewes House
Gate Way Drive
Leeds
West Yorkshire
LS19 7XY

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their strategic report for the year ended 30 April 2023.

REVIEW OF BUSINESS
The business has had a strong and successful year, the figures are reflective of the reduction in selling prices as the company recovered from increased costs as a result of Covid 19 and stronger competition than in the previous year. We have seen import charges return to pre Covid rates in the last 12 months. The turnover in the year decreased by 6.41% to £14,121,974 (2022: £15,089,934). Gross profit of £3,469,987 (2022: £4,316,686) represents a gross margin of 24.6% (2022: 28.6%) and non direct costs totalling £2,418,048 (2022: £2,209,926) are at 17.1% as a percentage of sales (2022 14.7%). Profit before tax is £1,177,990 (2022: £2,185,653) resulting in a net profit margin of 8.3% (2022: 14.4%).

The company continued to focus on expanding the product range with alternative environmentally friendly products to encourage future growth and invest in adequate storage space.

The company offers a wide range of catering disposable products to the wholesale and distribution market. It prides itself on delivering high customer satisfaction by providing a 'one stop shop' for all things catering.
The business remains focused on providing an exceptional service and the directors are confident that the next 12 months will show similar growth to previous years.


PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the company's strategy are subject to several key risks. These are:

- Continued impact of Brexit

Paper shortages throughout Europe have led to some product lines being discontinued.

- Environmental Regulations

Government regulation such as the PRN system, Plastic Packaging Tax and EPR system have caused a heavy burden on the business and appear unregulated within the industry.

Changes in consumer preferences, from PE materials to PLA (Bio) opting for what is perceived to be environmentally friendly products caused by a lack of government investment in recycling facilities and collection infrastructure alongside the governments poor understanding of the materials.

- Recruitment and retention of staff

Being a family business key roles are filled by longstanding members of staff that live locally to the area. Staff are rewarded with attractive packages compared to our competitors. Staff are encouraged to take initiative, make improvements within their role and experience the roles of others. This has led to increased job satisfaction and efficiency within the business. Training needs and desires of staff are reviewed regularly and funded. Staff are supported. The company has a strong support network for staff struggling outside of work with open dialogue between staff and management.

- Continued impact of the Covid 19 pandemic

It has been difficult to forecast or differentiate between 'new normal' buying patterns'. The product demand took a drastic change throughout the pandemic. As an example, take away items in the pandemic were highly sought after, however as the country recovers we are now benefiting from even sales patterns and suppliers are improving their lead times.

- Cost of living inflationary pressures

- Increased staff wages, to retain staff and support throughout the pressures.
- Increased cost of Transport.
- Energy price rises.
- The war in the Ukraine and its impact on costs

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023



PRINCIPAL RISKS AND UNCERTAINTIES (continued)
Fuel and energy price rises have resulted in increased selling prices for which we have seen resistance in the market.

Financial Risks

The company's objectives when managing capital are to safeguard the company's ability to continue to trade as a going concern to provide returns for shareholders.

- The company continues to monitor credit risk closely and considers that its current policy of credit checks and subscription to a reputable credit agency providing live updates meets its objectives of managing such exposure

- The company manages the exposure to currency fluctuations and sets costs at realistic rates

- The company reviews regularly the effects rising fuel costs have on the business

- The company considers the rising interest rates and industry related costs when taking a view on storage


Employee Motivation

The company's employees continue to be central to its operations. The company actively encourages employee involvement in all areas of the business, this helps keep employees motivated and dedicated to their work. Regular meetings are held with feedback for improvement along with a suggestion box for employees.


General

Factors from outside the company's control cannot be foreseen, however as far as the directors are aware there are no significant risks which may adversely impact on the company in the next 12 months. In the view of the directors the company's performance is largely reliant on keeping abreast of changes in legislation.

KEY PERFORMANCE INDICATORS
In order to achieve growth in profitability and to control cash flow, strong financial management is maintained by the company. A number of key financial performance indicators are used as measures to ensure the company grows and remains financially strong to enable it to invest in the future. These are detailed in the review of business section of this report.

ON BEHALF OF THE BOARD:





Mr R D Hall - Director


3 October 2023

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report with the financial statements of the company for the year ended 30 April 2023.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2023 will be £ 135,184 .

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

Mr R D Hall
Mrs E A Hall
Mr A J Hall
Mrs A Verheyen

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, BPR Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr R D Hall - Director


3 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAPERWORK (PAPER CONVERTORS) LIMITED

Qualified opinion

We have audited the financial statements of Paperwork (Paper Convertors) Limited (the 'company') for the year ended 30 April 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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, except for the possible effect of the matter described in the basis for qualified opinion paragraph, the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 April 2023 and of the company's 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 qualified opinion
The evidence available to us was limited because we were not appointed as auditor of the company until 27 April 2023 and in consequence it was not possible for us to observe the counting of physical stock at 30 April 2022. We were unable to satisfy ourselves by alternative means concerning the stock quantities of £4,046,608 held at 30 April 2022 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount at 30 April 2022 was necessary or whether there was any consequential effect on the cost of sales for the year ended 30 April 2023. In addition, were any adjustment to the stock balance at 30 April 2022 to be required, the Strategic Report would also need to be amended.

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 qualified 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAPERWORK (PAPER CONVERTORS) LIMITED


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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock quantities of £4,046,608 held at 30 April 2022. We have concluded that where the other information refers to the stock balance at 30 April 2022 or related balances such as cost of sales for the year ended 30 April 2023, it may be materially misstated for the same reason.

Qualified opinion on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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
Except for the matter described in the basis for qualified opinion section of our report, 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.

Arising solely from the limitation on the scope of our work relating to stock reported in the financial statements for the year ended 30 April 2022, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of
our audit; and
- we were unable to determine whether adequate accounting records had been maintained.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAPERWORK (PAPER CONVERTORS) LIMITED


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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We designed procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures were capable of detecting irregularities, including fraud is detailed below:

To identify risks of material misstatement due to irregularities, including fraud (fraud risks) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures involved enquiring of the directors as to the company's policies and procedures to prevent and detect fraud, as well as whether they had knowledge of any actual, suspected, or alleged fraud. We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards and considering our overall knowledge of the control environment, we performed procedures to address the risk of management override of controls, in particular the risk that management may be able to make inappropriate accounting entries. We concluded that there was limited opportunity for manipulation or management override of controls. We performed procedures including a review of accounting entries to supporting documentation. We did not identify any additional fraud risks.

We identified Health and Safety, and Employment Law as areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements.

We communicated the identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The company is subject to laws and regulations that directly affect the financial statements, including financial reporting and taxation legislation, and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and key management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

It is considered that our procedures can detect irregularities, including fraud. However, because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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.

Other matters
In the previous accounting period the directors of the company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAPERWORK (PAPER CONVERTORS) 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.




Mark Fenton FCA (Senior Statutory Auditor)
for and on behalf of BPR Audit Limited
Statutory Auditors
Glenewes House
Gate Way Drive
Leeds
West Yorkshire
LS19 7XY

3 October 2023

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 14,121,974 15,089,934

Cost of sales 10,651,987 10,773,248
GROSS PROFIT 3,469,987 4,316,686

Distribution costs 813,223 808,723
Administrative expenses 1,604,825 1,401,203
2,418,048 2,209,926
1,051,939 2,106,760

Other operating income 150,969 106,327
OPERATING PROFIT 5 1,202,908 2,213,087

Interest receivable and similar income 29 -
1,202,937 2,213,087

Interest payable and similar expenses 6 24,947 27,434
PROFIT BEFORE TAXATION 1,177,990 2,185,653

Tax on profit 7 248,580 414,057
PROFIT FOR THE FINANCIAL YEAR 929,410 1,771,596

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 929,410 1,771,596


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

929,410

1,771,596

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,502,206 1,588,632

CURRENT ASSETS
Stocks 10 3,527,330 4,046,608
Debtors 11 2,219,854 2,802,800
Cash at bank and in hand 996,505 283,187
6,743,689 7,132,595
CREDITORS
Amounts falling due within one year 12 1,568,906 2,501,996
NET CURRENT ASSETS 5,174,783 4,630,599
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,676,989

6,219,231

CREDITORS
Amounts falling due after more than one
year

13

-

(342,703

)

PROVISIONS FOR LIABILITIES 17 (86,617 ) (80,382 )
NET ASSETS 6,590,372 5,796,146

CAPITAL AND RESERVES
Called up share capital 18 10,100 10,100
Retained earnings 19 6,580,272 5,786,046
SHAREHOLDERS' FUNDS 6,590,372 5,796,146

The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2023 and were signed on its behalf by:





Mr R D Hall - Director


PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 May 2021 10,100 4,154,350 4,164,450

Changes in equity
Dividends - (139,900 ) (139,900 )
Total comprehensive income - 1,771,596 1,771,596
Balance at 30 April 2022 10,100 5,786,046 5,796,146

Changes in equity
Dividends - (135,184 ) (135,184 )
Total comprehensive income - 929,410 929,410
Balance at 30 April 2023 10,100 6,580,272 6,590,372

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,129,109 (1,032,315 )
Interest paid (24,947 ) (27,434 )
Tax paid (410,253 ) (124,721 )
Net cash from operating activities 1,693,909 (1,184,470 )

Cash flows from investing activities
Purchase of tangible fixed assets (38,883 ) (116,003 )
Sale of tangible fixed assets 35,750 -
Interest received 29 -
Net cash from investing activities (3,104 ) (116,003 )

Cash flows from financing activities
Loan repayments in year (382,303 ) (668,454 )
Related party loan (460,000 ) 460,000
Equity dividends paid (135,184 ) (139,900 )
Net cash from financing activities (977,487 ) (348,354 )

Increase/(decrease) in cash and cash equivalents 713,318 (1,648,827 )
Cash and cash equivalents at
beginning of year

2

283,187

1,932,014

Cash and cash equivalents at end of
year

2

996,505

283,187

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,177,990 2,185,653
Depreciation charges 107,226 134,748
(Profit)/loss on disposal of fixed assets (17,667 ) 1,065
Government grants (27,600 ) (600 )
Finance costs 24,947 27,434
Finance income (29 ) -
1,264,867 2,348,300
Decrease/(increase) in stocks 519,278 (2,499,007 )
Decrease/(increase) in trade and other debtors 582,946 (806,598 )
Decrease in trade and other creditors (237,982 ) (75,010 )
Cash generated from operations 2,129,109 (1,032,315 )

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 30 April 2023
30/4/23 1/5/22
£    £   
Cash and cash equivalents 996,505 283,187
Year ended 30 April 2022
30/4/22 1/5/21
£    £   
Cash and cash equivalents 283,187 1,932,014


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1/5/22 Cash flow At 30/4/23
£    £    £   
Net cash
Cash at bank and in hand 283,187 713,318 996,505
283,187 713,318 996,505
Debt
Debts falling due within 1 year (66,000 ) 66,000 -
Debts falling due after 1 year (316,303 ) 316,303 -
(382,303 ) 382,303 -
Total (99,116 ) 1,095,621 996,505

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

Paperwork (Paper Convertors) 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.

The financial statements are presented in sterling which is the functional currency of the company rounded to the nearest pound £.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events.

In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives which are assessed annually by the directors. In assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.

Determining appropriate rates of depreciation requires an estimation of the useful lives and expected residual values of fixed assets. The net carrying amount of assets is £1,502,206 (2022: £1,588,632). During the year depreciation of £107,226 (2022: £134,749) has been provided.

Bad debt provision
Where the company believes that unpaid debtors may result in a bad debt, a provision is calculated, which considers the payment history of the relevant customers, and the ageing of the debt.

Stock Provision
Stock is carried at the lower of cost and net realisable value which requires the estimation of eventual sales price of goods to customers. Management base these on historical data. Stock is periodically reviewed, and allowances are made for obsolete and slow-moving items. The net carrying amount of stock is £3,527,330 (2022: £4,046,608). A stock provision of £233,515 (2022: £232,140) has been provided.

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

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

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:-

- the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;

- the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the Company; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property - 2% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit and loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial Instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the
contractual provisions of the instrument.

Financial assets and liabilities are initially measured at transaction price, except for those financial
assets classified as at fair value through profit or loss.

Basic financial instruments
Basic financial instruments are those with relatively straight forward terms and would normally include
cash, bank balances, trade debtors and trade creditors.

Where the arrangement does not constitute a financing transaction, e.g. trade debtors on normal
commercial terms, the debtor will be valued initially at transaction price (i.e. cost) and subsequently at
transaction price less impairment (if any) due to concerns over recoverability.

Other financial instruments
Other financial instruments are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit and loss.

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.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the lease except where another systematic basis is more representative of the time pattern in which economic benefits of the leased assets are consumed.

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

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. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Sale of goods 14,121,974 15,089,934
14,121,974 15,089,934

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 13,631,821 14,260,738
Rest of world 490,153 829,196
14,121,974 15,089,934

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 757,512 713,404
Social security costs 76,108 64,858
Other pension costs 43,099 28,819
876,719 807,081

The average number of employees during the year was as follows:
2023 2022

Directors 4 4
Other 20 21
24 25

2023 2022
£    £   
Directors' remuneration 159,110 132,148
Directors' pension contributions to money purchase schemes 21,764 9,928

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

5. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 1,274 2,760
Other operating leases 388,752 213,689
Depreciation - owned assets 107,226 134,749
(Profit)/loss on disposal of fixed assets (17,667 ) 1,065
Auditors' remuneration 13,000 -
Foreign exchange differences (8,006 ) (49,687 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 6,777 13,069
Non bank interest on loans 18,170 14,365
24,947 27,434

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 246,931 412,317
Prior year under/over prov (4,586 ) 885
Total current tax 242,345 413,202

Deferred tax 6,235 855
Tax on profit 248,580 414,057

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,177,990 2,185,653
Profit multiplied by the standard rate of corporation tax in the UK of
19.493% (2022 - 19%)

229,626

415,274

Effects of:
Expenses not deductible for tax purposes 10,760 (9,279 )
Depreciation in excess of capital allowances 7,895 5,005
Adjustments to tax charge in respect of previous periods (4,586 ) 885
Short term timing differences (1,350 ) 1,317
Deferred tax movement in relation to changes in tax rates 20,788 -
Deferred tax movement in relation to timing differences. (14,553 ) 855
Total tax charge 248,580 414,057

An increase in the UK corporation tax rate from 19% to 25% was enacted in the Finance Act 2021, which is due to be effective 1st April 2023. Consequently deferred tax has been calculated using that rate.

8. DIVIDENDS
2023 2022
£    £   
A Ordinary shares of £1 each
Interim 36,075 22,225
C Ordinary shares of £1 each
Interim 18,525 22,225
D Ordinary shares of £1 each
Interim 38,000 47,725
E Ordinary shares of £1 each
Interim 42,584 47,725
135,184 139,900

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

9. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 May 2022 1,447,942 1,150 199,789
Additions - - -
Disposals - - (14,925 )
At 30 April 2023 1,447,942 1,150 184,864
DEPRECIATION
At 1 May 2022 159,472 72 130,710
Charge for year (12,624 ) 287 21,263
Eliminated on disposal - - (14,925 )
At 30 April 2023 146,848 359 137,048
NET BOOK VALUE
At 30 April 2023 1,301,094 791 47,816
At 30 April 2022 1,288,470 1,078 69,079

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 May 2022 279,870 351,807 2,280,558
Additions 7,884 30,999 38,883
Disposals (28,000 ) (35,805 ) (78,730 )
At 30 April 2023 259,754 347,001 2,240,711
DEPRECIATION
At 1 May 2022 243,637 158,035 691,926
Charge for year 6,503 91,797 107,226
Eliminated on disposal (9,917 ) (35,805 ) (60,647 )
At 30 April 2023 240,223 214,027 738,505
NET BOOK VALUE
At 30 April 2023 19,531 132,974 1,502,206
At 30 April 2022 36,233 193,772 1,588,632

10. STOCKS
2023 2022
£    £   
Finished goods 3,527,330 4,046,608

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,178,266 2,725,509
Other debtors - 7
VAT - 44,732
Prepayments and accrued income 41,588 32,552
2,219,854 2,802,800

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 14) - 66,000
Trade creditors 827,482 1,495,754
Taxation 244,409 412,317
Social security and other taxes 14,232 16,218
VAT 367,637 -
Other creditors 16,505 466,542
Accrued expenses 98,641 44,565
Deferred government grants - 600
1,568,906 2,501,996

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 14) - 316,303
Deferred government grants - 26,400
- 342,703

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans - 66,000

Amounts falling due between one and two years:
Bank loans - 1-2 years - 316,303

The bank borrowings existing at 30/04/2022 were fully repaid during the year. The related legal mortgage over the property known as Unit H, Rosie Road, Trident Park, Normanton has also been satisfied.

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 128,000 108,258
Between one and five years 384,000 433,033
512,000 541,291

16. FINANCIAL INSTRUMENTS

Financial assets measured at amortised cost in the current year is £2,178,266 (2022 - £2,725,516).

Financial liabilities measured at amortised cost in the current year is £827,482 (2022 - £1,878,057).

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 86,617 80,382

Deferred
tax
£   
Balance at 1 May 2022 80,382
Charge to Income Statement during year 6,235
Balance at 30 April 2023 86,617

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4,500 A Ordinary £1 4,500 4,500
100 B Ordinary £1 100 100
4,500 C Ordinary £1 4,500 4,500
500 D Ordinary £1 500 500
500 E Ordinary £1 500 500
10,100 10,100

All the share capital in issue rank pari passu except the £1 'B' Ordinary shares shall not entitle the holders thereof to receive notice of or attend and vote (either in person or by proxy) at any General Meeting of the Company unless the business of the General Meeting includes the consideration of a Resolution for winding up the Company or a Resolution altering or abrogating any of the rights, privileges, limitations and restrictions attached to the Ordinary 'B' shares but so that in the event of the 'B' Ordinary shares entitling the holders thereof to attend at a Meeting, such holders shall have the right to vote at such Meeting in respect of the 'B' Ordinary shares, in which events holders of the 'B' Ordinary shares shall have one vote on a show of hands and on a poll one vote in respect of every 'B' Ordinary share held by them respectively.

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

19. RESERVES
Retained
earnings
£   

At 1 May 2022 5,786,046
Profit for the year 929,410
Dividends (135,184 )
At 30 April 2023 6,580,272

The profit and loss account represents accumulated comprehensive income for the year and prior periods, after distribution of dividends.

20. RELATED PARTY DISCLOSURES

During the year, total dividends of £135,184 were paid to the directors .

Minerva SIPP's
(Pension fund for Mr A J Hall and Mrs E A Hall)

The pension fund owns 51.2% (2022 - 51.2%) of the property from which the company trades. During the year rent of £128,000 (2022 - £108,259) was paid to the Minerva SIPP's.

At the balance sheet date the amount due to the Minerva SIPP's was £nil (2022 - £33,565).

Company under common control
2023 2022
£    £   
Sales and management charges 690,907 658,310
Interest incurred on loans from related party 18,170 14,365
Amount due from related party 18,237 90,757
Amount due to related party 14,569 470,764

The above disclosures relate to transactions with a company under common control. Transactions are completed under standard commercial terms.

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mr A Hall and Mrs E A Hall.

22. PENSION COMMITMENTS

Defined pension contribution amounting to £43,099 (2022 - £28,819) were made during the year. No commitments existed at the year end (2022 - £nil).