Company registration number 07421924 (England and Wales)
EASYPACK/POP DISPLAYS GROUP LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
EASYPACK/POP DISPLAYS GROUP LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
EASYPACK/POP DISPLAYS GROUP LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
835,959
916,117
Current assets
Stocks
195,530
182,216
Debtors falling due after more than one year
5
891,906
1,056,906
Debtors falling due within one year
5
1,772,629
1,976,682
Cash at bank and in hand
106,910
67,772
2,966,975
3,283,576
Creditors: amounts falling due within one year
6
(2,072,071)
(2,491,550)
Net current assets
894,904
792,026
Total assets less current liabilities
1,730,863
1,708,143
Creditors: amounts falling due after more than one year
7
(267,857)
(381,310)
Provisions for liabilities
(118,176)
(93,069)
Net assets
1,344,830
1,233,764
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,344,730
1,233,664
Total equity
1,344,830
1,233,764
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 26 September 2023 and are signed on its behalf by:
D W E Orr
Director
Company Registration No. 07421924
EASYPACK/POP DISPLAYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Easypack/Pop Displays Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 200 Station Road, Whittlesey, Peterborough, PE7 2HA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods sold net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Over length of the lease straight line
Plant and machinery
Over 6 years straight line
Fixtures, fittings & equipment
Over 3 or 5 years straight line
Motor vehicles
Over 5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
EASYPACK/POP DISPLAYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, bank overdrafts and sales invoice finance facilities. Bank overdrafts and sales invoice finance facilities are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, obligations under finance leases and hire purchase liabilities, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
EASYPACK/POP DISPLAYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.12
Retirement benefits
The company operates an auto-enrolment compliant pension scheme for the benefit of its employees. The scheme is a defined contribution scheme, and the contributions are charged against profits as they are paid. The company also operates a defined contribution scheme for the benefit of one of its directors. Contributions payable are charged to the profit and loss account in the year they are payable.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
EASYPACK/POP DISPLAYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
71
71
3
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
275,421
2,617,400
250,175
92,601
3,235,597
Additions
28,009
135,878
7,884
32,135
203,906
Disposals
(91,112)
(189,856)
(92,601)
(373,569)
At 31 March 2023
303,430
2,662,166
68,203
32,135
3,065,934
Depreciation and impairment
At 1 April 2022
160,987
1,833,961
231,930
92,601
2,319,479
Depreciation charged in the year
36,547
229,112
13,586
4,820
284,065
Eliminated in respect of disposals
(91,112)
(189,856)
(92,601)
(373,569)
At 31 March 2023
197,534
1,971,961
55,660
4,820
2,229,975
Carrying amount
At 31 March 2023
105,896
690,205
12,543
27,315
835,959
At 31 March 2022
114,434
783,439
18,244
916,117
EASYPACK/POP DISPLAYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
9,057
Amortisation and impairment
At 1 April 2022 and 31 March 2023
9,057
Carrying amount
At 31 March 2023
At 31 March 2022
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,159,632
1,457,135
Corporation tax recoverable
103,944
Amounts owed by group undertakings
392,487
183,133
Prepayments and accrued income
220,510
232,470
1,772,629
1,976,682
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
891,906
1,056,906
Total debtors
2,664,535
3,033,588
Amounts owed from group undertakings are receivable on demand with effect from 1 April 2024.
EASYPACK/POP DISPLAYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and sales invoice finance facility
741,074
1,076,060
Obligations under finance leases and hire purchase agreements
138,096
142,398
Trade creditors
771,467
790,482
Amounts due to group undertakings
24,229
27,678
Taxation and social security
224,460
221,041
Other creditors
5,000
Accruals and deferred income
172,745
228,891
2,072,071
2,491,550
Bank loans and sales invoice finance facility includes amounts of £741,074 (2022: £1,076,060) which are secured by fixed and floating charges over the company's assets and a cross guarantee between the company, its fellow subsidiary, Manor Packaging Ltd and the parent company, Fencor Packaging Group Ltd.
The net obligations under finance leases and hire purchase agreements are secured by fixed charges on the assets concerned.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases and hire purchase agreements
244,210
357,663
Amounts due to group undertakings
23,647
23,647
267,857
381,310
The net obligations under finance leases and hire purchase agreements are secured by fixed charges on the assets concerned.
Amounts due to group undertakings are repayable on demand with effect from 1 April 2024.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Garry Wiles FCA.
The auditor was Stephenson Smart & Co.
9
Financial commitments, guarantees and contingent liabilities
The company provides a cross guarantee in support of group bank and sales invoice financing facilities.
EASYPACK/POP DISPLAYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
2,031,959
2,568,948
11
Related party transactions
The company has taken advantage of the exemption within section 33 of FRS 102 Related Party Disclosures and has not disclosed transactions undertaken with other members of the Fencor Packaging Group Limited.
12
Parent company
The company is a wholly owned subsidiary undertaking of Fencor Packaging Group Limited, incorporated in England and Wales. The registered office of Fencor Packaging Group Limited is 200 Station Road, Whittlesey, Peterborough, PE7 2HA.
The company is ultimately controlled by D W E Orr by virtue of his majority shareholding and directorship.
2023-03-312022-04-01false26 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedD W E OrrA J CliftonC J E HallG CampbellL J SheridanL J Sheridan074219242022-04-012023-03-31074219242023-03-31074219242022-03-3107421924core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3107421924core:PlantMachinery2023-03-3107421924core:FurnitureFittings2023-03-3107421924core:MotorVehicles2023-03-3107421924core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3107421924core:PlantMachinery2022-03-3107421924core:FurnitureFittings2022-03-3107421924core:MotorVehicles2022-03-3107421924core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3107421924core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3107421924core:WithinOneYear2023-03-3107421924core:WithinOneYear2022-03-3107421924core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107421924core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3107421924core:CurrentFinancialInstruments2023-03-3107421924core:CurrentFinancialInstruments2022-03-3107421924core:Non-currentFinancialInstruments2023-03-3107421924core:Non-currentFinancialInstruments2022-03-3107421924core:ShareCapital2023-03-3107421924core:ShareCapital2022-03-3107421924core:RetainedEarningsAccumulatedLosses2023-03-3107421924core:RetainedEarningsAccumulatedLosses2022-03-3107421924bus:Director12022-04-012023-03-3107421924core:Goodwill2022-04-012023-03-3107421924core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-04-012023-03-3107421924core:PlantMachinery2022-04-012023-03-3107421924core:FurnitureFittings2022-04-012023-03-3107421924core:MotorVehicles2022-04-012023-03-31074219242021-04-012022-03-3107421924core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3107421924core:PlantMachinery2022-03-3107421924core:FurnitureFittings2022-03-3107421924core:MotorVehicles2022-03-31074219242022-03-3107421924core:NetGoodwill2022-03-3107421924core:NetGoodwill2023-03-3107421924core:NetGoodwill2022-03-3107421924core:AfterOneYear2023-03-3107421924core:AfterOneYear2022-03-3107421924bus:PrivateLimitedCompanyLtd2022-04-012023-03-3107421924bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3107421924bus:FRS1022022-04-012023-03-3107421924bus:Audited2022-04-012023-03-3107421924bus:Director22022-04-012023-03-3107421924bus:Director32022-04-012023-03-3107421924bus:Director42022-04-012023-03-3107421924bus:Director52022-04-012023-03-3107421924bus:CompanySecretary12022-04-012023-03-3107421924bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP