Registered number: 06246101
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
TWP ACCOUNTING LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
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PACKAGING ENVIRONMENTAL LIMITED
COMPANY INFORMATION
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PACKAGING ENVIRONMENTAL LIMITED
CONTENTS
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PACKAGING ENVIRONMENTAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023
The directors present their strategic report for the year ended 30th April 2023.
The Directors consider that they have, in good faith, acted in a way that they believe is most likely to promote the success of the company for the benefit of its shareholders and other stakeholders. Their actions take the interests of key stakeholders into account and their decisions are made with regard to the company’s long-term performance and reputation.
Principal activities The Company is engaged in the sale of high-quality catering disposables, with a focus on supplying products made from environmentally friendly materials.
In Year Ending April 2023, the company’s revenues were £15.1m, representing a 3% growth from the prior year. Sales volume has remained fairly consistent and revenue levels have been maintained across all its separate revenue streams. Prior year profits (£312k) results were impacted by the supply chain crisis and high container charges, much of which the company absorbed. Its profits this year (£1,579k) show the benefits of reduced container pricing from the Far East.
The demand for disposable food packaging remains strong, especially following the pandemic. The company is also ahead of the curve in its sourcing of food packaging made from environmentally friendly materials to meet with current and expected legislation, as well as the consequent demand from its customers. We expect to maintain our current revenue for the foreseeable future, and we also expect our profits to normalise over the following year.
The company’s main risks are linked to the fortunes of the hospitality industry, which faces challenges such as the cost of energy, the impact of the cost of living on discretionary spending, and dealing with the hybrid working environment.
The company’s customers are on the whole pivoting their offering well to overcome these difficulties, and as such demand for our products remains high. Exchange rate volatility presents another risk as the majority of goods purchases are not in GBP. This is not a new risk – the company remains vigilant and is experienced in managing and reacting to changes in exchange rate.
The company continues to develop its customer base, building on its reputation within existing revenue streams, particularly among high profile businesses within urban centres.
The company is also continually engaged in streamlining and automating its operations to enable it to scale its business and keep overheads low.
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PACKAGING ENVIRONMENTAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
The company has established KPI’s across all strategic areas of the business and operations. The Directors review and measure the company’s performance against these KPI’s regularly to help them make balanced decisions to ensure the long-term success of the Company.
This report was approved by the board on 17 November 2023 and signed on its behalf.
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PACKAGING ENVIRONMENTAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023
The directors present their report and the financial statements for the year ended 30 April 2023.
The profit for the year, after taxation, amounted to £1,578,892 (2022 - £312,127).
No dividends were paid during the year and the directors do not recommend the payment of dividend for the financial year ended 30 April 2023 (2022: £nil).
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
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PACKAGING ENVIRONMENTAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
The management of the business and the execution of the Company’s strategy are subject to a number of risks
. Financial risk In the ordinary course of business, the Company is exposed to a variety of financial risks that include credit risk and liquidity risk. Operational risk Operational risk is the risk of direct or indirect losses resulting from inadequate or failed internal processes or systems, human factors or from external agents. Business risk Business risk is the risk of adverse outcomes resulting from a weak competitive position or from poor choice of strategy, markets, products, activities or structures. The Company is committed to the advanced management of financial, operational and business risks.
The directors will continue to focus on developing the Company's principal activity, that of the sale of products related to sustainable and eco-friendly food and drinks packaging with a focus on products made from renewable materials.
There have been no significant events affecting the Company since the year end.
The auditor, TWP Accounting LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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PACKAGING ENVIRONMENTAL LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PACKAGING ENVIRONMENTAL LIMITED
We have audited the financial statements of Packaging Environmental Limited (the 'Company') for the year ended 30 April 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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).
We were not appointed as auditor of the company until after 30 April 2022 and thus did not observe the counting of physical inventories at the start of the period. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 30 April 2022, which are included in the balance sheet at £2,868,728, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.
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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.
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.
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PACKAGING ENVIRONMENTAL LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PACKAGING ENVIRONMENTAL LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 inventory quantities of £2,868,728 held at 30 April 2022. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.
Except for the matter described in the basis for qualified opinion on other matters prescribed by the Companies Act 2006 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 of the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements.
Basis for 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 directors' report for the financial statements; and
- the directors' report have been prepared in accordance with applicable legal requirements.
Except for the matter described in the basis for qualified opinion on other matters prescribed by the Companies Act 2006 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 Directors' Report.
Arising solely from the limitation on the scope of our work relating to the opening inventory position, 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 have been kept. 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.
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PACKAGING ENVIRONMENTAL LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PACKAGING ENVIRONMENTAL LIMITED (CONTINUED)
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 an Auditor's Report 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 design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Obtain an understanding of the policies and procedures management has in place to detect and prevent fraud and non-compliance with laws and regulations.
∙Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.
∙Enquire of management and those charged with governance around actual and potential litigation and claims.
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
∙Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.
∙Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.
∙Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.
∙Review of after year end information to ensure expenditure has been accounted for in the correct period.
∙Perform analytical review procedures to identify any irregularities and investigation thereon.
∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
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 Auditor's Report.
The financial statements of the Company for the year ended 30 April 2022 were not audited. The comparatives presented as part of these financial statements of the Company have not been audited as a result.
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PACKAGING ENVIRONMENTAL LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PACKAGING ENVIRONMENTAL LIMITED (CONTINUED)
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 an Auditor's Report 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Surrey
KT13 8DE
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PACKAGING ENVIRONMENTAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023
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PACKAGING ENVIRONMENTAL LIMITED
REGISTERED NUMBER: 06246101
BALANCE SHEET
AS AT 30 APRIL 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 27 form part of these financial statements.
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PACKAGING ENVIRONMENTAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
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PACKAGING ENVIRONMENTAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023
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PACKAGING ENVIRONMENTAL LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2023
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PACKAGING ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
Packaging Environmental Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Launceston Gardens, Perivale, Greenford, England, UB6 7EY.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied: Turnover is recognised in the period in which the goods are dispatched.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Intangible assets relating to website costs are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
The website is considered to have a finite useful life and amortisation is recognised over a 5 year straight line basis, to write off the cost of the website over its useful life.
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PACKAGING ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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PACKAGING ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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PACKAGING ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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PACKAGING ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
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PACKAGING ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. Critical judgments Accounting for finance costs Finance costs are accounted for at amortised cost using effective interest rates. Given the nature of the financing agreements in place the estimation of an effective interest rate requires judgments to be made in respect of estimating future repayment profiles and allocation of associated transaction costs. Judgments have been made based on the future expected project programme and repayment of funds under the facilities as at the reporting date. · Accounting for financial instruments Derivative financial instruments are recorded in the Company's balance sheet at fair value. The assessment of fair value depends on assuming a market price for the instrument in question. The Company uses its assessment of forward curves, largely from readily attainable quotations, and third party sources. Where such instruments extend beyond the liquid portion of the forward curve the level of judgemental increases. Useful lives of assets The expected useful life of production assets is determined based on historical experience and expectations concerning the future use of these assets. The expected future applications may subsequently prove not to be realisable, which may require useful lives to be reassessed.
The whole of the turnover is attributable to the sale of sustainable and eco-friendly packaging.
Analysis of turnover by country of destination:
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PACKAGING ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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PACKAGING ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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PACKAGING ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
10.Taxation (continued)
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PACKAGING ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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PACKAGING ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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PACKAGING ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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PACKAGING ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
Share premium account
above par.
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £23,448 (2022: £15,063). Contributions totalling £1,138 (2022: £2,655) were payable to the fund at the reporting date and are included in creditors.
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PACKAGING ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
25.Financial commitments
At 30 April 2023, the company was committed to £1,866,300 (2022: £1,521,635) in respect of forward currency contracts. Fair value measurement at the year end amounted to a derivative loss of £66,112 (2022: £71,310 Gain).
The company is controlled commonly by its directors. There is no one controlling party.
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