Bemis Associates UK Limited 03278424 false 2022-03-29 2023-03-28 2023-03-28 The principal activity of the company is a holding company Digita Accounts Production Advanced 6.30.9574.0 true false true 03278424 2022-03-29 2023-03-28 03278424 2023-03-28 03278424 core:CapitalContributionReserve 2023-03-28 03278424 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-28 03278424 core:OtherReservesSubtotal 2023-03-28 03278424 core:RetainedEarningsAccumulatedLosses 2023-03-28 03278424 core:ShareCapital 2023-03-28 03278424 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-03-28 03278424 core:CurrentFinancialInstruments 2023-03-28 03278424 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-28 03278424 core:FurnitureFittingsToolsEquipment 2023-03-28 03278424 core:LandBuildings 2023-03-28 03278424 bus:SmallEntities 2022-03-29 2023-03-28 03278424 bus:Audited 2022-03-29 2023-03-28 03278424 bus:FullAccounts 2022-03-29 2023-03-28 03278424 bus:SmallCompaniesRegimeForAccounts 2022-03-29 2023-03-28 03278424 bus:RegisteredOffice 2022-03-29 2023-03-28 03278424 bus:CompanySecretary1 2022-03-29 2023-03-28 03278424 bus:Director1 2022-03-29 2023-03-28 03278424 bus:Director2 2022-03-29 2023-03-28 03278424 bus:PrivateLimitedCompanyLtd 2022-03-29 2023-03-28 03278424 bus:Agent1 2022-03-29 2023-03-28 03278424 core:CapitalContributionReserve 2022-03-29 2023-03-28 03278424 core:FurtherSpecificReserve1ComponentTotalEquity 2022-03-29 2023-03-28 03278424 core:RetainedEarningsAccumulatedLosses 2022-03-29 2023-03-28 03278424 core:ShareCapital 2022-03-29 2023-03-28 03278424 core:FurnitureFittings 2022-03-29 2023-03-28 03278424 core:FurnitureFittingsToolsEquipment 2022-03-29 2023-03-28 03278424 core:LandBuildings 2022-03-29 2023-03-28 03278424 core:PlantMachinery 2022-03-29 2023-03-28 03278424 1 2022-03-29 2023-03-28 03278424 countries:UnitedKingdom 2022-03-29 2023-03-28 03278424 2022-03-28 03278424 core:CapitalContributionReserve 2022-03-28 03278424 core:FurtherSpecificReserve1ComponentTotalEquity 2022-03-28 03278424 core:RetainedEarningsAccumulatedLosses 2022-03-28 03278424 core:ShareCapital 2022-03-28 03278424 core:FurnitureFittingsToolsEquipment 2022-03-28 03278424 core:LandBuildings 2022-03-28 03278424 2021-03-29 2022-03-28 03278424 2022-03-28 03278424 core:CapitalContributionReserve 2022-03-28 03278424 core:OtherReservesSubtotal 2022-03-28 03278424 core:RetainedEarningsAccumulatedLosses core:RestatedAmount 2022-03-28 03278424 core:ShareCapital 2022-03-28 03278424 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2022-03-28 03278424 core:CurrentFinancialInstruments 2022-03-28 03278424 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-28 03278424 core:FurnitureFittingsToolsEquipment 2022-03-28 03278424 core:LandBuildings 2022-03-28 03278424 core:RestatedAmount 2022-03-28 03278424 core:CapitalContributionReserve 2021-03-29 2022-03-28 03278424 core:FurtherSpecificReserve1ComponentTotalEquity 2021-03-29 2022-03-28 03278424 core:RetainedEarningsAccumulatedLosses 2021-03-29 2022-03-28 03278424 core:RetainedEarningsAccumulatedLosses core:RestatedAmount 2021-03-29 2022-03-28 03278424 core:ShareCapital 2021-03-29 2022-03-28 03278424 2021-03-28 03278424 core:CapitalContributionReserve 2021-03-28 03278424 core:FurtherSpecificReserve1ComponentTotalEquity 2021-03-28 03278424 core:RetainedEarningsAccumulatedLosses 2021-03-28 03278424 core:ShareCapital 2021-03-28 iso4217:GBP xbrli:pure

Registration number: 03278424

Bemis Associates UK Limited

Annual Report and Financial Statements

for the Year Ended 28 March 2023

 

Bemis Associates UK Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 9

 

Bemis Associates UK Limited

Company Information

Directors

MS Johansen

P Le Blanc

Company secretary

Mr P Breen

Registered office

4 Griffin Industrial Mall
Griffin Lane
Aylesbury
HP19 8BP

Bankers

Bank of America
2 King Edward Street
London
EC1A 1HQ

Auditors

Ballards LLP
Statutory Auditors, Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Bemis Associates UK Limited

(Registration number: 03278424)
Balance Sheet as at 28 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

42,076

13,522

Investments

5

48,845,152

19,360,151

 

48,887,228

19,373,673

Current assets

 

Debtors

6

1,067,950

34,985

Cash at bank and in hand

 

51,903

996,692

 

1,119,853

1,031,677

Creditors: Amounts falling due within one year

7

(162,232)

(235,249)

Net current assets

 

957,621

796,428

Total assets less current liabilities

 

49,844,849

20,170,101

Provisions for liabilities

(3,162)

-

Net assets

 

49,841,687

20,170,101

Capital and reserves

 

Called up share capital

1,000,000

1,000,000

Capital contribution reserve

4,093,180

4,093,180

Other reserves

44,751,972

15,266,971

Retained earnings

(3,465)

(190,050)

Shareholders' funds

 

49,841,687

20,170,101

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

.........................................
P Le Blanc
Director

   
 

Bemis Associates UK Limited

Statement of Changes in Equity for the Year Ended 28 March 2023

Share capital
£

Capital contribution reserve
£

Other reserves
£

Retained earnings
£

Total
£

At 29 March 2022

1,000,000

4,093,180

15,266,971

(190,050)

20,170,101

Profit and total comprehensive income for the year

-

-

-

29,719,737

29,719,737

Dividends

-

-

-

(48,151)

(48,151)

Transfers

-

-

29,485,001

(29,485,001)

-

At 28 March 2023

1,000,000

4,093,180

44,751,972

(3,465)

49,841,687

Share capital
£

Capital contribution reserve
£

Other reserves
£

Retained earnings
£

Total
£

At 29 March 2021

1,000,000

4,093,180

12,895,088

8,067

17,996,335

Profit and total comprehensive income for the year

-

-

-

2,542,376

2,542,376

Dividends

-

-

-

(368,610)

(368,610)

Transfers

-

-

2,371,883

(2,371,883)

-

At 28 March 2022

1,000,000

4,093,180

15,266,971

(190,050)

20,170,101



Capital contribution reserve

The parent company's contribution to acquire the fixed asset investment.

Other reserves

The cumulative fair value gains and losses recognised in the profit or loss in respect of fixed asset investments.

 

Bemis Associates UK Limited

Notes to the Financial Statements for the Year Ended 28 March 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
4 Griffin Industrial Mall
Griffin Lane
Aylesbury
HP19 8BP
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that the compny will continue in operational existence for the forseeable future.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 22 February 2024 was Benjamin Powell MSci ACA CTA, who signed for and on behalf of Ballards LLP.

.........................................

Prior period restatement

The comparative values in the profit or loss account have been restated to gross up expenses, and the corresponding income, for expenses incurred which were subsequently recharged at cost to group companies. The restated values are Administrative expenses of £1,260,149 (originally stated - £503,285) and Other operating income of £756,864 (originally stated - Nil). There is no impact on any other balance within these financial statements.

 

Bemis Associates UK Limited

Notes to the Financial Statements for the Year Ended 28 March 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

over the term of the lease

Plant and machinery

10-33% straight line

Fixtures and fittings

20-33% straight line

 

Bemis Associates UK Limited

Notes to the Financial Statements for the Year Ended 28 March 2023

Investments

Investments other than those in group undertakings and participating interests are classified as financial instruments and accounted for in accordance with the accounting policy at fair value through profit or loss.

Investments are initially measured at transaction price, excluding transaction costs, and are subsequently measured at fair value at each reporting date, which is determined by the quoted market price in an active market. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Bemis Associates UK Limited

Notes to the Financial Statements for the Year Ended 28 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 4).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 29 March 2022

249,583

116,996

366,579

Additions

-

35,102

35,102

Disposals

-

(910)

(910)

At 28 March 2023

249,583

151,188

400,771

Depreciation

At 29 March 2022

242,500

110,557

353,057

Charge for the year

2,544

3,094

5,638

At 28 March 2023

245,044

113,651

358,695

Carrying amount

At 28 March 2023

4,539

37,537

42,076

At 28 March 2022

7,083

6,439

13,522

Included within the net book value of land and buildings above is £4,539 (2022 - £7,083) in respect of long leasehold land and buildings.
 

 

Bemis Associates UK Limited

Notes to the Financial Statements for the Year Ended 28 March 2023

5

Fixed asset investments

Investments
£

Cost or valuation

At 29 March 2022

19,360,151

Fair value adjustments

29,485,001

At 28 March 2023

48,845,152

Carrying amount

At 28 March 2023

48,845,152

At 28 March 2022

19,360,151

6

Debtors

2023
£

2022
£

Trade debtors

20,188

22

Corporation tax recoverable

9,016

9,016

Amounts owed by related parties

922,102

17,258

Other debtors

100,515

337

Prepayments

16,129

8,352

 

1,067,950

34,985

7

Creditors

2023
£

2022
£

Due within one year

Trade creditors

-

9,002

Corporation tax

21,312

21,312

Other taxation and social security

13,410

15,577

Other creditors

127,510

189,358

162,232

235,249

 

Bemis Associates UK Limited

Notes to the Financial Statements for the Year Ended 28 March 2023

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £32,400 (2022 - £46,800). This is in respect of furture minimum lease payments under non-cancellable operating leases

9

Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies.

10

Parent and ultimate parent undertaking

The company's immediate parent is Bemis International Inc. , incorporated in United States of America.

 The ultimate parent is Bemis Associates Inc., incorporated in United States of America.
 

The largest and smallest group in which the company is consolidated is that of Bemis Associates Inc. who have a registered office of One Bemis Way, Shirley, MA 01464