REGISTERED NUMBER: |
CPG LOGISTICS LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
REGISTERED NUMBER: |
CPG LOGISTICS LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 14 |
Notes to the Financial Statements | 15 |
CPG LOGISTICS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Highland House |
Mayflower Close |
Chandler's Ford |
Eastleigh |
Hampshire |
SO53 4AR |
BANKERS: |
Mitchell Way |
Southampton International Airport |
Southampton |
Hampshire |
SO18 2XU |
SOLICITORS: |
Kintyre House |
70 High Street |
Fareham |
Hampshire |
PO16 7BB |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
The directors present their strategic report for the year ended 30 September 2023. |
CPG Logistics Limited ("the company") operates warehouse and distribution services from modern facilities situated on the South Coast. It also manages complex supply chain solutions and services in collaboration with chosen partners throughout Europe. Historically the company's core business has been within the pharmaceutical sector although in recent years it has continued to expand its client base and apply its skill sets to new industries. |
REVIEW OF BUSINESS |
The results for the year and financial position of the company are as shown in the annexed financial statements. |
In terms of financial performance, we have seen significant improvements compared to the previous year. The company has experienced strong growth throughout the year, this has led to increased profitability and a positive outlook for the future. |
One area that has contributed to our success is the expansion of our e-commerce activities within the luxury goods and cosmetics sectors. We have successfully fulfilled direct-to-consumer orders throughout the UK and EU and expanded our client base within the pharmaceutical/healthcare, animal health, optical, cosmetics and defence industries. |
However, we have also faced similar challenges to the previous year, such as rising labour costs and staff retention. To ensure the sustainability of our operations, we have reviewed and enhanced our remuneration packages for existing and potential employees. This investment in our workforce has resulted in increased wage costs, which we expect to continue into the next year. |
Despite these challenges, we remain committed to minimising our impact on the environment. We continue to use products from FSC approved producers, ensuring that our wood, paper, and other forest products come from well-managed forests and/or recycled sources. Our focus on sustainable packaging will persist, as we strive to identify and implement solutions that are genuinely better for the environment. |
Overall, we are pleased with our financial performance this year and the progress we have made in various areas of our business. We are confident in our ability to continue growing and making a positive impact while maintaining our commitment to sustainability. |
KPIs |
2023 | 2022 | Variance |
£ | £ | £ |
Turnover | 15,669,985 | 11,711,719 | 3,958,266 |
Gross Profit | 8,349,711 | 6,600,293 | 1,749,418 |
Gross Profit % | 53.3% | 56.4% | (3.1% | ) |
Profit Before Tax | 1,060,319 | 401,784 | 658,535 |
RESEARCH AND DEVELOPMENTS |
During the year, the company continued to invest in developing software to enhance efficiencies and allow it to continue to provide bespoke services to its customers. As a business, CPG's focus is on the technological offering, allowing it to serve customers in varying and specialised sectors. |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The key business risks and uncertainties affecting the company are expected to come from its customers' continued objectives to drive down supply chain costs. In this respect, the company continues to invest in the development of new and innovative services and systems that will assist its customers to achieve their objectives. The policy has enabled the company to retain and renew existing contracts and at the same time build and develop the customer base. High standards are fundamental to the company and this extends across all aspects of the business. This has allowed it to compete in some of the most highly regulated sectors and work with many blue-chip multinational organisations. |
FUTURE DEVELOPMENTS |
The longer-term strategy of the company is to drive growth and its margins upward by increasing the utilisation of its facilities and value-added services including production, customisation, and IT offerings. |
ON BEHALF OF THE BOARD: |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 30 September 2023. |
DIVIDENDS |
The total distribution of dividends for the period ended 30 September 2023 was £305,500 (2022: £171,000). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
DISCLOSURE IN THE STRATEGIC REPORT |
The directors set out an analysis of the company's performance, development activities, key risks and uncertainties and future developments within the separate strategic report. |
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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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. |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CPG LOGISTICS LIMITED |
Opinion |
We have audited the financial statements of CPG Logistics Limited (the 'company') for the year ended 30 September 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CPG LOGISTICS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page 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 |
CPG LOGISTICS 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. |
Extent to which the audit was capable of detecting irregularities, including fraud |
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. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company. |
- We obtained an understanding of how the company is complying with these frameworks through discussions with management. |
- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence. |
- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature. |
- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CPG LOGISTICS 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. |
for and on behalf of |
Statutory Auditor |
Chartered Accountants |
Highland House |
Mayflower Close |
Chandler's Ford |
Eastleigh |
Hampshire |
SO53 4AR |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
1,576,847 | 771,457 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
1,576,847 | 773,279 |
Interest payable and similar expenses | 5 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
BALANCE SHEET |
30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Capital redemption reserve |
Reserves - non- distributable |
Retained earnings |
SHAREHOLDERS' FUNDS |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
BALANCE SHEET - continued |
30 SEPTEMBER 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
Called up | Capital | Reserves - |
share | Retained | redemption | non- | Total |
capital | earnings | reserve | distributable | equity |
£ | £ | £ | £ | £ |
Balance at 1 October 2021 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 30 September 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 30 September 2023 |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
CPG Logistics Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of 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 £1. |
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. |
Going concern |
The directors have concluded that, with the right management actions to mitigate any short term risks, and confirmed ongoing support from its bank, the company is a going concern for at least 12 months following the signature of these financial statements. Accordingly, the directors have prepared the financial statements on this basis. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Preparation of consolidated financial statements |
The financial statements contain information about CPG Logistics Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Jamesurl Limited, Unit 900, Fareham Reach, Gosport, Hampshire, PO13 0FW. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents the provision of services net of VAT and trade discounts. |
The provision of the service is recognised when goods are stored or physically dispatched in accordance with the customer's instructions. |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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 provided at the following annual rates in order to write off each asset over its estimated useful life. |
Short leasehold | - Over the length of the lease |
Commercial vehicles | - 3-7 years straight line |
Plant and machinery | - 2-25 years straight line |
Fixtures and fittings | - 2-15 years straight line |
Equipment | - 3-10 years straight line |
Upon adoption of FRS 102, the company revalued some items of plant and machinery to fair value. The increase in fair value will is being released to the income statement over the remaining useful life of the assets. |
The profit 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 recognised in the income statement. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Research and development |
Development costs (both internal and external) of computer software are capitalised once a detailed program design has been established and are amortised on the straight line basis over the estimated useful life of twelve years. |
Other research and development expenses are charged to the profit and loss account in the year which they are incurred. |
For the purposes of calculating distributable profits, unamortised development costs have not been treated as a realised loss because identifiable sales will result in the near future. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the profit or loss account over the relevant period. The capital element of future payments is treated as a liability. |
Assets under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis. |
Operating lease agreements |
Rentals payable on operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial assets |
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 assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial liabilities |
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, 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. |
Equity instruments |
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Distribution | 91 | 76 |
Administration | 58 | 53 |
Management | 5 | 5 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director for the year ended 30 September 2023 is as follows: |
2023 |
£ |
Emoluments etc |
Pension contributions to money purchase schemes |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
(Profit)/loss on disposal of fixed assets | ( |
) |
R&D amortisation |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Foreign exchange differences | ( |
) |
Hire of plant and machinery |
Other operating leases |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest |
Bank loan interest |
Other interest |
Other loan interest |
Hire purchase |
6. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
R & D tax relief | - | (85,455 | ) |
Deferred tax |
Tax on profit | ( |
) |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Amortisation on intangible fixed assets | 107,201 | 81,963 |
Depreciation on non-qualifying assets | 16,716 | 15,291 |
Loss on disposal of non-qualifying assets | - | 6,249 |
Intangible assets treated as revenue deductions | (151,017 | ) | (121,914 | ) |
Research and development enhanced deduction | (148,096 | ) | (145,174 | ) |
Effect of different rates of tax for corporation tax and deferred tax | 9,951 | 6,925 |
Election to claim research and development tax credit | - | 26,520 |
Impact of capital allowances super deduction | (1,274 | ) | (8,107 | ) |
Total tax charge/(credit) | 82,926 | (56,600 | ) |
The average rate of corporation tax for the year was 22%. The rate increased from 19% to 25% on 1 April 2023. |
7. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Interim |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
8. | INTANGIBLE FIXED ASSETS |
R&D |
£ |
COST |
At 1 October 2022 |
Additions |
At 30 September 2023 |
AMORTISATION |
At 1 October 2022 |
Amortisation for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
9. | TANGIBLE FIXED ASSETS |
Short | Commercial | Plant and |
leasehold | vehicles | machinery |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and |
fittings | Equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
The net book value of assets held on hire purchase contracts included within the above was £922,783 (2022: £831,178). The depreciation charge relating to these assets amounted to £229,414 (2022: £167,874). |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 59,518 | 441,736 |
Tax |
Prepayments and accrued income |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Other loans (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors | 1,161,233 | 2,150,441 |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 14) |
Other loans (see note 14) |
Hire purchase contracts (see note 15) |
Social security and other taxes |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans - less than 1 year |
Other loans - less than 1 year |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Other loans - 1-2 years | 340,577 |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
14. | LOANS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Other loans - 2-5 years |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdraft |
Bank loans |
Hire purchase contracts | 739,780 | 697,244 |
Other loans | 1,181,306 | 301,361 |
Other creditors | 1,075,262 | 2,076,433 |
Loans and overdrafts are secured by debenture, including fixed and floating charges over the company's assets. Liabilities under hire purchase are secured on the assets to which they relate. Other creditors are secured by way of a fixed and floating charge over the company's assets. |
Bank loans are partially secured by way of personal guarantee given by a company director. |
In addition to the above, there is also an unlimited multilateral guarantee dated 30 September 2011 given by CPG Logistics Limited, its parent company CPG Holdings Limited, its ultimate parent company Jamesurl Limited and a fellow subsidiary Medisa Services Limited. |
17. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 794,703 | 784,215 |
Unutilised tax losses | (22,522 | ) | (94,960 | ) |
772,181 | 689,255 |
Deferred tax |
£ |
Balance at 1 October 2022 |
Accelerated capital allowances | 10,488 |
Corporation tax losses | 72,438 |
Balance at 30 September 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 50,000 | 50,000 |
CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
19. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. Employer's contributions payable for the year amounted to £161,077 (2022: £137.764). Contributions totalling £14,871 (2022: £11,396) were outstanding at the year end and are included within other creditors. |
20. | ULTIMATE PARENT COMPANY |
CPG Holdings Limited, incorporated in the United Kingdom, is the company's immediate parent undertaking. |
Jamesurl Limited, incorporated in the United Kingdom, is the company's ultimate parent undertaking. |
The largest and smallest group in which the results of the company are consolidated is that headed by Jamesurl Limited. The registered office address for Jamesurl Limited is Unit 900 Fareham Reach, Fareham Road, Gosport, Hampshire, PO13 0FW. The consolidated accounts of this company are available to the public and may be obtained from Companies House. No other group accounts include the results of the company. |
21. | CONTINGENT LIABILITIES |
There is a bank guarantee in favour of International Air Transport for £1,000 (2022: £1,000). As at the year end, there was also a bank guarantee in favour of HM Revenue and Customs for £153,260 (2022: £153,260), however this was cancelled shortly after the year end. |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 September 2023 and 30 September 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
No interest is being charged on the above balances. |