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REGISTERED NUMBER: 02597908 (England and Wales)












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: E Waters
R A Lord
A Haynes


REGISTERED OFFICE: Unit 900 Fareham Reach
166 Fareham Road
Gosport
Hampshire
PO13 0FW


REGISTERED NUMBER: 02597908 (England and Wales)


SENIOR STATUTORY AUDITOR: Alan Williams FCA


AUDITORS: Hopper Williams & Bell Limited
Statutory Auditor
Chartered Accountants
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR


BANKERS: HSBC Bank plc
Mitchell Way
Southampton International Airport
Southampton
Hampshire
SO18 2XU


SOLICITORS: Hentys LLP 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:





R A Lord - Director


21 February 2024

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.

E Waters
R A Lord

Other changes in directors holding office are as follows:

A Haynes was appointed as a director after 30 September 2023 but prior to the date of this report.

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:





R A Lord - Director


21 February 2024

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.




Alan Williams FCA (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited
Statutory Auditor
Chartered Accountants
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

22 February 2024

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
Notes £ £

TURNOVER 15,669,985 11,711,719

Cost of sales (7,320,274 ) (5,111,426 )
GROSS PROFIT 8,349,711 6,600,293

Administrative expenses (6,772,864 ) (5,828,836 )
1,576,847 771,457

Other operating income - 1,786
OPERATING PROFIT 4 1,576,847 773,243

Interest receivable and similar income - 36
1,576,847 773,279

Interest payable and similar expenses 5 (516,528 ) (371,495 )
PROFIT BEFORE TAXATION 1,060,319 401,784

Tax on profit 6 (82,926 ) 56,600
PROFIT FOR THE FINANCIAL YEAR 977,393 458,384

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
Notes £ £

PROFIT FOR THE YEAR 977,393 458,384


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

977,393

458,384

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £ £
FIXED ASSETS
Intangible assets 8 3,807,207 3,608,045
Tangible assets 9 4,073,514 4,210,640
7,880,721 7,818,685

CURRENT ASSETS
Stocks 10 64,321 67,882
Debtors 11 5,914,225 5,881,699
Cash at bank and in hand 180,408 218,564
6,158,954 6,168,145
CREDITORS
Amounts falling due within one year 12 (5,730,726 ) (6,469,496 )
NET CURRENT ASSETS/(LIABILITIES) 428,228 (301,351 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,308,949

7,517,334

CREDITORS
Amounts falling due after more than one year 13 (2,426,140 ) (2,389,344 )

PROVISIONS FOR LIABILITIES 17 (772,181 ) (689,255 )
NET ASSETS 5,110,628 4,438,735

CAPITAL AND RESERVES
Called up share capital 18 50,000 50,000
Capital redemption reserve 87,161 87,161
Reserves - non- distributable 83,999 120,642
Retained earnings 4,889,468 4,180,932
SHAREHOLDERS' FUNDS 5,110,628 4,438,735

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 21 February 2024 and were signed on its behalf by:





R A Lord - Director


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 50,000 3,856,905 87,161 157,285 4,151,351

Changes in equity
Dividends - (171,000 ) - - (171,000 )
Total comprehensive income - 495,027 - (36,643 ) 458,384
Balance at 30 September 2022 50,000 4,180,932 87,161 120,642 4,438,735

Changes in equity
Dividends - (305,500 ) - - (305,500 )
Total comprehensive income - 1,014,036 - (36,643 ) 977,393
Balance at 30 September 2023 50,000 4,889,468 87,161 83,999 5,110,628

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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 4,029,439 3,132,741
Social security costs 414,219 314,992
Other pension costs 161,077 137,764
4,604,735 3,585,497

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

Distribution 91 76
Administration 58 53
Management 5 5
154 134

2023 2022
£ £
Directors' remuneration 295,512 189,429
Directors' pension contributions to money purchase schemes 6,409 3,218

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

Money purchase schemes 1 1

Information regarding the highest paid director for the year ended 30 September 2023 is as follows:
2023
£
Emoluments etc 185,430
Pension contributions to money purchase schemes 6,409

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 397,256 462,891
Depreciation - assets on hire purchase contracts 229,414 167,874
(Profit)/loss on disposal of fixed assets (217 ) 23,182
R&D amortisation 487,278 431,384
Auditors' remuneration 12,740 12,130
Auditors' remuneration for non audit work 14,710 13,735
Foreign exchange differences 10,597 (9,640 )
Hire of plant and machinery 297,642 236,901
Other operating leases 1,755,607 1,760,624

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£ £
Bank interest 10,446 858
Bank loan interest 107,921 138,646
Other interest 184,808 78,796
Other loan interest 98,585 46,150
Hire purchase 114,768 107,045
516,528 371,495

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 82,926 28,855
Tax on profit 82,926 (56,600 )

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 1,060,319 401,784
Profit multiplied by the standard rate of corporation tax in the UK of 22%
(2022 - 19%)

233,270

76,339

Effects of:
Expenses not deductible for tax purposes 16,175 5,308
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 305,500 171,000

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 8,590,674
Additions 686,440
At 30 September 2023 9,277,114
AMORTISATION
At 1 October 2022 4,982,629
Amortisation for year 487,278
At 30 September 2023 5,469,907
NET BOOK VALUE
At 30 September 2023 3,807,207
At 30 September 2022 3,608,045

9. TANGIBLE FIXED ASSETS
Short Commercial Plant and
leasehold vehicles machinery
£ £ £
COST
At 1 October 2022 821,357 361,715 8,993,537
Additions 110,953 - 333,019
Disposals (40,994 ) - (922,069 )
At 30 September 2023 891,316 361,715 8,404,487
DEPRECIATION
At 1 October 2022 327,465 158,358 6,225,939
Charge for year 42,030 67,786 296,633
Eliminated on disposal (40,994 ) - (921,194 )
At 30 September 2023 328,501 226,144 5,601,378
NET BOOK VALUE
At 30 September 2023 562,815 135,571 2,803,109
At 30 September 2022 493,892 203,357 2,767,598

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 2,194,393 1,893,544 14,264,546
Additions 9,428 37,926 491,326
Disposals (279,465 ) (544,407 ) (1,786,935 )
At 30 September 2023 1,924,356 1,387,063 12,968,937
DEPRECIATION
At 1 October 2022 1,625,598 1,716,546 10,053,906
Charge for year 126,945 93,276 626,670
Eliminated on disposal (279,465 ) (543,500 ) (1,785,153 )
At 30 September 2023 1,473,078 1,266,322 8,895,423
NET BOOK VALUE
At 30 September 2023 451,278 120,741 4,073,514
At 30 September 2022 568,795 176,998 4,210,640

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 64,321 67,882

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 2,877,018 2,549,418
Amounts owed by group undertakings 1,239,409 1,338,832
Other debtors 3,218 47,066
Directors' current accounts 59,518 441,736
Tax 156,327 224,047
Prepayments and accrued income 1,578,735 1,280,600
5,914,225 5,881,699

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) 600,000 1,098,899
Other loans (see note 14) 398,878 224,954
Hire purchase contracts (see note 15) 300,358 240,077
Trade creditors 1,909,426 1,500,701
Amounts owed to group undertakings 1,404 2,108
Taxation and social security 494,682 447,887
Other creditors 1,161,233 2,150,441
Accruals and deferred income 864,745 804,429
5,730,726 6,469,496

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans (see note 14) 1,200,000 1,800,000
Other loans (see note 14) 782,428 76,407
Hire purchase contracts (see note 15) 439,422 457,167
Social security and other taxes 4,290 55,770
2,426,140 2,389,344

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 - 222,235
Bank loans - less than 1 year 600,000 876,664
Other loans - less than 1 year 398,878 224,954
998,878 1,323,853

Amounts falling due between one and two years:
Bank loans - 1-2 years 600,000 600,000
Other loans - 1-2 years 340,577 76,407
940,577 676,407

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 600,000 1,200,000
Other loans - 2-5 years 441,851 -
1,041,851 1,200,000

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£ £
Gross obligations repayable:
Within one year 363,105 303,284
Between one and five years 511,316 519,942
874,421 823,226

Finance charges repayable:
Within one year 62,747 63,207
Between one and five years 71,894 62,775
134,641 125,982

Net obligations repayable:
Within one year 300,358 240,077
Between one and five years 439,422 457,167
739,780 697,244

Non-cancellable
operating leases
2023 2022
£ £
Within one year 1,994,858 1,937,388
Between one and five years 4,993,632 5,817,345
In more than five years 9,342,016 10,157,844
16,330,506 17,912,577

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 - 222,235
Bank loans 1,800,000 2,676,664
Hire purchase contracts 739,780 697,244
Other loans 1,181,306 301,361
Other creditors 1,075,262 2,076,433
4,796,348 5,973,937

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 689,255
Accelerated capital allowances 10,488
Corporation tax losses 72,438
Balance at 30 September 2023 772,181

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
50,000 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
£ £
E Waters
Balance outstanding at start of year 156,972 140,021
Amounts advanced 14,416 16,951
Amounts repaid (150,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 21,388 156,972

R A Lord
Balance outstanding at start of year 284,764 221,548
Amounts advanced 78,366 63,216
Amounts repaid (325,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 38,130 284,764

No interest is being charged on the above balances.