Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31false87Manufacturing of food and drink packaging and containers.2022-06-0193falsefalse 03708621 2022-06-01 2023-05-31 03708621 2021-03-01 2022-05-31 03708621 2023-05-31 03708621 2022-05-31 03708621 2021-03-01 03708621 4 2022-06-01 2023-05-31 03708621 4 2021-03-01 2022-05-31 03708621 5 2022-06-01 2023-05-31 03708621 5 2021-03-01 2022-05-31 03708621 d:Director1 2022-06-01 2023-05-31 03708621 d:Director2 2022-06-01 2023-05-31 03708621 d:Director3 2022-06-01 2023-05-31 03708621 d:Director4 2022-06-01 2023-05-31 03708621 d:Director5 2022-06-01 2023-05-31 03708621 d:RegisteredOffice 2022-06-01 2023-05-31 03708621 e:Buildings e:LongLeaseholdAssets 2022-06-01 2023-05-31 03708621 e:Buildings e:LongLeaseholdAssets 2023-05-31 03708621 e:Buildings e:LongLeaseholdAssets 2022-05-31 03708621 e:LandBuildings 2023-05-31 03708621 e:LandBuildings 2022-05-31 03708621 e:PlantMachinery 2022-06-01 2023-05-31 03708621 e:PlantMachinery 2023-05-31 03708621 e:PlantMachinery 2022-05-31 03708621 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 03708621 e:MotorVehicles 2022-06-01 2023-05-31 03708621 e:MotorVehicles 2023-05-31 03708621 e:MotorVehicles 2022-05-31 03708621 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 03708621 e:FurnitureFittings 2022-06-01 2023-05-31 03708621 e:FurnitureFittings 2023-05-31 03708621 e:FurnitureFittings 2022-05-31 03708621 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 03708621 e:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 03708621 e:CurrentFinancialInstruments 2023-05-31 03708621 e:CurrentFinancialInstruments 2022-05-31 03708621 e:Non-currentFinancialInstruments 2023-05-31 03708621 e:Non-currentFinancialInstruments 2022-05-31 03708621 e:CurrentFinancialInstruments e:WithinOneYear 2023-05-31 03708621 e:CurrentFinancialInstruments e:WithinOneYear 2022-05-31 03708621 e:Non-currentFinancialInstruments e:AfterOneYear 2023-05-31 03708621 e:Non-currentFinancialInstruments e:AfterOneYear 2022-05-31 03708621 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-05-31 03708621 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-05-31 03708621 f:UnitedKingdom 2022-06-01 2023-05-31 03708621 f:UnitedKingdom 2021-03-01 2022-05-31 03708621 f:RestEuropeOutsideUK 2022-06-01 2023-05-31 03708621 f:RestEuropeOutsideUK 2021-03-01 2022-05-31 03708621 e:UKTax 2022-06-01 2023-05-31 03708621 e:UKTax 2021-03-01 2022-05-31 03708621 e:ShareCapital 2023-05-31 03708621 e:ShareCapital 2022-05-31 03708621 e:ShareCapital 2021-03-01 03708621 e:SharePremium 2023-05-31 03708621 e:SharePremium 2022-05-31 03708621 e:SharePremium 2021-03-01 03708621 e:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 03708621 e:RetainedEarningsAccumulatedLosses 2023-05-31 03708621 e:RetainedEarningsAccumulatedLosses 2021-03-01 2022-05-31 03708621 e:RetainedEarningsAccumulatedLosses 2022-05-31 03708621 e:RetainedEarningsAccumulatedLosses 2021-03-01 03708621 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-31 03708621 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-05-31 03708621 e:AcceleratedTaxDepreciationDeferredTax 2023-05-31 03708621 e:AcceleratedTaxDepreciationDeferredTax 2022-05-31 03708621 d:OrdinaryShareClass1 2022-06-01 2023-05-31 03708621 d:OrdinaryShareClass1 2023-05-31 03708621 d:OrdinaryShareClass1 2022-05-31 03708621 d:OrdinaryShareClass2 2022-06-01 2023-05-31 03708621 d:OrdinaryShareClass2 2023-05-31 03708621 d:OrdinaryShareClass2 2022-05-31 03708621 d:OrdinaryShareClass3 2022-06-01 2023-05-31 03708621 d:OrdinaryShareClass3 2023-05-31 03708621 d:OrdinaryShareClass3 2022-05-31 03708621 d:OrdinaryShareClass4 2022-06-01 2023-05-31 03708621 d:OrdinaryShareClass4 2023-05-31 03708621 d:OrdinaryShareClass4 2022-05-31 03708621 d:OrdinaryShareClass5 2022-06-01 2023-05-31 03708621 d:OrdinaryShareClass5 2023-05-31 03708621 d:OrdinaryShareClass5 2022-05-31 03708621 d:FRS102 2022-06-01 2023-05-31 03708621 d:Audited 2022-06-01 2023-05-31 03708621 d:FullAccounts 2022-06-01 2023-05-31 03708621 d:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 03708621 2 2022-06-01 2023-05-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 03708621









AMIPAK LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

 
AMIPAK LIMITED
 
 
COMPANY INFORMATION


Directors
M Friedler 
J Friedler 
D Schwitzer 
J Schwitzer 
P Schwitzer 




Registered number
03708621



Registered office
16/18 Factory Lane

Croydon

CR0 3RL




Independent auditors
Harris & Trotter LLP
Chartered Accountants & Statutory Audtiors

101 New Cavendish Street

1st Floor South

London

W1W 6XH





 
AMIPAK LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9 - 10
Statement of Changes in Equity
11
Statement of Cash Flows
12 - 13
Notes to the Financial Statements
14 - 27

 
AMIPAK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023

Introduction
 
The directors present their strategic report for the year ended 31 May 2023. 

Business review
 
The result for the year and financial position of the Company at the year end are shown in the annexed financial statements.
The key performance indicators used by the Company are the level of sales of each product line and the related gross profitability margins.
The Company continues to make substantial investment in updating its buildings, purchase new machinery, and in staff training and development.
The key financial highlights are as follows:

Year ended 2023
15 months ended 2022
Year ended 2021
Year ended 2020
        £
        £
        £
        £

Turnover

23,404,415

31,536,248

16,548,457
 
14,072,269
 
Gross Profit

4,082,080

5,860,401

2,973,713
 
2,257,055
 
Profit before tax

854,314

2,208,810

903,546
 
188,754
 
Shareholder funds

6,992,740

6,279,912

4,757,871
 
4,043,302
 

Principal risks and uncertainties
 
The directors have considered the risks the Company faces; the principal risks are those which relate to uncertainties surrounding the demand for packaging materials and the prices of raw materials.  However, sales activity remains strong and the directors remain optimistic about future sales growth potential.
The Company is exposed to currency risk as a result of its operations. The Company operates foreign currency bank accounts in order to offset foreign currency receipts and payments.

Other key performance indicators
 
The Company ensure, as far as is reasonably practical, that a safe and healthy workplace and working environment is provided for all of its employees, which is at least as high as that required by law.
The Company's products are primarily made from cardboard obtained from environmentally sustainable sources, with recyclable and compostable credentials.


This report was approved by the board on 22 February 2024 and signed on its behalf.



M Friedler
Director
Page 1

 
AMIPAK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2023

The directors present their report and the financial statements for the year ended 31 May 2023.

Directors

The directors who served during the year were:

M Friedler 
J Friedler 
D Schwitzer 
J Schwitzer 
P Schwitzer 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £724,078 (2022 - £1,892,041).

Dividends paid in the period amounted to £11,250 (2022 - £370,000). 




Page 2

 
AMIPAK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 22 February 2024 and signed on its behalf.
 





M Friedler
Director
Page 3

 
AMIPAK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMIPAK LIMITED
 

Opinion


We have audited the financial statements of Amipak Limited (the 'Company') for the year ended 31 May 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 31 May 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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.


Page 4

 
AMIPAK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMIPAK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


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 Directors' Responsibilities Statement set out on page 2, 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 is 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.


Page 5

 
AMIPAK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMIPAK LIMITED (CONTINUED)


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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102, the Companies Act 2006 and Health and Safety at Work Act.
• We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making enquiries of management.
• We challenged assumptions and judgments made by management in its significant accounting estimates.
We did not identify any key audit matters relating to irregularities, including fraud.


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 Auditors' Report.


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 6

 
AMIPAK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMIPAK LIMITED (CONTINUED)





Jamie Taylor (Senior Statutory Auditor)
  
for and on behalf of
Harris & Trotter LLP
 
Chartered Accountants
Statutory Audtiors
  
101 New Cavendish Street
1st Floor South
London
W1W 6XH

22 February 2024
Page 7

 
AMIPAK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2023

Year ended
31 May
15 months ended
31 May
2023
2022
Note
£
£

  

Turnover
 3 
23,404,415
31,536,248

Cost of sales
  
(19,322,335)
(25,675,847)

Gross profit
  
4,082,080
5,860,401

Distribution costs
  
(1,612,461)
(1,936,253)

Administrative expenses
  
(1,614,978)
(1,705,433)

Operating profit
 4 
854,641
2,218,715

Interest receivable and similar income
 7 
8,524
3,022

Interest payable and similar expenses
 8 
(8,851)
(12,927)

Profit before tax
  
854,314
2,208,810

Tax on profit
 9 
(130,236)
(316,769)

Profit for the financial year
  
724,078
1,892,041

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 27 form part of these financial statements.
Page 8

 
AMIPAK LIMITED
REGISTERED NUMBER: 03708621

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
2,042,735
2,272,658

  
2,042,735
2,272,658

Current assets
  

Stocks
 12 
3,548,391
3,402,693

Debtors: amounts falling due within one year
 13 
4,291,337
4,703,825

Cash at bank and in hand
 14 
1,858,720
1,175,183

  
9,698,448
9,281,701

Creditors: amounts falling due within one year
 15 
(3,456,803)
(4,250,955)

Net current assets
  
 
 
6,241,645
 
 
5,030,746

Total assets less current liabilities
  
8,284,380
7,303,404

Creditors: amounts falling due after more than one year
 16 
(999,414)
(675,699)

Provisions for liabilities
  

Deferred tax
 19 
(292,226)
(347,793)

  
 
 
(292,226)
 
 
(347,793)

Net assets
  
6,992,740
6,279,912


Capital and reserves
  

Called up share capital 
 20 
1,000
1,000

Share premium account
  
818,152
818,152

Profit and loss account
  
6,173,588
5,460,760

  
6,992,740
6,279,912

Page 9

 
AMIPAK LIMITED
REGISTERED NUMBER: 03708621
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 February 2024.




M Friedler
Director

The notes on pages 14 to 27 form part of these financial statements.
Page 10

 
AMIPAK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 March 2021
1,000
818,152
3,938,719
4,757,871



Profit for the period

-
-
1,892,041
1,892,041

Dividends: Equity capital
-
-
(370,000)
(370,000)



At 1 June 2022
1,000
818,152
5,460,760
6,279,912



Profit for the year

-
-
724,078
724,078

Dividends: Equity capital
-
-
(11,250)
(11,250)


At 31 May 2023
1,000
818,152
6,173,588
6,992,740


The notes on pages 14 to 27 form part of these financial statements.
Page 11

 
AMIPAK LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
724,078
1,892,041

Adjustments for:

Depreciation of tangible assets
592,933
912,455

Loss on disposal of tangible assets
(32,583)
-

Interest paid
8,851
12,927

Interest received
(8,524)
(3,022)

Taxation charge
130,236
316,769

(Increase) in stocks
(145,699)
(1,501,213)

Decrease/(increase) in debtors
412,485
(1,652,536)

(Decrease)/increase in creditors
(345,927)
1,844,789

Corporation tax (paid)
(118,363)
(144,135)

Net cash generated from operating activities

1,217,487
1,678,075


Cash flows from investing activities

Purchase of tangible fixed assets
(432,803)
(1,962,108)

Sale of tangible fixed assets
102,376
-

Interest received
8,524
3,022

HP interest paid
(8,619)
(11,081)

Net cash from investing activities

(330,522)
(1,970,167)

Cash flows from financing activities

Repayment of loans
-
(113,889)

Repayment of other loans
(100,000)
-

Repayment of/new finance leases
(91,946)
6,709

Dividends paid
(11,250)
(245,000)

Interest paid
(232)
(1,846)

Net cash used in financing activities
(203,428)
(354,026)

Net increase/(decrease) in cash and cash equivalents
683,537
(646,118)

Cash and cash equivalents at beginning of year
1,175,183
1,821,301

Cash and cash equivalents at the end of year
1,858,720
1,175,183


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,858,720
1,175,183
Page 12

 
AMIPAK LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023


2023
2022

£
£


1,858,720
1,175,183


The notes on pages 14 to 27 form part of these financial statements.

Page 13

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Amipak Limited is a company limited by shares and is incorporated in England and Wales. The registered office is 16/18 Factory Lane, Croydon, CR0 3RL.
The company's principal activity is the manufacturing of food and drink packaging and containers. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 14

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 15

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
7%
reducing balance
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 17

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 18

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Turnover

The whole of the turnover is attributable to Company's principal activity.

Analysis of turnover by country of destination:

Year ended
31 May
15 months ended
31 May
2023
2022
£
£

United Kingdom
22,615,515
29,919,113

Rest of the World
788,900
1,617,135

23,404,415
31,536,248



4.


Operating profit

The operating profit is stated after charging:

Year ended
31 May
15 months ended
31 May
2023
2022
£
£

Research & development charged as an expense
-
4,950

Exchange differences
(3,515)
272

Page 19

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Employees

Staff costs, including directors' remuneration, were as follows:


Year ended
31 May
15 months ended
31 May
2023
2022
£
£

Wages and salaries
3,432,047
4,393,024

Social security costs
331,478
357,471

Cost of defined contribution scheme
83,730
100,325

3,847,255
4,850,820


The average monthly number of employees, including the directors, during the year was as follows:


      Year ended
        31 May
   15 months ended
        31 May
        2023
        2022
            No.
            No.







Administration
18
17



Manufacturing
75
70

93
87

Page 20

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

6.


Directors' remuneration

Year ended
31 May
15 months ended
31 May
2023
2022
£
£

Directors' emoluments
248,545
292,370

Company contributions to defined contribution pension schemes
12,406
11,024

260,951
303,394


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £109,396 (2022 - £102,041).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £2,466 (2022 - £6,926).


7.


Interest receivable

Year ended
31 May
15 months ended
31 May
2023
2022
£
£


Other interest receivable
8,524
3,022

8,524
3,022


8.


Interest payable and similar expenses

Year ended
31 May
15 months ended
31 May
2023
2022
£
£


Other loan interest payable
232
1,846

Finance leases and hire purchase contracts
8,619
11,081

8,851
12,927

Page 21

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

9.


Taxation


Year ended
31 May
15 months ended
31 May
2023
2022
£
£

Corporation tax


Current tax on profits for the year
185,803
107,380


185,803
107,380


Total current tax
185,803
107,380

Deferred tax


Origination and reversal of timing differences
(55,567)
209,389

Total deferred tax
(55,567)
209,389


Tax on profit
130,236
316,769

Factors affecting tax charge for the year/period

The tax assessed for the year/period is higher than (2022 - the same as) the standard rate of corporation tax in the UK of 19% till 31 March 2023 and 25% after 1 April 2023  (2022 - 19%). The differences are explained below:

Year ended
31 May
15 months ended
31 May
2023
2022
£
£


Profit on ordinary activities before tax
854,314
2,208,810


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
162,320
414,637

Effects of:


Accelerated capital allowances
(32,084)
(97,868)

Total tax charge for the year/period
130,236
316,769


Factors that may affect future tax charges

Page 22

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
 
9.Taxation (continued)

There were no factors that may affect future tax charges.


10.


Dividends

2023
2022
£
£


Interim dividends declared
11,250
370,000

11,250
370,000


11.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 June 2022
556,262
4,637,222
311,980
271,163
5,776,627


Additions
-
432,803
-
-
432,803


Disposals
-
-
(142,122)
-
(142,122)



At 31 May 2023

556,262
5,070,025
169,858
271,163
6,067,308



Depreciation


At 1 June 2022
205,450
2,870,086
164,480
263,953
3,503,969


Charge for the year on owned assets
23,385
549,985
18,866
697
592,933


Disposals
-
-
(72,329)
-
(72,329)



At 31 May 2023

228,835
3,420,071
111,017
264,650
4,024,573



Net book value



At 31 May 2023
327,427
1,649,954
58,841
6,513
2,042,735



At 31 May 2022
350,812
1,767,136
147,500
7,210
2,272,658

Page 23

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

           11.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
327,427
350,812

327,427
350,812



12.


Stocks

2023
2022
£
£

Raw materials and consumables
1,148,725
1,036,551

Work in progress (goods to be sold)
891,896
683,059

Finished goods and goods for resale
1,507,770
1,683,083

3,548,391
3,402,693



13.


Debtors

2023
2022
£
£


Trade debtors
4,129,984
4,556,898

Other debtors
39,043
28,876

Prepayments and accrued income
122,310
118,051

4,291,337
4,703,825



14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,858,720
1,175,183

1,858,720
1,175,183


Page 24

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,343,829
3,277,868

Corporation tax
184,988
107,380

Other taxation and social security
508,935
217,475

Obligations under finance lease and hire purchase contracts
114,846
72,626

Other creditors
244,504
325,424

Accruals and deferred income
59,701
250,182

3,456,803
4,250,955



16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

CBILS Loan
258,333
358,333

Net obligations under finance leases and hire purchase contracts
-
111,560

Other creditors
741,081
205,806

999,414
675,699



17.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Other loans
258,333
358,333


258,333
358,333


258,333
358,333


Page 25

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

18.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,858,720
1,175,183




19.


Deferred taxation




2023


£






At beginning of year
(347,793)


Charged to profit or loss
55,567



At end of year
(292,226)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(292,226)
(347,793)

(292,226)
(347,793)

Page 26

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



460 (2022 - 460) Ordinary A shares of £1.00 each
460
460
355 (2022 - 355) Ordinary B shares of £1.00 each
355
355
115 (2022 - 115) Ordinary C shares of £1.00 each
115
115
10 (2022 - 10) Ordinary D shares of £1.00 each
10
10
10 (2022 - 10) Ordinary E shares of £1.00 each
10
10
10 (2022 - 10) Ordinary F shares of £1.00 each
10
10
10 (2022 - 10) Ordinary G shares of £1.00 each
10
10
10 (2022 - 10) Ordinary H shares of £1.00 each
10
10
10 (2022 - 10) Ordinary I shares of £1.00 each
10
10
10 (2022 - 10) Ordinary J shares of £1.00 each
10
10

1,000

1,000



21.


Related party transactions

Key management personnel are directors. See note 7 for details of director's emoluments.
During the period, the Company paid rent of £290,000 (2022 - £304,710) to the director's pension scheme.
During the period, the Company paid rent of £273,500 (2022 - £315,486) to a shareholder, which is at an arm's length basis.


22.


Controlling party

The directors exercise immediate and ultimate control of the Company.

 
Page 27