Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30true2022-07-01falseCarton manufacturing5649true 05320737 2022-07-01 2023-06-30 05320737 2021-07-01 2022-06-30 05320737 2023-06-30 05320737 2022-06-30 05320737 2021-07-01 05320737 c:CompanySecretary1 2022-07-01 2023-06-30 05320737 c:Director1 2022-07-01 2023-06-30 05320737 c:Director2 2022-07-01 2023-06-30 05320737 c:RegisteredOffice 2022-07-01 2023-06-30 05320737 d:PlantMachinery 2022-07-01 2023-06-30 05320737 d:PlantMachinery 2023-06-30 05320737 d:PlantMachinery 2022-06-30 05320737 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 05320737 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 05320737 d:FurnitureFittings 2022-07-01 2023-06-30 05320737 d:FurnitureFittings 2023-06-30 05320737 d:FurnitureFittings 2022-06-30 05320737 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 05320737 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 05320737 d:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 05320737 d:OtherPropertyPlantEquipment 2023-06-30 05320737 d:OtherPropertyPlantEquipment 2022-06-30 05320737 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 05320737 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 05320737 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 05320737 d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 05320737 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 05320737 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-06-30 05320737 d:Goodwill 2023-06-30 05320737 d:Goodwill 2022-06-30 05320737 d:CurrentFinancialInstruments 2023-06-30 05320737 d:CurrentFinancialInstruments 2022-06-30 05320737 d:Non-currentFinancialInstruments 2023-06-30 05320737 d:Non-currentFinancialInstruments 2022-06-30 05320737 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 05320737 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 05320737 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 05320737 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 05320737 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 05320737 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-06-30 05320737 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 05320737 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-06-30 05320737 d:ShareCapital 2022-07-01 2023-06-30 05320737 d:ShareCapital 2023-06-30 05320737 d:ShareCapital 2021-07-01 2022-06-30 05320737 d:ShareCapital 2022-06-30 05320737 d:ShareCapital 2021-07-01 05320737 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 05320737 d:RetainedEarningsAccumulatedLosses 2023-06-30 05320737 d:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 05320737 d:RetainedEarningsAccumulatedLosses 2022-06-30 05320737 d:RetainedEarningsAccumulatedLosses 2021-07-01 05320737 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 05320737 d:AcceleratedTaxDepreciationDeferredTax 2022-06-30 05320737 d:TaxLossesCarry-forwardsDeferredTax 2023-06-30 05320737 d:TaxLossesCarry-forwardsDeferredTax 2022-06-30 05320737 d:RetirementBenefitObligationsDeferredTax 2023-06-30 05320737 d:RetirementBenefitObligationsDeferredTax 2022-06-30 05320737 c:OrdinaryShareClass1 2022-07-01 2023-06-30 05320737 c:OrdinaryShareClass1 2023-06-30 05320737 c:OrdinaryShareClass1 2022-06-30 05320737 c:FRS102 2022-07-01 2023-06-30 05320737 c:Audited 2022-07-01 2023-06-30 05320737 c:FullAccounts 2022-07-01 2023-06-30 05320737 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 05320737 d:Subsidiary1 2022-07-01 2023-06-30 05320737 d:Subsidiary1 1 2022-07-01 2023-06-30 05320737 c:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 05320737 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-07-01 2023-06-30 05320737 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2022-07-01 2023-06-30 05320737 1 2022-07-01 2023-06-30 05320737 6 2022-07-01 2023-06-30 05320737 d:ExternallyAcquiredIntangibleAssets 2022-07-01 2023-06-30 05320737 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-06-30 05320737 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05320737










TRENTON BOX COMPANY LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
TRENTON BOX COMPANY LIMITED
 

COMPANY INFORMATION


Directors
Patrick James Crean 
Laurent Thierry Salmon 




Company secretary
R Cahill



Registered number
05320737



Registered office
3 Marston Road
St Neots

Huntingdon

Cambridgeshire

PE19  2HF




Independent auditors
PKF Smith Cooper Audit Limited

1 Prospect Place

Millennium Way

Pride Park

Derby

DE24 8HG





 
TRENTON BOX COMPANY LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Balance Sheet
3 - 4
Statement of Changes in Equity
5
Notes to the Financial Statements
6 - 16


 
TRENTON BOX COMPANY LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors' responsibilities statement

The directors are responsible for preparing 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 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 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.

Business review

The profit before tax for the year ended 30 June 2023 amounted to £311,956 (2022: £608,005), a decrease on prior year, which is a reflection of the challenging economic environment.
Underlying EBITDA for the period decreased to £504,307 (2022: £726,062). However, the Company continued to tightly control and manage its funds and liquidity during the period and has ended the year in a comfortable position, given the overall economic conditions.

Directors

The directors who served during the year were:

Patrick James Crean 
Laurent Thierry Salmon 

Principal risks and uncertainties

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.

Page 1

 
TRENTON BOX COMPANY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Auditors

Under section 487(2) of the Companies Act 2006PKF Smith Cooper Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 19 January 2024 and signed on its behalf.
 





Laurent Thierry Salmon
Director

Page 2

 
TRENTON BOX COMPANY LIMITED
REGISTERED NUMBER: 05320737

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible Assets
 5 
216,923
51,834

Tangible Fixed Assets
 6 
1,856,152
1,717,172

Investments
 7 
266,000
236,000

  
2,339,075
2,005,006

Current assets
  

Stocks
 8 
985,585
996,670

Debtors: amounts falling due within one year
 9 
2,769,817
2,031,217

Cash at bank and in hand
 10 
501,605
546,625

  
4,257,007
3,574,512

Creditors: amounts falling due within one year
 11 
(4,795,338)
(3,780,357)

Net current liabilities
  
 
 
(538,331)
 
 
(205,845)

Total assets less current liabilities
  
1,800,744
1,799,161

Creditors: amounts falling due after more than one year
 12 
(645,993)
(969,700)

  

Net assets
  
1,154,751
829,461


Capital and reserves
  

Called up share capital 
 15 
1,000,000
1,000,000

Profit and loss account
  
154,751
(170,539)

  
1,154,751
829,461


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 January 2024.




Laurent Thierry Salmon
Director

The notes on pages 6 to 16 form part of these financial statements.
Page 3

 
TRENTON BOX COMPANY LIMITED
REGISTERED NUMBER: 05320737

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023


Page 4

 
TRENTON BOX COMPANY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2021
1,000,000
(748,403)
251,597


Comprehensive income for the year

Profit for the year
-
577,864
577,864
Total comprehensive income for the year
-
577,864
577,864


Total transactions with owners
-
-
-



At 1 July 2022
1,000,000
(170,539)
829,461


Comprehensive income for the year

Profit for the year
-
325,290
325,290
Total comprehensive income for the year
-
325,290
325,290


Total transactions with owners
-
-
-


At 30 June 2023
1,000,000
154,751
1,154,751


The notes on pages 6 to 16 form part of these financial statements.

Page 5

 
TRENTON BOX COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

The Company is a limited liability company and is incorporated in England and Wales. The Company's
registration number is 05320737 and the registered address is 3 Marston Road, St. Neots, Huntingdon,
Cambridgeshire, PE19 2HF. The Company's principal activity is the production of packaging for a number
of industries including food and leisure.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentational currency is £ sterling and the financial statements are
rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.3

Going concern

At the year end, the Company had net current liabilities of £502,791 (2022: £205,845) including a deferred tax asset of £171,528 (2022: £171,069).
The financial statements have been prepared on the going concern basis which the directors believe
to be appropriate for the following reasons:
• The forecasts prepared for the Company indicate that the Company's performance is anticipated to
improve from the performance in the years ended 30 June 2024, following the implementation of a number of initiatives focused on margin improvement and cost reduction.
• The directors have prepared detailed profit forecasts through to 31 December 2024 and cashflow to 30 June 2024 showing that the business is cash generative with sufficient funds over this period to satisfy all liabilities as they fall due for payment but in addition, the Company has received a letter of support from a major shareholder, to enable all liabilities to paid as they fall due (see below).
• The directors note that the short-term funding of the business is provided by the invoice discounting facility. The directors have no reason to believe that this facility will not continue in the future.
As noted above, the Company has received a letter of support from a major shareholder confirming that they will continue to make adequate funds available to enable the Company to meet its liabilities as they fall due for a period of 12 months from the date of signing of these financial statements. As a result, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
 

Page 6

 
TRENTON BOX COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

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:

Revenue on the sale of goods is recognised on despatch.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Sale and leaseback

Where a sale and leaseback transaction results in a finance lease, no gain is immediately recognised for any excess of sales proceeds over the carrying amount of the asset. Instead, the proceeds are presented as a liability and subsequently measured at amortised cost using the effective interest method.
When a sale and leaseback transaction results in an operating lease, and it is clear that the transition is established at fair value any profit or loss is recognised immediately. If the sale price is below fair value, any profit or loss is recognised immediately unless the loss is compensated for by the future lease payments at below market price. In that case any such loss is amortised in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is amortised over the period for which the asset is expected to be used.

 
2.8

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.

 
2.9

Borrowing costs

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

Page 7

 
TRENTON BOX COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.10

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

  
2.11

EBITDA and Underlying EBITDA

EBITDA is defined as operating profit before depreciation and amortisation. It also includes all
restructuring and exceptional items and any gains / (losses) arising on these. Underlying EBITDA is
stated after adjusting for items which are exceptional. Exceptional items are transactions which fall
within the ordinary activities of the Company but are presented separately due to their nature, size or
incidence.

 
2.12

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 balance sheet 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 balance sheet 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 balance sheet date.

  
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible
assets are measured at cost less any accumulated amortisation and any accumulated impairment
losses.
Intangible assets are amortised, once they have been bought into use.

Page 8

 
TRENTON BOX COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.14

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25 years straight-line
Fixtures and fittings
-
8 to 5 years straight-line
Other fixed assets
-
15 years straight-line

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.

  
2.15

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to
determine whether there is any indication that the assets are impaired. Where there is any indication
that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the
asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount
by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

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 balance sheet 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.

 
2.18

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.

Page 9

 
TRENTON BOX COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

  
2.19

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.

 
2.20

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.

 
2.21

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements
(other than those involving estimations) that have a significant impact on the amounts recognised and to
make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that
period, or in the period of the revision and future periods if the revision affects both current and future
periods.
There are no key sources of estimation uncertainty. The key areas of judgement are:
Depreciation
Fixed assets are depreciated over their useful life. The useful life is based on management’s estimate of
the period that the assets will generate revenue and will be reviewed annually for continued
appropriateness. The carrying values will be tested for impairment when there is an indication that the
value of an asset might be impaired. When carrying out an impairment test this would be based on future
cash flow forecasts and these forecasts would be based on management judgment. No such indication of
impairment has been noted.
Deferred taxation
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.
Valuation of finished goods and work in progress
The basis of valuation for work in progress and finished goods uses the estimated selling price less costs
to complete, sell and any implicit margin, taking into account estimated level of completion for work in
progress.


4.


Employees

The average monthly number of employees, including directors, during the year was 56 (2022 - 49).

Page 10

 
TRENTON BOX COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Intangible assets




Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 July 2022
51,834
-
51,834


Additions
154,351
10,738
165,089



At 30 June 2023

206,185
10,738
216,923






Net book value



At 30 June 2023
206,185
10,738
216,923



At 30 June 2022
51,834
-
51,834




6.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Other fixed assets
Total

£
£
£
£



Cost


At 1 July 2022
3,275,072
395,198
158,328
3,828,598


Additions
114,096
139,570
-
253,666



At 30 June 2023

3,389,168
534,768
158,328
4,082,264



Depreciation


At 1 July 2022
1,569,540
384,314
157,572
2,111,426


Charge for the year on owned assets
32,873
6,524
198
39,595


Charge for the year on financed assets
74,124
967
-
75,091



At 30 June 2023

1,676,537
391,805
157,770
2,226,112



Net book value



At 30 June 2023
1,712,631
142,963
558
1,856,152



At 30 June 2022
1,705,532
10,884
756
1,717,172

Page 11

 
TRENTON BOX COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

           6.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
1,151,997
1,227,092


7.


Investments





Investments in subsidiary companies

£



Cost 


At 1 July 2022
236,000


Additions
30,000



At 30 June 2023
266,000





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Dean Packaging Ltd
3 Marston Road, St Neots, Huntingdon, Cambridgeshire,  PE19 2HF
Ordinary
100%


8.


Stocks

2023
2022
£
£

Raw materials and consumables
259,423
483,504

Work in progress (goods to be sold)
137,795
319,926

Finished goods and goods for resale
588,367
193,240

985,585
996,670


Page 12

 
TRENTON BOX COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Debtors

2023
2022
£
£


Trade debtors
2,224,519
1,740,177

Amounts owed by group undertakings
300,000
-

Prepayments and accrued income
73,770
119,971

Deferred taxation
171,528
171,069

2,769,817
2,031,217


Included within trade debtors are balances totalling £1,773,526 (2022: £1,233,751) that are subject to factoring arrangements.


10.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
501,605
546,625



11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Group loans ( Note 13)
147,861
146,986

Invoice discounting facility
1,509,476
1,233,751

Trade creditors
1,765,038
1,381,384

Amounts owed to subsidiary undertakings
-
185,000

Other taxation and social security
205,017
75,838

Obligations under finance lease and hire purchase contracts (Note 14)
310,294
252,780

Other creditors
50,000
50,000

Accruals and deferred income
807,652
454,618

4,795,338
3,780,357


Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
The invoice discounting is secured against trade debtors.
The Group loans are unsecured.

Page 13

 
TRENTON BOX COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

12.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings (Note 13)
443,586
440,961

Net obligations under finance leases and hire purchase contracts (Note 14)
202,407
478,739

Other creditors
-
50,000

645,993
969,700


Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
The Group loans are unsecured.


13.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Group loans
147,861
146,986

Amounts falling due 1-2 years

Group loans
147,862
146,987

Amounts falling due 2-5 years

Group loans
295,724
293,974


591,447
587,947


Page 14

 
TRENTON BOX COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

14.


Deferred taxation




2023


£






At beginning of year
171,069


Charged to profit or loss
459



At end of year
171,528

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(309,529)
(377,277)

Tax losses carried forward
478,426
548,346

Short term timing differences
2,631
-

171,528
171,069


The expected net reversal of deferred taxation is not expected to be material.


15.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000,000 (2022 - 1,000,000) ordinary shares of £1.00 each
1,000,000
1,000,000



16.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £57,096 (2022 - £37,781). Contributions totalling £10,525 (2022 - £8,074) were payable to the fund at the balance sheet date and are included in creditors.


17.


Related party transactions

The Company has taken advantage of the exemptions available under FRS 102 1A from disclosing
transactions with other group companies which are 100% owned.

Page 15

 
TRENTON BOX COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

18.


Controlling party

The Company’s immediate parent undertaking is GIML Investments 7 Limited by virtue of their 100% interest in the equity share capital of the company and the ultimate parent undertaking and controlling party is Grenadier CFH SARL, which is incorporated in Luxembourg. It has included the Company in its Group financial statements, a copy of which are available from its registered office, 12E rue Guillaume Kroll, 1882 Luxembourg. The ultimate controlling party is Patrick James Crean, by virtue of his shareholding.


19.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2023 was unqualified.

The audit report was signed on 19 January 2024 by Lucy Robinson (Senior Statutory Auditor) on behalf of PKF Smith Cooper Audit Limited.

Page 16