REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
BURGOPAK LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
BURGOPAK LIMITED |
BURGOPAK LIMITED (REGISTERED NUMBER: 04186315) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
BURGOPAK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
114-116 Goodmayes Road |
Ilford |
Esex |
IG3 9UZ |
BURGOPAK LIMITED (REGISTERED NUMBER: 04186315) |
BALANCE SHEET |
31 MAY 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BURGOPAK LIMITED (REGISTERED NUMBER: 04186315) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
1. | STATUTORY INFORMATION |
Burgopak Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing and going concern |
During the financial year the company made an operating profit. Significant progress was made in increasing the income stream. |
The parent company, Burgopak Holdings Limited, has also confirmed that it will continue to provide financial support to the company and provide the company with an undertaking that for at least 12 months from the date of approval of these financial statements, it will not seek repayment of the amount of £1,065,616 currently made available. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although at the date of these financial statements, they have no reason to believe that it will not do so. |
Based on the steady trading of the company and the undertaking given by the parent company the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. |
Turnover |
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, excluding Value Added Tax. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Leasehold improvements | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
BURGOPAK LIMITED (REGISTERED NUMBER: 04186315) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
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. |
Going concern |
The accounts have prepared on a going concern basis on the assumption that the Company will continue to receive adequate financial assistance from Burgopak Holdings Limited, the parent company. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
BURGOPAK LIMITED (REGISTERED NUMBER: 04186315) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
4. | INTANGIBLE FIXED ASSETS |
Patents & |
trademarks |
£ |
COST |
At 1 June 2022 |
Additions |
At 31 May 2023 |
AMORTISATION |
At 1 June 2022 |
Amortisation for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | and | Computer |
improvements | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2022 |
Additions |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
BURGOPAK LIMITED (REGISTERED NUMBER: 04186315) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
6. | DEBTORS |
31.5.23 | 31.5.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 June 2022 | 3,360,649 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 May 2023 | 2,639,191 |
BURGOPAK LIMITED (REGISTERED NUMBER: 04186315) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
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. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
At 31 May 2023 the company was owed £1,579,667 (2022: £1,498,738) from Duallok Limited. |
Duallok Limited has demerged from Burgopak Holdings Limited on 14/01/2020 and is no longer a group company. The amount owed by Duallok Limited to Burgopak Limited has been converted into a formal loan agreement between the related party entities who have common directors. |
At 31 May 2023, the company owed £967,692 (2022: £1,065,616) to the parent company, Burgopak Holdings Limited. |
12. | ULTIMATE CONTROLLING PARTY |
As at 31st May 2023, the company was controlled by Burgopak Holdings Limited, a parent company. |
The ultimate controlling party are the shareholders of Burgopak Holdings Limited. |