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REGISTERED NUMBER: 02664682 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

THE BOX FACTORY LIMITED

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


THE BOX FACTORY LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: J R Phillips
N J Price
P Rowberry
J Wicks
C Earle


REGISTERED OFFICE: Unit 2, Caswell Road,
Sydenham Industrial Estate,
Leamington Spa
Warwickshire
CV31 1QD


REGISTERED NUMBER: 02664682 (England and Wales)


SENIOR STATUTORY AUDITOR: Mark Ashfield BA FCA


AUDITORS: Harrison Beale & Owen Limited
Chartered Accountants and Statutory Auditor
Highdown House
11 Highdown Road
Leamington Spa
Warwickshire
CV31 1XT


BANKERS: HSBC plc
Market Square
Keswick
Cumbria
CA12 5BG

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

STRATEGIC REPORT
for the year ended 31 December 2023

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

REVIEW OF BUSINESS
Demand for paper, board and corrugated packaging has continued to stabilise in 2023. Consequently, the company was able to return to normal lead times and maintain our high levels of customer service.

Turnover decreased by 6% on 2022 and gross profit margin increased by 3.47%.

The company has delivered a solid financial performance with shareholder funds increasing from £7.1 million to £8.2 million.

PRINCIPAL RISKS AND UNCERTAINTIES
The demand for corrugated products remains buoyant in the sector of food, transit packaging and e-commerce.

The Board of Directors regularly identify, monitor and ensure appropriate processes are in place to mitigate potential risks and uncertainties.

FUTURE DEVELOPMENTS
Continued machinery investments coupled with improved productivity, will help maintain the company's competitiveness and profitability.

ON BEHALF OF THE BOARD:





P Rowberry - Director


21 February 2024

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of design, manufacture and supply of corrugated fibreboard packaging supported by added value niche operations and a very flexible stock holding and delivery service.

DIVIDENDS
During the year dividends totalling £451,998 (2022 - £256,535) were voted.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 January 2023 to the date of this report.

The beneficial interests of the directors holding office at 31 December 2023 in the shares of the company, according to the register of directors' interests, were as follows:

31.12.23 1.1.23
Ordinary shares of £1 each
J R Phillips 500 500
N J Price 200 200
P Rowberry 300 300
J Wicks - -
C Earle - -

A Ordinary shares of £1 each
J R Phillips 50 50
N J Price - -
P Rowberry - -
J Wicks - -
C Earle - -

B Ordinary shares of £1 each
J R Phillips - -
N J Price - -
P Rowberry 30 30
J Wicks - -
C Earle - -

C Ordinary shares of £1 each
J R Phillips - -
N J Price 20 20
P Rowberry - -
J Wicks - -
C Earle - -

These directors did not hold any non-beneficial interests in any of the shares of the company.

CHARITABLE DONATIONS AND EXPENDITURE
During the period the company made donations to registered charities totalling £65,965 (2022 - £165,824).

DISCLOSURE IN THE STRATEGIC REPORT
The company's review of business, principal risks and uncertainties and future developments are disclosed within the strategic report.


THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023

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). 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.

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:





P Rowberry - Director


21 February 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE BOX FACTORY LIMITED

Opinion
We have audited the financial statements of The Box Factory Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31 December 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
THE BOX FACTORY 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness;
- Reviewing minutes of meetings of those charged with governance; and
- Enquiry of management to identify any instances of non-compliance with laws and regulations.

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
THE BOX FACTORY 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.




Mark Ashfield BA FCA (Senior Statutory Auditor)
for and on behalf of Harrison Beale & Owen Limited
Chartered Accountants and Statutory Auditor
Highdown House
11 Highdown Road
Leamington Spa
Warwickshire
CV31 1XT

21 February 2024

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

INCOME STATEMENT
for the year ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 20,067,537 21,350,448

Cost of sales 12,920,407 14,486,742
GROSS PROFIT 7,147,130 6,863,706

Distribution costs 781,798 935,916
Administrative expenses 4,594,192 4,357,884
5,375,990 5,293,800
1,771,140 1,569,906

Other operating income 4 24,861 23,339
OPERATING PROFIT 7 1,796,001 1,593,245

Interest receivable and similar income 10,283 4,954
1,806,284 1,598,199

Interest payable and similar expenses 8 150,925 110,970
PROFIT BEFORE TAXATION 1,655,359 1,487,229

Tax on profit 9 605,933 249,292
PROFIT FOR THE FINANCIAL YEAR 1,049,426 1,237,937

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

OTHER COMPREHENSIVE INCOME
for the year ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,049,426 1,237,937


OTHER COMPREHENSIVE INCOME

Property revaluation gains 700,295 -
Property revaluation losses (281,628 ) -
Income tax relating to components of other
comprehensive income

81,552

(19,069

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

500,219

(19,069

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,549,645

1,218,868

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 9,238,858 9,179,822

CURRENT ASSETS
Stocks 12 680,470 725,817
Debtors 13 2,618,347 3,077,652
Cash at bank and in hand 1,747,669 1,725,234
5,046,486 5,528,703
CREDITORS
Amounts falling due within one year 14 3,545,525 3,570,932
NET CURRENT ASSETS 1,500,961 1,957,771
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,739,819

11,137,593

CREDITORS
Amounts falling due after more than one
year

15

(1,889,840

)

(3,443,837

)

PROVISIONS FOR LIABILITIES 19 (684,325 ) (625,749 )
NET ASSETS 8,165,654 7,068,007

CAPITAL AND RESERVES
Called up share capital 20 1,100 1,100
Share premium 21 132,280 132,280
Revaluation reserve 21 1,222,924 729,030
Capital redemption reserve 21 220 220
Retained earnings 21 6,809,130 6,205,377
SHAREHOLDERS' FUNDS 24 8,165,654 7,068,007

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:




N J Price - Director



P Rowberry - Director


THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023

Called up
share Retained Share
capital earnings premium
£    £    £   

Balance at 1 January 2022 1,100 5,217,650 132,280

Changes in equity
Dividends - (256,535 ) -
Total comprehensive income - 1,244,262 -
Balance at 31 December 2022 1,100 6,205,377 132,280

Changes in equity
Dividends - (451,998 ) -
Total comprehensive income - 1,055,751 -
Balance at 31 December 2023 1,100 6,809,130 132,280
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   

Balance at 1 January 2022 754,424 220 6,105,674

Changes in equity
Dividends - - (256,535 )
Total comprehensive income (25,394 ) - 1,218,868
Balance at 31 December 2022 729,030 220 7,068,007

Changes in equity
Dividends - - (451,998 )
Total comprehensive income 493,894 - 1,549,645
Balance at 31 December 2023 1,222,924 220 8,165,654

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

CASH FLOW STATEMENT
for the year ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,870,088 2,286,513
Interest paid (48,022 ) (33,615 )
Interest element of hire purchase payments
paid

(102,903

)

(77,355

)
Tax paid (17,941 ) -
Net cash from operating activities 2,701,222 2,175,543

Cash flows from investing activities
Purchase of tangible fixed assets (683,133 ) (959,884 )
Sale of tangible fixed assets 25,000 -
Interest received 10,283 4,954
Net cash from investing activities (647,850 ) (954,930 )

Cash flows from financing activities
Loan repayments in year (993,222 ) (87,416 )
Capital repayments in year (616,613 ) (667,612 )
Transactions with directors 30,896 12,010
Equity dividends paid (451,998 ) (256,535 )
Net cash from financing activities (2,030,937 ) (999,553 )

Increase in cash and cash equivalents 22,435 221,060
Cash and cash equivalents at beginning of
year

2

1,725,234

1,504,174

Cash and cash equivalents at end of year 2 1,747,669 1,725,234

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

NOTES TO THE CASH FLOW STATEMENT
for the year ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,655,359 1,487,229
Depreciation charges 1,042,764 929,023
(Profit)/loss on disposal of fixed assets (25,000 ) 790
Finance costs 150,925 110,970
Finance income (10,283 ) (4,954 )
2,813,765 2,523,058
Decrease/(increase) in stocks 45,347 (13,698 )
Decrease in trade and other debtors 459,305 79,481
Decrease in trade and other creditors (448,329 ) (302,328 )
Cash generated from operations 2,870,088 2,286,513

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,747,669 1,725,234
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,725,234 1,504,174


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,725,234 22,435 1,747,669
1,725,234 22,435 1,747,669
Debt
Finance leases (3,171,491 ) 616,613 (2,554,878 )
Debts falling due within 1 year (81,953 ) 81,953 -
Debts falling due after 1 year (911,269 ) 911,269 -
(4,164,713 ) 1,609,835 (2,554,878 )
Total (2,439,479 ) 1,632,270 (807,209 )

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

The Box Factory 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Stock valuation
The company operates a standard cost model in valuing its inventory. Periodically, management update the standard cost formulae that inform the valuation of products, taking account of changes in pricing as levied by suppliers in addition to variances in production line costs.

Turnover
Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold buildings - not provided
Long leasehold - over the lease term
Plant and machinery - 10% on cost
Fixtures, fittings and equipment - 15% on cost
Motor vehicles - 25% on cost

Fixed assets include land and buildings professionally valued by Chartered Surveyors on an existing use open market value basis, in accordance with the Statement of Assets Valuation Practice No. 4 and the Guidance Notes of the Royal Institution of Chartered Surveyors. Other fixed assets are stated at historical cost.

The directors consider that freehold property is maintained in such a state of repair that the residual value is at least equal to the carrying value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.

The directors perform annual impairment reviews in accordance with the requirements of FRS 102 to ensure that the carrying value is not higher than the recoverable amount.

Government grants
Government grants relating to fixed asset additions are recognised as other income on a systematic basis over the useful economic life of the asset.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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 instruments
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 20,047,098 21,342,422
Europe 20,439 8,026
20,067,537 21,350,448

4. OTHER OPERATING INCOME
2023 2022
£    £   
Corporation tax interest 322 -
Rents received 22,872 21,672
Government grants 1,667 1,667
24,861 23,339

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,910,161 3,291,424
Social security costs 366,336 325,629
Other pension costs 209,651 160,980
4,486,148 3,778,033

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

Directors 5 5
Office and management 31 27
Production 70 65
106 97

6. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration 226,775 210,250
Directors' pension contributions to money purchase schemes 101,414 69,234

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

Money purchase schemes 4 4

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

6. DIRECTORS' EMOLUMENTS - continued

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 99,095 95,488
Pension contributions to money purchase schemes 6,025 3,445

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 152,097 145,173
Other operating leases 338,535 288,421
Depreciation - owned assets 405,606 271,978
Depreciation - assets on hire purchase contracts 637,158 657,045
(Profit)/loss on disposal of fixed assets (25,000 ) 790
Auditors' remuneration 9,975 9,500
Foreign exchange differences (11,749 ) -

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 48,022 33,615
Hire purchase 102,903 77,355
150,925 110,970

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 441,595 -
Prior year under provision 24,210 -
Total current tax 465,805 -

Deferred tax 140,128 249,292
Tax on profit 605,933 249,292

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,655,359 1,487,229
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

413,840

282,574

Effects of:
Expenses not deductible for tax purposes 9,090 38,007
Income not taxable for tax purposes (1,512 ) -
Capital allowances in excess of depreciation - (156,143 )
Depreciation in excess of capital allowances 47,954 -
Adjustments to tax charge in respect of previous periods 24,210 -
Movement in deferred tax 140,128 249,292
Research and development - (146,574 )
Tax losses - (17,864 )
Profits taxed at 19% (27,777 ) -
Total tax charge 605,933 249,292

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Property revaluation gains 700,295 (11,422 ) 688,873
Property revaluation losses (281,628 ) 92,974 (188,654 )
418,667 81,552 500,219

2022
Gross Tax Net
£    £    £   
Property revaluation gains - (19,069 ) (19,069 )

UK corporation tax has been charged at 19% until 31 March 2023 and 25% thereafter (2022 - 19%).

The deferred tax balance is recognised at 25%, being the future tax rate applicable when the balance is expected to unwind.

10. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 451,998 256,535

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

11. TANGIBLE FIXED ASSETS
Freehold Long Plant and
buildings leasehold machinery
£    £    £   
COST OR VALUATION
At 1 January 2023 3,337,210 899,202 8,794,065
Additions 342,495 - 270,054
Disposals - - (286,660 )
Revaluations 700,295 (399,202 ) -
At 31 December 2023 4,380,000 500,000 8,777,459
DEPRECIATION
At 1 January 2023 - 95,265 3,929,996
Charge for year - 22,309 955,776
Eliminated on disposal - - (286,660 )
Revaluation adjustments - (117,574 ) -
At 31 December 2023 - - 4,599,112
NET BOOK VALUE
At 31 December 2023 4,380,000 500,000 4,178,347
At 31 December 2022 3,337,210 803,937 4,864,069

Fixtures,
fittings
and Motor
equipment vehicles Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 351,534 42,829 13,424,840
Additions 70,584 - 683,133
Disposals (9,455 ) - (296,115 )
Revaluations - - 301,093
At 31 December 2023 412,663 42,829 14,112,951
DEPRECIATION
At 1 January 2023 183,793 35,964 4,245,018
Charge for year 64,591 88 1,042,764
Eliminated on disposal (9,455 ) - (296,115 )
Revaluation adjustments - - (117,574 )
At 31 December 2023 238,929 36,052 4,874,093
NET BOOK VALUE
At 31 December 2023 173,734 6,777 9,238,858
At 31 December 2022 167,741 6,865 9,179,822

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

11. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2023 is represented by:

Freehold Long Plant and
buildings leasehold machinery
£    £    £   
Valuation in 2010 419,392 - -
Valuation in 2015 - 345,129 -
Valuation in 2017 81,914 - -
Valuation in 2023 700,295 (399,202 ) -
Cost 3,178,399 554,073 8,777,459
4,380,000 500,000 8,777,459

Fixtures,
fittings
and Motor
equipment vehicles Totals
£    £    £   
Valuation in 2010 - - 419,392
Valuation in 2015 - - 345,129
Valuation in 2017 - - 81,914
Valuation in 2023 - - 301,093
Cost 412,663 42,829 12,965,423
412,663 42,829 14,112,951

If certain properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,428,565 2,428,565

On 17 July 2023 the properties were valued on an open market basis by Wareing & Company.

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

11. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 January 2023 5,386,248
Additions 4,486
At 31 December 2023 5,390,734
DEPRECIATION
At 1 January 2023 1,536,740
Charge for year 637,158
At 31 December 2023 2,173,898
NET BOOK VALUE
At 31 December 2023 3,216,836
At 31 December 2022 3,849,508

12. STOCKS
2023 2022
£    £   
Raw materials 11,401 32,904
Finished goods 669,069 692,913
680,470 725,817

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,362,503 2,860,796
Other debtors 11,278 6,167
Prepayments and accrued income 244,566 210,689
2,618,347 3,077,652

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 16) - 81,953
Hire purchase contracts (see note 17) 665,038 638,923
Trade creditors 1,691,686 2,340,086
Tax 429,043 (18,499 )
Social security and other taxes 78,782 74,442
VAT 299,698 106,905
Other creditors 65,870 59,572
Directors' current accounts 72,202 41,306
Accruals and deferred income 243,206 246,244
3,545,525 3,570,932

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Included in other creditors is deferred income totalling £19,582 (2022 - £21,249) relating to grant income received for the purchase of solar panels. The grant income is being released over the life of the asset, in line with the depreciation charges

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 16) - 911,269
Hire purchase contracts (see note 17) 1,889,840 2,532,568
1,889,840 3,443,837

16. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 year - 81,953

Amounts falling due between two and five years:
Bank loans - 2-5 years - 370,521

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - more than 5 years - 540,748

The bank loan attracted interest at 1.35% p.a. over the base rate. The bank loan was repaid in September 2023.

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 665,038 638,923
Between one and five years 1,733,167 2,006,615
In more than five years 156,673 525,953
2,554,878 3,171,491

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

17. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 549,724 517,811
Between one and five years 1,178,372 854,590
In more than five years 25,655 19,402
1,753,751 1,391,803

18. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 993,222
Hire purchase contracts 2,554,878 3,171,491
2,554,878 4,164,713

The bank loans are secured against the properties to which they relate.

Hire purchase contracts are secured against the assets to which they relate.

19. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 686,422 974,689
Revaluation of fixed assets (2,097 ) 79,455
Tax losses - (428,395 )
684,325 625,749

Deferred
tax
£   
Balance at 1 January 2023 625,749
Charge to Income Statement during year 140,128
Provision against revaluation (81,552 )
Balance at 31 December 2023 684,325

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000
50 A Ordinary £1 50 50
30 B Ordinary £1 30 30
20 C Ordinary £1 20 20
1,100 1,100

Ordinary, Ordinary A, Ordinary B and Ordinary C shares all have equal voting rights and rank pari passu.

21. RESERVES
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 January 2023 6,205,377 132,280 729,030 220 7,066,907
Profit for the year 1,049,426 - - - 1,049,426
Dividends (451,998 ) - - - (451,998 )
Reserve transfer 6,325 - (6,325 ) - -
Movement in deferred tax
provision on property
revaluations - - 81,552 - 81,552
Property revaluations - - 418,667 - 418,667
At 31 December 2023 6,809,130 132,280 1,222,924 220 8,164,554

Retained earnings
Retained earnings represent cumulative retained profits and losses from incorporation.

Share premium
This balance represents the excess paid over the nominal value of the share capital of the company upon issuing the ordinary shares.

Revaluation reserve
This reserve represents cumulative adjustments to the carrying value of fixed assets.

Capital redemption reserve
This reserve represents the nominal value of shares re-acquired by the company since incorporation.

22. PENSION COMMITMENTS

The company operates a defined contribution pension scheme in respect of certain employees and directors. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £209,651 (2022 - £160,980).

Included within creditors is a balance due to pension providers of £12,187 (2022 - £18,232) representing contributions owed to the funds.

23. RELATED PARTY DISCLOSURES

During the year, total dividends of £451,998 (2022 - £256,535) were paid to the directors .

THE BOX FACTORY LIMITED (REGISTERED NUMBER: 02664682)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

Entities with control, joint control or significant influence over the entity

The Box Factory Limited Pension Scheme
A pension scheme in which certain directors are trustees.

The pension scheme owns one of the buildings from which the company operates. During the year the company paid rent totalling £90,000 (2022 - £66,000).

24. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
2023 2022
£    £   
Profit for the financial year 1,049,426 1,237,937
Dividends (451,998 ) (256,535 )
597,428 981,402
Other comprehensive income relating to the year (net) 500,219 (19,069 )
Net addition to shareholders' funds 1,097,647 962,333
Opening shareholders' funds 7,068,007 6,105,674
Closing shareholders' funds 8,165,654 7,068,007

25. CONTROLLING INTERESTS

The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.