Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity57truefalse 9320142 2023-01-01 2023-12-31 9320142 2022-01-01 2022-12-31 9320142 2023-12-31 9320142 2022-12-31 9320142 c:Director1 2023-01-01 2023-12-31 9320142 c:Director2 2023-01-01 2023-12-31 9320142 c:Director3 2023-01-01 2023-12-31 9320142 c:RegisteredOffice 2023-01-01 2023-12-31 9320142 d:CurrentFinancialInstruments 2023-12-31 9320142 d:CurrentFinancialInstruments 2022-12-31 9320142 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 9320142 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 9320142 e:UnitedKingdom 2023-01-01 2023-12-31 9320142 e:UnitedKingdom 2022-01-01 2022-12-31 9320142 d:UKTax 2023-01-01 2023-12-31 9320142 d:UKTax 2022-01-01 2022-12-31 9320142 d:ShareCapital 2023-12-31 9320142 d:ShareCapital 2022-12-31 9320142 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 9320142 d:RetainedEarningsAccumulatedLosses 2023-12-31 9320142 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 9320142 d:RetainedEarningsAccumulatedLosses 2022-12-31 9320142 d:RetainedEarningsAccumulatedLosses 2022-01-01 9320142 c:OrdinaryShareClass1 2023-01-01 2023-12-31 9320142 c:OrdinaryShareClass1 2023-12-31 9320142 c:OrdinaryShareClass1 2022-12-31 9320142 c:FRS102 2023-01-01 2023-12-31 9320142 c:Audited 2023-01-01 2023-12-31 9320142 c:FullAccounts 2023-01-01 2023-12-31 9320142 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 9320142 d:WithinOneYear 2023-12-31 9320142 d:WithinOneYear 2022-12-31 9320142 d:BetweenOneFiveYears 2023-12-31 9320142 d:BetweenOneFiveYears 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 9320142







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


FLEXOPACK TRADE AND SERVICES UK LIMITED






































img6e30.png                        

 


FLEXOPACK TRADE AND SERVICES UK LIMITED
 


 
COMPANY INFORMATION


Directors
Mr D Gkinosatis 
Mr S Gkinosatis 
Mr O Palmieri 




Registered number
9320142



Registered office
Lynton House
7-12 Tavistock Square

London

WC1H 9LT




Independent auditors
Menzies LLP
Chartered Accountants

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


FLEXOPACK TRADE AND SERVICES UK LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Income and Retained Earnings
9
Statement of Financial Position
10
Notes to the Financial Statements
11 - 16


 


FLEXOPACK TRADE AND SERVICES UK LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Overview
 
Flexopack Trade and Services UK Ltd was established in 2014 and is part of the Flexopack Group. The company is involved in the distribution of plastic packaging materials mainly used for packaging food, medical and hygiene products. 
The company was established in the UK as part of the group’s strategy to further expand its presence in the United Kingdom by upgrading the local distribution and service channel.
In 2023, Flexopack Trade and Services UK Ltd continues to grow, targeting medium and large food manufacturers. The company is building confidence and credibility in the Flexopack brand, proving the technical competence of its products whilst being commercially attractive.


Business review
 
Sales in 2023 reached £14,933,020, an increase of 35% compared to the prior year which is due to the current growth strategy being implemented.
The gross profit margin was 9.5% in 2023 compared to 14.3% in 2022 as a result of the penetration and growth strategy developed. 
Earnings before taxes were £382,292, which is expected to increase in the following years when the company holds a significant market share. 
Liquidity remains high, which ensures that the company has sufficient funds for future operations. 


Principal risks
 
Market risk: Market risk relates to the potential loss that may be associated with selling in an uncertain marketplace. The food packaging industry can be characterised as mature, since most customers are well established food manufacturing enterprises, who hold long-term contracts with suppliers in order to cover their production needs.
 
Inventory risk: Stock held by Flexopack Trade and Services UK Ltd relates to custom-made products manufactured according to the client’s requirements, which cannot always be returned to the factory and re-distributed to other clients. The risk of losses from unused inventories is borne by the company.
 
Bad debt and collection risk: The credit and bad debt risks relate to the risk of the company not being able to collect receivables from their customers due to overdue settlements or defaults. The company is closely monitoring  the credibility of its customers and until today, no bad debts have occurred.
 
Product liability risk: Product liability risk entails any potential legal consequences that may arise as a result of damaged or product failures being received by clients. From a legal perspective, said risk is considered to be multifaceted and is borne depending on the origin of the damage caused. More specifically, failures found to be caused during the manufacturing process are a responsibility of the manufacturing entities, while damages due to improper handling and transportation of goods locally are attributed to the third-party logistics provider.


Page 1

 


FLEXOPACK TRADE AND SERVICES UK LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Key Performance Indicators

The Directors and managers use a range of key performance indicators (KPI’s) appropriate to the business.
The Table below illustrates the KPI’s for the company.


2023
2022
% change
        £
        £
Key Performance Indicator (in £000's)

Revenue

14,933

11,083

35%
 
 
Gross Profit

1,414

1,590

-11%
 
 
Gross Profit %

9.5%

14.3%

-34%
 
 
Earnings before Tax

382

470

-19%
 
 


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



Mr D Gkinosatis
Director

Date: 25 April 2024

Page 2

 


FLEXOPACK TRADE AND SERVICES UK LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

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 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.

Results and dividends

The profit for the year, after taxation, amounted to £290,594 (2022 - £379,617).

No dividends have been proposed in this year. 

Directors

The Directors who served during the year were:

Mr D Gkinosatis 
Mr S Gkinosatis 
Mr O Palmieri 

Future developments
There are no planned future developments to note.


Qualifying third party indemnity provisions

Under the provisions of its Articles of Association, the Company grants an indemnity to its directors in respect of
proceedings brought by third parties. The indemnity applied throughout the financial year and remains in force.

Page 3

 


FLEXOPACK TRADE AND SERVICES UK LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 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 auditorsMenzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





Mr D Gkinosatis
Director

Date: 25 April 2024

Lynton House
7-12 Tavistock Square
London
WC1H 9LT

Page 4

 


FLEXOPACK TRADE AND SERVICES UK LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEXOPACK TRADE AND SERVICES UK LIMITED

Opinion


We have audited the financial statements of Flexopack Trade and Services UK Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position 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 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 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.


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 ReportOur 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.


Page 5

 


FLEXOPACK TRADE AND SERVICES UK LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEXOPACK TRADE AND SERVICES UK LIMITED (CONTINUED)

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 3, 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 6

 


FLEXOPACK TRADE AND SERVICES UK LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEXOPACK TRADE AND SERVICES UK 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:
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting
legislation. We determined that the following laws and regulations were most significant:
 
The Companies Act 2006;
Financial Reporting Standard 102;
UK employment legislation;
General Data Protection Regulations; and
 UK tax legislation

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to
management and those responsible for legal and compliance procedures.
 
The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
Identifying and assessing the measures management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgments made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation
for fraud and identified the greatest potential for fraud would be through the use of management override.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.


Page 7

 


FLEXOPACK TRADE AND SERVICES UK LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEXOPACK TRADE AND SERVICES UK LIMITED (CONTINUED)

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.





Sarah Hallam FCCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Lynton House
7-12 Tavistock Square
London
WC1H 9LT

25 April 2024
Page 8

 


FLEXOPACK TRADE AND SERVICES UK LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Turnover
 3 
14,933,020
11,083,310

Cost of sales
  
(13,519,125)
(9,493,797)

Gross profit
  
1,413,895
1,589,513

Distribution costs
  
(975,493)
(994,777)

Administrative expenses
  
(56,321)
(124,780)

Operating profit
 4 
382,081
469,956

Interest receivable and similar income
 7 
211
-

Profit before tax
  
382,292
469,956

Tax on profit
 8 
(91,698)
(90,339)

Profit after tax
  
290,594
379,617

  

  

Retained earnings at the beginning of the year
  
979,570
599,953

  
979,570
599,953

Profit for the year
  
290,594
379,617

Retained earnings at the end of the year
  
1,270,164
979,570
Page 9

 


FLEXOPACK TRADE AND SERVICES UK LIMITED
REGISTERED NUMBER:9320142



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 9 
2,127,136
1,946,032

Debtors: amounts falling due within one year
 10 
3,342,869
2,930,096

Cash at bank and in hand
  
921,914
1,510,286

  
6,391,919
6,386,414

Creditors: amounts falling due within one year
 11 
(4,969,555)
(5,254,644)

Net current assets
  
 
 
1,422,364
 
 
1,131,770

Total assets less current liabilities
  
1,422,364
1,131,770

  

Net assets
  
1,422,364
1,131,770


Capital and reserves
  

Called up share capital 
 12 
152,200
152,200

Profit and loss account
 13 
1,270,164
979,570

  
1,422,364
1,131,770


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Mr D Gkinosatis
Director

Date: 25 April 2024

The notes on pages 11 to 16 form part of these financial statements.

Page 10

 


FLEXOPACK TRADE AND SERVICES UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Flexopack Trade & Services UK Limited is a private company limited by shares, incorporated in England & Wales under the Companies Act.
The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9LT and the company registration number is 09320142. The trading address is 79 Condor Close, Woolsbridge Ind. Est., Wimborne, BH21 6SU.

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 judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

  
2.2

Turnover

The turnover shown in the profit and loss account represents amounts receivable for goods at the point that the risks and rewards are passed to the customer during the period in the normal course of business net of trade discounts, rebates, VAT and other sales and related taxes.

 
2.3

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. 

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.

 
2.4

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.

Page 11

 


FLEXOPACK TRADE AND SERVICES UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

Taxation

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.


3.


Turnover

The turnover and loss before tax are attributable to the one principal activity of the company.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
14,933,020
11,083,310

14,933,020
11,083,310


Page 12

 


FLEXOPACK TRADE AND SERVICES UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
(2,787)
44,903

Other operating lease rentals
12,346
-


5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,100
12,850


6.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
292,424
417,278

Social security costs
32,954
56,131

Cost of defined contribution scheme
5,278
6,328

330,656
479,737


The average monthly number of employees, excluding directors who are not remunerated by the company, during the year was as follows:


        2023
        2022
            No.
            No.







Total staff
5
7

Page 13

 


FLEXOPACK TRADE AND SERVICES UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Interest receivable

2023
2022
£
£


Other interest receivable
211
-

211
-


8.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
91,698
90,339


91,698
90,339


Total current tax
91,698
90,339

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
382,292
469,956


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
89,839
89,292

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,904
1,101

Adjustments to tax charge in respect of prior periods
(45)
(54)

Total tax charge for the year
91,698
90,339


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 14

 


FLEXOPACK TRADE AND SERVICES UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Stocks

2023
2022
£
£

Finished goods and goods for resale
2,127,136
1,946,032

2,127,136
1,946,032



10.


Debtors

2023
2022
£
£


Trade debtors
3,202,113
2,773,192

Other debtors
1,848
500

Prepayments and accrued income
138,908
156,404

3,342,869
2,930,096



11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
131,238
99,731

Amounts owed to group undertakings
3,964,749
4,205,154

Corporation tax
28,698
50,334

Other taxation and social security
792,344
832,269

Other creditors
28,036
17,650

Accruals and deferred income
24,490
49,506

4,969,555
5,254,644



12.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



152,200 (2022 - 152,200) Ordinary shares of £1.00 each
152,200
152,200


Page 15

 


FLEXOPACK TRADE AND SERVICES UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Reserves

Profit and loss account

This reserve records against earnings and accumulated losses.


14.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
17,088
1,532

Later than 1 year and not later than 5 years
23,379
-

40,467
1,532


15.


Controlling party

Flexopack International Limited, a company incoporated in Cyprus, is the immediate parent company. 
Flexopack Trade and Services UK Limited is included in the consolidated financial statements of Flexopack SA, a company incorporated in Greece, which is the ultimate parent company and only group for which consolidated financial statements are produced. The address of Flexopackl SA is Ifaistou 37, Thesi Tzima, Koropi, Attiki, 19400, Greece. Copies of the consolidated financial statements can be obtained from the company's website at https://www.flexopack .com/investor-relations /financial-statements /.

 
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