IRIS Accounts Productionv24.1.0.57802157272Board of Directors1.4.2331.3.2431.3.24the manufacture of fibre board corrugated cases.truefalsetruetruefalsefalsetruefalseOrdinary1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh021572722023-03-31021572722024-03-31021572722023-04-012024-03-31021572722022-03-31021572722022-04-012023-03-31021572722023-03-3102157272ns15:EnglandWales2023-04-012024-03-3102157272ns14:PoundSterling2023-04-012024-03-3102157272ns10:Director12023-04-012024-03-3102157272ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3102157272ns10:FRS1022023-04-012024-03-3102157272ns10:Audited2023-04-012024-03-3102157272ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3102157272ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3102157272ns10:FullAccounts2023-04-012024-03-3102157272ns10:OrdinaryShareClass12023-04-012024-03-3102157272ns10:Director22023-04-012024-03-3102157272ns10:CompanySecretary12023-04-012024-03-3102157272ns10:RegisteredOffice2023-04-012024-03-3102157272ns5:CurrentFinancialInstruments2024-03-3102157272ns5:CurrentFinancialInstruments2023-03-3102157272ns5:Non-currentFinancialInstruments2024-03-3102157272ns5:Non-currentFinancialInstruments2023-03-3102157272ns5:ShareCapital2024-03-3102157272ns5:ShareCapital2023-03-3102157272ns5:CapitalRedemptionReserve2024-03-3102157272ns5:CapitalRedemptionReserve2023-03-3102157272ns5:RetainedEarningsAccumulatedLosses2024-03-3102157272ns5:RetainedEarningsAccumulatedLosses2023-03-3102157272ns5:ShareCapital2022-03-3102157272ns5:RetainedEarningsAccumulatedLosses2022-03-3102157272ns5:CapitalRedemptionReserve2022-03-3102157272ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3102157272ns5:CapitalRedemptionReserve2022-04-012023-03-3102157272ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3102157272ns5:CapitalRedemptionReserve2023-04-012024-03-3102157272ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-04-012024-03-3102157272ns5:PlantMachinery2023-04-012024-03-3102157272ns5:FurnitureFittings2023-04-012024-03-3102157272ns5:MotorVehicles2023-04-012024-03-3102157272ns15:UnitedKingdom2023-04-012024-03-3102157272ns15:UnitedKingdom2022-04-012023-03-3102157272ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-04-012024-03-3102157272ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-04-012023-03-3102157272ns5:OwnedAssets2023-04-012024-03-3102157272ns5:OwnedAssets2022-04-012023-03-3102157272132023-04-012024-03-3102157272132022-04-012023-03-310215727222023-04-012024-03-310215727222022-04-012023-03-310215727232023-04-012024-03-310215727232022-04-012023-03-3102157272ns10:OrdinaryShareClass12022-04-012023-03-3102157272ns5:LandBuildings2023-03-3102157272ns5:PlantMachinery2023-03-3102157272ns5:FurnitureFittings2023-03-3102157272ns5:MotorVehicles2023-03-3102157272ns5:LandBuildings2023-04-012024-03-3102157272ns5:LandBuildings2024-03-3102157272ns5:PlantMachinery2024-03-3102157272ns5:FurnitureFittings2024-03-3102157272ns5:MotorVehicles2024-03-3102157272ns5:LandBuildings2023-03-3102157272ns5:PlantMachinery2023-03-3102157272ns5:FurnitureFittings2023-03-3102157272ns5:MotorVehicles2023-03-3102157272ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3102157272ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3102157272ns5:DeferredTaxation2023-03-3102157272ns5:DeferredTaxation2023-04-012024-03-3102157272ns5:DeferredTaxation2024-03-3102157272ns10:OrdinaryShareClass12024-03-3102157272ns5:RetainedEarningsAccumulatedLosses2023-03-3102157272ns5:CapitalRedemptionReserve2023-03-31

REGISTERED NUMBER: 02157272 (England and Wales)



















STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024


FOR



NORTHERN CORRUGATED CASES LIMITED


NORTHERN CORRUGATED CASES LIMITED (REGISTERED NUMBER: 02157272)








CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024






Page




Company Information  

1




Strategic Report  

2




Report of the Directors  

3




Report of the Independent Auditors  

4


to


7



Income Statement  

8




Other Comprehensive Income  

9




Balance Sheet  

10




Statement of Changes in Equity  

11




Notes to the Financial Statements

12


to


19




NORTHERN CORRUGATED CASES LIMITED



COMPANY INFORMATION

FOR THE YEAR ENDED 31ST MARCH 2024









DIRECTORS:

Mr H Emery


Mr A J McGregor





SECRETARY:

Mr A J McGregor





REGISTERED OFFICE:

Unit C Millbrook Court


Midpoint 18


Middlewich


Cheshire


CW10 0GE





REGISTERED NUMBER:

02157272 (England and Wales)





AUDITORS:

Allens Accountants Limited


Registered Auditors and


Chartered Accountants


123 Wellington Road South


Stockport


Cheshire


SK1 3TH





BANKERS:

Natwest Bank Plc


7 Hustlergate


Bradford


West Yorkshire


BD1 1PP


NORTHERN CORRUGATED CASES LIMITED (REGISTERED NUMBER: 02157272)



STRATEGIC REPORT

FOR THE YEAR ENDED 31ST MARCH 2024


The directors present their strategic report for the year ended 31st March 2024.


REVIEW OF BUSINESS

The financial results were in line with expectations of the Board .  The company enjoyed a successful trading year, Sales increasing by 4.3% on the prior year as expected and profits back to levels prior to the Covid pandemic. Turnover increasing to £7.59 million with the profits  in line with previous years.


The outlook for 2024/25 is positive.


PRINCIPAL RISKS AND UNCERTAINTIES

The company is confident that continued working in partnership with customers and suppliers will mean it will be able to sustain and improve the existing business going forward.


The Company is very alert to the risk of customer insolvencies, this risk is managed by a high level focus on the credit control function. Customer payment records are monitored and credit limits are subject to regular review. The Board receives regular reports on amounts overdue and relevant action is taken. New Customers are screened via a review of filed accounts and the use of credit checks as appropriate.


KEY PERFORMANCE INDICATORS

Gross margins of 42.12% has slightly increased from the prior year (38.57%) due to competitive material prices being obtained.


The company measures operating efficiencies in terms  daily turnover  monthly production wages distribution costs and raw material costs  as a percentage of sales


The company uses financial KPI's such as gross profit margin, debtor / creditor and stock days as well as absolute sales value per month and wages as a percentage of sales value are also reported within the Monthly Management Information prepared for Directors and Senior Management.


ON BEHALF OF THE BOARD:






Mr H Emery - Director



5th August 2024


NORTHERN CORRUGATED CASES LIMITED (REGISTERED NUMBER: 02157272)



REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31st March 2024.


DIVIDENDS

An interim dividend of £10.70 per share was paid on 12th April 2023. The directors recommend that no final dividend be paid.


The total distribution of dividends for the year ended 31st March 2024 will be £ 644,425 .


DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2023 to the date of this report.


Mr H Emery

Mr A J McGregor


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.

AUDITORS

The auditors,  Allens Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






Mr H Emery - Director



5th August 2024


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NORTHERN CORRUGATED CASES LIMITED


Opinion

We have audited the financial statements of Northern Corrugated Cases Limited (the 'company') for the year ended 31st March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 31st March 2024 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

NORTHERN CORRUGATED CASES 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 three, 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.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NORTHERN CORRUGATED CASES LIMITED



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:


Extent to which the audit was considered capable of detecting irregularities, including fraud


We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.


Identifying and assessing potential risks related to irregularities


In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:


- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for the directors' remuneration, bonus levels and performance targets;

- results of our enquiries of management and the board of directors about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.


As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.


We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.


Audit response to risks identified


Our procedure to respond to risks identified included the following:


- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management and the board of directors concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NORTHERN CORRUGATED CASES LIMITED



We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


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.


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.





Paul Horrocks (Senior Statutory Auditor)

for and on behalf of Allens Accountants Limited

Registered Auditors and

Chartered Accountants

123 Wellington Road South

Stockport

Cheshire

SK1 3TH


5th August 2024


NORTHERN CORRUGATED CASES LIMITED (REGISTERED NUMBER: 02157272)



INCOME STATEMENT

FOR THE YEAR ENDED 31ST MARCH 2024



2024

2023



Notes

£   

£   

£   

£   



TURNOVER

3

7,589,674


7,274,065




Cost of sales

4,392,774


4,468,592



GROSS PROFIT

3,196,900


2,805,473




Distribution costs

315,264


312,311



Administrative expenses

1,978,473


1,448,448



2,293,737

1,760,759

903,163


1,044,714




Other operating income

19,040


18,960



OPERATING PROFIT

5

922,203


1,063,674




Interest receivable and similar income

3,478


1,998



925,681


1,065,672




Interest payable and similar expenses

6

3,115


1,320



PROFIT BEFORE TAXATION

922,566


1,064,352




Tax on profit

7

234,613


240,491



PROFIT FOR THE FINANCIAL YEAR

687,953


823,861




NORTHERN CORRUGATED CASES LIMITED (REGISTERED NUMBER: 02157272)



OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31ST MARCH 2024



2024


2023


Notes

£   

£   



PROFIT FOR THE YEAR

687,953


823,861





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

687,953


823,861




NORTHERN CORRUGATED CASES LIMITED (REGISTERED NUMBER: 02157272)



BALANCE SHEET

31ST MARCH 2024



2024

2023



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

10

3,158,750


3,645,889




CURRENT ASSETS

Stocks

11

299,310


269,075



Debtors

12

1,672,441


1,541,929



Cash at bank and in hand

1,726,940


872,471



3,698,691


2,683,475



CREDITORS

Amounts falling due within one year

13

811,247


375,345



NET CURRENT ASSETS

2,887,444


2,308,130



TOTAL ASSETS LESS CURRENT

LIABILITIES

6,046,194


5,954,019




CREDITORS

Amounts falling due after more than one

year

14

(7,141

)

(7,141

)



PROVISIONS FOR LIABILITIES

15

(378,205

)

(329,558

)


NET ASSETS

5,660,848


5,617,320




CAPITAL AND RESERVES

Called up share capital

16

60,235


60,235



Capital redemption reserve

17

342,477


342,477



Retained earnings

17

5,258,136


5,214,608



SHAREHOLDERS' FUNDS

5,660,848


5,617,320




The financial statements were approved by the Board of Directors and authorised for issue on 5th August 2024 and were signed on its behalf by:






Mr H Emery - Director



NORTHERN CORRUGATED CASES LIMITED (REGISTERED NUMBER: 02157272)



STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31ST MARCH 2024



Called up


Capital



share


Retained


redemption


Total


capital


earnings


reserve


equity

£   

£   

£   

£   


Balance at 1st April 2022

60,235


5,559,028


342,477


5,961,740




Changes in equity

Dividends

-


(1,168,281

)

-


(1,168,281

)


Total comprehensive income

-


823,861


-


823,861



Balance at 31st March 2023

60,235


5,214,608


342,477


5,617,320




Changes in equity

Dividends

-


(644,425

)

-


(644,425

)


Total comprehensive income

-


687,953


-


687,953



Balance at 31st March 2024

60,235


5,258,136


342,477


5,660,848




NORTHERN CORRUGATED CASES LIMITED (REGISTERED NUMBER: 02157272)



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024


1.

STATUTORY INFORMATION



Northern Corrugated Cases 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.  



Going concern


After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.



Financial Reporting Standard 102 - reduced disclosure exemptions


The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":




the requirements of Section 7 Statement of Cash Flows.



Related party exemption


The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.



Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses for the year. However, the nature of estimation means that actual outcomes could differ from those 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 revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following judgement has had the most significant effect on amounts recognised in the financial statements.

Stock valuation
A key area involving management judgement and estimate is in determining a stock valuation for old and slow moving stock items.


Turnover


Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:



i) the Company has transferred the significant risks and rewards of ownership to the buyer;


ii) the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;


iii) the amount of turnover can be measured reliably;


iv) it is probable that the Company will receive the consideration due under the transaction and the costs incurred or to be incurred in respect of the transaction can be measured reliably.


NORTHERN CORRUGATED CASES LIMITED (REGISTERED NUMBER: 02157272)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2024


2.

ACCOUNTING POLICIES - continued



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Freehold property

-

2% on cost


Plant & machinery

-

15% on reducing balance


Fixtures & fittings

-

at variable rates on reducing balance


Motor vehicles

-

33% on reducing balance


Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount.If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the statement of comprehensive income.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the statement of comprehensive income.


Stocks

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

Stock and work in progress are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items. Cost comprises materials, direct labour and a share of production overheads appropriate to the relevant stage of production. For work in progress and finished goods manufactured by the company, cost is taken as production cost, including labour and an appropriate proportion of attributable overheads.

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 rate method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

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.

Interest bearing borrowings
Interest bearing borrowing are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.


NORTHERN CORRUGATED CASES LIMITED (REGISTERED NUMBER: 02157272)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2024


2.

ACCOUNTING POLICIES - continued



Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, together with loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable in one year), including loans and other accounts receivable and payable, are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable in one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration, expected to be paid or received.

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


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.



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.


Dividends


Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.


NORTHERN CORRUGATED CASES LIMITED (REGISTERED NUMBER: 02157272)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2024


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:



2024


2023

£   

£   



United Kingdom

7,589,674


7,274,065



7,589,674


7,274,065




4.

EMPLOYEES AND DIRECTORS


2024


2023

£   

£   



Wages and salaries

1,785,529


1,483,082




Social security costs

152,434


128,926




Other pension costs

36,501


31,226



1,974,464


1,643,234





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


2024


2023



Production staff

68


56




Administrative staff

8


8



76


64





2024


2023

£   

£   



Directors' remuneration

41,500


40,950




5.

OPERATING PROFIT



The operating profit is stated after charging:



2024


2023

£   

£   



Depreciation - owned assets

394,338


351,117




Auditors' remuneration

8,250


8,000




Auditor's remuneration for non audit work  

5,450


5,250




6.

INTEREST PAYABLE AND SIMILAR EXPENSES



2024


2023

£   

£   



Bank charges

3,115


1,315




Mortgage interest

-


5



3,115


1,320




NORTHERN CORRUGATED CASES LIMITED (REGISTERED NUMBER: 02157272)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2024


7.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


2024


2023

£   

£   



Current tax:


UK corporation tax

185,966


138,600




Prior period

-


(20,337

)



Total current tax

185,966


118,263





Deferred tax

48,647


122,228




Tax on profit

234,613


240,491





UK corporation tax has been charged at 25% .



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:



2024


2023

£   

£   



Profit before tax

922,566


1,064,352




Profit multiplied by the standard rate of corporation tax in the UK of 25%

(2023 - 19%)  

230,642


202,227





Effects of:


Expenses not deductible for tax purposes

3,971


4,572




Adjustments to tax charge in respect of previous periods

-


(20,337

)



Super deduction allowances  

-


(25,065

)



Changes in rate  

-


79,094




Total tax charge

234,613


240,491




8.

DIVIDENDS


2024


2023

£   

£   



Ordinary shares of £1 each


Interim

644,425


1,168,281




Non equity preference dividend has been paid of £nil (2023 £nil).

9.

PENSION COMMITMENTS



The company contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.



The pension charge represents contributions payable by the company to the scheme in the year to 31 March 2024 which amounted to £36,501 (2023: £31,226).



At the balance sheet date, amount owing to the pension scheme included within other creditors amounted to £8,104  (2023: £6,413).


NORTHERN CORRUGATED CASES LIMITED (REGISTERED NUMBER: 02157272)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2024


10.

TANGIBLE FIXED ASSETS


Freehold


Plant &


Fixtures


Motor



property


machinery


& fittings


vehicles


Totals

£   

£   

£   

£   

£   



COST


At 1st April 2023

2,556,574


2,474,038


96,655


606,532


5,733,799




Additions

62,861


114,560


21,111


415,769


614,301




Disposals

(802,940

)

-


-


(223,247

)

(1,026,187

)



At 31st March 2024

1,816,495


2,588,598


117,766


799,054


5,321,913




DEPRECIATION


At 1st April 2023

265,652


1,369,024


54,362


398,872


2,087,910




Charge for year

16,995


179,786


12,171


185,386


394,338




Eliminated on disposal

(152,938

)

-


-


(166,147

)

(319,085

)



At 31st March 2024

129,709


1,548,810


66,533


418,111


2,163,163




NET BOOK VALUE


At 31st March 2024

1,686,786


1,039,788


51,233


380,943


3,158,750




At 31st March 2023

2,290,922


1,105,014


42,293


207,660


3,645,889





Included in cost of land and buildings is freehold land of £ 186,418 (2023 - £ 571,281 ) which is not depreciated.


11.

STOCKS

2024

2023


£   

£   



Raw materials

231,994


221,942




Finished goods

67,316


47,133



299,310


269,075




12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


£   

£   



Trade debtors

1,598,149


1,488,211




Other debtors

10,569


3,031




Prepayments

63,723


50,687



1,672,441


1,541,929




NORTHERN CORRUGATED CASES LIMITED (REGISTERED NUMBER: 02157272)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2024


13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


£   

£   



Trade creditors

63,849


24,950




Amounts owed to group undertakings

301,560


-




Corporation Tax

185,871


138,600




Social security and other taxes

40,241


30,160




VAT

136,787


99,707




Other creditors

50,645


48,856




Accrued expenses

32,294


33,072



811,247


375,345




14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR


2024

2023


£   

£   



Redeemable preference shares

7,141


7,141




15.

PROVISIONS FOR LIABILITIES

2024

2023


£   

£   



Deferred tax


Capital allowances in excess of depreciation

378,205


329,558





Deferred



tax


£   



Balance at 1st April 2023

329,558




Provided during year

48,647




Balance at 31st March 2024

378,205




16.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2024

2023



value:

£   

£   



60,235

Ordinary

£1

60,235


60,235




17.

RESERVES


Capital



Retained


redemption



earnings


reserve


Totals

£   

£   

£   




At 1st April 2023

5,214,608


342,477


5,557,085




Profit for the year

687,953


687,953




Dividends

(644,425

)

(644,425

)



At 31st March 2024

5,258,136


342,477


5,600,613




NORTHERN CORRUGATED CASES LIMITED (REGISTERED NUMBER: 02157272)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2024


18.

ULTIMATE PARENT COMPANY



The parent company and ultimate controlling party is Northern Corrugated Holdings Limited, a company registered in England & Wales. This company is controlled by the directors. The consolidated accounts of Northern Corrugated Holdings Limited, in which this company is included, are available to the public and can be obtained from Unit C Millbrook Court, Midpoint 18, Middlewich, Cheshire, CW10 0GE.


19.

RELATED PARTY DISCLOSURES



During the year, a total of key management personnel compensation of £ 45,240 (2023 - £ 44,765 ) was paid.