IRIS Accounts Production v24.1.0.578 13641526 director 31.3.24 1.4.23 31.3.24 31.3.24 the manufacture of fibre board corrugated cases. true true false true true false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh136415262023-03-31136415262024-03-31136415262023-04-012024-03-31136415262022-03-31136415262022-04-012023-03-31136415262023-03-3113641526ns15:EnglandWales2023-04-012024-03-3113641526ns14:PoundSterling2023-04-012024-03-3113641526ns10:Director12023-04-012024-03-3113641526ns10:Consolidated2024-03-3113641526ns10:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3113641526ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3113641526ns10:Consolidatedns10:FRS1022023-04-012024-03-3113641526ns10:Consolidatedns10:Audited2023-04-012024-03-3113641526ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3113641526ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3113641526ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3113641526ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-04-012024-03-3113641526ns10:FullAccounts2023-04-012024-03-3113641526ns10:OrdinaryShareClass12023-04-012024-03-3113641526ns10:Consolidated2023-04-012024-03-3113641526ns10:RegisteredOffice2023-04-012024-03-3113641526ns10:Consolidated2022-04-012023-03-3113641526ns5:CurrentFinancialInstruments2024-03-3113641526ns5:CurrentFinancialInstruments2023-03-3113641526ns5:Non-currentFinancialInstruments2024-03-3113641526ns5:Non-currentFinancialInstruments2023-03-3113641526ns5:ShareCapital2024-03-3113641526ns5:ShareCapital2023-03-3113641526ns5:RetainedEarningsAccumulatedLosses2024-03-3113641526ns5:RetainedEarningsAccumulatedLosses2023-03-3113641526ns5:ShareCapital2022-03-3113641526ns5:RetainedEarningsAccumulatedLosses2022-03-3113641526ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3113641526ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3113641526ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-04-012024-03-3113641526ns5:LeaseholdImprovements2023-04-012024-03-3113641526ns5:PlantMachinery2023-04-012024-03-3113641526ns5:FurnitureFittings2023-04-012024-03-3113641526ns5:MotorVehicles2023-04-012024-03-3113641526ns5:LandBuildings2023-03-3113641526ns5:LandBuildings2023-04-012024-03-3113641526ns5:LandBuildings2024-03-3113641526ns5:LandBuildings2023-03-3113641526ns5:CostValuation2023-03-3113641526ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3113641526ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3113641526ns10:OrdinaryShareClass12024-03-3113641526ns5:RetainedEarningsAccumulatedLosses2023-03-31
REGISTERED NUMBER: 13641526 (England and Wales)


















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

NORTHERN CORRUGATED HOLDINGS LTD

NORTHERN CORRUGATED HOLDINGS LTD (REGISTERED NUMBER: 13641526)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4 to 7

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16 to 25


NORTHERN CORRUGATED HOLDINGS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTOR: H Emery





REGISTERED OFFICE: Unit C
Millbrook Court
Middlewich
CW10 0GE





REGISTERED NUMBER: 13641526 (England and Wales)





AUDITORS: Allens Accountants Limited
Registered Auditors and
Chartered Accountants
123 Wellington Road South
Stockport
Cheshire
SK1 3TH

NORTHERN CORRUGATED HOLDINGS LTD (REGISTERED NUMBER: 13641526)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2024

The director presents his strategic report of the company and the group 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 group 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 group 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:





H Emery - Director


5th August 2024

NORTHERN CORRUGATED HOLDINGS LTD (REGISTERED NUMBER: 13641526)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31ST MARCH 2024

The director presents his report with the financial statements of the company and the group for the year ended 31st March 2024.

DIVIDENDS
An interim dividend of £1.25 per share was paid on 30th April 2023. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31st March 2024 will be £ 75,294 .

DIRECTOR
H Emery held office during the whole of the period from 1st April 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group'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:





H Emery - Director


5th August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NORTHERN CORRUGATED HOLDINGS LTD

Opinion
We have audited the financial statements of Northern Corrugated Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31st March 2024 and of the group's 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 group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NORTHERN CORRUGATED HOLDINGS LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NORTHERN CORRUGATED HOLDINGS LTD


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 HOLDINGS LTD


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 HOLDINGS LTD (REGISTERED NUMBER: 13641526)

CONSOLIDATED
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 1,519,822 1,311,533
1,835,086 1,623,844
1,361,814 1,181,629

Other operating income 19,040 18,960
OPERATING PROFIT 5 1,380,854 1,200,589

Interest receivable and similar income 12,575 1,998
1,393,429 1,202,587

Interest payable and similar expenses 6 37,392 37,025
PROFIT BEFORE TAXATION 1,356,037 1,165,562

Tax on profit 7 356,833 268,930
PROFIT FOR THE FINANCIAL YEAR 999,204 896,632
Profit attributable to:
Owners of the parent 999,204 896,632

NORTHERN CORRUGATED HOLDINGS LTD (REGISTERED NUMBER: 13641526)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 999,204 896,632


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

999,204

896,632

Total comprehensive income attributable to:
Owners of the parent 999,204 896,632

NORTHERN CORRUGATED HOLDINGS LTD (REGISTERED NUMBER: 13641526)

CONSOLIDATED BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 4,817,496 4,681,343
Investments 12 - -
4,817,496 4,681,343

CURRENT ASSETS
Stocks 13 299,310 269,075
Debtors 14 1,672,441 1,541,929
Cash at bank and in hand 2,497,962 1,591,953
4,469,713 3,402,957
CREDITORS
Amounts falling due within one year 15 634,136 403,784
NET CURRENT ASSETS 3,835,577 2,999,173
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,653,073

7,680,516

CREDITORS
Amounts falling due after more than one
year

16

(7,141

)

(7,141

)

PROVISIONS FOR LIABILITIES 17 (378,205 ) (329,558 )
NET ASSETS 8,267,727 7,343,817

CAPITAL AND RESERVES
Called up share capital 18 60,235 60,235
Capital redemption reserve 19 342,477 342,477
Retained earnings 19 7,865,015 6,941,105
SHAREHOLDERS' FUNDS 8,267,727 7,343,817

The financial statements were approved by the director and authorised for issue on 5th August 2024 and were signed by:





H Emery - Director


NORTHERN CORRUGATED HOLDINGS LTD (REGISTERED NUMBER: 13641526)

COMPANY BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 1,658,747 1,035,454
Investments 12 67,376 67,376
1,726,123 1,102,830

CURRENT ASSETS
Debtors 14 301,560 -
Cash at bank 771,022 719,482
1,072,582 719,482
CREDITORS
Amounts falling due within one year 15 124,450 28,439
NET CURRENT ASSETS 948,132 691,043
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,674,255

1,793,873

CREDITORS
Amounts falling due after more than one
year

16

7,141

7,141
NET ASSETS 2,667,114 1,786,732

CAPITAL AND RESERVES
Called up share capital 18 60,235 60,235
Retained earnings 19 2,606,879 1,726,497
SHAREHOLDERS' FUNDS 2,667,114 1,786,732

Company's profit for the financial year 955,676 1,241,052

The financial statements were approved by the director and authorised for issue on 5th August 2024 and were signed by:





H Emery - Director


NORTHERN CORRUGATED HOLDINGS LTD (REGISTERED NUMBER: 13641526)

CONSOLIDATED 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 6,108,924 342,477 6,511,636

Changes in equity
Dividends - (64,451 ) - (64,451 )
Total comprehensive income - 896,632 - 896,632
Balance at 31st March 2023 60,235 6,941,105 342,477 7,343,817

Changes in equity
Dividends - (75,294 ) - (75,294 )
Total comprehensive income - 999,204 - 999,204
Balance at 31st March 2024 60,235 7,865,015 342,477 8,267,727

NORTHERN CORRUGATED HOLDINGS LTD (REGISTERED NUMBER: 13641526)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st April 2022 60,235 549,896 610,131

Changes in equity
Dividends - (64,451 ) (64,451 )
Total comprehensive income - 1,241,052 1,241,052
Balance at 31st March 2023 60,235 1,726,497 1,786,732

Changes in equity
Dividends - (75,294 ) (75,294 )
Total comprehensive income - 955,676 955,676
Balance at 31st March 2024 60,235 2,606,879 2,667,114

NORTHERN CORRUGATED HOLDINGS LTD (REGISTERED NUMBER: 13641526)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,724,878 1,638,762
Interest paid (37,392 ) (37,025 )
Tax paid (167,134 ) (241,527 )
Net cash from operating activities 1,520,352 1,360,210

Cash flows from investing activities
Purchase of tangible fixed assets (614,300 ) (1,186,147 )
Sale of tangible fixed assets 62,676 27,413
Interest received 12,575 1,998
Net cash from investing activities (539,049 ) (1,156,736 )

Cash flows from financing activities
Amount withdrawn by directors - (44 )
Equity dividends paid (75,294 ) (64,451 )
Net cash from financing activities (75,294 ) (64,495 )

Increase in cash and cash equivalents 906,009 138,979
Cash and cash equivalents at beginning of
year

2

1,591,953

1,452,974

Cash and cash equivalents at end of year 2 2,497,962 1,591,953

NORTHERN CORRUGATED HOLDINGS LTD (REGISTERED NUMBER: 13641526)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 1,356,037 1,165,562
Depreciation charges 415,471 363,944
Finance costs 37,392 37,025
Finance income (12,575 ) (1,998 )
1,796,325 1,564,533
(Increase)/decrease in stocks (30,235 ) 39,542
(Increase)/decrease in trade and other debtors (130,512 ) 139,833
Increase/(decrease) in trade and other creditors 89,300 (105,146 )
Cash generated from operations 1,724,878 1,638,762

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 31st March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 2,497,962 1,591,953
Year ended 31st March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 1,591,953 1,452,974


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank and in hand 1,591,953 906,009 2,497,962
1,591,953 906,009 2,497,962
Total 1,591,953 906,009 2,497,962

NORTHERN CORRUGATED HOLDINGS LTD (REGISTERED NUMBER: 13641526)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

Northern Corrugated Holdings Ltd 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 General 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.

Basis of consolidation
The consolidated accounts have been prepared using the merger method of accounting as set out in Financial Reporting Standard 6: Acquisitions and Mergers.

All subsidiary undertakings included in the consolidated financial statements have coterminous year ends and the financial statements have been made up to 31 March 2024.

The following is a summary of the significant accounting policies adopted by the group in the preparation of the financial statements. The group has consistently applied all relevant accounting standards.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

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.

NORTHERN CORRUGATED HOLDINGS LTD (REGISTERED NUMBER: 13641526)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

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.

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
Improvements to 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.

NORTHERN CORRUGATED HOLDINGS LTD (REGISTERED NUMBER: 13641526)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

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.

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.


NORTHERN CORRUGATED HOLDINGS LTD (REGISTERED NUMBER: 13641526)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 group operates a defined contribution pension scheme. Contributions payable to the group'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.

3. TURNOVER

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

An analysis of turnover by class of business 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

NORTHERN CORRUGATED HOLDINGS LTD (REGISTERED NUMBER: 13641526)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

4. EMPLOYEES AND DIRECTORS - continued

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
£    £   
Director's remuneration 24,000 24,000

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 415,471 363,943
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
Return on Preference shares 34,277 35,705
37,392 37,025

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 308,186 167,039
Prior period - (20,337 )
Total current tax 308,186 146,702

Deferred tax 48,647 122,228
Tax on profit 356,833 268,930

NORTHERN CORRUGATED HOLDINGS LTD (REGISTERED NUMBER: 13641526)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

7. 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:

2024 2023
£    £   
Profit before tax 1,356,037 1,165,562
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

339,009

221,457

Effects of:
Expenses not deductible for tax purposes 17,824 13,793
Utilisation of tax losses - (12 )
Adjustments to tax charge in respect of previous periods - (20,337 )
Super deduction allowances - (25,065 )
Change in rate - 79,094
Total tax charge 356,833 268,930

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 75,294 64,451

Non equity preference dividend has been paid of £34,277 (2023 £35,705).

10. 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 HOLDINGS LTD (REGISTERED NUMBER: 13641526)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant &
property property machinery
£    £    £   
COST
At 1st April 2023 3,697,945 25,132 2,474,038
Additions 62,860 - 114,560
Disposals (5,576 ) - -
At 31st March 2024 3,755,229 25,132 2,588,598
DEPRECIATION
At 1st April 2023 389,748 6,953 1,369,024
Charge for year 37,625 503 179,786
Eliminated on disposal - - -
At 31st March 2024 427,373 7,456 1,548,810
NET BOOK VALUE
At 31st March 2024 3,327,856 17,676 1,039,788
At 31st March 2023 3,308,197 18,179 1,105,014

Fixtures Motor
& fittings vehicles Totals
£    £    £   
COST
At 1st April 2023 96,655 606,532 6,900,302
Additions 21,111 415,769 614,300
Disposals - (223,247 ) (228,823 )
At 31st March 2024 117,766 799,054 7,285,779
DEPRECIATION
At 1st April 2023 54,362 398,872 2,218,959
Charge for year 12,171 185,386 415,471
Eliminated on disposal - (166,147 ) (166,147 )
At 31st March 2024 66,533 418,111 2,468,283
NET BOOK VALUE
At 31st March 2024 51,233 380,943 4,817,496
At 31st March 2023 42,293 207,660 4,681,343

Included in cost of land and buildings is freehold land of £792,775 (2023 - £792,775) which is not depreciated.

NORTHERN CORRUGATED HOLDINGS LTD (REGISTERED NUMBER: 13641526)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

11. TANGIBLE FIXED ASSETS - continued

Company
Freehold
property
£   
COST
At 1st April 2023 1,048,281
Additions 644,425
At 31st March 2024 1,692,706
DEPRECIATION
At 1st April 2023 12,827
Charge for year 21,132
At 31st March 2024 33,959
NET BOOK VALUE
At 31st March 2024 1,658,747
At 31st March 2023 1,035,454

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st April 2023
and 31st March 2024 67,376
NET BOOK VALUE
At 31st March 2024 67,376
At 31st March 2023 67,376


The following were subsidiary undertakings of the company:


Name
Country of
Incorporation
Class of
Shares

Holding

Principal Activity

Northern Corrugated Cases Limited England and Wales Ordinary 100% Holding company


The registered office for all the above company is Unit C, Millbrook Court, Middlewich, CW10 0GE .

NORTHERN CORRUGATED HOLDINGS LTD (REGISTERED NUMBER: 13641526)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

13. STOCKS

Group
2024 2023
£    £   
Raw materials 231,994 221,942
Finished goods 67,316 47,133
299,310 269,075

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,598,149 1,488,211 - -
Amounts owed by group undertakings - - 301,560 -
Other debtors 10,569 3,031 - -
Prepayments 63,723 50,687 - -
1,672,441 1,541,929 301,560 -

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 63,849 24,950 - (1 )
Corporation Tax 308,091 167,039 122,220 28,440
Social security and other taxes 40,241 30,160 - -
VAT 136,787 99,707 - -
Other creditors 52,874 48,856 2,230 -
Accrued expenses 32,294 33,072 - -
634,136 403,784 124,450 28,439

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Redeemable preference shares 7,141 7,141 7,141 7,141

17. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 378,205 329,558

NORTHERN CORRUGATED HOLDINGS LTD (REGISTERED NUMBER: 13641526)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

17. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1st April 2023 329,558
Provided during year 48,647
Balance at 31st March 2024 378,205

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
60,235 Ordinary £1 60,235 60,235

The shares rank pari passu.

19. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st April 2023 6,941,105 342,477 7,283,582
Profit for the year 999,204 999,204
Dividends (75,294 ) (75,294 )
At 31st March 2024 7,865,015 342,477 8,207,492

Company
Retained
earnings
£   

At 1st April 2023 1,726,497
Profit for the year 955,676
Dividends (75,294 )
At 31st March 2024 2,606,879


20. RELATED PARTY DISCLOSURES

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