Company Registration No. 06786317 (England and Wales)
GO-PAK UK LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
GO-PAK UK LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 6
Directors' report
7 - 11
Independent auditor's report
12 - 15
Profit and loss account
16
Group statement of comprehensive income
17
Group balance sheet
18
Company balance sheet
19 - 20
Group statement of changes in equity
21
Company statement of changes in equity
22
Group statement of cash flows
23
Notes to the financial statements
24 - 45
GO-PAK UK LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr W Charoenkitsupat
Mr A J C Anderson
Mr D Ketsuwan
Mr K Tejasen
(Appointed 1 October 2023)
Mr S Korprasertsri
Mr T Allen
Company number
06786317
Registered office
Drumcoo House
1 Hawkesworth Road
Yate
Bristol
BS37 5NW
Auditor
KPMG LLP
3 Assembly Square
Britannia Quay
Cardiff
CF10 4AX
GO-PAK UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

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

Fair review of the business

The financial year 2023 showed the business back to its pre covid performance levels but also reflected a year of consolidation and investing in internal systems and processes needed to take the next growth steps in future years. Macro storms of high container costs, a weak GBP and high raw material costs did not pull performance down as has been the case in previous years. Despite wider issues of the Ukraine and the Middle East effecting our markets it was a year of relative stability and business normality. Continued investment and diversification in our manufacturing facilities in Vietnam particularly helped growth in US and RoW whilst the UK remained steady. The business also continued to invest in stock availability in UK & European markets, notably opening a new 3PL warehouse in Dublin, driving profitability and ensuring a continued robust business model.

Revenue growth overall for the year was a modest 3% taking group revenues to £84.4m. Underlying this was UK/Europe steady revenue growth of 5%, Go-Pak Paper Products Vietnam Company Limited (GPPVN) growth of 39% but reduced revenues at Go-Pak Vietnam Limited (GPVN) of 53% as the business transitions away from single use plastic cutlery and focuses on a transition to fibre products. Encouragingly, as planned, sales to USA and RoW destinations increased, product portfolios broadened, and internal processes became more robust. Products sourced from parent company, SCGP, also increased in line with investment programmes in Thailand, Vietnam and Malaysia.

Gross margins for the full year were 22.2% of revenue, a full 15.9pps ahead of the previous year reflecting progress made in the business but also a more benign macro environment. EBITDA for the full year was £11.7m (13.9% of revenue) representing a £9.2m increase on prior year. Encouragingly all 3 businesses, including Vietnam Plastic (GPVN) posted profit performances well ahead of prior year reflecting the hard work done in the year and less inclement trading conditions.

The Directors look forward to a period of continued success for the business and are very optimistic regarding the future outlook and opportunities to grow and develop further.

GO-PAK UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Principal risks and uncertainties

The Group is faced with a variety of different risks and uncertainties and actively monitors these with a view to mitigating potentially negative impacts. While these risks and uncertainties can never be completely eliminated, the Directors are confident that all appropriate measures are taken to manage these risks in an effective way.

Freight Risk

The business spent £11.6m on container freight charges in 2022, at an average cost of $9,000 per container. As was the case in 2021, the average container rate in 2022 was far in excess of what are deemed to be normalised rates of circa $2,000 per container. Business profitability was directly impacted by these excessive costs in 2021 and 2022 but by mid-2023 had returned to more normalised rates. Following the escalation of the Red Sea crisis in late 2023 average container rates began to rise again, reaching a peak of circa $6,000 per container. The business continues to closely monitor container rates and manage our response to ensure continued profitability.

Sustainability

The business continues to keep ahead of the sustainability agenda and has transitioned products in the UK to de-risk any effect of the Single Use Plastic Directive. Go-Pak’s leading sustainability brand, Edenware, continues to grow with more products being added to this brand. Sustainability remains a core part of business strategy reflected by a target that by 2025, 80% of its sales will be in paper, compostable or highly recyclable substrates. As part of a vertically integrated supply chain group sustainability is achieved through the manufacturing process with the use of some raw materials from SCGP operating in line with their “No Gross Deforestation”. SCGP remains firmly committed to its 2050 Net Zero emission goal by prioritizing clean energy sourcing to substitute fossil fuels, develop energy efficiency technology, reduce GHG emissions while implementing a climate resilience strategy.

The business contracts outbound distribution to 3rd party suppliers with commitment to attaining ISO 14001 Environmental Management System (EMS) addressing carbon reduction through the whole supply chain.

Raw Material Risk

The Directors are fully aware of the risks associated with the type of business Go-Pak is engaged in and they regularly monitor the potential changes in market environments and have a range of strategies and procedures in place to ensure the group is protected accordingly. Go-Pak being part of the SCG Group has also significantly widened raw material sourcing options so decreasing risk in this area.

Inventory Risk

The key asset to the trading business is the investment in Inventory carried to assist strong service levels and sales to customers. The market price of this Inventory can be affected by a number of factors outside of the group’s control. The Directors monitor prices regularly to ensure the group is not exposed to financial risk should market prices fall. The Directors have a number of strategies and procedures in place to react to price change to ensure risk is minimal; it is also worth pointing out that none of Go-Pak products are perishable and are suitable for sale after extended storage periods.

Credit Risk

There is risk to all businesses of Bad Debt from Customers. The directors have procedures to minimise this risk. All credit-based trading is subject to credit verification procedures and debtors are monitored daily to ensure the best possible cash flow for the business. Credit insurance was introduced in 2023, reducing the credit risk to the business.

GO-PAK UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

Forex Risk

The company has foreign exchange exposure in relation to the US Dollar, Vietnamese Dong and, to a limited extent, the Euro and Thai Baht. The majority of purchases of goods are made in US Dollars with a significant proportion of consolidated turnover being sales to the UK in GBP.

Liquidity Risk

The company has a healthy cash flow and the directors are confident that the funding structure is sufficient to meet all the liabilities now and in the forthcoming period.

Key performance indicators

The Directors monitor the business through a mixture of financial and non-financial key performance indicators. The shareholders consider that key performance indicators to be financial with the emphasis on EBITDA which allows ongoing investment in people, technology and growth both organically and through acquisition.

 

The last 2 years trading demonstrates the growth in revenue and rapid margin improvement delivered with stable container costs. This performance represents a sustainable platform for stability and future investment.

 

 

 

2023

2022

Revenue (£m)

 

 

84.4

 

81.8

 

 

 

 

Gross Margin %

 

 

22.2%

 

6.3%

 

 

 

 

EBITDA (£m)

 

EBITDA %

 

Net Assets (£m)

 

10.1

 

12.0%

 

 

33.899

0.9

 

1.1%

 

 

27.992

 

 

 

 

EBITDA is calculated as operating profit/(loss) plus the amortisation and depreciation charges for the year.

Financial risk management objectives and policies

The directors have reviewed the financial risk management objectives and policies of the group. They do not believe there to be significant risks in this area.

As at the balance sheet date the Group is self-funding from cash generation and currently has no external funding.

The Group enters into derivatives, principally for hedging foreign exchange risk; however hedge accounting is not applied.

GO-PAK UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Section 172 statement

The success of our business relies heavily on strong relationships with all of our stakeholders, both internal and external. A continuous focus on maintaining and developing these relationships ensures that we continue to succeed as a business and have a high reputation for quality, transparency and integrity. Our ethos is to be a business that our employees enjoy working for and our customers and suppliers enjoy engaging with. We endeavour to do this while doing all we can to protect the environment and operate in a responsible way.

Shareholders

The Go-Pak business was acquired by SCGP, the largest vertically integrated packaging company in Asia, in 2021 and the business takes a great sense of pride and responsibility in being part of such a prestigious group. All our business decision-making is made with the best interests of SCGP in mind and our Senior Management Team has a constant dialogue with colleagues from our SCGP head office in Thailand. Monthly performance review meetings are held with head office where commercial, operational and financial results are presented and discussed in detail.

Our People

Our people are key to the success of our business and we are continually focussed on maintaining a happy and motivated team of employees who enjoy working for Go-Pak. We keep our people informed on latest developments through weekly team briefings and quarterly newsletters. Engagement surveys are an important source for gaining employee feedback and we focus on taking improvement initiatives based on this feedback. The Health and Safety of our employees is critical to our business and we encourage near-miss reporting as well as conducting regular senior manager safety audits of our operational facilities. We have an annual staff performance appraisal process where we recap on the previous year’s performance and align objectives for the coming year. Staff retention and development is of high importance and we ensure the business is competitively positioned in terms of remuneration packages offered to its employees and is committed to investing in training and developing its people.

Customers

We have long-standing relationships with a high number of our customers, forged on trust and integrity. Our focus is on delivering high-quality products with competitive pricing and lead times, as well as maintaining a regular dialogue with our customers. We have a dedicated field sales team that are always available for our customers to contact, along with an energetic and engaging customer services team. We have quality control teams in place at our Vietnam manufacturing facilities and our UK warehouse to ensure all products produced are of the highest quality. Customer goodwill is critical to the success of our business and we continually focus on ensuring that good, open relationships are maintained.

Suppliers

We recognise the great importance of engaging with reliable, high-quality suppliers within our supply chain. As well as producing our own product internally within our Vietnam facilities, a significant proportion of product is sourced from 3rd party manufacturers. In addition to this, we engage with a large number of non-product suppliers to run our general operations.

We engage with key third party suppliers via regular meetings and visits to their facilities. Discussions on pricing is only one part of our negotiations with suppliers; of equal importance is quality and reliability. An unreliable supplier can adversely impact on our supply chain, which in turn can impact our customers. We seek to avoid this situation through regular supplier dialogue and internally measuring their performance to ensure they meet Go-Pak’s high standards.

We recognise the importance of supporting our suppliers through the timely payment of invoices. We perform weekly supplier payment runs and put great importance on paying all our suppliers within the agreed payment terms.

GO-PAK UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

Communities

We endeavour to operate in a socially responsible way and consciously focus on reducing our carbon footprint. Within our business, the paper-based proportion of our product portfolio continues to grow as global markets trend away from plastic-based products and towards paper-based products. We dispose of our waste product and packaging in a responsible way and always look for opportunities to reduce our usage of non-recyclable materials.

Within our community, we make local donations and sponsorships. We co-ordinate and encourage our staff to participate in give-back opportunities such as community outreach projects and support for homeless charities.

Government and regulators

We ensure that we stay updated on legal and regulatory developments within our industry and for more general compliance matters. We commit to adhering to all regulatory filing deadlines and for making payments of our tax obligations on time and in full.

On behalf of the board

Mr A J C Anderson
Director
8 August 2024
GO-PAK UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -

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

Principal activities

The principal activity of the company and group continued to be that of the manufacture of disposable product and packaging solutions to the foodservice, cash & carry and retail sectors globally.

Results and dividends

The results for the year are set out on page 16.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr W Charoenkitsupat
Mr A J C Anderson
Mr D Ketsuwan
Mr J W Pas
(Resigned 1 October 2023)
Mr K Tejasen
(Appointed 1 October 2023)
Mr S Korprasertsri
Mr T Allen
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

 

GO-PAK UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Future developments

Given the easing macroeconomic challenges faced in 2023, the business successfully continued to focus on delivering high quality products with competitive lead times and pricing. Ensuring business processes were fit for future growth was a key strategic objective in this period, alongside a commitment to develop our people and a return to expected profitability. The business recruited key personnel across various functional areas during 2023 and these people will play an important part in delivering further growth and success in future years.

At the time of approving these financial statements, there are various macroeconomic uncertainties affecting our UK and wider markets. Following Russia’s invasion of Ukraine in February 2022, global energy prices continue to put pressure on households faced with higher utility bills and inflation has significantly reduced consumers real purchasing power, albeit now at much reduced levels; the hope now is that interest rates will follow this reduction giving back the purchasing power to the consumer that the economy needs to grow as these rates find their way into reduced household mortgage costs. More recent concerns relate to the instability in the Middle East and specifically the Red Sea that has caused, and is causing, supply chain disruptions as container freight is redirected around the horn of Africa, a longer and more expensive route.

Despite these pressures, the business is anticipating a successful financial & operational performance in 2024. We believe demand for our products is robust despite the financial pressures on households we have many opportunities to further grow market share in our core geographical markets. Container freight, a significant element of our costs of sales normalised in much of 2023 with recent increases due to challenges in the Red Sea being manageable. Raw materials and exchange rates, in previous years a challenge, are showing stability. Our financial performance to date in 2024 has shown a healthy improvement year-on-year and we expect this to continue.

The economic environment remains challenging; however, the business is well set to weather any such storms and perform strongly in 2024 and beyond.

Auditor

KPMG LLP was appointed as auditor during the year. Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and KPMG LLP will therefore continue in office.

GO-PAK UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Energy and carbon report

This is the third year that the company has been required to report under these regulations. The UK company only is included in this report.

 

2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
318,477
291,803
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
14.00
13.00
14.00
13.00
Scope 2 - indirect emissions
- Electricity purchased
51.00
42.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
3.10
5.00
Total gross emissions
68.10
60.00
Intensity ratio
Tonnes of CO2e per full time employee
0.9
1.0
Quantification and reporting methodology

The boundaries of this report are based on operational control. We report our emissions with reference to the latest Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (GHG Protocol). In accordance with the 2018 Regulations, the energy use and associated greenhouse gas emissions are for those within the UK only that come under the operational control boundary. The 2021 UK Government GHG Conversion Factors for Company Reporting published by the UK Department for Environment Food & Rural Affairs (DEFRA) are used to convert energy use in our operations to emissions of CO2e. Carbon emission factors for purchased electricity calculated according to the ‘location-based grid average’ method. This reflects the average emission of the grid where the energy consumption occurs. Data sources include billing, invoices and the Group’s internal systems. For transport data where actual usage data (e.g. litres) was unavailable conversions were made using average fuel consumption factors to estimate the usage.

Intensity measurement

We have chosen to report our gross emissions against employee number. The value for the intensity ratio was 0.9 (2022: 1.0) tCO2e per employee.

GO-PAK UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Measures taken to improve energy efficiency

Go-Pak UK Ltd have undertaken the following energy efficiency actions during the reporting period:

• Continued to switch vehicles in the company car fleet away from fossil fuel vehicles to hybrid vehicles

• Moved into an office with an EPC grade of A, which has light sensors installed

• Continued to install low energy, sensor controlled lights in the warehouse

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Directors’ Report and the Group and parent Company 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 they have elected to prepare the Group and parent Company financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 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 Group and parent Company and of the Group’s profit or loss for that period. In preparing each of the Group and parent Company financial statements, the directors are required to:

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent Company’s transactions and disclose with reasonable accuracy at any time the financial position of the parent Company and enable them to ensure that its financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

GO-PAK UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the Group is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the Group is aware of that information.

On behalf of the board
Mr A J C Anderson
Director
8 August 2024
GO-PAK UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GO-PAK UK LIMITED
- 12 -
Opinion

We have audited the financial statements of Go-Pak UK Limited (“the Company”) for the year ended 31 December 2023 which comprise the Group Profit and Loss Account, Group Statement of Comprehensive Income, Group Balance Sheet, Company Balance Sheet, Group Statement of Changes in Equity, Company Statement of Changes in Equity, Group Statement of Cashflow and related notes, including the accounting policies in note 1.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the Group in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going Concern

The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Group or the Company or to cease their operations, and as they have concluded that the Group and the Company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over their ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

 

In our evaluation of the directors’ conclusions, we considered the inherent risks to the Group’s business model and analysed how those risks might affect the Group and Company’s financial resources or ability to continue operations over the going concern period.

 

Our conclusions based on this work:

 

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Group or the Company will continue in operation.

GO-PAK UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GO-PAK UK LIMITED (CONTINUED)
- 13 -

Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud

 

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

 

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. This included communication from the Group audit team to full scope component audit teams of relevant fraud risks identified at the Group level and request to full scope component audit teams to report to the Group audit team any instances of fraud that could give rise to a material misstatement at the Group level.

 

As required by auditing standards, and taking into account possible pressures to meet profit targets, we perform procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition, in particular:

 

We did not identify any additional fraud risks.

 

In determining the audit procedures we took into account the results of our evaluation of the Group-wide fraud risk management controls.

 

We also performed procedures including:

 

Identifying and responding to risks of material misstatement related to compliance with laws and regulations

 

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and others management (as required by auditing standards) and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.

 

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

 

GO-PAK UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GO-PAK UK LIMITED (CONTINUED)
- 14 -

The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety legislation, data protection laws, anti-bribery, employment law, environmental legislation, export control, applicable packaging and product safety standard and certain aspects of company legislation recognising the nature of the Group’s activities.

 

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.

 

Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

 

Context of the ability of the audit to detect fraud or breaches of law or regulation

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

 

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

Strategic report and directors’ report

The directors are responsible for the strategic report and the directors’ report. Our opinion on the financial statements does not cover those reports and we do not express an audit opinion thereon.

 

Our responsibility is to read the strategic report and the directors’ report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:

GO-PAK UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GO-PAK UK LIMITED (CONTINUED)
- 15 -
Matters on which we are required to report by exception

Under the Companies Act 2006, we are required to report to you if, in our opinion:

 

We have nothing to report in these respects.

Responsibilities of directors

As explained more fully in their statement set out on page 10, the directors are responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Group and 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 they either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

 

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities

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 an auditor’s 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.

Jeremy Thomas (Senior Statutory Auditor)
for and on behalf of KPMG LLP, Statutory Auditor
Chartered Accountants
3 Assembly Square
Britannia Quay
Cardiff
8 August 2024
GO-PAK UK LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2023
2022
Notes
£'000s
£'000s
Turnover
3
84,401
81,822
Cost of sales
(65,640)
(76,676)
Gross profit
18,761
5,146
Administrative expenses
(11,100)
(6,836)
Other operating income
634
702
Operating profit/(loss)
4
8,295
(988)
Interest receivable and similar income
82
27
Interest payable and similar expenses
(90)
(31)
Profit/(loss) before taxation
8,287
(992)
Tax on profit/(loss)
8
(1,980)
317
Profit/(loss) for the financial year
20
6,307
(675)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
GO-PAK UK LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2023
2022
£'000s
£'000s
Profit/(loss) for the year
6,307
(675)
Other comprehensive income
Foreign exchange differences on translation of foreign operations
(400)
712
Total comprehensive income for the year
5,907
37
Total comprehensive income for the year is all attributable to the owners of the parent company.
GO-PAK UK LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 18 -
2023
2022
Notes
£'000s
£'000s
£'000s
£'000s
Fixed assets
Intangible assets
9
337
108
Tangible assets
10
2,618
3,445
2,955
3,553
Current assets
Stocks
13
15,747
16,502
Debtors (including £49,000 (2022: £nil) due after more than one year)
14
13,343
14,729
Cash at bank and in hand
11,821
5,952
40,911
37,183
Creditors: amounts falling due within one year
15
(9,884)
(12,744)
Net current assets
31,027
24,439
Total assets less current liabilities
33,982
27,992
Provisions for liabilities
Deferred tax liability
17
(83)
-
(83)
-
Net assets
33,899
27,992
Capital and reserves
Called up share capital
19
7,800
7,800
Profit and loss reserves
20
26,099
20,192
Total equity
33,899
27,992
The financial statements were approved by the board of directors and authorised for issue on 8 August 2024 and are signed on its behalf by:
08 August 2024
Mr A J C Anderson
Director
Company registration number 06786317 (England and Wales)
GO-PAK UK LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 19 -
2023
2022
Notes
£'000s
£'000s
£'000s
£'000s
Fixed assets
Intangible assets
9
303
54
Tangible assets
10
430
389
Investments
11
536
536
1,269
979
Current assets
Stocks
13
10,201
9,869
Debtors (including £2,161,000  (2022: £2,640,000) due after more than one year)
14
15,984
16,367
Cash at bank and in hand
4,741
2,475
30,926
28,711
Creditors: amounts falling due within one year
15
(6,076)
(7,487)
Net current assets
24,850
21,224
Total assets less current liabilities
26,119
22,203
Provisions for liabilities
Deferred tax liability
17
(83)
-
0
(83)
-
Net assets
26,036
22,203
GO-PAK UK LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
2023
2022
Notes
£'000s
£'000s
£'000s
£'000s
- 20 -
Capital and reserves
Called up share capital
19
7,800
7,800
Profit and loss reserves
20
18,236
14,403
Total equity
26,036
22,203

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss accounts and related notes. The company's profit for the period was £3,833,000 (2022 - £257,000 loss).

 

The financial statements were approved by the board of directors and authorised for issue on 8 August 2024 and are signed on its behalf by:
08 August 2024
Mr A J C Anderson
Director
Company registration number 06786317 (England and Wales)
GO-PAK UK LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
Share capital
Profit and loss reserves
Total
£'000s
£'000s
£'000s
Balance at 1 January 2022
7,800
20,155
27,955
Year ended 31 December 2022:
Loss for the year
-
(675)
(675)
Other comprehensive income:
Foreign exchange differences on translation of foreign operations
-
712
712
Total comprehensive income for the year
-
37
37
Balance at 31 December 2022
7,800
20,192
27,992
Year ended 31 December 2023:
Profit for the year
-
6,307
6,307
Other comprehensive income:
Foreign exchange differences on translation of foreign operations
-
(400)
(400)
Total comprehensive income for the year
-
5,907
5,907
Balance at 31 December 2023
7,800
26,099
33,899
GO-PAK UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
Share capital
Profit and loss reserves
Total
£'000s
£'000s
£'000s
Balance at 1 January 2022
7,800
14,660
22,460
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(257)
(257)
Balance at 31 December 2022
7,800
14,403
22,203
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
3,833
3,833
Balance at 31 December 2023
7,800
18,236
26,036
GO-PAK UK LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
2023
2022
Notes
£'000s
£'000s
£'000s
£'000s
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
10,035
(5,508)
Income taxes paid
(1,241)
(7)
Net cash inflow/(outflow) from operating activities
8,794
(5,515)
Investing activities
Purchase of intangible assets
(212)
(63)
Purchase of tangible fixed assets
(1,039)
(1,292)
Interest received
82
27
Net cash used in investing activities
(1,169)
(1,328)
Financing activities
Repayment of bank loans
(1,500)
1,500
Purchase of derivatives
-
(10)
Interest paid
(90)
(31)
Net cash (used in)/generated from financing activities
(1,590)
1,459
Net increase/(decrease) in cash and cash equivalents
6,035
(5,384)
Cash and cash equivalents at beginning of year
5,952
10,762
Effect of foreign exchange rates
(166)
574
Cash and cash equivalents at end of year
11,821
5,952
GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
1
Accounting policies
Company information

Go-Pak UK Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Drumcoo House, 1 Hawkesworth Road, Yate, Bristol, BS37 5NW.

 

The group consists of Go-Pak UK Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the parent company. Monetary amounts in these financial statements are rounded to the nearest £1,000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The parent company is included in the consolidated financial statements, and is considered to be a qualifying entity under FRS 102 paragraphs 1.8 to 1.12. The following exemptions available under FRS 102 in respect of certain disclosures for the parent company financial statements have been applied:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries are accounted for at cost less impairment.

GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 25 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Go-Pak UK Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

The Directors have considered the group’s business activities and risks in adopting the going concern basis of preparation for the financial statements. The going concern basis is considered to be appropriate for the following reasons.

 

The Directors have a reasonable expectation that the group and the company will have sufficient resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approving these financial statements. The Directors have made this assessment on the basis of the current cash position, cash flow forecasts that show the group meets its day to day working capital requirements from operational cash flows and has no external funding.

 

As part of their going concern assessment, the Directors have modelled severe but plausible downside scenarios including a reduction in revenue and increase in costs across the group. The Directors believe that the group is able to manage its business risks despite ongoing economic uncertainty. The group has modelled a cautious yet realistic base case considering the level of trading to date. The Directors have stress-tested these assumptions and have prepared a reasonably plausible downside scenario allowing for lower than expected trade and increased costs driven by inflationary and other pressures.

 

Consequently, the Directors are confident that the group and Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch or delivery of the goods depending on agreed terms), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 26 -
1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% on cost
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over the lease term
Plant and equipment
3-6 years straight line
Fixtures and fittings
5 years straight line and 5 years reducing balance
Computers
3 years straight line
Motor vehicles
3 years reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 27 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

 

Goods inwards in transit are included in the closing stock figure. These are valued at the lower of cost and estimated selling price less costs to complete and sell.

Cost is calculated using the first in first out method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 28 -
1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 29 -
Basic financial liabilities

Basic financial liabilities that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 30 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Critical accounting judgements in applying the company's accounting policies

In the course of preparing the financial statements, no judgements have been made in the process of applying the group's accounting policies, other than those involving estimations (which are dealt with separately below), that have had a significant effect on the amounts recognised in the financial statements.

Source of estimation uncertainty and judgements involving estimations

The group does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

Carrying value of inventory and debtors

Notwithstanding this, as significant balances relate to the group’s inventory and debtors, management undertakes regular reviews to identify the occurrence of events or changes in circumstances that indicate the carrying amount of inventory and debtors may not be recoverable.

 

Inventories are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires estimation to be made, which include forecast consumer demand, the promotional, competitive, and economic environment and inventory loss trends.

 

Management maintains an allowance for the provision of bad debts to account for estimated losses resulting from the inability of customers to make required payments. When evaluating the adequacy of an allowance for bad debts, management bases its estimates on the ageing accounts receivable balances and historical write off experience, customer credit worthiness and changes in customer payment terms.

3
Turnover
2023
2022
£'000s
£'000s
Turnover analysed by class of business
Disposable products and packaging
84,331
81,502
Hygiene and personal protective equipment
70
320
84,401
81,822
GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover
(Continued)
- 32 -
2023
2022
£'000s
£'000s
Turnover analysed by geographical market
North America
31,971
30,574
Australia
123
-
United Kingdom
48,573
47,660
Europe
3,585
3,110
Rest of the world
149
478
84,401
81,822
4
Operating profit/(loss)
2023
2022
£'000s
£'000s
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange losses/(gains)
287
(1,217)
Research and development costs
5
4
Depreciation of owned tangible fixed assets
1,623
1,827
Amortisation of intangible assets
88
31
Operating lease charges
263
228
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£'000s
£'000s
Audit of these financial statements
180
62
Audit of financial statements of subsidiaries of the company
18
-
198
62
For other services
All other services
1
6
GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
6
Directors' remuneration
2023
2022
£'000s
£'000s
Remuneration for qualifying services
418
354
Company pension contributions to defined contribution schemes
19
17
437
371

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£'000s
£'000s
Remuneration for qualifying services
264
264
Company pension contributions to defined contribution schemes
12
15

Key management personnel

Key management personnel includes the directors as recorded on the 'Company Information' page and local senior management. The compensation recognised in the Income Statement for key management employee services is £971,973 (2022: £717,421). Employee service is defined as basic salary, employers' national insurance contributions, bonus entitlements and holiday pay entitlements.

 

Total amounts paid into money purchase pension schemes on behalf of key management personnel, including directors as recorded on the 'Company Information' page were £31,079 (2022: £20,179).

7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Sales and administrative
92
66
38
28
Operational and distribution
773
678
32
21
Total
865
744
70
49
GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Employees
(Continued)
- 34 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£'000s
£'000s
£'000s
£'000s
Wages and salaries
6,864
5,502
2,959
2,026
Social security costs
877
674
308
236
Pension costs
118
45
118
45
7,859
6,221
3,385
2,307
8
Taxation
2023
2022
£'000s
£'000s
Current tax
UK corporation tax on profits for the current period
980
(88)
Foreign current tax on profits for the current period
740
(109)
Total current tax
1,720
(197)
Deferred tax
Origination and reversal of timing differences
(22)
(105)
Utilisation of tax losses
282
-
0
Foreign exchange differences
-
0
(15)
Total deferred tax
260
(120)
Total tax charge/(credit)
1,980
(317)
GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 35 -

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£'000s
£'000s
Profit/(loss) before taxation
8,287
(992)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
1,947
(188)
Tax effect of expenses that are not deductible in determining taxable profit
62
14
Unutilised tax losses carried forward
-
0
(127)
Change in unrecognised deferred tax assets
-
0
(38)
Foreign exchange differences
-
0
2
Other timing differences
90
20
Effect of tax in foreign jurisdiction
(119)
-
0
Taxation charge/(credit)
1,980
(317)

The main rate of corporation tax increased to 25% from 1 April 2023. This will increase the company's future current tax charge accordingly. The main rate of corporation tax for the current financial year is 23.5% (19% until 31 March 2023, 25% from 1 April 2023). Deferred tax balances at 31 December 2023 have been calculated based on 25% (2022: 25%) reflecting the timing of the expected reversal of the related timing differences.

 

The tax rate applicable in foreign jurisdictions is 20% (2022: 20%).

GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 36 -
9
Intangible fixed assets
Group
Software
£'000s
Cost
At 1 January 2023
217
Additions - internally developed
24
Additions - separately acquired
208
Transfers
130
Exchange adjustments
(7)
At 31 December 2023
572
Amortisation and impairment
At 1 January 2023
109
Amortisation charged for the year
88
Transfers
43
Exchange adjustments
(5)
At 31 December 2023
235
Carrying amount
At 31 December 2023
337
At 31 December 2022
108
Company
Software
£'000s
Cost
At 1 January 2023
70
Additions - internally developed
20
Additions - separately acquired
208
Transfers
130
At 31 December 2023
428
Amortisation and impairment
At 1 January 2023
16
Amortisation charged for the year
66
Transfers
43
At 31 December 2023
125
GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Intangible fixed assets
(Continued)
- 37 -
Carrying amount
At 31 December 2023
303
At 31 December 2022
54
10
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£'000s
£'000s
£'000s
£'000s
£'000s
£'000s
Cost
At 1 January 2023
464
9,732
593
300
923
12,012
Additions
125
657
192
59
6
1,039
Disposals
-
0
(1)
-
0
(1)
-
0
(2)
Transfers
-
0
-
0
-
0
(130)
-
0
(130)
Exchange adjustments
(22)
(490)
-
0
(1)
(48)
(561)
At 31 December 2023
567
9,898
785
227
881
12,358
Depreciation and impairment
At 1 January 2023
272
7,169
392
123
611
8,567
Depreciation charged in the year
90
1,297
89
36
111
1,623
Eliminated in respect of disposals
-
0
-
0
-
0
(1)
-
0
(1)
Transfers
-
0
-
0
-
0
(43)
-
0
(43)
Exchange adjustments
(13)
(361)
-
0
-
0
(32)
(406)
At 31 December 2023
349
8,105
481
115
690
9,740
Carrying amount
At 31 December 2023
218
1,793
304
112
191
2,618
At 31 December 2022
192
2,563
201
177
312
3,445
GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Tangible fixed assets
(Continued)
- 38 -
Company
Leasehold land and buildings
Fixtures and fittings
Computers
Total
£'000s
£'000s
£'000s
£'000s
Cost
At 1 January 2023
37
591
270
898
Additions
5
192
59
256
Disposals
-
0
-
0
(1)
(1)
Transfers
-
0
-
0
(130)
(130)
At 31 December 2023
42
783
198
1,023
Depreciation and impairment
At 1 January 2023
16
392
101
509
Depreciation charged in the year
6
89
33
128
Eliminated in respect of disposals
-
0
-
0
(1)
(1)
Transfers
-
0
-
0
(43)
(43)
At 31 December 2023
22
481
90
593
Carrying amount
At 31 December 2023
20
302
108
430
At 31 December 2022
21
199
169
389
11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£'000s
£'000s
£'000s
£'000s
Investments in subsidiaries
12
-
0
-
0
536
536
GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Fixed asset investments
(Continued)
- 39 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£'000s
Cost or valuation
At 1 January 2023 and 31 December 2023
536
Carrying amount
At 31 December 2023
536
At 31 December 2022
536
12
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Go-Pak Vietnam Limited
Lot CN6, Road H2, Kim Huy Industry Park, Phu Tan Ward, Thu Dau Mot City, Binh Duong Province,Vietnam
Go-Pak Vietnam Limited manufactures a range of plastic-based food and drink containers for the food and retail markets.
Ordinary
100.00
Go-Pak Paper Products Vietnam Company Limited
3, Lot CN9, Rd H1, Kim Huy Industry Park, Phu Tan Ward, Thu Dau Mot City,Binh Duong Province,Vietnam
Go-Pak Paper Products Vietnam Company Limited manufactures a range of paper-based food and drink containers for the food and retail markets.
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£'000s
£'000s
Go-Pak Vietnam Limited
7,713
1,273
Go-Pak Paper Products Vietnam Company Limited
1,160
1,587

 

GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 40 -
13
Stocks
Group
Company
2023
2022
2023
2022
£'000s
£'000s
£'000s
£'000s
Raw materials and consumables
3,344
4,170
-
-
Finished goods and goods for resale
12,403
12,332
10,201
9,869
15,747
16,502
10,201
9,869
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£'000s
£'000s
£'000s
£'000s
Trade debtors
11,977
13,189
10,677
9,294
Corporation tax recoverable
129
327
129
198
Amounts owed by group undertakings
-
-
2,544
3,850
Derivative financial instruments
-
10
-
10
Prepayments and accrued income
1,188
1,102
473
274
13,294
14,628
13,823
13,626
Deferred tax asset (note 17)
-
0
101
-
0
101
13,294
14,729
13,823
13,727
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
2,161
2,640
Deferred tax asset (note 17)
49
-
0
-
0
-
0
49
-
2,161
2,640
Total debtors
13,343
14,729
15,984
16,367

Amounts owed by group undertakings to the company comprise of multiple short and long term loans repayable within 1 to 35 years. Interest of 1%-6.50% is charged on those loans.

GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 41 -
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£'000s
£'000s
£'000s
£'000s
Bank loans
16
-
0
1,500
-
0
1,500
Trade creditors
5,695
7,240
2,902
3,089
Other taxation and social security
1,815
1,590
1,406
1,580
Derivative financial instruments
50
-
0
50
-
0
Other creditors
55
532
-
0
-
0
Accruals and deferred income
2,269
1,882
1,718
1,318
9,884
12,744
6,076
7,487
16
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£'000s
£'000s
£'000s
£'000s
Bank loans
-
0
1,500
-
0
1,500
Payable within one year
-
0
1,500
-
0
1,500

The £1.5m loan is a short term loan, matured on 23 January 2023. The loan was repaid in full during the financial year ended 31 December 2023. The interest rate applied to the loan is Sonia rate + 1.8% margin.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£'000s
£'000s
£'000s
£'000s
Accelerated capital allowances
83
79
-
-
Tax losses
-
-
49
180
83
79
49
180
GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Deferred taxation
(Continued)
- 42 -
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£'000s
£'000s
£'000s
£'000s
Accelerated capital allowances
83
79
-
-
Tax losses
-
-
-
180
83
79
-
180
Group
Company
2023
2023
Movements in the year:
£'000s
£'000s
Asset at 1 January 2023
101
101
Credit to profit or loss
(135)
(184)
Liability at 31 December 2023
34
83
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£'000s
£'000s
Charge to profit or loss in respect of defined contribution schemes
118
45

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£'000s
£'000s
Issued and fully paid
Ordinary A of £1 each
7,215,185
7,215,185
7,215
7,215
Ordinary B of £1 each
585,015
585,015
585
585
7,800,200
7,800,200
7,800
7,800
GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
19
Share capital
(Continued)
- 43 -

The share capital carries equal voting rights although separate dividends can be declared in relation to A and B shares. All shares will participate equally in distribution on winding up and no shares are liable to be redeemed.

20
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£'000s
£'000s
£'000s
£'000s
At the beginning of the year
20,192
20,155
14,403
14,660
Profit/(loss) for the year
6,307
(675)
3,833
(257)
Foreign exchange differences on translation of foreign operations
(400)
712
-
0
-
0
At the end of the year
26,099
20,192
18,236
14,403
21
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£'000s
£'000s
£'000s
£'000s
Within one year
1,701
1,306
705
640
Between two and five years
2,159
1,391
944
1,372
In over five years
32
-
-
-
3,892
2,697
1,649
2,012
GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 44 -
22
Financial commitments, guarantees and contingent liabilities

The company enters into derivatives, principally for hedging foreign exchange risk. Hedge accounting is not applied to the derivatives. At the year end there was $8,250,000 in hedged contracts with a sterling value of £6,521,317. These contracts mature by 13/03/2024.

23
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£'000s
£'000s
£'000s
£'000s
Group
Non-wholly owned members of the wider  SCGP Group
164
70
9,943
6,423
Company
Non-wholly owned members of the wider  SCGP Group
-
-
9,078
5,991

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£'000s
£'000s
Group
Non-wholly owned members of the wider  SCGP Group
1,040
290
Company
Non-wholly owned members of the wider  SCGP Group
978
259

The following amounts were outstanding at the reporting end date:

 

Amounts due from related parties
2023
2022
Balance
Balance
£'000s
£'000s
Group
Non-wholly owned members of the wider  SCGP Group
16
22
GO-PAK UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
23
Related party transactions
(Continued)
- 45 -

The amounts outstanding are unsecured and will be settled in cash. No guarantees have been given or received. No provisions have been made for doubtful debts in respect of the amounts owed by related parties.

24
Controlling party

The immediate parent entity was SCGP Solutions (Singapore) PTE LTD.

The ultimate controlling party was The Siam Cement Public Company Limited. It's registered office is 1 Siam Cement Road, Bangsue, Bangkok 10800 Thailand. The company is listed on The Stock Exchange of Thailand. The company's annual report can be viewed at https://scc.listedcompany.com/.

25
Cash generated from/(absorbed by) group operations
2023
2022
£'000s
£'000s
Profit/(loss) for the year after tax
6,307
(675)
Adjustments for:
Taxation charged/(credited)
1,980
(317)
Finance costs
90
31
Investment income
(82)
(27)
Amortisation and impairment of intangible assets
88
31
Depreciation and impairment of tangible fixed assets
1,623
1,828
Movements in working capital:
Decrease in stocks
755
133
Decrease/(increase) in debtors
1,126
(3,462)
Decrease in creditors
(1,852)
(3,050)
Cash generated from/(absorbed by) operations
10,035
(5,508)
26
Analysis of changes in net funds - group
1 January 2023
Cash flows
Exchange rate movements
31 December 2023
£'000s
£'000s
£'000s
£'000s
Cash at bank and in hand
5,952
6,035
(166)
11,821
Borrowings excluding overdrafts
(1,500)
1,500
-
-
4,452
7,535
(166)
11,821
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