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REGISTERED NUMBER: 03110319 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

RAJAPACK LIMITED

RAJAPACK LIMITED (REGISTERED NUMBER: 03110319)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


RAJAPACK LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: D Cohen
D Marcovici
A F J Charpy



SECRETARY: D Cohen



REGISTERED OFFICE: DC10 Unit 1
Salford Road
Brogborough
Bedford
MK43 0AR



REGISTERED NUMBER: 03110319 (England and Wales)



SENIOR STATUTORY AUDITOR: Stephen Pocock



AUDITORS: BSR Bespoke
Chartered Accountants
Registered Auditors
Linden House
Linden Close
Tunbridge Wells
Kent
TN4 8HH

RAJAPACK LIMITED (REGISTERED NUMBER: 03110319)

STRATEGIC REPORT
for the year ended 31 December 2023


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

Rajapack is the UK's leader in packaging distribution, business equipment and supplies, using traditional catalogues, alongside online channels, as the primary routes to market. The Company supply packaging products to meet the needs of businesses regardless of their size or location, across a broad range of business sectors, with a next day delivery as standard.

REVIEW OF BUSINESS
The Company's turnover of £43.4m, presented a decline in growth which demonstrates the challenges within the market. The e-commerce boom from 2020, and 2021, stagnated during 2022 and then showed a decline through 2023 due a multitude of reasons. High inflation levels, energy prices and raw material markets, which is forecasted to lead to a technical recession at the start of 2024, has impacted end user demands, and increased competition across all customer types and sales channels.

The gross margin achieved showed a 1.7% increase to 45.3% in 2023, primarily driven by purchase cost reductions through improved supplier management, utilising the wider RAJA Group's purchasing power, and reduced raw material prices.

The Company's overheads remained tightly controlled despite increased inflationary pressure. Uncontrollable cost increases such as; business rates, energy prices and intercompany brand fees were mitigated through a sustained program of cost control led by the Directors and senior management team The Company's focus on automation, and the investment in technology and people, has enabled Ebitda to remain at £1.3m for 2023. The Company continues to retain a sufficient net asset position which will enable long-term growth.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors regularly assess the key business risks of the company, which are considered to be:

Cost price volatility
Given the market volatility that is currently prevalent in the UK, especially raw materials and energy pricing. This risk is mitigated by passing on purchase cost price changes (+/-) to our customers, as appropriate, and ensuring DIO (Days Inventory Outstanding) is at an appropriate level.

Trade Receivables/Bad Debt
The Senior Leadership at the company believe the current volatility in business within the UK, will lead to more companies going into administration, and more companies defaulting on monies owed. To mitigate this risk, the Company regularly reviews the credit risk of major customers, receives payment in advance for 1st orders, and determines credit limits for all new customers.

Regulatory Change
The Company recognises the significant changes that are happening within the packaging industry and the potential impact regulatory bodies could have on the future direction of the business, especially relating to the environment and CSR. As a result, the company regularly reviews the likelihood and impact of potential changes.

Data Protection
The Company sees data as a key resource and understands the benefits that it can bring to the business. This however does bring potential risks around GDPR and potential large fines. This is mitigated by the Company, and the larger Group, by control measures, continuous review and internal control procedures.

Employees
The loss of key personnel by the Company could cause significant disruption. This is managed by annual remuneration benchmarking across all roles to ensure market competitiveness.


RAJAPACK LIMITED (REGISTERED NUMBER: 03110319)

STRATEGIC REPORT
for the year ended 31 December 2023

SECTION 172 STATEMENT
Under section 172 of the Companies Act 2006, the Directors have a duty to promote the success of the Company for the benefit of its members as a whole. This includes having due regard to the broad range of stakeholders of the Company. The Directors view the key company stakeholders as its employees, customers, suppliers, shareholders, and the wider community and environment.

The Company has 5 key values that it uses to ensure decisions are made in the best interests of the company and its stakeholders:


-
Customer: Our business is built on customer satisfaction and loyalty. We want our customers to love working
with us, and actively recommend us to others.

-
Do the right thing: We are honest and open in our communication; we always respect our colleagues and
customers. We have a reputation for valuing integrity.

-
Be accountable: We take personal responsibility for what's in our control and we are happy to be accountable
for our results.

-
Succeed together: We achieve more when we work together towards common goals. We are open and
challenging, whilst supporting each other.

-
Be the best: We always seek to be the best we can be. We strive to fulfil our potential and feel rewarded by
doing a great job every day.

Engagement with employees is seen as critical by the Company following the ever-changing working environments post pandemic. This is managed by the Board through many channels including employee engagement surveys, quarterly business presentations and monthly team meetings This provides great support and assistance to the business.

The company engages with shareholders on a regular basis through the presentation of monthly financial reports.

The key decisions taken by the board in the year have been focussed on improving service to our customers, increasing efficiency, and creating a commercial focus across the business.

KEY PERFORMANCE INDICATORS (KPI'S)
As a company we are driven by turnover, gross margin and service ratios. We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, those being turnover, gross margin, Ebitda, and debtor days (54.5).

EMPLOYEES
The heartbeat of RAJA UK is it's employees. At the end of 2023 we had 180 FTEs. One of our non-financial KPIs, conducted as part of the annual employee engagement survey, is to achieve 75% of the business 'agreeing' or 'strongly agreeing', to the question: "I would recommend RAJA as a place to work". 80% was achieved with a completion rate of 73% with both metrics being above industry standard.

The Company also has a diverse mix of employees with 41% identifying as female, 59% as male, and 1% as non-binary. The Company has continued to focus on all aspects of employees health, with 12 employees trained as mental health first aiders within 2023.


RAJAPACK LIMITED (REGISTERED NUMBER: 03110319)

STRATEGIC REPORT
for the year ended 31 December 2023

CSR
Corporate Social Responsibility underpins the values of RAJA UK with charity and environmental impact being significant areas of focus within the business and delivered on 2023 promises.

The Company became Silver certified by EcoVardis in 2023,

Engaged with a 3rd party carbon footprint specialist to have the Company's 2022 Scope 1 and 2 carbon footprint
measured.

The Company will continue to invest in understanding our carbon footprint by reviewing our Scope 3 emissions within 2024.

STREAMLINED ENERGY AND CARBON REPORTING
Throughout 2023 the business incurred the following emissions; Gas for own use 609 MWh & Electricity for own use 523 MWh. The consumption of fuel for the purposes of transport cannot currently be calculated due to the wide range in delivery partners which are utilised by The Company along with constraints currently available within our IT systems. This is a development which The Company is looking to make moving forward. We have reviewed our full carbon footprint in line with EcoVardis this year achieving a silver certification with future initiatives being planned to strive for gold status.

RESEARCH AND DEVELOPMENT
The business identified that in order to achieve long term growth it must invest in both systems and processes. This was demonstrated within 2023 by the adoption of utilising Salesforce. This continuous improvement will progress with an upgrade to our ERP system being a key strategic project for 2024.

ON BEHALF OF THE BOARD:





A F J Charpy - Director


25 April 2024

RAJAPACK LIMITED (REGISTERED NUMBER: 03110319)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the supply of packaging materials.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

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

D Cohen
D Marcovici

Other changes in directors holding office are as follows:

V Terradot - resigned 1 January 2023
A F J Charpy - appointed 24 February 2023

The directors' interests in the share capital of the parent company are disclosed in that company's accounts.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Sch. 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410) to be contained in the directors' report. It has done so in respect of future developments, research and development, financial instruments, engagement with suppliers, customers and other in business relationship with the company and streamlined energy and carbon reporting.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In preparing the financial statements the directors are required to state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

RAJAPACK LIMITED (REGISTERED NUMBER: 03110319)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, BSR Bespoke, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A F J Charpy - Director


25 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RAJAPACK LIMITED


Opinion
We have audited the financial statements of Rajapack Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RAJAPACK LIMITED


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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RAJAPACK LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We obtained an understanding of the legal and regulatory frameworks that are applicable to the client and determined that the most significant are:

- the form and content of the financial statements, FRS 102 "The Financial Reporting Standard applicable in the
UK and Republic of Ireland" and the Companies Act 2006;
- UK Employment Law and General Data Protection Regulation (GDPR), and
- International Organisation for Standardization, including, ISO9001, ISO14001 and ISO45001

We gathered an understanding of how the entity is complying with the above frameworks by enquiring and observing management and those charged with governance, ensuring there is a culture of honesty with an emphasis on fraud prevention which may reduce opportunities for fraud to occur as well as acting as a deterrent.

We assessed the susceptibility of the financial statements to material misstatement due to fraud, by making an assessment of the key fraud risks, the manner in which any such risks may materialise, our knowledge of the client and an assessment of the current business environment.

We designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed additional audit procedures to address each identified fraud risk to obtain reasonable assurance that the financial statements were free of fraud or error.

We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business.

There are inherent limitations in the audit procedures described above, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. The primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RAJAPACK LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Stephen Pocock (Senior Statutory Auditor)
for and on behalf of BSR Bespoke
Chartered Accountants
Registered Auditors
Linden House
Linden Close
Tunbridge Wells
Kent
TN4 8HH

10 June 2024

RAJAPACK LIMITED (REGISTERED NUMBER: 03110319)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   

TURNOVER 3 43,449,131 45,386,761

Cost of sales 23,788,329 25,600,411
GROSS PROFIT 19,660,802 19,786,350

Distribution costs 2,522,258 3,209,551
Administrative expenses 17,981,653 18,253,255
20,503,911 21,462,806
(843,109 ) (1,676,456 )

Other operating income 1,169,513 1,211,776
OPERATING PROFIT/(LOSS) 5 326,404 (464,680 )

Interest receivable and similar income - 1,336
326,404 (463,344 )

Interest payable and similar expenses 6 48,744 -
PROFIT/(LOSS) BEFORE TAXATION 277,660 (463,344 )

Tax on profit/(loss) 7 155,361 (24,219 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

122,299

(439,125

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

122,299

(439,125

)

RAJAPACK LIMITED (REGISTERED NUMBER: 03110319)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 209,740 296,080
Tangible assets 9 2,640,031 3,053,225
Investments 10 - -
2,849,771 3,349,305

CURRENT ASSETS
Stocks 11 5,606,581 6,744,849
Debtors 12 7,402,372 8,631,663
Cash at bank 226,880 1,247,002
13,235,833 16,623,514
CREDITORS
Amounts falling due within one year 13 10,184,724 14,238,343
NET CURRENT ASSETS 3,051,109 2,385,171
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,900,880

5,734,476

PROVISIONS FOR LIABILITIES 17 402,889 358,784
NET ASSETS 5,497,991 5,375,692

CAPITAL AND RESERVES
Called up share capital 18 500,100 500,100
Retained earnings 19 4,997,891 4,875,592
SHAREHOLDERS' FUNDS 5,497,991 5,375,692

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2024 and were signed on its behalf by:





A F J Charpy - Director


RAJAPACK LIMITED (REGISTERED NUMBER: 03110319)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 500,100 5,314,717 5,814,817

Changes in equity
Total comprehensive income - (439,125 ) (439,125 )
Balance at 31 December 2022 500,100 4,875,592 5,375,692

Changes in equity
Total comprehensive income - 122,299 122,299
Balance at 31 December 2023 500,100 4,997,891 5,497,991

RAJAPACK LIMITED (REGISTERED NUMBER: 03110319)

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


1. STATUTORY INFORMATION

Rajapack Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

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

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Rajapack Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, KCF SC, 16 Rue de L Étang Industrial zone Paris Nord II, 93290 Tremblay-en-France.

Turnover
Turnover is recognised when it is probable that future economic benefits will flow to the company from the sale of goods and services and is measured as the fair value of consideration which the company expects to receive from those transactions. Sales of goods are recognised at the point of sale or on delivery of the goods and when the risks and rewards of ownership have passed to the customer. Turnover from internet sales is recognised at the point when the goods are despatched to the customer. Turnover from services is recognised when the services are provided.

Turnover from internet sales is recognised at the point when the goods are despatched to the customer.

Turnover is recognised net of returns and of trade discounts and is shown exclusive of value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Any amortisation or impairment losses are included in administrative expenses in the statement of comprehensive income.

Website costs are being amortised evenly over their estimated useful life of five years.

RAJAPACK LIMITED (REGISTERED NUMBER: 03110319)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - at varying rates on cost
Plant and machinery - at varying rates on cost
Computer equipment - at varying rates on cost

Stock
Stocks are stated at the lower of cost and net realisable value. Cost is determined on a weighted average basis. Overheads are charged to profit and loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs.

Financial instruments
The company enters into basic financial instruments that give rise to financial assets and financial liabilities including trade and other debtors, trade and other creditors, bank account balances, bank loans and other loans and borrowings and investments in certain non puttable and non convertible equity instruments.

Debt instruments which are not payable or receivable within one year are initially accounted for at the transaction price and are subsequently accounted for at amortised cost using the effective interest method. Debt instruments payable and receivable within one year are measured at their undiscounted cash amounts. Where the debt instruments are treated as a financing transaction, then the financial asset or liability is measured at the present value of future cash flows based on a market rate of interest. Debt instruments which are treated as financial assets and accounted for at amortised cost are also assessed for impairment.

Equity instruments are initially accounted for at transaction price. They are subsequently accounted for at cost unless they can be accounted for at fair value based on a readily available market price or fair value. Equity instruments which are treated as financial assets and accounted for at cost are also assessed for impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 as the amount of tax payable using the tax rates and laws that 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.

RAJAPACK LIMITED (REGISTERED NUMBER: 03110319)

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


2. ACCOUNTING POLICIES - continued

Foreign currencies
The financial statements are presented in Sterling, which is also the functional currency of the Company. Transactions in currencies other than the functional currency of the Company are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the statement of comprehensive income. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. The assets of the scheme are held separately from those of the company and operated independently by Metlife.

Consolidated accounts
No consolidated financial statements have been produced for the year as the 100% owned subsidiary, Aid-Pack Systems Limited, was dormant throughout the year. As at 31 December 2023 the share capital and reserves amounted to £5,000 (2022: £5,000).

Provisions
Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation.

Leased assets
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the period of the lease.

Termination benefits
Termination benefits are recognised as an expense in the profit and loss immediately when demonstrably committed. They are measured at the best estimate required to settle the obligation.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, which are described above, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 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 the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3. TURNOVER

Of the company's total turnover >99% (2022: >99%) is attributable to the UK market for the sale of goods and <1% (2022: <1%) to Non-UK markets. All turnover originated in the UK.

RAJAPACK LIMITED (REGISTERED NUMBER: 03110319)

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


4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 6,257,170 6,236,275
Social security costs 669,011 711,679
Other pension costs 609,154 450,522
7,535,335 7,398,476

The average number of employees during the year was as follows:
31.12.23 31.12.22

Sales 41 29
Administration 65 68
Warehouse 74 88
180 185

31.12.23 31.12.22
£    £   
Directors' remuneration - -

5. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Depreciation - owned assets 773,220 727,979
Goodwill amortisation 40,000 40,000
Website amortisation 46,340 28,340
Auditors' remuneration 36,000 35,511
Taxation compliance services 1,000 1,000
Other non- audit services 5,000 5,000
Foreign exchange differences (13,133 ) 312,238
Other operating leases 1,858,745 1,799,199

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Loan interest 48,744 -

RAJAPACK LIMITED (REGISTERED NUMBER: 03110319)

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


7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 111,256 -

Deferred tax 44,105 (24,219 )
Tax on profit/(loss) 155,361 (24,219 )

UK corporation tax has been charged at 23.50% .

Reconciliation of total tax charge/(credit) 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:

31.12.23 31.12.22
£    £   
Profit/(loss) before tax 277,660 (463,344 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
23.500% (2022 - 19%)

65,250

(88,035

)

Effects of:
Expenses not deductible for tax purposes 41,264 16,478
Depreciation in excess of capital allowances - 20,385
Adjustments to tax charge in respect of previous periods (47,726 ) -
Unused tax losses - 51,172
Deferred taxation - (24,219 )
Changes in rate of deferred tax 96,573 -
Total tax charge/(credit) 155,361 (24,219 )

As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. As the company’s financial year straddles this date, a blended corporation tax rate of 23.5% has been applied which is calculated by apportioning the two tax rates on a weighted basis for the proportion of the financial year for which each main tax rate was applicable.

RAJAPACK LIMITED (REGISTERED NUMBER: 03110319)

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


8. INTANGIBLE FIXED ASSETS
Goodwill Website Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 400,000 231,701 631,701
AMORTISATION
At 1 January 2023 219,999 115,622 335,621
Amortisation for year 40,000 46,340 86,340
At 31 December 2023 259,999 161,962 421,961
NET BOOK VALUE
At 31 December 2023 140,001 69,739 209,740
At 31 December 2022 180,001 116,079 296,080

9. TANGIBLE FIXED ASSETS
Short Plant and Computer
leasehold machinery equipment Totals
£    £    £    £   
COST
At 1 January 2023 1,111,719 1,761,655 1,916,052 4,789,426
Additions 31,788 52,314 288,479 372,581
Disposals (3,979 ) - (9,339 ) (13,318 )
At 31 December 2023 1,139,528 1,813,969 2,195,192 5,148,689
DEPRECIATION
At 1 January 2023 270,878 430,522 1,034,801 1,736,201
Charge for year 123,096 206,509 443,615 773,220
Eliminated on disposal (763 ) - - (763 )
At 31 December 2023 393,211 637,031 1,478,416 2,508,658
NET BOOK VALUE
At 31 December 2023 746,317 1,176,938 716,776 2,640,031
At 31 December 2022 840,841 1,331,133 881,251 3,053,225

10. FIXED ASSET INVESTMENTS

The company's investments at the Balance Sheet date in the share capital of companies include the following:

100% ownership of the ordinary shares of Aid-Pack Systems Limited, a company registered in England and Wales, registered office DC10 Unit 1, Salford Road, Brogborough, Bedford, MK43 0AR. The cost as at 1 January 2023 and 31 December 2023, was £82,000 and the provision for diminution as at the same dates was £82,000, leaving a net book value of £nil (2022: £nil).

At 31 December 2023 the share capital and reserves of Aid-Pack Systems Limited was £5,000 (2022: £5,000).

RAJAPACK LIMITED (REGISTERED NUMBER: 03110319)

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


11. STOCKS
31.12.23 31.12.22
£    £   
Stocks 5,606,581 6,744,849

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 4,932,158 5,471,450
Other debtors 423,093 652,817
Amounts owed from group 504,226 920,976
Corporation tax recoverable 319,343 430,598
Prepayments & accrued income 1,223,552 1,155,822
7,402,372 8,631,663

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other loans (see note 14) 1,008,527 1,008,527
Trade creditors 4,711,194 7,969,416
Social security & other taxes 179,148 169,089
VAT 526,245 554,404
Other creditors & accruals 2,181,964 2,130,513
Amounts due to group 1,577,646 2,406,394
10,184,724 14,238,343

Included within other creditors is a balance of £51,506 (2022: £51,557) in respect of outstanding pension contributions.

14. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Other loans 1,008,527 1,008,527

In 2020, RAJA SA (parent company) loaned Rajapack 1.1m euros to carry out it's activities. The loan is repayable with 3 months written notice from RAJA SA.

The bank overdraft facility is secured over the assets of the company by way of a fixed and floating charge.

RAJAPACK LIMITED (REGISTERED NUMBER: 03110319)

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


15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 2,396,262 2,223,047
Between one and five years 8,847,718 8,560,257
In more than five years 4,026,930 6,132,522
15,270,910 16,915,826

16. FINANCIAL INSTRUMENTS

31.12.23 31.12.22
£ £
Financial Assets
Debt instruments measured at amortised cost 6,086,357 8,292,245

Financial Assets
Measured at fair value through the profit or loss - -

Financial Liabilities
Debt instruments measured at amortised cost 7,297,367 11,384,338

Financial Liabilities
Measured at fair value through the profit or loss - -

Financial instruments are comprised of the companies working capital and are not subject to interest rate benchmark reform.

17. PROVISIONS FOR LIABILITIES

Deferred tax is made up as follows:



Accelerated
capital
allowances


Losses
carried
forward




Other




Total
££££
At 1 January 2023414,915(51,172)(4,959)358,784
Movement in the year5,92651,172(12,993)44,105
At 31 December 2023420,841-(17,952)402,889

Deferred tax is calculated in full on temporary differences under the liability method using a tax rate of 25% (2022: 19%). The increase in the main rate of corporation tax to 25% was substantively enacted in October 2022. This new rate has been applied to deferred tax balances which are expected to reverse after 1 April 2023, the date on which that new rate becomes effective.

RAJAPACK LIMITED (REGISTERED NUMBER: 03110319)

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


18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
50,010,000 Ordinary £0.01 500,100 500,100

The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at general meetings of the Company.

In the event of a winding up of the Company, the assets will be distributed amongst the ordinary shareholders, such shares ranking equally for this purpose.

19. RESERVES
Retained
earnings
£   

At 1 January 2023 4,875,592
Profit for the year 122,299
At 31 December 2023 4,997,891

20. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £330,446 (2022: £334,457) was paid.

21. PARENT COMPANY AND ULTIMATE CONTROLLING PARTY

The ultimate parent company and the parent company of the smallest and largest group to include the company in its consolidated financial statements is KCF SC, incorporated in France. Copies of their accounts can be obtained from www.infogreffe.com.

The overall controlling party of the company is D. Marcovici, a director, by virtue of her shareholding in the parent company.