Company registration number 01251293 (England and Wales)
WIPAK UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WIPAK UK LIMITED
COMPANY INFORMATION
Directors
A Aarnio-Wihuri
R Aarnio-Wihuri
M Aarnio-Wihuri
K Koskela
A Newbold
Secretary
A Newbold
Company number
01251293
Registered office
3 Buttington Cross Enterprise Park
Buttington
Welshpool
Powys
United Kingdom
SY21 8SL
Auditor
Azets Audit Services
St Davids Court
Union Street
Wolverhampton
West Midlands
United Kingdom
WV1 3JE
WIPAK UK LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 27
WIPAK UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be the sale, distribution, and manufacture of packing materials.
Review of the business
The sales for 2023 maintained the growth trend in line with our strategic targets through continuing development of our sustainable product portfolio and diversifying our customer base, achieving a turnover of £33,259,528 (2022: £31,382,300). Challenging trading conditions caused by inflationary and raw material price pressures subdued profit development but these were mitigated well and the company returned a strong profit before tax of £1,088,166 (2022: profit £1,550,695).
A focused commitment to the development of all staff was acknowledged through the retention of our Investors in People silver award accreditation and we continue to invest in training and engagement projects to ensure that the business has the necessary skills to meet future demands. The businesses expansion of its employee wellbeing programs is seen as a key driver for the high staff retention rates in a competitive labour market and area of low unemployment.
There is continued focus on Operational Excellence, specifically concentrating on health & safety, quality, increased productivity and waste reduction.
Wipak is strongly engaged in the development of sustainable products including recyclable plastic packaging, packaging with reduced plastic and packaging with a lower carbon footprint; this will remain an important driver for future sales growth. The overall strategy for the development of new business generated through innovative, differentiated, and sustainable market offerings remains unchanged. Investments in new equipment during recent years has enhanced the business capabilities, supporting the strategy of sales growth through the modernisation of our product portfolio in new, innovative and sustainable products ultimately to accelerate the drive to reduce our carbon footprint.
The commercial risks that face the business are those that affect the sectors our customers operate in, namely. perishable foods, and their packaging choices.
Outlook for 2024 and beyond
Trading conditions headwind seen for the first half of 2024 is expected to reduce, where the easing of inflationary pressures, new business already secured and appropriate margin management activities will mitigate cost pressures. The business remains confident that the business growth strategy through sustainable innovation together with continuous improvement measures taken to protect profitability will be effective and ensure future success.
WIPAK UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties
The profitability of the business is a key focus of the directors and will be achieved by sales growth, strategic investments, product development and innovation whilst managing the risks of the operations such as:
Legislative Changes
The impact of changes to legislation will be mitigated through close collaboration with all stakeholders including Government, regulatory bodies, suppliers and customers.
Raw Material Risk
The Company is exposed to price risk on its raw material purchases and will mitigate through continued efficiency improvements, review of supplier base and pricing strategy.
Market Risk
Pressure from competitors continues to be a risk to the company in all the markets that we operate. The company has secured a long term supply agreements with key customers and continue to engage in product development and innovation whilst maintaining world class service levels.
Foreign Exchange Risk
The Company is exposed to raw material price volatility due to fluctuations in foreign exchange rates which is expected to continue following the UK's departure from the EU.
Credit Risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the company. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit, using information supplied by independent rating agencies where available. At the balance sheet date, there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet.
Cash Flow and Liquidity Risk
Liquidity risk is the risk that the company may not be able to meet its financial obligations as they fall due. The company ensures that there are sufficient levels of committed facilities, cash and cash equivalents to ensure that the company is, at all times, able to meet its financial commitments. Liquidity risk is managed by continuous monitoring of forecast and actual cash flows and matching the maturity profile of financial assets and liabilities. The Company has no significant interest bearing assets and consequently, its income and cash flows are largely independent of changes in market interest rates. The credit facility from the parent company has interest charged at a floating rate therefore the company is exposed to interest risk.
Going Concern
The Company is dependent for its working capital on funds provided to it by Wihuri Packaging Oy the Company's immediate parent undertaking who has provided the Company with an undertaking that, for at least 18 months from the date of approval of these financial statements, it will continue to make such funds as are needed by the Company and, in particular, will not seek repayment of the amounts currently made available. The Company carries out an annual review of credit facility requirements with the company's immediate parent which is results in a new short-term facility being put in place which enables the Company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment.
Key performance indicators
The business considers the following KPI's as relevant indicators to business performance
2023
2022
Sales
33,259,528
31,382,300
Operating Profit/(Loss)
1,088,166
1,550,695
WIPAK UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
A Newbold
Director
7 August 2024
WIPAK UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Results and dividends
The directors did not pay a dividend (2022: £nil) during the period. The retained profit for the financial year of £856,857 (2022 profit £1,188,178) will be transferred to reserves.
No ordinary dividends were paid. The directors recommend payment of a final dividend amounting to £500,000.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A Aarnio-Wihuri
R Aarnio-Wihuri
M Aarnio-Wihuri
K Koskela
A Newbold
Financial instruments
The company uses financial instruments including cash and borrowings, the main purpose of which are to raise finance for the company's activities. It is the company's policy not to enter into trading of a speculative nature in respect of financial instruments.
Auditor
Azets Audit Services were appointed to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
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 company’s auditor 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 company’s auditor is aware of that information.
On behalf of the board
A Newbold
Director
7 August 2024
WIPAK UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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.
WIPAK UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WIPAK UK LIMITED
- 6 -
Opinion
We have audited the financial statements of Wipak UK Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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.
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 Auditor's 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
WIPAK UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WIPAK UK LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
WIPAK UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WIPAK UK LIMITED
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
Lee Meredith BFP ACA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
13 August 2024
Chartered Accountants
Statutory Auditor
St Davids Court
Union Street
Wolverhampton
West Midlands
United Kingdom
WV1 3JE
WIPAK UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
33,259,528
31,382,300
Cost of sales
(28,743,134)
(26,427,300)
Gross profit
4,516,394
4,955,000
Distribution costs
(1,097,171)
(1,162,706)
Administrative expenses
(1,634,985)
(1,860,428)
Other operating income
3,000
3,000
Operating profit
4
1,787,238
1,934,866
Interest payable and similar expenses
7
(683,487)
(425,531)
Amounts written off investments
8
(15,585)
41,360
Profit before taxation
1,088,166
1,550,695
Tax on profit
9
(231,309)
(362,517)
Profit for the financial year
856,857
1,188,178
The profit and loss account has been prepared on the basis that all operations are continuing operations.
WIPAK UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
£
£
Profit for the year
856,857
1,188,178
Other comprehensive income
-
-
Total comprehensive income for the year
856,857
1,188,178
WIPAK UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
7,865,671
8,321,440
Investments
11
242,755
258,340
8,108,426
8,579,780
Current assets
Stocks
12
4,307,022
3,713,037
Debtors
13
6,982,819
7,215,524
Cash at bank and in hand
17,148
11,289,841
10,945,709
Creditors: amounts falling due within one year
14
(6,912,140)
(7,951,988)
Net current assets
4,377,701
2,993,721
Total assets less current liabilities
12,486,127
11,573,501
Creditors: amounts falling due after more than one year
15
(7,006,240)
(7,008,506)
Provisions for liabilities
Deferred tax liability
17
1,085,670
1,027,635
(1,085,670)
(1,027,635)
Net assets
4,394,217
3,537,360
Capital and reserves
Called up share capital
20
3,500,000
3,500,000
Profit and loss reserves
894,217
37,360
Total equity
4,394,217
3,537,360
The financial statements were approved by the board of directors and authorised for issue on 7 August 2024 and are signed on its behalf by:
A Newbold
Director
Company Registration No. 01251293
WIPAK UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
3,500,000
(1,150,818)
2,349,182
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
1,188,178
1,188,178
Balance at 31 December 2022
3,500,000
37,360
3,537,360
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
856,857
856,857
Balance at 31 December 2023
3,500,000
894,217
4,394,217
WIPAK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information
Wipak UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Buttington Cross Enterprise Park, Buttington, Welshpool, Powys, United Kingdom, SY21 8SL.
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 company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Wihuri Oy. These consolidated financial statements are available from The Secretary, Wihuri Oy, PO Box 45. Fin-15561, Nastola, Finland.
The company's ultimate parent undertaking, Wihuri Oy, includes the company in its consolidated financial statements. The consolidated financial statements of Wihuri Oy are available to the public and may be obtained from The Secretary, Wihuri Oy, PO Box 45, Fin-15561, Nastola, Finland. In these financial statements, the company is considered to be qualifying entity (for the purpose of this FRS) and has applied the exemptions available under FRS 102 in respect of the following disclosures:
WIPAK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The company is dependent for its working capital on funds provided to it by Wihuri Packaging Oy the company's immediate parent undertaking who has provided the company with an undertaking that, for at least 18 months from the date of approval of these financial statements, it will continue to make available such funds as are needed by the company and, in particular, will not seek repayment of the accounts currently made available. The company carries out an annual review of credit facility requirements with the company's immediate parent which results in a new short-term facility being put in place which enables the company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment.
1.3
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 of the goods), 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.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
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:
Buildings
5 - 20 years
Plant and equipment
3 - 10 years
Fixtures and fittings
3 - 8 years
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 credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
WIPAK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
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.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials on a first-in first-out principle and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
In the case of manufactured stock and work in progress, cost includes an appropriate share of overheads based on normal operating capacity” And a separate paragraph be added to “Where necessary, provision is made for obsolete, slowing moving and defective stock. Customer owned stocks are held on consignment for re-working.
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.
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.
1.9
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.
WIPAK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.10
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 company after deducting all of its liabilities.
WIPAK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 in finance costs or finance income as appropriate, 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company 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 company.
1.12
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
WIPAK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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 when the company has 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.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
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 leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.16
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.
WIPAK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Inventories
There is an element of estimation uncertainty with regards to valuation of inventories at the year-end due to risk of overvaluation due to obsolescence or damage. As disclosed on the balance sheet and in more detail with note 12, the net inventory balance after accounting for the obsolescence provision is £4,307,022. The total provision made against the year-end inventory balance is £208,761 and has been calculated in accordance with the policy prescribed by the Wihuri Packaging Oy Group.
3
Turnover
2023
2022
£
£
Turnover analysed by geographical market
UK and Ireland
33,165,323
29,237,000
Europe
90,872
2,141,000
Rest of World
3,333
4,300
33,259,528
31,382,300
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(5,947)
1,922
Research and development costs
373,772
457,400
Fees payable to the company's auditor for the audit of the company's financial statements
29,150
24,250
Depreciation of owned tangible fixed assets
1,211,363
1,189,573
Operating lease charges
106,621
104,902
WIPAK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Production
75
72
Marketing and administration
41
37
Total
116
109
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
4,854,423
4,479,204
Social security costs
503,294
497,018
Pension costs
174,543
158,178
5,532,260
5,134,400
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
149,395
118,339
Company pension contributions to defined contribution schemes
6,753
5,884
156,148
124,223
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).
7
Interest payable and similar expenses
2023
2022
£
£
Interest payable to group undertakings
683,487
425,531
8
Amounts written off investments
2023
2022
£
£
Amounts (written off)/written back to investments held at fair value
(15,585)
41,360
WIPAK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
223,817
15,782
Adjustments in respect of prior periods
(50,543)
Total current tax
173,274
15,782
Deferred tax
Origination and reversal of timing differences
58,035
346,735
Total tax charge
231,309
362,517
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
1,088,166
1,550,695
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
255,937
294,632
Tax effect of expenses that are not deductible in determining taxable profit
1,807
2,896
Tax effect of income not taxable in determining taxable profit
(116)
(8,032)
Research and development tax credit
8,378
Under/(over) provided in prior years
(33,118)
(21,950)
Deferred tax adjustments in respect of prior years
(17,425)
88,484
Tax at marginal rate
4,699
Dividend income
(103)
Chargeable gains
8,031
Fixed asset differences
11,147
(1,441)
Taxation charge for the year
231,309
362,517
WIPAK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
10
Tangible fixed assets
Buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 January 2023
4,509,016
385,474
14,531,207
1,037,832
20,463,529
Additions
46,166
562,784
132,220
14,424
755,594
Transfers
283,476
(362,318)
47,385
31,457
At 31 December 2023
4,838,658
585,940
14,710,812
1,083,713
21,219,123
Depreciation and impairment
At 1 January 2023
2,325,904
9,199,950
616,235
12,142,089
Depreciation charged in the year
205,244
891,640
114,479
1,211,363
At 31 December 2023
2,531,148
10,091,590
730,714
13,353,452
Carrying amount
At 31 December 2023
2,307,510
585,940
4,619,222
352,999
7,865,671
At 31 December 2022
2,183,112
385,474
5,331,257
421,597
8,321,440
11
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
242,755
258,340
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
258,340
Movement in share price
(15,585)
At 31 December 2023
242,755
Carrying amount
At 31 December 2023
242,755
At 31 December 2022
258,340
The financial asset relates to a 1% shareholding of 10,000 shares in a fellow group company, Winpak Limited, which are registered on the Toronto Stock Exchange. The carrying value at each reporting date is the stock price listing per the Toronto Stock Exchange.
WIPAK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
12
Stocks
2023
2022
£
£
Raw materials and consumables
2,902,270
2,483,634
Finished goods and goods for resale
1,404,752
1,229,403
4,307,022
3,713,037
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,747,219
7,007,858
Amounts owed by group undertakings
16,658
75,979
Prepayments and accrued income
218,942
131,687
6,982,819
7,215,524
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
16
191,700
Other borrowings
16
1,839,564
3,341,450
Trade creditors
2,254,727
2,105,733
Amounts owed to group undertakings
861,630
785,050
Corporation tax
206,392
15,782
Other taxation and social security
944,299
1,018,064
Accruals and deferred income
613,828
685,909
6,912,140
7,951,988
15
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
16
7,000,000
7,000,000
Deferred income
18
6,240
8,506
7,006,240
7,008,506
WIPAK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
16
Loans and overdrafts
2023
2022
£
£
Bank overdrafts
191,700
Loans from group undertakings
8,839,564
10,341,450
9,031,264
10,341,450
Payable within one year
2,031,264
3,341,450
Payable after one year
7,000,000
7,000,000
The long-term loans are secured by fixed charges till 2027.
Long term loan is an intercompany loan. This loan will be paid at maturity which will be in 2027.
Currency
Nominal interest rate
Year of maturity
Repayment schedule
2023
2022
£
£
Intercompany revolving credit facility
GBP
SONIA+2.25%
2024
Facility expires in April 2024
2,031,264
3,341,450
Intercompany term loan
GBP
SONIA+2.85%
2027
At maturity
7,000,000
7,000,000
9,031,264
10,341,450
Post year end, the facility was renewed for an additional 12 months and therefore has a new expiration date of 30 April 2025.
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
1,088,689
966,000
Pension provision
(3,019)
(3,000)
Financial assets
-
64,635
1,085,670
1,027,635
WIPAK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Deferred taxation
(Continued)
- 25 -
2023
Movements in the year:
£
Liability at 1 January 2023
1,027,635
Charge to profit or loss
58,035
Liability at 31 December 2023
1,085,670
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
18
Deferred income
2023
2022
£
£
Other deferred income
6,240
8,506
Included within accruals and deferred income are capital based government grants to be credited to the profit and loss account after more than five years of £6,240 (2022 £8,506).
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
174,543
158,178
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
3,500,000
3,500,000
3,500,000
3,500,000
WIPAK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
21
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
95,936
136,000
Between two and five years
177,268
150,000
273,204
286,000
22
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
432,991
239,000
23
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
In accordance with FRS102, the company is exempt from disclosing transactions where it and the other related parties are wholly-owned subsidiaries of Wihuri Packaging Oy.
During the year £2,625,504 was paid to Biaxis Oy Ltd for raw material purchases (2022: £2,335,000), Biaxis Oy is a partly owned subsidiary of the Wipak Group. Amounts outstanding in relation to these purchases at the end of the year was £48,339 (2022: £294,000).
Wipak UK Limited also has a year-end creditor in relation to a revolving credit facility and a term loan held with its immediate parent company Wihuri Packaging Oy, further details can be found in note 16.
WIPAK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
24
Ultimate controlling party
Parent's undertaking
The company's immediate parent company at 31 December 2023 is W-Packaging Oy, a company incorporated in Finland.
At 31 December 2023, the directors regard Wihuri Oy, a company incorporated in Finland as the ultimate parent company. The largest group in which the results of the company are consolidated is that headed by Wihuri Oy. Copies of these consolidated financial statements may be obtained from:
The Secretary
Wihuri Oy
PO Box 45
Fin-15561
Nastola
Finland
Controlling Party
The directors regard A Aarnio-Wihuri, the chairman, as the controlling party by virtue of his controlling interest in the ultiamte parent company's equity capital.
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