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COMPANY REGISTRATION NUMBER: NI043499
JMC Packaging Limited
Financial Statements
31 January 2024
JMC Packaging Limited
Financial Statements
Year ended 31 January 2024
Contents
Page
Strategic report
1
Director's report
3
Independent auditor's report to the members
5
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Notes to the financial statements
15
JMC Packaging Limited
Strategic Report
Year ended 31 January 2024
Business review
The director is satisfied with the group's performance. The group operates in a very competitive marketplace and the director has taken steps to ensure that the group will maintain its competitive strengths and are confident of future results. Given the nature of the group's activities, the director is of the opinion that the use of key performance indicators is not necessary for an understanding of the development, performance or position of the group.
Financial risk management objectives and policies
The group has exposures to three main areas of risk - foreign exchange currency exposure, liquidity risk and customer credit exposure. To a lesser extent the group is exposed to interest rate risk. The group recognises that there is an exposure to currency risk as the group both sells and purchases in foreign currencies, notable the Euro. The directors manage the risk through the matching of payments and receipts in the foreign currency and transferring monies from one currency to another when they consider it is prudent and to take advantage of any perceived value in the foreign exchange rates. The objective of the group in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The group expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations the group will seek additional credit facilities. Given the maturity of the bank loans, the group is in position to meet its commitments and obligations as they come due. The group may offer credit terms to its customers which allow payment of the debt after delivery of the goods or services. The group is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is managed by the strong on-going customer relationships and by credit control procedures. The group borrows from its bankers using either overdrafts or term loans whose tenure depends on the nature of the asset and management's view of the future direction of interest rate.
This report was approved by the board of directors on 31 July 2024 and signed on behalf of the board by:
Mr J Cullen
Director
Registered office:
37 Seagoe Industrial Estate
Portadown
Craigavon
Co. Armagh
BT63 5QE
JMC Packaging Limited
Director's Report
Year ended 31 January 2024
The director presents his report and the financial statements of the group for the year ended 31 January 2024 .
Principal activities
The principal activity of the group during the period was the supply and distribution of packaging equipment and packaging materials.
Directors
The directors who served the company during the year were as follows:
Mr J Cullen
Mrs R Conway
(Served from 6 June 2023 to 20 October 2023)
Dividends
Particulars of recommended dividends are detailed in note 14 to the financial statements.
Future developments
The directors will continue to develop the business and will seek to take advantage of opportunities that arise in the future.
Disclosure of information in the strategic report
The directors have chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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. He is 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 31 July 2024 and signed on behalf of the board by:
Mr J Cullen
Director
Registered office:
37 Seagoe Industrial Estate
Portadown
Craigavon
Co. Armagh
BT63 5QE
JMC Packaging Limited
Independent Auditor's Report to the Members of JMC Packaging Limited
Year ended 31 January 2024
Opinion
We have audited the financial statements of JMC Packaging Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 January 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.
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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach was as follows: We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant are those that relate to the importing of goods within the Northern Ireland protocol, Companies Act 2006 and compliance with FRS102; and we assessed the risks of material misstatement in respect of fraud with the consideration of the groups own assessment of the risks that irregularities may occur either because of fraud or error; the results of our enquiries of of management about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to to mitigate risks of fraud or non-compliance with laws and regulations; and the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, we considered the opportunities and incentives that may exist within the group for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgment, such as disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to to respond to the risk of management override; we also obtained an understanding of the legal and regulatory framework that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act and tax legislation; and in addition, we considered provisions of other laws and regulations that do not have a a direct effect on the financial statements but compliance with which may be fundamental to the groups ability to operate or to avoid a material penalty. These included data protection, employment and health and safety regulations. Audit procedures designed to respond to the risks of fraud: We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. We considered the risk of fraud through transactions outside the normal course of transactions by noting anything that was unusual in nature or size and enquired about such transaction to gain an understanding of their nature; based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud and other irregularities; extent of audit procedures; and we evaluated the selection and application of accounting policies by the group, particularly those related to subjective measurements and complex transactions, that may be indicative of fraudulent financial reporting. 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 auditor’s report. 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 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.
Mr Kieran McCaughey FCCA
(Senior Statutory Auditor)
For and on behalf of
Hill Vellacott
Chartered accountants & statutory auditor
22 Great Victoria Street
Belfast
BT2 7BA
31 July 2024
JMC Packaging Limited
Consolidated Statement of Comprehensive Income
Year ended 31 January 2024
2024
2023
Note
£
£
Turnover
4
26,107,176
34,340,427
Cost of sales
22,299,860
30,421,757
-------------
-------------
Gross profit
3,807,316
3,918,670
Administrative expenses
2,581,795
2,985,657
Other operating income
6
98,881
38,314
------------
------------
Operating profit
7
1,324,402
971,327
Other interest receivable and similar income
11
11,822
4,230
Interest payable and similar expenses
12
45,412
82,942
------------
------------
Profit before taxation
1,290,812
892,615
Tax on profit
13
177,285
( 73,691)
------------
---------
Profit for the financial year and total comprehensive income
1,113,527
966,306
------------
---------
Profit for the financial year attributable to:
The owners of the parent company
1,141,406
593,674
Non-controlling interests
( 27,879)
372,632
------------
---------
1,113,527
966,306
------------
---------
All the activities of the group are from continuing operations.
JMC Packaging Limited
Consolidated Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
15
1,970,549
2,562,228
Current assets
Stocks
17
4,835,903
4,140,444
Debtors
18
4,383,265
4,969,975
Cash at bank and in hand
3,523,093
2,564,093
-------------
-------------
12,742,261
11,674,512
Creditors: amounts falling due within one year
19
5,457,344
5,522,759
-------------
-------------
Net current assets
7,284,917
6,151,753
------------
------------
Total assets less current liabilities
9,255,466
8,713,981
Creditors: amounts falling due after more than one year
20
666,599
1,037,427
Provisions
22
212,819
329,533
------------
------------
Net assets
8,376,048
7,347,021
------------
------------
Capital and reserves
Called up share capital
27
40
40
Capital redemption reserve
28
60
60
Profit and loss account
28
6,779,964
5,723,058
------------
------------
Equity attributable to the owners of the parent company
6,780,064
5,723,158
Non-controlling interests
1,595,984
1,623,863
------------
------------
8,376,048
7,347,021
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
Mr J Cullen
Director
Company registration number: NI043499
JMC Packaging Limited
Company Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
15
683,698
800,172
Investments
16
1,962,106
1,962,106
------------
------------
2,645,804
2,762,278
Current assets
Stocks
17
2,670,902
2,100,943
Debtors
18
2,963,957
3,183,377
Cash at bank and in hand
2,201,515
1,169,457
------------
------------
7,836,374
6,453,777
Creditors: amounts falling due within one year
19
3,653,853
3,161,731
------------
------------
Net current assets
4,182,521
3,292,046
------------
------------
Total assets less current liabilities
6,828,325
6,054,324
Creditors: amounts falling due after more than one year
20
90,164
177,181
Provisions
22
157,862
179,450
------------
------------
Net assets
6,580,299
5,697,693
------------
------------
Capital and reserves
Called up share capital
27
40
40
Capital redemption reserve
28
60
60
Profit and loss account
28
6,580,199
5,697,593
------------
------------
Shareholders funds
6,580,299
5,697,693
------------
------------
The profit for the financial year of the parent company was £ 967,106 (2023: £ 1,207,403 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
Mr J Cullen
Director
Company registration number: NI043499
JMC Packaging Limited
Consolidated Statement of Changes in Equity
Year ended 31 January 2024
Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to the owners of the parent company
Non-controlling interests
Total
£
£
£
£
£
£
At 1 February 2022
40
60
5,075,292
5,075,392
2,400,504
7,475,896
Profit for the year
593,674
593,674
372,632
966,306
----
----
------------
------------
------------
------------
Total comprehensive income for the year
593,674
593,674
372,632
966,306
Dividends paid and payable
14
( 103,800)
( 103,800)
( 291,381)
( 395,181)
Change in ownership interest in subsidiaries
157,892
157,892
( 857,892)
( 700,000)
----
----
------------
------------
------------
------------
Total investments by and distributions to owners
54,092
54,092
( 1,149,273)
( 1,095,181)
At 31 January 2023
40
60
5,723,058
5,723,158
1,623,863
7,347,021
Profit for the year
1,141,406
1,141,406
( 27,879)
1,113,527
----
----
------------
------------
------------
------------
Total comprehensive income for the year
1,141,406
1,141,406
( 27,879)
1,113,527
Dividends paid and payable
14
( 84,500)
( 84,500)
( 84,500)
----
----
--------
--------
----
--------
Total investments by and distributions to owners
( 84,500)
( 84,500)
( 84,500)
----
----
------------
------------
------------
------------
At 31 January 2024
40
60
6,779,964
6,780,064
1,595,984
8,376,048
----
----
------------
------------
------------
------------
JMC Packaging Limited
Company Statement of Changes in Equity
Year ended 31 January 2024
Called up share capital
Capital redemption reserve
Profit and loss account
Total
£
£
£
£
At 1 February 2022
40
60
4,593,990
4,594,090
Profit for the year
1,207,403
1,207,403
----
----
------------
------------
Total comprehensive income for the year
1,207,403
1,207,403
Dividends paid and payable
14
( 103,800)
( 103,800)
----
----
------------
------------
Total investments by and distributions to owners
( 103,800)
( 103,800)
At 31 January 2023
40
60
5,697,593
5,697,693
Profit for the year
967,106
967,106
----
----
------------
------------
Total comprehensive income for the year
967,106
967,106
Dividends paid and payable
14
( 84,500)
( 84,500)
----
----
--------
--------
Total investments by and distributions to owners
( 84,500)
( 84,500)
----
----
------------
------------
At 31 January 2024
40
60
6,580,199
6,580,299
----
----
------------
------------
JMC Packaging Limited
Consolidated Statement of Cash Flows
Year ended 31 January 2024
2024
2023
Note
£
£
Cash generated from operations
29
1,349,772
1,633,364
Interest paid
( 45,412)
( 82,942)
Interest received
11,822
4,230
Tax received/(paid)
286,800
( 50,574)
------------
------------
Net cash from operating activities
1,602,982
1,504,078
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 183,051)
( 293,346)
Proceeds from sale of tangible assets
664,905
130,505
Cash advances and loans granted
( 497,288)
------------
------------
Net cash used in investing activities
( 15,434)
( 162,841)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
781,564
Repayments of borrowings
( 113,179)
( 722,429)
Payments of finance lease liabilities
( 430,869)
( 309,504)
Dividends paid
( 84,500)
( 350,061)
Change in ownership interest in subsidiaries
( 700,000)
------------
------------
Net cash used in financing activities
( 628,548)
( 1,300,430)
------------
------------
Net increase in cash and cash equivalents
959,000
40,807
Cash and cash equivalents at beginning of year
2,564,093
2,523,286
------------
------------
Cash and cash equivalents at end of year
3,523,093
2,564,093
------------
------------
JMC Packaging Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 37 Seagoe Industrial Estate, Portadown, Craigavon, BT63 5QE, Co. Armagh.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of JMC Packaging Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Stocks are stated at the lower of cost and net realisable value. At each reporting date, stocks are assessed for impairment and this value may vary depending on a number of factors. Impairment of trade debtors is reviewed on an ongoing basis. The company uses estimates based on historical experience and current information in determining the debts for which an impairment charge is required. Accruals and deferred income include amounts that are estimates of liabilities incurred and for some of these amounts, the estimates can be uncertain and are based on an assessment of the likely amounts due.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Short leasehold property
-
Over the period of the lease
Plant and machinery
-
25% reducing balance and 10% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
25,731,592
33,747,922
Rendering of services
375,584
438,140
Rental of machines
154,365
-------------
-------------
26,107,176
34,340,427
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group.
5. Turnover by geographical market
An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
£
£
United Kingdom
19,188,128
28,295,529
Europe
6,919,048
6,044,898
-------------
-------------
26,107,176
34,340,427
-------------
-------------
6. Other operating income
2024
2023
£
£
Rental income
13,742
29,699
Commission receivable
500
Management charges receivable
2,629
7,793
Government grant income
48,232
322
Other operating income
34,278
--------
--------
98,881
38,314
--------
--------
7. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
283,558
404,254
Gains on disposal of tangible assets
( 128,733)
( 29,511)
Impairment of trade debtors
128,516
120,986
Foreign exchange differences
( 112,788)
( 228,908)
---------
---------
8. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
14,475
13,575
--------
--------
9. Staff costs
The average number of persons employed by the group during the year, including the director, amounted to:
2024
2023
No.
No.
Production staff
12
13
Distribution staff
25
32
Administrative staff
22
26
----
----
59
71
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,326,051
2,796,202
Social security costs
219,732
318,742
Other pension costs
43,116
61,662
------------
------------
2,588,899
3,176,606
------------
------------
10. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
12,267
10,976
--------
--------
11. Other interest receivable and similar income
2024
2023
£
£
Interest receivable
11,822
4,230
--------
-------
12. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
27,193
46,362
Interest on obligations under finance leases and hire purchase contracts
18,219
36,580
--------
--------
45,412
82,942
--------
--------
13. Tax on profit
Major components of tax expense/(income)
2024
2023
£
£
Current tax:
UK current tax expense
385,708
48,196
Adjustments in respect of prior periods
( 91,709)
( 108,251)
---------
---------
Total current tax
293,999
( 60,055)
---------
---------
Deferred tax:
Origination and reversal of timing differences
( 116,714)
( 13,636)
---------
--------
Tax on profit
177,285
( 73,691)
---------
--------
Reconciliation of tax expense/(income)
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,290,812
892,615
------------
---------
Profit on ordinary activities by rate of tax
322,704
169,597
Adjustment to tax charge in respect of prior periods
( 91,709)
( 108,251)
Effect of expenses not deductible for tax purposes
2,156
( 4,859)
Effect of capital allowances and depreciation
17,435
8,859
Effect of different UK tax rates on some earnings
(15,567)
Utilisation of tax losses
( 53,426)
50,244
Unused tax losses
41,953
( 49,579)
Effect of research and development tax relief
( 140,033)
Effect of other tax differences
( 46,261)
331
------------
---------
Tax on profit
177,285
( 73,691)
------------
---------
14. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
84,500
395,181
--------
---------
15. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Investment property
Total
£
£
£
£
£
£
Cost
At 1 Feb 2023
1,216,484
2,373,119
668,249
1,053,453
250,000
5,561,305
Additions
39,606
10,889
177,556
228,051
Disposals
( 1,874,745)
( 44,395)
( 216,132)
( 2,135,272)
------------
------------
---------
------------
---------
------------
At 31 Jan 2024
1,216,484
537,980
634,743
1,014,877
250,000
3,654,084
------------
------------
---------
------------
---------
------------
Depreciation
At 1 Feb 2023
338,581
1,696,196
486,163
478,137
2,999,077
Charge for the year
18,347
60,489
38,026
166,696
283,558
Disposals
( 1,429,043)
( 37,557)
( 132,500)
( 1,599,100)
------------
------------
---------
------------
---------
------------
At 31 Jan 2024
356,928
327,642
486,632
512,333
1,683,535
------------
------------
---------
------------
---------
------------
Carrying amount
At 31 Jan 2024
859,556
210,338
148,111
502,544
250,000
1,970,549
------------
------------
---------
------------
---------
------------
At 31 Jan 2023
877,903
676,923
182,086
575,316
250,000
2,562,228
------------
------------
---------
------------
---------
------------
Company
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
264,180
450,553
106,029
779,846
1,600,608
Additions
33,200
7,000
74,000
114,200
Disposals
( 143,420)
( 143,420)
------------
---------
---------
---------
------------
At 31 January 2024
264,180
483,753
113,029
710,426
1,571,388
------------
---------
---------
---------
------------
Depreciation
At 1 February 2023
114,779
257,588
68,470
359,599
800,436
Charge for the year
6,174
55,066
2,265
102,040
165,545
Disposals
( 78,291)
( 78,291)
------------
---------
---------
---------
------------
At 31 January 2024
120,953
312,654
70,735
383,348
887,690
------------
---------
---------
---------
------------
Carrying amount
At 31 January 2024
143,227
171,099
42,294
327,078
683,698
------------
---------
---------
---------
------------
At 31 January 2023
149,401
192,965
37,559
420,247
800,172
------------
---------
---------
---------
------------
The investment property has been valued at the year end at the open market value as determined by the group, having regard for the market conditions.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 January 2024
88,598
253,272
341,870
--------
---------
---------
At 31 January 2023
465,765
383,069
848,834
---------
---------
---------
Company
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 January 2024
55,122
253,272
308,394
--------
---------
---------
At 31 January 2023
73,497
383,069
456,566
--------
---------
---------
16. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 February 2023 and 31 January 2024
1,962,106
------------
Impairment
At 1 February 2023 and 31 January 2024
------------
Carrying amount
At 1 February 2023 and 31 January 2024
1,962,106
------------
At 31 January 2023
1,962,106
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
GSH Holdings Limited
Ordinary
77.86
Easiweigh Limited (*)
Ordinary
100
Fieldpax Limited (*)
Ordinary
100
Infia UK Limited (*)
Ordinary
57.9
Verti-Pack Limited (*)
Ordinary
73.2
All the above companies have their registered office address at Beech Gate, Peterborough Road, Whittlesey, Peterborough, England, PE7 1PD.
(*) The holdings in these undertakings are through the company's holding in GSH Holdings Limited.
17. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
4,835,903
4,140,444
2,670,902
2,100,943
------------
------------
------------
------------
18. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
3,294,287
4,000,688
1,809,454
2,334,011
Amounts owed by group undertakings
95,501
30,705
Prepayments and accrued income
592,808
711,568
565,332
566,103
Director's loan account
52,288
52,288
Other debtors
443,882
257,719
441,382
252,558
------------
------------
------------
------------
4,383,265
4,969,975
2,963,957
3,183,377
------------
------------
------------
------------
19. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
61,888
79,827
Trade creditors
2,988,633
3,445,409
1,706,258
2,112,783
Amounts owed to group undertakings
99,427
66,007
Accruals and deferred income
1,386,510
844,125
1,330,705
654,905
Corporation tax
383,715
48,196
272,298
Social security and other taxes
343,525
592,604
113,120
135,799
Obligations under finance leases and hire purchase contracts
153,937
235,633
128,293
148,794
Director loan accounts
28,585
28,585
Other creditors
139,136
248,380
3,752
14,858
------------
------------
------------
------------
5,457,344
5,522,759
3,653,853
3,161,731
------------
------------
------------
------------
The bank overdraft is secured by a floating charge over the assets of the company. The bank invoice finance is secured by a fixed charge over book debts.
20. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
568,863
635,518
Obligations under finance leases and hire purchase contracts
97,736
401,909
90,164
177,181
---------
------------
--------
---------
666,599
1,037,427
90,164
177,181
---------
------------
--------
---------
The bank overdraft is secured by a floating charge over the assets of the company. The bank invoice finance is secured by a fixed charge over book debts.
21. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
153,937
235,633
128,292
235,633
Later than 1 year and not later than 5 years
97,736
401,909
90,164
401,909
---------
---------
---------
---------
251,673
637,542
218,456
637,542
---------
---------
---------
---------
22. Provisions
Group
Warranties
Deferred tax (note 23)
Total
£
£
£
At 1 February 2023
30,000
299,533
329,533
Additions
( 116,714)
( 116,714)
--------
---------
---------
At 31 January 2024
30,000
182,819
212,819
--------
---------
---------
Company
Warranties
Deferred tax (note 23)
Total
£
£
£
At 1 February 2023
30,000
149,450
179,450
Additions
( 21,588)
( 21,588)
--------
---------
---------
At 31 January 2024
30,000
127,862
157,862
--------
---------
---------
The warranty provision is in relation to a warranty given on machinery sales.
23. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 22)
182,819
299,533
127,862
149,450
---------
---------
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
182,819
299,533
127,862
149,450
---------
---------
---------
---------
24. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 43,116 (2023: £ 61,662 ).
25. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
48,232
48,232
Government grants released to profit or loss
322
322
--------
----
--------
----
48,232
322
48,232
322
--------
----
--------
----
26. Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial assets measured at fair value through profit or loss
Group
Company
2024
2023
2024
2023
£
£
£
£
Financial assets measured at fair value through profit or loss
250,000
250,000
---------
---------
----
----
27. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
40
40
40
40
----
----
----
----
28. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
29. Cash generated from operations
2024
2023
£
£
Profit for the financial year
1,113,527
966,306
Adjustments for:
Depreciation of tangible assets
283,558
404,254
Government grant income
(322)
Other interest receivable and similar income
( 11,822)
( 4,230)
Interest payable and similar expenses
45,412
82,942
Gains on disposal of tangible assets
( 128,733)
( 29,511)
Tax on profit
177,285
( 73,691)
Accrued expenses/(income)
542,385
( 340,845)
Changes in:
Stocks
( 695,459)
1,239,750
Trade and other debtors
838,718
1,877,823
Trade and other creditors
( 815,099)
( 2,478,570)
Provisions and employee benefits
( 10,542)
------------
------------
1,349,772
1,633,364
------------
------------
30. Analysis of changes in net debt
At 1 Feb 2023
Cash flows
New finance leases
Other changes
At 31 Jan 2024
£
£
£
£
£
Cash at bank and in hand
2,564,093
959,000
3,523,093
Debt due within one year
(344,045)
356,672
(11,820)
(216,632)
(215,825)
Debt due after one year
(1,037,427)
187,376
(33,180)
216,632
(666,599)
------------
------------
--------
---------
------------
1,182,621
1,503,048
( 45,000)
2,640,669
------------
------------
--------
---------
------------
31. Limitation of auditors liability
The group has entered into a liability limitation agreement with the group's auditor which was approved on 15 April 2024. The principal terms of the agreement are that the auditor's liability is limited to a multiple of the audit fee issued and paid for the year, but the multiple cannot be less than such amount as is fair and reasonable.
32. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company and its subsidiary undertakings:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Cullen
148,412
( 96,124)
52,288
----
---------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Cullen
1,924
( 1,924)
-------
----
-------
----
The loan above is unsecured and repayable upon demand. The loan is subject to interest at 2.25% pa.
33. Related party transactions
Group
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the group was £ 12,231 (2023: £ 10,976 ).
JMC Packaging Limited
Notes to the Financial Statements (continued)
Year ended 31 January 2024
33. Related party transactions (continued)
Company
The director received dividends in the year of £84,500 (2023 - £103,800). The director operated a current account with the company and advanced £Nil (2023 - £122,313) to the company and was repaid £28,585 (2023 - £93,728). At 31 January 2024, the company owed £Nil (2023 - £28,585) to the director. The company occupies premises owned by the pension fund of the director and was charged £127,000 (2023 - £141,357) in the year for rent. The company received no dividends (2023 - £405,378) from GSH Holdings Limited in the year.