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Registered number: 06246101











PACKAGING ENVIRONMENTAL LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024
















TWP ACCOUNTING LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

 
PACKAGING ENVIRONMENTAL LIMITED
 

COMPANY INFORMATION


Directors
I Shah (resigned 12 June 2024)
Y Shah (resigned 12 June 2024)
Wispville Limited (resigned 12 June 2024)
D D Stokes (appointed 12 June 2024)
S R Norris (appointed 12 June 2024)
L W Hill (appointed 12 June 2024)




Company secretary
S I Jefferies



Registered number
06246101



Registered office
York House
45 Seymour Street

London

England

W1H 7JT




Independent auditor
TWP Accounting LLP
Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE





 
PACKAGING ENVIRONMENTAL LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Statement of Cash Flows
12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 28


 
PACKAGING ENVIRONMENTAL LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their strategic report for the year ended 30th April 2024.

Introduction
 
The Directors consider that they have, in good faith, acted in a way that they believe is most likely to promote the success of the company for the benefit of its shareholders and other stakeholders. Their actions take the interests of key stakeholders into account and their decisions are made with regard to the company’s long-term performance and reputation.
Principal activities
The Company is engaged in the sale of high-quality catering disposables, with a focus on supplying products made from environmentally friendly materials.
Sale of the business
Shortly after the year end, the original directors and shareholders completed the sale of the business to Bunzl Holding LCE Limited, a wholly-owned subsidiary of Bunzl plc.
Following the sale, as part of a group reorganisation, the intention is to transfer the assets, liabilities and trade of the company to Bunzl UK Limited, another wholly-owned subsidiary of Bunzl plc. Following the transfer, Packaging Environmental Ltd will become a dormant legal entity. The accounts have not been prepared on a going concern basis for this reason.

Business review
 
In Year Ending April 2024, the company’s revenues were £12.4m, representing a drop of 18% from the prior year. This drop was expected as price reductions were implemented following the cessation of the global supply chain crisis which saw freight costs from the Far East increase. There was also a reduction in volumes sold to the businesses largest customer, which was also anticipated, as the customer looked to diversify their supply chain.
Sales volume is one of our Key Performance Indicators. Across the business this KPI was on budget, and it is now expected to increase over the coming year.
Current year profits after tax of £762k (Prior Year £1.6m) represent a sustainable net profit margin of 6%.
The demand for disposable food packaging remains strong. The company is also ahead of the curve in its sourcing of food packaging made from environmentally friendly materials to meet with current and expected legislation, as well as the consequent demand from its customers.
We expect to maintain our current revenue for the foreseeable future.

Page 1

 
PACKAGING ENVIRONMENTAL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Principal risks and uncertainties
 
The company’s main risks are linked to the fortunes of the hospitality industry, which faces challenges such as the cost of energy, the impact of the cost of living on discretionary spending, and hybrid working environment altering spending patterns.
The company’s customers are on the whole adjusting their propositions to overcome these challenges, and as such demand for our products remains high.
Geopolitical Risk has also arisen over the past year due to the conflict in the Middle East. This has impacted the key shipping route between the Far East and Western Europe through the Red Sea, and freight costs have increased significantly over the past year as shipping routes have diverted around South Africa. The company continues to actively monitor the situation and to identify and establish relationships with manufacturers in other regions of the world where there is a lower risk of geopolitical volatility.
Exchange rate volatility presents another risk as the majority of goods purchases are not in GBP. This is not a new risk, however, and following the sale of the business, the company now has access to enhanced facilities to improve management of this risk.

Development and performance
 
The company continues to develop its customer base, building on its reputation within existing revenue streams, particularly among high profile businesses within urban centres.
As a result of the sale, the company will also upgrade its systems, which will allow key personnel to cease several manual activities and focus on developing the business and improving profitability.

Financial key performance indicators
 
The company has established KPI’s across all strategic areas of the business and operations. The Directors review and measure the company’s performance against these KPI’s regularly to help them make balanced decisions to ensure the long-term success of the Company.


This report was approved by the board on 30 August 2024 and signed on its behalf.







S R Norris
Director

Page 2

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Principal activity

Packaging Environmental Limited is a private company limited by shares. The principle activity of the Company is to trade in sustainable and eco-friendly food and drinks packaging with a focus on products made from renewable materials.

Results and dividends

The profit for the year, after taxation, amounted to £762,079 (2023 - £1,578,892).

No dividends were paid during the year and the directors do not recommend the payment of dividend for the financial year ended 30 April 2024 (2023 - £nil).

Directors

The directors who served during the year were:

I Shah (resigned 12 June 2024)
Y Shah (resigned 12 June 2024)
Wispville Limited (resigned 12 June 2024)

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 for the Company's financial statements 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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 3

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Principal risks and uncertainties

The management of the business and the execution of the Company’s strategy are subject to a number of risks.
.
Financial risk
In the ordinary course of business, the Company is exposed to a variety of financial risks that include credit risk and liquidity risk.
Operational risk
Operational risk is the risk of direct or indirect losses resulting from inadequate or failed internal processes or systems, human factors or from external agents.
Business risk
Business risk is the risk of adverse outcomes resulting from a weak competitive position or from poor choice of strategy, markets, products, activities or structures.
The Company is committed to the advanced management of financial, operational and business risks.

Future developments

As part of a group reorganisation, the intention is to transfer the assets, liabilities and trade of the company to Bunzl UK Limited, another wholly-owned subsidiary of Bunzl plc. As the company will cease to trade from this date, which is likely to be within the next 12 months, Packaging Environmental Limited is not considered to be a going concern within the next 12 months. The directors have determined that the financial statements should be prepared on a basis other than going concern as detailed in the basis of preparation note 2.2.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, TWP Accounting LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 August 2024 and signed on its behalf.
 







S R Norris
Director

Page 4

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PACKAGING ENVIRONMENTAL LIMITED
 

Opinion


We have audited the financial statements of Packaging Environmental Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council'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.


Emphasis of matter - financial statements prepared on a basis other than going concern


We draw attention to note 2.2 in the financial statements, which indicates that the directors intend to cease trading and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.2.The financial statements include the material adjustments that result in the company not being able to continue as a going concern. Our opinion is not modified in respect of this matter. 













Page 5

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PACKAGING ENVIRONMENTAL LIMITED (CONTINUED)


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 directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 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.


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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.


Page 6

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PACKAGING ENVIRONMENTAL LIMITED (CONTINUED)


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:
Obtain an understanding of the policies and procedures management has in place to detect and prevent fraud and non-compliance with laws and regulations.
Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.
Enquire of management and those charged with governance around actual and potential litigation and claims.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.
Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.
Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.
Review of after year end information to ensure expenditure has been accounted for in the correct period.
Perform analytical review procedures to identify any irregularities and investigation thereon. 
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.


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.


Page 7

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PACKAGING ENVIRONMENTAL LIMITED (CONTINUED)


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 2006Our 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.





Philip Munk  FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
TWP Accounting LLP
 
Chartered Accountants & Statutory Auditors
  
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

30 August 2024
Page 8

 
PACKAGING ENVIRONMENTAL LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
                                                                                                                   Note
£
£

  

Turnover
 4 
12,398,379
15,061,327

Cost of sales
  
(9,578,895)
(11,361,631)

Gross profit
  
2,819,484
3,699,696

Administrative expenses
  
(1,907,009)
(1,586,957)

Derivative gain/(loss)
  
95,401
(66,112)

Operating profit
 5 
1,007,876
2,046,627

Disposal of investments
  
-
(1)

Interest payable and similar expenses
 9 
(22,276)
(56,820)

Profit before tax
  
985,600
1,989,806

Tax on profit
 10 
(223,521)
(410,914)

Profit for the financial year
  
762,079
1,578,892

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 28 form part of these financial statements.

Page 9

 
PACKAGING ENVIRONMENTAL LIMITED
REGISTERED NUMBER: 06246101

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
                                                                           Note
£
£

Fixed assets
  

Intangible assets
 11 
-
64,734

Tangible assets
 12 
-
62,581

  
-
127,315

Current assets
  

Stocks
 13 
2,409,516
2,648,637

Debtors: amounts falling due within one year
 14 
2,291,097
2,571,838

Cash at bank and in hand
 15 
2,118,859
1,103,457

  
6,819,472
6,323,932

Creditors: amounts falling due within one year
 16 
(1,642,705)
(1,932,392)

Net current assets
  
 
 
5,176,767
 
 
4,391,540

Total assets less current liabilities
  
5,176,767
4,518,855

Creditors: amounts falling due after more than one year
 17 
-
(104,167)

Provisions for liabilities
  

Deferred tax
 19 
(39,715)
(39,715)

  
 
 
(39,715)
 
 
(39,715)

Net assets
  
5,137,052
4,374,973


Capital and reserves
  

Called up share capital 
 20 
1,344
1,344

Share premium account
 21 
71,328
71,328

Profit and loss account
 21 
5,064,380
4,302,301

  
5,137,052
4,374,973


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 August 2024.






S R Norris
Director

The notes on pages 14 to 28 form part of these financial statements.

Page 10

 
PACKAGING ENVIRONMENTAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 May 2022
1,344
71,328
2,723,409
2,796,081



Profit for the year
-
-
1,578,892
1,578,892



At 1 May 2023
1,344
71,328
4,302,301
4,374,973



Profit for the year
-
-
762,079
762,079


At 30 April 2024
1,344
71,328
5,064,380
5,137,052


The notes on pages 14 to 28 form part of these financial statements.

Page 11

 
PACKAGING ENVIRONMENTAL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
762,079
1,578,892

Adjustments for:

Amortisation of intangible assets
11,004
-

Depreciation of tangible assets
17,633
17,325

Loss on disposal of tangible assets
13,166
10,307

Interest paid
22,276
56,820

Taxation charge
223,521
410,914

Decrease in stocks
239,121
220,091

Decrease/(increase) in debtors
453,027
(501,904)

(Decrease) in creditors
(32,496)
(1,268,202)

Corporation tax receivable/(payable)
(622,947)
132,065

Net cash generated from operating activities

1,086,384
656,308


Cash flows from investing activities

Purchase of intangible fixed assets
(1,283)
(6,490)

Purchase of tangible fixed assets
(56,202)
(27,866)

Sale of tangible fixed assets
-
(1)

Sale of fixed asset investments
-
1

Net cash from investing activities

(57,485)
(34,356)

Cash flows from financing activities

Repayment of loans
(50,000)
(50,000)

Repayment of/new finance leases
58,779
-

Interest paid
(22,276)
(56,820)

Net cash used in financing activities
(13,497)
(106,820)

Net increase in cash and cash equivalents
1,015,402
515,132

Cash and cash equivalents at beginning of year
1,103,457
588,325

Cash and cash equivalents at the end of year
2,118,859
1,103,457


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,118,859
1,103,457

2,118,859
1,103,457


The notes on pages 14 to 28 form part of these financial statements.

Page 12

 
PACKAGING ENVIRONMENTAL LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024







At 1 May 2023
Cash flows
Reallocation of long term debt to short term debt
New finance leases
Other non-cash changes
At 30 April 2024
£

£

£

£

£

£

Cash at bank and in hand

1,103,457

1,015,402

-

-

-

2,118,859

Debt due after 1 year

(104,167)

-

104,167

-

-

-

Debt due within 1 year

(50,000)

50,000

(104,167)

-

-

(104,167)

Finance leases

-

-

-

(58,779)

-

(58,779)

Derivative asset

-

-

-

-

29,289

29,289


949,290
1,065,402
-
(58,779)
29,289
1,985,202

The notes on pages 14 to 28 form part of these financial statements.

Page 13

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Packaging Environmental Limited is a private company limited by shares incorporated in England and Wales. The registered office is York House, 45 Seymour Street, London, England, W1H 7JT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:

 
2.2

Going concern

Shortly after the year end, the original directors and shareholders completed the sale of the business to Bunzl Holding LCE Limited, a wholly-owned subsidiary of Bunzl plc. 
As part of a group reorganisation, the intention is to transfer the assets, liabilities and trade of the company to Bunzl UK Limited, another wholly-owned subsidiary of Bunzl plc. 
As the company will cease to trade from this date, which is likely to be within the next 12 months, Packaging Environmental Limited is not considered to be a going concern within the next 12 months. 
Following the intention to cease trading, the directors have prepared the financial statements on a basis other than that of a going concern and have adopted the following policies and procedures:
 
all assets have been disclosed at values at which they are expected to be realised, and
all liabilities reflect the full amount at which they are expected to materialise.

 
2.3

Turnover

Turnover comprises revenue recognised by the company in respect of environmentally friendly packaging and catering disposable goods supplied during the year, exclusive of Value Added Tax and trade discounts.
Turnover is recognised in the period in which the goods are dispatched.

Page 14

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Intangible assets relating to website costs are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
The website is considered to have a finite useful life and amortisation is recognised over a 6 year straight line basis, to write off the cost of the website over its useful life.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
Over 10 years
Office equipment
-
Over 3 and 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 15

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Page 16

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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 income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
2.13

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.14

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.15

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 17

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.16

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 18

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In  the  application  of  the  company's  accounting  policies,  the directors  are required  to make judgments, 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 assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Critical judgments
Accounting for finance costs
Finance costs are accounted for at amortised cost using effective interest rates. Given the nature of the financing agreements in place the estimation of an effective interest rate requires judgments to be made in  respect  of  estimating   future  repayment   profiles   and  allocation   of  associated   transaction   costs. Judgments  have been made based on the future expected project programme and repayment  of funds under the facilities as at the reporting date.
                                                                                                                      ·
Accounting for financial instruments
Derivative financial instruments are recorded in the Company's balance sheet at fair value. The assessment of fair value depends on assuming a market price for the instrument  in question.   The Company  uses its assessment  of forward curves, largely from readily attainable quotations,  and third party sources.  Where such instruments extend beyond the liquid portion of the forward curve the level of judgemental increases.
Useful lives of assets
The expected useful life of production assets is determined based on historical experience and expectations concerning the future use of these assets. The expected future applications may subsequently prove not to be realisable, which may require useful lives to be reassessed.


4.


Turnover

The whole of the turnover is attributable to the sale of sustainable and eco-friendly packaging.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
12,298,733
14,883,174

Rest of Europe
77,596
178,153

Rest of the world
22,050
-

12,398,379
15,061,327


Page 19

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
132,246
(141,253)

Other operating lease rentals
90,918
114,376


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Auditor's remuneration

13,950
12,500

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
859,085
758,920

Social security costs
81,074
71,433

Cost of defined contribution scheme
33,324
23,448

973,483
853,801


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Operations team
17
16

Page 20

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
245,253
214,335

Company contributions to defined contribution pension schemes
10,514
7,168

255,767
221,503


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £181,753 (2023 - £156,169).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,276 (2023 - £4,126).


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
18,871
56,630

Other loan interest payable
3,405
190

22,276
56,820


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
219,141
398,243

Adjustments in respect of previous periods
4,380
-


223,521
398,243


Total current tax
223,521
398,243

Deferred tax


Origination and reversal of timing differences
-
12,671

Total deferred tax
-
12,671


Tax on profit
223,521
410,914
Page 21

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
985,600
1,989,806


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
246,400
497,452

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,839
20,003

Capital allowances for year in excess of depreciation
(7,236)
(6,617)

Adjustments to tax charge in respect of prior periods
4,380
-

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
(12)
(91)

Short-term timing difference leading to an increase (decrease) in taxation
-
12,671

Non-taxable income
(23,850)
-

Other differences leading to an increase (decrease) in the tax charge
-
(112,504)

Total tax charge for the year
223,521
410,914

Page 22

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Intangible assets




Website

£





At 1 May 2023
64,734


Additions
1,283


Transfer between classes
(66,017)



At 30 April 2024

-





Charge for the year on owned assets
11,004


Transfer between classes
(11,004)



At 30 April 2024

-



Net book value



At 30 April 2024
-



At 30 April 2023
64,734

The net book value of the intangible non-current assets held at the balance sheet date have been transferred to current intangible assets within debtors due within one year.



Page 23

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£





At 1 May 2023
54,556
61,521
116,077


Additions
34,942
21,260
56,202


Disposals
(16,626)
(25,788)
(42,414)


Transfers between classes
(72,872)
(56,993)
(129,865)



At 30 April 2024

-
-
-





At 1 May 2023
14,344
39,152
53,496


Charge for the year on owned assets
7,070
10,563
17,633


Disposals
(7,049)
(22,199)
(29,248)


Transfers between classes
(14,365)
(27,516)
(41,881)



At 30 April 2024

-
-
-



Net book value



At 30 April 2024
-
-
-



At 30 April 2023
40,212
22,369
62,581

The net book value of the tangible non-current fixed assets held at the balance sheet date have been transferred to current fixed assets within debtors due within one year.

Page 24

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Stocks

2024
2023
£
£

Finished goods
2,409,516
2,648,637

2,409,516
2,648,637



14.


Debtors

2024
2023
£
£


Trade debtors
1,770,341
2,204,122

Other debtors
348,470
367,716

Current intangible assets
55,013
-

Current tangible assets
87,984
-

Derivative
29,289
-

2,291,097
2,571,838


The current intangible assets and current tangible assets held within debtors due within one year at the balance sheet date are transfers from non-current assets as noted in tangible assets and intangible assets notes. The transfer between classes has taken place due to the matter noted in Note 2.2 of the financial statements.
Included within other debtors are amounts due of £11,161 (2023 - £nil) from directors who held this position during this period.


15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,118,859
1,103,457

2,118,859
1,103,457


Included within cash at bank and in hand is an invoice factoring balance of £63,088 (2023 - £121,034) that is secured by a fixed and floating charge over all the assets of the company.

Page 25

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
104,167
50,000

Trade creditors
820,707
764,462

Taxation and social security
219,141
618,567

Obligations under finance lease contracts
58,779
-

Other creditors
439,911
433,251

Derivative
-
66,112

1,642,705
1,932,392


Included within creditors falling due within one year are bank borrowings of £104,167 (2023 - £50,000) that are secured by a fixed and floating charge over all the assets of the company.


17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
104,167

-
104,167


Included within creditors falling due more than one year are bank borrowings of £nil (2023 - £104,167) that are secured by a fixed and floating charge over all the assets of the company.


18.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
104,167
50,000

Amounts falling due 1-2 years

Bank loans
-
104,167



104,167
154,167


Page 26

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Deferred taxation




2024


£






At beginning of year
(39,715)



At end of year
(39,715)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(39,715)
(39,715)

(39,715)
(39,715)


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



672 (2023 - 672) Ordinary A shares shares of £1.00 each
672
672
672 (2023 - 672) Ordinary B shares shares of £1.00 each
672
672

1,344

1,344



21.


Reserves

Share premium account

The share premium reserve represents cumulative amounts paid in excess of the issued share capital
above par.

Profit and loss account

The profit and loss account represents cumulative profits and losses.


22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £33,324 (2023 - £23,448). Contributions totalling £1,972 (2023 - £1,138) were payable to the fund at the reporting date and are included in creditors.

Page 27

 
PACKAGING ENVIRONMENTAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
63,516
66,717

Later than 1 year and not later than 5 years
-
63,516

63,516
130,233


24.Financial commitments

At 30 April 2024, the company was committed to £1,986,580 (2023 - £1,866,300) in respect of forward currency contracts. Fair value measurement at the year end amounted to a derivative gain of £95,401 (2023 - £66,112 Loss).


25.


Related party transactions

During the year advances totalling £11,161 (2023 - £nil) were made to directors who held the office during this period and no repayments were received from the director. No interest has been charged in respect of this balance. At the balance sheet date the balance due from the directors was £11,161.


26.


Controlling party

During the financial year, the company was controlled commonly by its directors who held the office during this period and there was not one controlling party. 
Following the balance sheet date, the company was sold in its entirety to Bunzl Holding Lce Limited, the new parent undertaking, whose registered office is 45 Seymour Street, London, England, W1H 7JT. The ultimate parent undertaking is Bunzl Public Limited Company, a company which is listed on the London Stock Exchange and whose registered office is York House, 45 Seymour Street, London, England, W1H 7JT. There is no ultimate controlling party.


Page 28