Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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CEPAC LIMITED
COMPANY INFORMATION
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CEPAC LIMITED
CONTENTS
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CEPAC LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The core objective of our business is to continue to lead packaging innovation and to be the benchmark for customer service in our industry. Our success has been achieved through pioneering development leading to profitable growth in existing business and appropriate acquisitions. This will continue to be integral to our future strategy, with significant strategic investment and expansion plans being put in place for 2023 and beyond. Key to our success is partnering with customers, suppliers and all stakeholders to develop innovative and sustainable packaging solutions. This will continue to be at the heart of our strategy.
Cepac continues to invest to strengthen our position and during 2023 we made a significant investment and acquired land adjacent to our current plant in Rotherham that will enable future strategic expansion. In addition, we completed a corrugator investment at our existing Rotherham plant, to enhance the capability of our high-performance corrugator, which will also facilitate growth in coming years. As the leading UK independent corrugated supplier, we offer an unrivalled range of sustainable and innovative print and performance packaging, particularly recognising the increasing importance of paper-based packaging, by pioneering the latest technology to develop sustainable solutions. We will continue to build upon our strong reputation for pioneering innovation and a number of future strategic investments are planned with direct benefits for our partners.
Our strategy is constantly reviewed by the Board in the light of the company’s performance and changing market conditions to ensure that it remains appropriate to achieve our business objectives.
2023 was a challenging year with inflationary cost pressures impacting the business. Due to volume softness in the market, paper and raw material prices dropped in H1 and were then stable throughout the remainder of the year, but other cost pressures still remained.
Sales volumes increased slightly over the year and, compared to a decline in demand in the general market for corrugated, our performance recovered comparatively. Inflationary pressures remained stubborn and continued to impact our customers’ and consumer confidence. However, our partnership approach and our focus upon performance packaging allowed us to mitigate some cost pressures for our customers. Sales volumes now and in the future will be positively impacted by the strong growth in demand for plastic replacement products, as sustainability pushes ever further up the agenda. Cepac is strongly placed to respond to these dynamic market changes. In the second half of 2023 we experienced disruption at our Darlington facility caused by industrial action. As a result, we accelerated strategic plans to refocus the site into sustainable direct food packaging, manufacturing plastic replacement products, where there are strong growth opportunities, utilising fully recyclable, paper alternatives to plastic. We also implemented a strategic re-structuring programme at our Rawcliffe Bridge facility, centred upon the earlier investment in a state-of-the-art high-speed multi-colour precision Rotary Die Cut machine. Optimal print and die-cut quality and customer service is central to the site’s future strategic growth.
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CEPAC LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Economic and market risk
The cyclical nature of the paper industry provides challenges and risks that have to be managed, as clearly illustrated by the material cost increases in 2017 and 2018 then followed by reductions in 2019, then increases again towards the end of 2020 and unprecedented increases in 2021 and then sharp decreases during 2023. Paper prices softened through the first half of 2023 but then stabilised in the second half of the year. Market risk is associated with both competitor activity and the paper cycle. Economically, the major risk will be how market demand, changes in the supply chain, environmental considerations and especially inflation, impact consumer spending across all sections of the economy and inevitably influence demand for paper and corrugated packaging. We continue to enjoy full support from our paper suppliers including new investment, as the very latest state-of-the-art paper making technology is being introduced. This is key to underpinning our own innovation. This has allowed us to protect and maintain margins in an environment of escalating costs, with the support of our employees, customers, suppliers and all stakeholders throughout 2023. Critically, it continues to ensure cost effective packaging solutions for our customer partners. Cepac are actively responding to environmental concerns through the use of new technology and process control combined with innovation in the form of performance packaging. Operational continuity risk The company works actively to continuously reduce the risk of events happening that could disrupt operations. Insurance policies are in place to mitigate financial risk and business continuity plans are formulated to safeguard customer service. Operational contingency from site to site continues to be reviewed and developed further where appropriate. Future strategic investments will support business growth and enhance operational contingency. Financial risk management objectives and policies The company uses various financial instruments: these include loans, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company’s operations. No transactions in derivatives take place and the main risks arising from these financial instruments are credit risk, interest rate risk, liquidity risk and currency risk. Credit risk:
The company’s principal financial assets are its trade debtors, assessment and monitoring of existing and potential customers is undertaken in conjunction with underwriters with credit insurance in place to cover any potential losses.
Interest rate risk: The company finances its operations through bank borrowings, which are all £STG denominated and therefore subject to UK interest rate movement. Funding is at fixed margin levels relative to base rate or LIBOR, dependent upon the type of facility. The Board keeps under review the potential for interest rate movement and any potential impact on debt servicing costs.
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CEPAC LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Liquidity risk:
The company has facilities in place that allow for drawdown of monies to operate the businesses and provide predictability of cash flow. Financing for major items of capital expenditure is being used to provide further balances and options in the company’s funding going forward. Our facilities leave ample funding headroom and there are significant approved plans for investment in carefully selected capital expenditure projects during 2024, which will support and drive future development of the business. The directors are committed to our objective of maintaining a strong balance sheet. Currency risk: Most paper purchases are denominated in £STG with a small percentage that is Euro denominated. This is effectively purchased at foreign exchange spot rates and will be closely monitored to ensure effectiveness and predictability. Other supplies bought, where necessary, in foreign currency are also paid at spot rate, the proportion and risk not being sufficiently material to require derivatives to manage the risk.
The company uses a number of financial measures to monitor progress against budgets, strategies and corporate objectives, with the main items summarised below:
Revenue - £126,144,727 (2022: £133,508,658). Profit in the year - £5,226,217 (2022: £6,328,369). Softening Paper prices were offset against significant material price increases seen in the year and were subsequently reflected in decreasing selling prices. The net effect was a maintenance of margins into 2024. Competitive activity and paper mill developments continue to influence selling and pricing decisions. In addition to financial measures, as a matter of the utmost priority the Board also monitors and proactively reviews Health, Safety and Environmental issues in all its operating units. This is and will remain a key management priority and the objective of all involved in the businesses is to continually improve the working environment to avoid or minimise any threats to the safety and wellbeing of our employees and the environment.
This report was approved by the board on 29 August 2024 and signed on its behalf.
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CEPAC LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £5,226,217 (2022 - £6,328,369).
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CEPAC LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company keeps its employees informed on matters affecting them as employees and on the performance of the Company through periodic meetings. Other information is distributed through publications such as the Annual Accounts, the Staff Handbook and the company Intranet.
The auditors, Shorts, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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CEPAC LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Cepac operates from 4 manufacturing sites across the UK, the primary use of energy is within our corrugating and conversion process which require high volumes of heat and power respectively. We are striving to minimise our impact on the planet, and this will play a key part of our sustainable strategy going forward.
The Company’s greenhouse gas emissions and energy consumption are as follows:
Quantification & Reporting Methodology
The calculations in this report use the GHG Protocol methodology. In accordance with 2020 Government greenhouse gas conversion factors for company reporting - Methodology Paper for Conversion factors, the emissions factor for Grid Electricity scope 2 emissions resulting from ‘electricity generated’ was used to calculate emissions associated with electricity consumption. Cepac has opted to change methodology from tonnes CO2e/£ million turnover to using tonnes CO2e/100 KSM the Intensity Ratio for SECR reporting. This is to eliminate volatility based on pricing.
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CEPAC LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Energy efficient actions taken in 2023
∙Installed a solar hot water tube to pre-heat water and reduce the load on the gas boilers.
∙Ink save project - saves ink/water (Gopfert print unit).
∙Air blower on Gopfert replaced with fan blower.
∙Reviewed performance of Samoa pneumatic pump trial and identified savings so that the trial can be extended in 2024.
∙Replace lighting in Compactor 3 area with LED fittings.
∙Progressed LED lighting replacement of new reel store.
∙Introduced monthly energy savings team meetings to help maintain focus on energy savings across the Darlington site, including installing a energy dashboard in the canteen displaying energy savings and provide energy related information.
∙Raised Capex for new “Essential control” BMS system upgrade.
∙Installed new variable speed compressor so that the compressor only runs to meet the required demand we require.
∙Completed energy monitoring on Corrugator and KBA so that energy monitoring equipment fitted on all high consuming machines.
∙Installed smaller pumps for the Starch system to reduced electricity consumption of air compressors.
∙Replaced warehousing lighting with LED lighting.
Further plans for 2024
∙Replace older Air Compressors.
∙Replace the air blower on the United machine with an energy efficient fan blower.
∙Replace compressed air pumps with Samoa air efficient / electric pumps.
∙Replace all machine lighting for the new corrugator with LED lighting.
∙Explore viability of battery storage of waste energy from production equipment, for example charge batteries using the waste energy from the electrical braking controls of the invertor drives.
∙Upgrade LED lighting control system in the conversion hall so that all light fittings are PIR controlled rather than being manually switched on/off.
∙Replace the corrugator with a sheet plant to reduce electricity consumption by an estimated 30%, LPG by 95% and compressed air by 50% and overall waste by 80%.
∙Consider revised process for collecting transport data in order to improve the accuracy of reporting.
∙Encourage staff on the company car scheme, staff using pool cars and staff completing substantial business travel in privately owned vehicles to attend eco-driver awareness session.
∙Promote meetings via teams/zoom to reduce business travel.
There have been no significant events affecting the Company since the year end.
This report was approved by the board on
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CEPAC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CEPAC LIMITED
We have audited the financial statements of Cepac Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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CEPAC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CEPAC LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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.
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CEPAC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CEPAC LIMITED (CONTINUED)
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 Auditors' 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 to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the engagement team collectively had the appropriate competence, capabilities and skills to identify and recognise non-compliance with applicable laws and regulations; and
∙through discussions with the directors and other management and from our commercial knowledge, we identified the laws and regulations applicable to the Company.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙reviewed the general ledger entries during the year to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance;
∙enquiring of management as to actual and potential litigation and claims;
∙considering relationships with HMRC and other relevant regulators; and
∙reviewing legal and professional costs to identify any indicators of litigation.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they
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CEPAC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CEPAC LIMITED (CONTINUED)
may involve deliberate concealment or collusion.
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 Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Cedar House
63 Napier Street
South Yorkshire
S11 8HA
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CEPAC LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CEPAC LIMITED
REGISTERED NUMBER: 03373762
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 33 form part of these financial statements.
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CEPAC LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CEPAC LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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CEPAC LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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CEPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Cepac Limited is a private company limited by shares, incorporated in England and Wales (registered number: 03373762). Its registered office is Prince Albert House, 2 Kingsmill Terrace, London, NW8 6BN.
The principal activity of the Company throughout the year continued to be that of the provision of design and production of corrugated packaging.
2.Accounting policies
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
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CEPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
Software costs
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.
The estimated useful lives range as follows:
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CEPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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:
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.
Assets under construction
The amounts recorded as assets under construction reflect the cost value of ongoing capital projects that are not yet complete. Each capital project is assigned a project code in the accounting system, where all relevant costs are allocated as incurred. When a capital project is complete, it is transferred from assets under construction to the appropriate asset category and begins depreciation from the date the completed asset becomes available for use, according to the depreciation rates specified above.
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CEPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are charged as an expense to the Statement of Income and Retained Earnings 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.
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CEPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, 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, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
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CEPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
All turnover arose from the Company's principal activity and within the United Kingdom. All turnover relates to the sale of goods.
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CEPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CEPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 24
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CEPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 25
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CEPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 26
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CEPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 27
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CEPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 28
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CEPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 29
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CEPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 30
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CEPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 31
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CEPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
Includes all current and prior retained profits and losses.
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 £1,289,492 (2022: £1,227,843). Contributions totaling £204,883 (2022: £187,291) were payable to the fund at the balance sheet date and are included in creditors.
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CEPAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
25.Guarantees
The Company has an arrangement with HMRC is respect of duty deferment. The amount guaranteed is £100,000 (2022: £100,000)
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