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Registered number: 02814560










PENDRAGON PRESENTATION PACKAGING LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PENDRAGON PRESENTATION PACKAGING LIMITED
REGISTERED NUMBER: 02814560

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
74,941
88,290

  
74,941
88,290

Current assets
  

Stocks
  
185,869
312,767

Debtors: amounts falling due within one year
 5 
379,962
493,065

Cash at bank and in hand
 6 
646,288
860,723

  
1,212,119
1,666,555

Creditors: amounts falling due within one year
 7 
(309,423)
(575,716)

Net current assets
  
 
 
902,696
 
 
1,090,839

Total assets less current liabilities
  
977,637
1,179,129

Creditors: amounts falling due after more than one year
 8 
(21,144)
(32,092)

  

Net assets
  
956,493
1,147,037


Capital and reserves
  

Called up share capital 
  
427,039
427,039

Share premium account
  
93,313
93,313

Other reserves
  
25,393
25,393

Profit and loss account
  
410,748
601,292

  
956,493
1,147,037


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Mrs Joanna Calixto
Mr Danny Goris
Director
Director
Date: 5 September 2024

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
PENDRAGON PRESENTATION PACKAGING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Pendragon Presentation Packaging Limited is a private Company limited by shares incorporated in England and Wales. The registered office is The Haysfield, Malvern, Worcestershire, England, WR14 1GF.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company generated a loss before tax of £172,811 (2022: loss of £89,821) and has net assets of £956,493 (2022: £1,147,037). The Company expect to return to profitability in 2024; and given the level of net assets as well as group support, the Directors have a reasonable expectation that the  Company  has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements. 

 
2.3

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'.

Page 2

 
PENDRAGON PRESENTATION PACKAGING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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.

Page 3

 
PENDRAGON PRESENTATION PACKAGING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
25% Reducing Balance
Plant and machinery
-
15% Reducing Balance
Fixtures and fittings
-
15% Reducing Balance

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.

Page 4

 
PENDRAGON PRESENTATION PACKAGING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 27 (2022 - 30).

Page 5

 
PENDRAGON PRESENTATION PACKAGING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
35,503
146,678
70,876
253,057



At 31 December 2023

35,503
146,678
70,876
253,057



Depreciation


At 1 January 2023
35,039
76,103
53,625
164,767


Charge for the year on owned assets
116
10,856
2,377
13,349



At 31 December 2023

35,155
86,959
56,002
178,116



Net book value



At 31 December 2023
348
59,719
14,874
74,941



At 31 December 2022
464
70,575
17,251
88,290

Page 6

 
PENDRAGON PRESENTATION PACKAGING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
189,527
300,742

Amounts owed by group undertakings
169,963
150,000

Other debtors
150
650

Prepayments and accrued income
20,322
23,940

Deferred taxation
-
17,733

379,962
493,065


Amounts owed by group undertakings are unsecured, interest free and repayable on demand. 
Trade debtors are subject to invoice discounting where appropriate.
Trade debtors are stated net of bad debt provision of £14,032 (2022: £42,612).  


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
646,288
860,723

646,288
860,723



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
108,801
222,282

Trade creditors
107,639
216,615

Amounts owed to group undertakings
-
1,167

Other taxation and social security
45,990
48,489

Obligations under finance lease and hire purchase contracts
10,959
10,142

Other creditors
130
130

Accruals and deferred income
35,904
76,891

309,423
575,716


The commercial finance facility included in other loans is secured by a fixed and floating charge over the assets of the Company. 
Amounts owed to group undertakings are unsecured, interest free and repayable on demand. 

Page 7

 
PENDRAGON PRESENTATION PACKAGING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
21,144
32,092

21,144
32,092



9.


Controlling party

The immediate parent undertaking is Cartoncare Limited a Company incorporated in Northern Ireland. The ultimate parent undertaking is Van Genechten NV, a company incorporated in Belgium.
 
The smallest group which the results of Pendragon Presentational Packaging Limited are consolidated is that headed by Cartoncare Limited. The consolidated financial statements are available to the public from Companies House. The largest group of undertakings for which group financial statements are drawn up and of which the company is a member is Van Genechten NV.
 
The ultimate controlling party is Philippe De Somer by virtue of his shareholding in the ultimate parent undertaking.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 5 September 2024 by Teresa Campbell (Senior statutory auditor) on behalf of AAB Group Accountants Limited.


Page 8