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COMPANY REGISTRATION NUMBER: 12353464
Sandland Packaging Holdings Limited
Financial Statements
31 December 2023
Sandland Packaging Holdings Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the members
5
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Notes to the financial statements
15
Sandland Packaging Holdings Limited
Officers and Professional Advisers
The board of directors
A Batha
J Hickman
M Hickman
R Welch
Registered office
Unit 5 Phoenix Industrial Estate
Loxdale Street
Bilston
West Midlands
WV14 0PR
Auditor
BSN Associates Limited
Chartered accountants & statutory auditor
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
Sandland Packaging Holdings Limited
Strategic Report
Year ended 31 December 2023
Principal activity The principal activity of the Group during the year was the manufacture of Carbon Neutral bespoke cardboard boxes for both end users and merchants Our business is built on the three principles of - Passion - Excellence - Trust Business review The group results for the year show a profit before taxation of £811,681 compared to a loss of £147,695 in 2022. Turnover was £10,737,472 compared to £10,591,457 in 2022, which is an increase of 1.3%. The directors are satisfied with the performance of the Group during the year. Principal risks and uncertainties The principal risks and uncertainties affecting the business include the following: Credit risk - the Group monitors credit risk closely and considers that its current policies of credit checks meets its objectives of mitigation of credit risk. Disaster risk - the Group has adequate insurance, back up procedures and fire alarms in place to mitigate the risk of disaster or fire. The only uncertainties affecting the business currently are the increasing energy costs. Employees The Group is committed to providing training and development to its employees to ensure that they are working within a safe working environment.
This report was approved by the board of directors on 11 September 2024 and signed on behalf of the board by:
J Hickman
M Hickman
Director
Director
Registered office:
Unit 5 Phoenix Industrial Estate
Loxdale Street
Bilston
West Midlands
WV14 0PR
Sandland Packaging Holdings Limited
Directors' Report
Year ended 31 December 2023
The directors present their report and the financial statements of the group for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
A Batha
J Hickman
M Hickman
R Welch
Dividends
The directors do not recommend the payment of a dividend.
Future developments
The directors believe that there are no significant future developments that will impact the group in an adverse manner.
Financial instruments
The group only holds basic financial instruments such as cash, trade debtors and trade creditors.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 11 September 2024 and signed on behalf of the board by:
J Hickman
M Hickman
Director
Director
Registered office:
Unit 5 Phoenix Industrial Estate
Loxdale Street
Bilston
West Midlands
WV14 0PR
Sandland Packaging Holdings Limited
Independent Auditor's Report to the Members of Sandland Packaging Holdings Limited
Year ended 31 December 2023
Opinion
We have audited the financial statements of Sandland Packaging Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of 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, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: We have reviewed financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We have audited 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. We have also made enquiries of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Hannah Justice FCA FCCA
(Senior Statutory Auditor)
For and on behalf of
BSN Associates Limited
Chartered accountants & statutory auditor
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
11 September 2024
Sandland Packaging Holdings Limited
Consolidated Statement of Comprehensive Income
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
4
10,737,472
10,591,457
Cost of sales
7,140,051
7,904,772
-------------
-------------
Gross profit
3,597,421
2,686,685
Distribution costs
331,911
341,881
Administrative expenses
2,196,664
2,097,016
------------
------------
Operating profit
5
1,068,846
247,788
Interest payable and similar expenses
8
257,165
395,483
------------
------------
Profit/(loss) before taxation
811,681
( 147,695)
Tax on profit/(loss)
9
183,589
6,576
---------
---------
Profit/(loss) for the financial year and total comprehensive income
628,092
( 154,271)
---------
---------
All the activities of the group are from continuing operations.
Sandland Packaging Holdings Limited
Consolidated Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
10
1,827,747
2,132,372
Tangible assets
11
1,070,765
1,082,360
------------
------------
2,898,512
3,214,732
Current assets
Stocks
13
431,188
397,362
Debtors
14
2,254,831
2,380,942
Cash at bank and in hand
134,612
57,588
------------
------------
2,820,631
2,835,892
Creditors: amounts falling due within one year
15
3,484,100
3,077,883
------------
------------
Net current liabilities
663,469
241,991
------------
------------
Total assets less current liabilities
2,235,043
2,972,741
Creditors: amounts falling due after more than one year
16
238,958
1,699,062
Provisions
18
220,063
131,859
------------
------------
Net assets
1,776,022
1,141,820
------------
------------
Capital and reserves
Called up share capital
21
109,999
107,777
Share premium account
22
11,503
7,615
Profit and loss account
22
1,654,520
1,026,428
------------
------------
Shareholders funds
1,776,022
1,141,820
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
J Hickman
M Hickman
Director
Director
Company registration number: 12353464
Sandland Packaging Holdings Limited
Company Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
12
4,747,685
4,747,685
Current assets
Debtors
14
1,960
4,975
Creditors: amounts falling due within one year
15
992,170
450,175
---------
---------
Net current liabilities
990,210
445,200
------------
------------
Total assets less current liabilities
3,757,475
4,302,485
Creditors: amounts falling due after more than one year
16
3,759,423
4,279,143
Provisions
18
( 7,240)
( 7,240)
------------
------------
Net assets
5,292
30,582
------------
------------
Capital and reserves
Called up share capital
21
109,999
107,777
Share premium account
22
11,503
7,615
Profit and loss account
22
( 116,210)
( 84,810)
---------
---------
Shareholders funds
5,292
30,582
---------
---------
The loss for the financial year of the parent company was £ 31,400 (2022: £ 20,300 ).
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
J Hickman
M Hickman
Director
Director
Company registration number: 12353464
Sandland Packaging Holdings Limited
Consolidated Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 January 2022
107,777
7,615
1,180,699
1,296,091
Loss for the year
( 154,271)
( 154,271)
---------
-------
------------
------------
Total comprehensive income for the year
( 154,271)
( 154,271)
At 31 December 2022
107,777
7,615
1,026,428
1,141,820
Profit for the year
628,092
628,092
---------
-------
------------
------------
Total comprehensive income for the year
628,092
628,092
Issue of shares
2,222
3,888
6,110
-------
-------
----
-------
Total investments by and distributions to owners
2,222
3,888
6,110
---------
--------
------------
------------
At 31 December 2023
109,999
11,503
1,654,520
1,776,022
---------
--------
------------
------------
Sandland Packaging Holdings Limited
Company Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 January 2022
107,777
7,615
( 64,510)
50,882
Loss for the year
( 20,300)
( 20,300)
---------
-------
--------
--------
Total comprehensive income for the year
( 20,300)
( 20,300)
At 31 December 2022
107,777
7,615
( 84,810)
30,582
Loss for the year
( 31,400)
( 31,400)
---------
-------
--------
--------
Total comprehensive income for the year
( 31,400)
( 31,400)
Issue of shares
2,222
3,888
6,110
-------
-------
----
-------
Total investments by and distributions to owners
2,222
3,888
6,110
---------
--------
---------
-------
At 31 December 2023
109,999
11,503
( 116,210)
5,292
---------
--------
---------
-------
Sandland Packaging Holdings Limited
Consolidated Statement of Cash Flows
Year ended 31 December 2023
2023
2022
£
£
Cash flows from operating activities
Profit/(loss) for the financial year
628,092
( 154,271)
Adjustments for:
Depreciation of tangible assets
261,413
274,501
Amortisation of intangible assets
304,625
304,625
Interest payable and similar expenses
257,165
395,483
(Gains)/loss on disposal of tangible assets
(21,826)
2,527
Tax on loss
183,589
6,576
Accrued expenses
249,613
Changes in:
Stocks
( 33,826)
90,081
Trade and other debtors
57,565
288,773
Trade and other creditors
( 438,701)
183,987
------------
------------
Cash generated from operations
1,198,096
1,641,895
Interest paid
( 257,165)
( 395,483)
Tax received
69,186
66,273
------------
------------
Net cash from operating activities
1,010,117
1,312,685
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 266,047)
( 592,514)
Proceeds from sale of tangible assets
38,055
------------
------------
Net cash used in investing activities
( 227,992)
( 592,514)
------------
------------
Cash flows from financing activities
Proceeds from issue of ordinary shares
6,110
Repayments of borrowings
( 592,201)
( 419,424)
Proceeds from loans from participating interests
31,172
Payments of finance lease liabilities
( 119,010)
( 248,803)
Proceeds from new finance lease liabilities
289,791
Repayment of earnout
(437,000)
------------
------------
Net cash used in financing activities
( 705,101)
( 784,264)
------------
------------
Net increase/(decrease) in cash and cash equivalents
77,024
( 64,093)
Cash and cash equivalents at beginning of year
57,588
121,681
---------
---------
Cash and cash equivalents at end of year
134,612
57,588
---------
---------
Sandland Packaging Holdings Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 5 Phoenix Industrial Estate, Loxdale Street, Bilston, West Midlands, WV14 0PR.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The financial statements consolidate the financial statements of Sandland Packaging Holdings Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are those relating to the valuation and saleability of stock. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to the estimated useful lives of tangible fixed assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
15% straight line
Plant and machinery
-
10% to 15% straight line
Fixtures and fittings
-
15% straight line
Motor vehicles
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2023
2022
£
£
Sale of goods
10,737,472
10,591,457
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Amortisation of intangible assets
304,625
304,625
Depreciation of tangible assets
261,413
274,501
(Gains)/loss on disposal of tangible assets
( 21,826)
2,527
Impairment of trade debtors
33,297
24,000
---------
---------
6. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Production staff
67
72
Administrative staff
16
16
Management staff
4
----
----
83
92
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
2,452,572
2,260,913
Other pension costs
42,303
38,968
------------
------------
2,494,875
2,299,881
------------
------------
7. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
293,836
251,698
Company contributions to defined contribution pension plans
3,963
3,963
---------
---------
297,799
255,661
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2023
2022
No.
No.
Defined contribution plans
3
3
----
----
Remuneration of the highest paid director in respect of qualifying services:
2023
2022
£
£
Aggregate remuneration
94,973
86,200
Company contributions to defined contribution pension plans
1,321
1,321
--------
--------
96,294
87,521
--------
--------
8. Interest payable and similar expenses
2023
2022
£
£
Interest on obligations under finance leases and hire purchase contracts
15,272
9,305
Other interest payable and similar charges
241,893
386,178
---------
---------
257,165
395,483
---------
---------
9. Tax on loss
Major components of tax income
2023
2022
£
£
Current tax:
UK current tax income
95,385
Adjustments in respect of prior periods
( 638)
--------
----
Total current tax
95,385
( 638)
--------
----
Deferred tax:
Origination and reversal of timing differences
88,204
7,214
---------
-------
Tax on loss
183,589
6,576
---------
-------
Reconciliation of tax expense
The tax assessed on the profit/(loss) on ordinary activities for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 23.52 % (2022: 19 %).
2023
2022
£
£
Profit/(loss) on ordinary activities before taxation
811,681
( 147,695)
---------
---------
Profit/(loss) on ordinary activities by rate of tax
190,912
( 28,063)
Effect of expenses not deductible for tax purposes
75,356
58,798
Effect of capital allowances and depreciation
( 903)
( 28,016)
Utilisation of tax losses
3,857
Research and development
(128,322)
Change in rate of deferred tax
46,546
---------
---------
Tax on loss
183,589
6,576
---------
---------
10. Intangible assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
3,266,735
------------
Amortisation
At 1 January 2023
1,134,363
Charge for the year
304,625
------------
At 31 December 2023
1,438,988
------------
Carrying amount
At 31 December 2023
1,827,747
------------
At 31 December 2022
2,132,372
------------
The company has no intangible assets.
11. Tangible assets
Group
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
161,742
2,507,397
52,703
476,627
3,198,469
Additions
20,430
152,273
6,694
86,650
266,047
Disposals
( 59,048)
( 59,048)
---------
------------
--------
---------
------------
At 31 December 2023
182,172
2,659,670
59,397
504,229
3,405,468
---------
------------
--------
---------
------------
Depreciation
At 1 January 2023
110,552
1,556,631
51,618
397,308
2,116,109
Charge for the year
9,281
212,279
496
39,357
261,413
Disposals
( 42,819)
( 42,819)
---------
------------
--------
---------
------------
At 31 December 2023
119,833
1,768,910
52,114
393,846
2,334,703
---------
------------
--------
---------
------------
Carrying amount
At 31 December 2023
62,339
890,760
7,283
110,383
1,070,765
---------
------------
--------
---------
------------
At 31 December 2022
51,190
950,766
1,085
79,319
1,082,360
---------
------------
--------
---------
------------
The company has no tangible assets.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 December 2023
338,775
55,967
394,742
---------
--------
---------
At 31 December 2022
425,895
65,090
490,985
---------
--------
---------
12. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
4,747,685
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 1 January 2023 and 31 December 2023
4,747,685
------------
At 31 December 2022
4,747,685
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Sandland Packaging Limited
Ordinary
100
Sandland Packaging Group Limited
Ordinary
100
13. Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
431,188
397,362
---------
---------
----
----
14. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
2,174,472
2,262,001
Corporation tax repayable
68,546
Directors loan account
3,015
Other debtors
80,359
50,395
1,960
1,960
------------
------------
-------
-------
2,254,831
2,380,942
1,960
4,975
------------
------------
-------
-------
15. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
1,217,873
543,407
800,000
386,391
Trade creditors
1,174,079
1,799,658
Accruals and deferred income
448,886
313,537
Corporation tax
96,025
Social security and other taxes
219,704
192,060
Obligations under finance leases and hire purchase contracts
127,256
152,830
Director loan accounts
15,978
8,737
8,654
Other creditors
184,299
67,654
183,516
63,784
------------
------------
---------
---------
3,484,100
3,077,883
992,170
450,175
------------
------------
---------
---------
Hire purchase obligations are secured against the specific assets they finance and carry interest at varying rates. Overdrafts and loans are secured by debenture over the group's assets.
The invoice discounting facility is secured by a fixed charge over the assets of the Group.
16. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
1,266,667
1,250,000
Amounts owed to group undertakings
3,659,423
2,829,142
Obligations under finance leases and hire purchase contracts
138,958
232,394
Director loan accounts
8,880
17,759
8,880
17,759
Other creditors
91,120
182,242
91,120
182,242
---------
------------
------------
------------
238,958
1,699,062
3,759,423
4,279,143
---------
------------
------------
------------
Hire purchase obligations are secured against the specific assets they finance and carry interest at varying rates.
17. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
127,256
152,830
Later than 1 year and not later than 5 years
138,958
232,394
---------
---------
----
----
266,214
385,224
---------
---------
----
----
18. Provisions
Group
Deferred tax (note 19)
£
At 1 January 2023
131,859
Additions
88,204
---------
At 31 December 2023
220,063
---------
Company
Deferred tax (note 19)
£
At 1 January 2023
( 7,240)
-------
At 31 December 2023
( 7,240)
-------
19. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in provisions (note 18)
220,063
131,859
( 7,240)
( 7,240)
---------
---------
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Accelerated capital allowances
227,303
180,025
Unused tax losses
( 7,240)
( 47,984)
( 7,240)
( 7,240)
Pension plan obligations
( 182)
---------
---------
-------
-------
220,063
131,859
(7,240)
(7,240)
---------
---------
-------
-------
20. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 42,303 (2022: £ 38,968 ).
21. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
109,999
109,999
107,777
107,777
---------
---------
---------
---------
22. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses, net of dividends paid and other adjustments.
23. Analysis of changes in net debt
At 1 Jan 2023
Cash flows
At 31 Dec 2023
£
£
£
Cash at bank and in hand
57,588
77,024
134,612
Debt due within one year
(704,974)
(656,133)
(1,361,107)
Debt due after one year
(1,516,820)
1,368,982
(147,838)
------------
------------
------------
( 2,164,206)
789,873
( 1,374,333)
------------
------------
------------
24. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
158,000
158,000
Later than 1 year and not later than 5 years
398,000
476,000
Later than 5 years
80,000
160,000
---------
---------
----
----
636,000
794,000
---------
---------
----
----
25. Controlling party
There is no ultimate controlling party of the group.