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REGISTERED NUMBER: 02379837 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ASSEMBLY & PACKAGING SERVICES LTD

ASSEMBLY & PACKAGING SERVICES LTD (REGISTERED NUMBER: 02379837)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ASSEMBLY & PACKAGING SERVICES LTD

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mr G D Withers BSc ACMA
Mr S L Ross



REGISTERED OFFICE: 19 - 20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD



REGISTERED NUMBER: 02379837 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr Paul Dell FCA



AUDITORS: Raffingers LLP, Statutory Auditor
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

ASSEMBLY & PACKAGING SERVICES LTD (REGISTERED NUMBER: 02379837)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 707,558 705,510

CURRENT ASSETS
Stocks 208,500 228,214
Debtors 5 516,992 515,897
Cash in hand 721 1,531
726,213 745,642
CREDITORS
Amounts falling due within one year 6 2,623,385 1,925,772
NET CURRENT LIABILITIES (1,897,172 ) (1,180,130 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,189,614

)

(474,620

)

PROVISIONS FOR LIABILITIES 175,598 19,496
NET LIABILITIES (1,365,212 ) (494,116 )

CAPITAL AND RESERVES
Called up share capital 4,750 4,750
Capital redemption reserve 5,250 5,250
Retained earnings (1,375,212 ) (504,116 )
SHAREHOLDERS' FUNDS (1,365,212 ) (494,116 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





Mr G D Withers BSc ACMA - Director


ASSEMBLY & PACKAGING SERVICES LTD (REGISTERED NUMBER: 02379837)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Assembly & Packaging Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Assessment of going concern
The accounts have been prepared on the going concern basis as the directors are of the opinion that the company will meet its liabilities as and when due, due to the continued support of the directors and the parent company Keswick Enterprises Group Limited.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 10% on reducing balance
Fixtures and fittings - 15% on cost

Government grants
Government grants, including non-monetary grants shall not be recognised until there is reasonable assurance that:
(a) the entity will comply with the conditions attaching to them; and
(b) the grants will be received.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow Group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


ASSEMBLY & PACKAGING SERVICES LTD (REGISTERED NUMBER: 02379837)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Hire purchase and leasing commitments
Assets that are held by company under leases which transfer to the company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the company's policy on borrowing costs (see the accounting policy above). Contingent rentals are recognised as expenses in the periods in which they are incurred.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight­ line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

ASSEMBLY & PACKAGING SERVICES LTD (REGISTERED NUMBER: 02379837)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2022 - 91 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Long and
leasehold fittings Totals
£    £    £   
COST
At 1 January 2023 466,054 1,290,623 1,756,677
Additions 32,981 70,484 103,465
At 31 December 2023 499,035 1,361,107 1,860,142
DEPRECIATION
At 1 January 2023 187,414 863,753 1,051,167
Charge for year 41,310 60,107 101,417
At 31 December 2023 228,724 923,860 1,152,584
NET BOOK VALUE
At 31 December 2023 270,311 437,247 707,558
At 31 December 2022 278,640 426,870 705,510

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and
fittings
£   
COST
At 1 January 2023
and 31 December 2023 48,500
DEPRECIATION
At 1 January 2023 16,545
Charge for year 7,275
At 31 December 2023 23,820
NET BOOK VALUE
At 31 December 2023 24,680
At 31 December 2022 31,955

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 307,226 478,148
Other debtors 34,168 37,749
341,394 515,897

ASSEMBLY & PACKAGING SERVICES LTD (REGISTERED NUMBER: 02379837)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

5. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Other debtors 175,598 -

Aggregate amounts 516,992 515,897

The deferred tax asset has been calculated based on the trading losses carried forward at 31 December 2023 and on the current Corporation Tax rate of 25%. Such losses are expected to be relieved in the financial years to December 2024 and 2025.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 2,291,684 1,490,782
Hire purchase contracts - 5,184
Trade creditors 166,048 210,318
Taxation and social security 77,997 117,429
Other creditors 87,656 102,059
2,623,385 1,925,772

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 2,291,684 1,490,782

At the year end, the bank overdrafts were secured by way of fixed and floating charges over all the assets of the company, as well as cross company guarantees within the Group.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Paul Dell FCA (Senior Statutory Auditor)
for and on behalf of Raffingers LLP, Statutory Auditor

9. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge amounted to £26,988 (2022: £36,842) during the year. The outstanding contributions at the balance sheet date is £5,939 (2022: £6,738).

10. CONTINGENT LIABILITIES

The company has granted a fixed and floating charge to Barclays Bank plc over all of its assets as security for the borrowings of the Keswick Enterprises Group of companies. At 31 December 2023, group borrowings amounted to £4,455,551 (2022: £3,545,898).

ASSEMBLY & PACKAGING SERVICES LTD (REGISTERED NUMBER: 02379837)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

13. AUDITOR LIABILITY LIMITATION AGREEMENT

The company has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of the statutory audit for the year ended 31 December 2023. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the members on 15 January 2024.

14. ULTIMATE CONTROLLING PARTY

The company is controlled by The Keswick Enterprises Group Limited, its parent company. The company's ultimate controlling party is Mr J A Harvey by virtue of his majority shareholding in the company's parent company.