Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falseNo description of principal activity2023-01-01false2724true 10450589 2023-01-01 2023-12-31 10450589 2022-01-01 2022-12-31 10450589 2023-12-31 10450589 2022-12-31 10450589 2022-01-01 10450589 c:Director2 2023-01-01 2023-12-31 10450589 d:Buildings 2023-01-01 2023-12-31 10450589 d:Buildings 2023-12-31 10450589 d:Buildings 2022-12-31 10450589 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10450589 d:PlantMachinery 2023-01-01 2023-12-31 10450589 d:PlantMachinery 2023-12-31 10450589 d:PlantMachinery 2022-12-31 10450589 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10450589 d:FurnitureFittings 2023-01-01 2023-12-31 10450589 d:FurnitureFittings 2023-12-31 10450589 d:FurnitureFittings 2022-12-31 10450589 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10450589 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10450589 d:CurrentFinancialInstruments 2023-12-31 10450589 d:CurrentFinancialInstruments 2022-12-31 10450589 d:Non-currentFinancialInstruments 2023-12-31 10450589 d:Non-currentFinancialInstruments 2022-12-31 10450589 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10450589 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10450589 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 10450589 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 10450589 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 10450589 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 10450589 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 10450589 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 10450589 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 10450589 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 10450589 d:ShareCapital 2023-12-31 10450589 d:ShareCapital 2022-12-31 10450589 d:ShareCapital 2022-01-01 10450589 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10450589 d:RetainedEarningsAccumulatedLosses 2023-12-31 10450589 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10450589 d:RetainedEarningsAccumulatedLosses 2022-12-31 10450589 d:RetainedEarningsAccumulatedLosses 2022-01-01 10450589 c:OrdinaryShareClass1 2023-01-01 2023-12-31 10450589 c:OrdinaryShareClass1 2023-12-31 10450589 c:OrdinaryShareClass1 2022-12-31 10450589 c:FRS102 2023-01-01 2023-12-31 10450589 c:Audited 2023-01-01 2023-12-31 10450589 c:FullAccounts 2023-01-01 2023-12-31 10450589 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10450589 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10450589










H-PACK PAPER & BOARD MANUFACTURING LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
H-PACK PAPER & BOARD MANUFACTURING LTD
REGISTERED NUMBER: 10450589

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Unaudited
As restated
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
4,002,249
4,308,992

  
4,002,249
4,308,992

Current assets
  

Stocks
  
980,666
1,321,350

Debtors: amounts falling due within one year
 6 
400,272
372,947

Cash at bank and in hand
 7 
21,895
7,593

  
1,402,833
1,701,890

Creditors: amounts falling due within one year
 8 
(7,175,551)
(6,944,501)

Net current liabilities
  
 
 
(5,772,718)
 
 
(5,242,611)

Total assets less current liabilities
  
(1,770,469)
(933,619)

Creditors: amounts falling due after more than one year
 9 
(1,662,343)
(2,071,150)

  

Net liabilities
  
(3,432,812)
(3,004,769)

Page 1

 
H-PACK PAPER & BOARD MANUFACTURING LTD
REGISTERED NUMBER: 10450589
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
Unaudited
As restated
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
  
(3,432,912)
(3,004,869)

  
(3,432,812)
(3,004,769)


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: 




J K Mohammed
Director

Date: 9 September 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
H-PACK PAPER & BOARD MANUFACTURING LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022 (as restated)
100
(1,810,525)
(1,810,425)


Comprehensive income for the year

Loss for the year (as restated)
-
(1,194,344)
(1,194,344)



At 1 January 2023 (as restated)
100
(3,004,869)
(3,004,769)


Comprehensive income for the year

Loss for the year
-
(428,043)
(428,043)


At 31 December 2023
100
(3,432,912)
(3,432,812)


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
H-PACK PAPER & BOARD MANUFACTURING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

H-Pack Paper & Board Manufacturing Ltd (company number 10450589), is a private company limited by shares, incorporated in England with its registered office and principal place of business located at Hotpack Complex, Davy Way, Llay Industrial Estate, Llay, Wrexham, LL12 0PG. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company's forecasts and projections, taking account of reasonable possible changes in trading performance, show that the Company is expected to operate within the levels of its current facilities.
After making enquiries, the Directors have a reasonable expectation that the Company has adequateresources to continue in operation existence for the foreseeable future.
The Company has net current liabilities of £5,772,718 (2022: £5,242,611). This includes amounts owed to group companies of £5,302,815 (2022: £5,917,188) which if excluded gives adjusted net current liabilities of £469,903 (2022 net current assets: £674,577).
Hotpack Packaging Industries LLC, a group company with shareholders in common with Hotpack Holding and Investment Limited (the Company's parent), have confirmed that they will provide financial support to the Company for the foreseeable future, including a period of at least one year from the date of approval of these financial statements.
The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Page 4

 
H-PACK PAPER & BOARD MANUFACTURING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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'.

 
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.

Page 5

 
H-PACK PAPER & BOARD MANUFACTURING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

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

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

Page 6

 
H-PACK PAPER & BOARD MANUFACTURING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold Improvements
-
20%
Plant and machinery
-
5-20%
Fixtures and fittings
-
20%

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

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

 
2.10

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.

Page 7

 
H-PACK PAPER & BOARD MANUFACTURING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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

Financial instruments

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 


4.


Employees

The average monthly number of employees, including directors, during the year was 27 (2022 - 24).

Page 8

 
H-PACK PAPER & BOARD MANUFACTURING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Leasehold Improvements
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
3,859
4,897,555
28,341
4,929,755


Additions
-
4,831
19,792
24,623


Disposals
-
(37,587)
-
(37,587)



At 31 December 2023

3,859
4,864,799
48,133
4,916,791



Depreciation


At 1 January 2023
836
604,757
15,170
620,763


Charge for the year on owned assets
771
309,808
7,788
318,367


Disposals
-
(24,588)
-
(24,588)



At 31 December 2023

1,607
889,977
22,958
914,542



Net book value



At 31 December 2023
2,252
3,974,822
25,175
4,002,249



At 31 December 2022
3,023
4,292,798
13,171
4,308,992

Page 9

 
H-PACK PAPER & BOARD MANUFACTURING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
Unaudited 2022
£
£


Other debtors
391,080
372,947

Prepayments and accrued income
9,192
-

400,272
372,947



7.


Cash and cash equivalents

2023
Unaudited 2022
£
£

Cash at bank and in hand
21,895
7,593

21,895
7,593


Page 10

 
H-PACK PAPER & BOARD MANUFACTURING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
Unaudited
As restated
2022
£
£

Other loans
402,028
492,200

Trade creditors
908,717
341,811

Amounts owed to group undertakings
5,302,815
5,917,188

Other taxation and social security
152,261
41,369

Other creditors
409,730
151,933

7,175,551
6,944,501


Amounts owed to group undertakings by the Company are repayable on demand. Interest is charged annually on the outstanding balance. 
Prior year restatement - Other Loans (Interest Free) 
In the previous reporting period, a prior year restatement was made relating to certain interest-free loans within Other creditors as at 31 December 2021. 
Following the previous prior year adjustment, the loan repayment terms have been confirmed as repayable on demand and therefore the previous years classification of creditors due in more than one year has been updated to reclassify amounts due to group undertakings due within one year. The impact of this adjustment is to restate other loans as at 31 December 2022 totalling £307,303 from creditors due in more than one year to amounts owed to group undertakings and included within creditors due within one year. 
The interest charge included within the 2022 Income Statement has been reversed resulting in a decrease to the company’s loss for the year ended 31 December 2022 of £41,340. 
The impact on 2023 opening reserves is a reduction of the previously stated capital contribution reserve by £219,479 to £nil with an increase to the other loans due within 1 year of £219,479.  
There is no impact on the brought forward opening profit or loss reserve.
Prior year restatements - Other Loans & Other Creditors
Prior year restatement has been made to reclassify other loan balances included within Creditors: Amounts falling due within one year and Creditors: Amounts falling due after more than one year based on the loan repayment schedules in place. 
Creditors due after more than one year have decreased by £216,212. Other Creditors due within one year have decreased by £275,988 and other loans have increased by £492,200. 
There is no impact on the previously stated profit or loss for the year. 

Page 11

 
H-PACK PAPER & BOARD MANUFACTURING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
Unaudited
As restated
2022
£
£

Other loans
1,662,343
2,071,150

1,662,343
2,071,150


The above amounts included in creditors due within one year and creditors falling due after more than one year are secured on certain items of the Company's plant and machinery. 


10.


Loans


Analysis of the maturity of loans is given below:


2023
Unaudited
As restated
2022
£
£

Amounts falling due within one year

Other loans
402,028
492,200


402,028
492,200

Amounts falling due 1-2 years

Other loans
223,763
427,673


223,763
427,673

Amounts falling due 2-5 years

Other loans
771,870
934,739


771,870
934,739

Amounts falling due after more than 5 years

Other loans
666,710
708,738

666,710
708,738

2,064,371
2,563,350


Page 12

 
H-PACK PAPER & BOARD MANUFACTURING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation

The provision for deferred taxation is made up as follows:


2023
Unaudited
2022
£
£



Accelerated capital allowances
(932,228)
(990,344)

Tax losses carried forward
932,228
990,344

-
-

Taxable losses carried forward have a value of £1,976,678. Of this amount, £932,228 has been recognised to offset against accelerated capital allowances. The remaining amount of £1,044,450 has not been recognised as an asset and is held to offset against future taxable profits arising. 


12.


Share capital

2023
Unaudited 2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



13.


Contingent liabilities

The Company has entered into a cross guarantee to secure the borrowings of H-Pack Packaging UK Ltd, a company under common ownership. At 31 December 2023 the liability under this guarantee was £5,634,320 (2022: £5,457,386).


14.


Controlling party

The Company's ultimate parent company and controlling party is Hotpack Holding & Investment Limited, a company domiciled in Dubai, UAE, by virtue of its ownership of 100% of the Company's issued share capital. 


15.


Auditors' information

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

The audit report was signed on 12 September 2024 by John Fletcher BA (Hons) FCA (Senior statutory auditor) on behalf of WR Partners.

 
Page 13