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Registration number: 01038677

Oxford Packaging Solutions Limited

Annual Report and Financial Statements

for the Year Ended 30 December 2022

 

Oxford Packaging Solutions Limited

Contents

Independent Auditor's Report

1 to 5

Balance Sheet

6

Notes to the Financial Statements

7 to 16

 

Oxford Packaging Solutions Limited

Independent Auditor's Report to the Members of Oxford Packaging Solutions Limited

Qualified opinion

We have audited the financial statements of Oxford Packaging Solutions Limited (the 'company') for the year ended 30 December 2022, which comprise the Balance Sheet, and Notes to the Financial Statements, 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 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

give a true and fair view of the state of the company's affairs as at 30 December 2022 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

We are unable to obtain sufficient and appropriate audit evidence to support the opening balances within the financial statements and were unable to do so using alternative procedures. Consequently, we are unable to determine whether any material adjustments to the opening balances or a prior year restatement, is necessary.

In preparing the year-end financial statements, management have undertaken a review of the closing balance sheet as at 30 December 2022 and have written off amounts they could not confirm as being in existence to exceptional item. We were unable to obtain sufficient and appropriate audit evidence to support the other exceptional item of £786,552 written off by management through profit and loss in the year ended 30 December 2022 to correct the balance sheet as at the prevailing year end. Consequently, we are unable to confirm whether the write off is materially misstated for the year ended 30 December 2022. Further information can be found in note 4 and the other matters paragraph of this audit report.

We have been unable to obtain sufficient and appropriate audit evidence to support the disposal of tangible assets for the year to 30 December 2022, being cost disposals of £3,055,160 and depreciation eliminated on disposal of £2,913,843 and were unable to do so using alternative procedures. The loss on disposal of tangible assets of £141,317 is included within the other exceptional item.

After the balance sheet date, the company entered a Company Voluntary Arrangement and we have been unable to obtain sufficient and appropriate audit evidence, or to use alternative procedures, to determine of the value of tangible assets on a break-up basis in accordance with Financial Reporting Standard 102 Impairment of Assets Section 27. Consequently, we are unable to determine whether a material adjustment is necessary to the carrying amount of tangible assets.

Emphasis of matter

We draw attention to Note 2 to the financial statements which explains that the company has entered into a Company Voluntary Arrangement after the year end and therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in respect of this matter.

 

Oxford Packaging Solutions Limited

Independent Auditor's Report to the Members of Oxford Packaging Solutions Limited

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

Opinion on other matter prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

the information given in the for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the .

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the 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; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the set out on page , 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 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 company or to cease operations, or have no realistic alternative but to do so.

 

Oxford Packaging Solutions Limited

Independent Auditor's Report to the Members of Oxford Packaging Solutions Limited

Other Matters

The financial statements of Oxford Packaging Solutions Limited for the year ended 30 December 2021 were unaudited.

The "other exceptional item" presented in the profit and loss year ended 30 December 2022 of £786,552 (2021 - £nil) relates to the write off of historic balance sheet items. We were unable to obtain sufficient or appropriate audit evidence to support these balances due to a change in the company's finance team after 30 December 2021, resulting in insufficient knowledge of these historic balance sheet items. As such, management has elected to write these historic balances off to the profit and loss in the year in order to present the correct year end balance sheet position. We have qualified our audit report in respect of this balance.

Auditor 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.

In planning and designing our audit tests, we identify and assess the risks of material mis-statements, whether due to fraud or error. Our assessment of these risks includes the following:

the nature of the industry and sector, control environment and business performance including the key drivers for directors’ remuneration, bonus levels and performance targets;

results of our enquiries of management about their own identification and assessment of the risks of irregularities;

any matters we identified having made enquiries of management about their policies and procedures relating to:

 

identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

 

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

 

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

Oxford Packaging Solutions Limited

Independent Auditor's Report to the Members of Oxford Packaging Solutions Limited

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, through discussions with the directors, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statement or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

As a result of performing the above, our procedures to respond to the risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

enquiring of management concerning actual and potential litigation and claims;

reviewing correspondence with HMRC, and the company's legal advisors;

reading minutes of meetings of those charged with governance;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involved deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

 

Oxford Packaging Solutions Limited

Independent Auditor's Report to the Members of Oxford Packaging Solutions Limited

......................................
Guy Armitage-Norton (Senior Statutory Auditor)
For and on behalf of Milsted Langdon LLP, Statutory Auditor
Freshford House
Redcliffe Way
Bristol
BS1 6NL

10 September 2024

 

Oxford Packaging Solutions Limited

(Registration number: 01038677)
Balance Sheet as at 30 December 2022

Note

2022
£

(As restated) Unaudited
2021
£

Fixed assets

 

Tangible assets

5

1,376,072

1,838,021

Current assets

 

Stocks

6

880,964

638,702

Debtors

7

1,787,256

1,523,986

Cash at bank and in hand

 

448,733

324,551

 

3,116,953

2,487,239

Creditors: Amounts falling due within one year

8

(2,750,992)

(1,991,604)

Net current assets

 

365,961

495,635

Total assets less current liabilities

 

1,742,033

2,333,656

Creditors: Amounts falling due after more than one year

8

-

(501,000)

Provisions for liabilities

(395,097)

(390,000)

Net assets excluding pension asset/(liability)

 

1,346,936

1,442,656

Net pension liability

11

(3,738,075)

(6,584,172)

Net liabilities

 

(2,391,139)

(5,141,516)

Capital and reserves

 

Called up share capital

7,643,801

7,643,801

Share premium reserve

167,000

167,000

Capital redemption reserve

10,772,981

10,772,981

Profit and loss account

(20,974,921)

(23,725,298)

Total equity

 

(2,391,139)

(5,141,516)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

M I Harrison
Director

   
     
 

Oxford Packaging Solutions Limited

Notes to the Financial Statements for the Year Ended 30 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
54 Portland Place
London
England
W1B 1DY

These financial statements were authorised for issue by the Board on 10 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements are prepared in sterling, which is the functional currency and rounded to the nearest £.

Going concern

On 4 March 2024 Oxford Packaging Solutions Limited entered into a Company Voluntary Arrangement. Because of this the financial statements have been prepared on a basis other than going concern.

 

Oxford Packaging Solutions Limited

Notes to the Financial Statements for the Year Ended 30 December 2022

Prior period errors

During the financial statements preparation for the year ended 30 December 2022, it was noted that the following prior period reclassifications are required to be recognised.

 

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Debtors due under one year

-

80,515

-

Creditors due under one year

-

(80,515)

-

    

During the year the directors reclassified amounts relating to related party transactions, in line with the recognition and measurement of FRS 102. It was identified that the conditions satisfying these requirements for this adjustment existed as at the prior year end balance sheet date and therefore a prior year adjustment was made for each.

Key sources of estimation uncertainty

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods..

During the year management have made an estimate for provision of stock. This basis for this provision is made on management's best estimate for the proportion of stock that is unlikely to be sold. This estimation is considered to have a significant risk of causing a material adjustment to the carrying amount of stock valuation. The carrying amount is £424,248 (2021 -£93,448).

During the year management have made an estimate for provision of dilapidations. This basis for this provision is made on management's best estimate for the cost of dilapidations at the end of the lease. This estimation is considered to have a significant risk of causing a material adjustment to the carrying amount of provisions. The carrying amount is £395,097 (2021 -£395,097).

 

Oxford Packaging Solutions Limited

Notes to the Financial Statements for the Year Ended 30 December 2022

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
a) the significant risks and rewards of ownership have been transferred to the buyer
b) the group retains no continuing investment or control over the goods
c) the amount of revenue can be reliably measured;
d) it is probable that future economic benefits will flow to the entity;
e) and specific criteria have been met for each of the group's activities.

Finance income and costs policy

Interest income and expenses are recognised using the effective interest rate method.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged, using the straight line method, so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation rate

Plant and machinery

7.5% - 20% per annum

Equipment and vehicles

20% - 33% per annum

Capital work in progress

Not depreciated

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Oxford Packaging Solutions Limited

Notes to the Financial Statements for the Year Ended 30 December 2022

Debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average cost (WAC) method. Stocks are recognised as an expense in the period in which the related revenue is recognised.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Oxford Packaging Solutions Limited

Notes to the Financial Statements for the Year Ended 30 December 2022

Defined contribution pension obligation

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 when they are due. Amounts not paid are shown in accruals in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds

Defined benefit pension obligation

The Company operates a Defined Benefit plan for certain employees. A Defined Benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including age, length of service and remuneration. A Defined Benefit plan is a pension plan that is not a Defined Contribution plan.

The asset / liability recognised in the Balance Sheet in respect of the Defined Benefit plan is the fair value of the plan assets at the reporting date less the present value of the defined benefit obligation at the end of the reporting date.

The defined benefit obligation is calculated using the projected unit credit method. Annually the Company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in pounds sterling and that have terms approximating the estimated period of the future payments ('discount rate').
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurements of net defined benefit liability'.
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in pension benefit liability arising from employee service during the period; and
b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 52 (2021 - 53).

 

Oxford Packaging Solutions Limited

Notes to the Financial Statements for the Year Ended 30 December 2022

4

Exceptional items

During the year £786,552 (2021 - £nil) was written off in the profit and loss relating to the write off of historic balance sheet items. Management felt this write off was required due to a lack of available information to support these material balances and present the financial statements with true and fair view.

5

Tangible assets

Capital work in progress
 £

Plant and machinery
£

Equipment and vehicles
£

Total
£

Cost or valuation

At 31 December 2021

263,000

14,860,569

1,178,587

16,302,156

Additions

3,036

58,955

-

61,991

Disposals

(69,652)

(2,463,361)

(522,147)

(3,055,160)

Transfers

(196,384)

196,384

-

-

At 30 December 2022

-

12,652,547

656,440

13,308,987

Depreciation

At 31 December 2021

-

13,380,450

1,083,685

14,464,135

Charge for the year

-

364,350

18,273

382,623

Eliminated on disposal

-

(2,463,080)

(450,763)

(2,913,843)

At 30 December 2022

-

11,281,720

651,195

11,932,915

Carrying amount

At 30 December 2022

-

1,370,827

5,245

1,376,072

At 30 December 2021

263,000

1,480,119

94,902

1,838,021

6

Stocks

2022
£

(As restated) Unaudited
2021
£

Raw materials and consumables

351,821

237,640

Finished goods and goods for resale

529,143

401,062

880,964

638,702

The directors consider that there is no material difference between the value of stock as stated above and its replacement cost. The value of inventory is stated net of inventory provisions. The provisions relating to finished goods held as of 30 December 2022 were £538,324 (2021: £93,448).

 

Oxford Packaging Solutions Limited

Notes to the Financial Statements for the Year Ended 30 December 2022

7

Debtors

Current

2022
£

(As restated) Unaudited
2021
£

Trade debtors

1,431,938

1,303,163

Prepayments

61,445

147,937

Other debtors

293,873

72,886

 

1,787,256

1,523,986

Trade debtors are stated after provisions for impairment of £3,934 (2021 - £33,493).

8

Creditors

Due within one year

Note

2022
£

(As restated) Unaudited
2021
£

 

Trade creditors

 

867,156

566,508

Amounts due to related parties

13

392,000

80,515

Social security and other taxes

 

124,068

142,134

Other creditors

 

1,202,115

1,052

Accruals

 

165,653

1,201,395

 

2,750,992

1,991,604

Due after one year

 

Other non-current financial liabilities

 

-

501,000

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Retained earnings
£

Total
£

Remeasurement gain/(loss) on defined benefit pension schemes

2,504,000

2,504,000

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Retained earnings
£

Total
£

Remeasurement gain/(loss) on defined benefit pension schemes

1,104,000

1,104,000

 

Oxford Packaging Solutions Limited

Notes to the Financial Statements for the Year Ended 30 December 2022

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2022
£

(As restated) Unaudited
2021
£

Not later than one year

590,337

506,267

Later than one year and not later than five years

2,424,764

2,380,703

Later than five years

2,300,000

2,900,000

5,315,101

5,786,970

The amount of non-cancellable operating lease payments recognised as an expense during the year was £516,477 (2021 - £502,215).

11 Defined benefit pension

The Company has historically operated a Defined Benefit Scheme for its employees. On 30 December 2018, the Scheme closed to the future accrual of benefits.

The Pension Scheme is funded by the payment of contributions to separately administered trust funds.

The Company made regular contributions of £41,667 each month between 1 January 2022 and 30 December 2022 and also paid an additional contribution of £87,498 (2021: £174,996).

The date of the most recent comprehensive actuarial valuation was 30 December 2022, which has been updated by the actuary at the year end. The most recent independent actuarial valuation as at 30 December 2022 showed that the market value of the Pension Scheme assets was £6.35m (2021-£10.99m). The Pension Scheme was valued in accordance with the projected unit method.

Reconciliation of scheme assets and liabilities to assets and liabilities recognised

The amounts recognised in the statement of financial position are as follows:

30 December 2022
£

(As restated) Unaudited
30 December 2021
£

Fair value of scheme assets

6,350,000

10,992,000

Present value of defined benefit obligation

(10,088,000)

(17,576,000)

Defined benefit pension scheme deficit

(3,738,000)

(6,584,000)

Defined benefit obligation

Changes in the defined benefit obligation are as follows:

 

Oxford Packaging Solutions Limited

Notes to the Financial Statements for the Year Ended 30 December 2022

30 December 2022
£

Present value at start of year

17,576,000

Interest cost

330,000

Actuarial gains and losses

(8,447,000)

Benefits paid

(442,000)

Liabilities extinguished on settlements

1,071,000

Present value at end of year

10,088,000

Fair value of scheme assets

Changes in the fair value of scheme assets are as follows:

30 December 2022
£

Fair value at start of year

10,992,000

Interest income

209,000

Return on plan assets, excluding amounts included in interest income/(expense)

(4,872,000)

Employer contributions

587,000

Benefits paid

(442,000)

Administrative expenses paid

(124,000)

Fair value at end of year

6,350,000

Analysis of assets

The major categories of scheme assets are as follows:

30 December 2022
£

(As restated) Unaudited
30 December 2021
£

Other

133,000

156,000

Bonds

2,741,000

5,371,000

Gifts

3,476,000

5,465,000

6,350,000

10,992,000

The pension scheme has not invested in any of the company's own financial instruments or in properties or other assets used by the company.

 

Oxford Packaging Solutions Limited

Notes to the Financial Statements for the Year Ended 30 December 2022

2022
%

(As restated) Unaudited
2021
%

Mortality rate

1.00

1.00

Discount rate

4.90

1.90

Future salary increases

2.60

2.80

Future pension increases

3.50

3.70

Inflation

2.60

2.80

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet concerning pensions is £49,823 (2021 - £3,001).

13

Related party transactions

The company has taken advantage of the exemption available under section 33.1A of the Financial Reporting Standard 102, not to disclose transactions with other wholly owned members of this group.

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

92,455

-

14

Parent and ultimate parent undertaking

The company's immediate parent is Harrison Commons Holdings Limited, incorporated in England and Wales.

 

The parent of the largest group in which these financial statements are consolidated is Harrison Commons Holdings Limited, incorporated in England and Wales.

These financial statements are available upon request from 54 Portland Place, London, England, W1B 1DY.

15

Non adjusting events after the financial period

After the balance sheet date, on the 4 March 2024 Oxford Packaging Solutions Limited entered into a Company Voluntary Arrangement and filed for insolvency.