REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Period 1 August 2022 to 31 December 2023 |
for |
Berkshire Labels Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Period 1 August 2022 to 31 December 2023 |
for |
Berkshire Labels Limited |
Berkshire Labels Limited (Registered number: 02143820) |
Contents of the Financial Statements |
for the Period 1 August 2022 to 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Income and Retained Earnings | 8 |
Balance Sheet | 9 |
Cash Flow Statement | 10 |
Notes to the Cash Flow Statement | 11 |
Notes to the Financial Statements | 13 |
Berkshire Labels Limited |
Company Information |
for the Period 1 August 2022 to 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
29 Devizes Road |
Swindon |
Wiltshire |
SN1 4BG |
Berkshire Labels Limited (Registered number: 02143820) |
Strategic Report |
for the Period 1 August 2022 to 31 December 2023 |
The directors present their strategic report for the period 1 August 2022 to 31 December 2023. |
REVIEW OF BUSINESS |
The 17 month period ended 31 December 2023 saw turnover increasing by an annualised rate of 10.8%. Pre-tax profit improved by an annualised rate of 85.6% following operational improvements and easing material costs.. |
The company is continually seeking further operational improvements through investment in the training of the workforce and the ongoing process of streamlining production methods in order to provide a competitive service for its customers. |
Company Ownership |
During the period the company became part of the Asteria Group, the ultimate holding company being Packaging Printco NV which is incorporated in Belgium. |
Acquisitions |
As part of the ownership group's expansion plans the company acquired two subsidiary companies, Compliance Labelling Solutions Holdings Limited and LabelEFX Limited. Following the date of the balance sheet, the trading businesses of these subsidiaries have been merged into the company's trading operations. |
Employees |
The company actively involves all employees in its general business and performance. |
Key Performance Indicators |
The key performance indicators are as follows: |
2023 (17 months) | 2022 (12 months) |
Turnover | £21,085,357 | £13,435,210 |
Profit before tax | £4,346,882 | £1,652,825 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company faces a number of business risks and uncertainties from manufacturing in a developing and competitive market. The directors manage these risks through providing service and value to customers, managing workflows, a structured investment in equipment and staff and the sensible management of working capital. |
At the time of signing this report the company, in common with many businesses around the world, is subject to risks arising from the recent slowdown in the United Kingdom economy. The directors have considered the impact upon its business from a continued slowly moving economy..Forecasts and budgets have been reviewed and the directors are confident that the company has sufficient cash-flow resources to manage any short-term changes to the business. The directors also consider that the management procedures that are in place will enable the company to adapt appropriately to any longer-term changes in circumstances whilst remaining profitable. |
ON BEHALF OF THE BOARD: |
Berkshire Labels Limited (Registered number: 02143820) |
Report of the Directors |
for the Period 1 August 2022 to 31 December 2023 |
The directors present their report with the financial statements of the company for the period 1 August 2022 to 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of adhesive label printers. |
DIVIDENDS |
No dividends will be distributed for the period ended 31 December 2023. |
EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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. |
Berkshire Labels Limited (Registered number: 02143820) |
Report of the Directors |
for the Period 1 August 2022 to 31 December 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Berkshire Labels Limited |
Opinion |
We have audited the financial statements of Berkshire Labels Limited (the 'company') for the period ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Financial Reporting Standard 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 company's affairs as at 31 December 2023 and of its profit for the period 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 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Berkshire Labels Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
Report of the Independent Auditors to the Members of |
Berkshire Labels Limited |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias through judgements and assumptions in significant accounting estimates. Audit procedures performed included: |
- Discussions with management in relation to any known or suspected instances of non-compliance with laws and regulations and fraud; |
- An evaluation and review of the key processes and controls and carrying out transaction testing on a sample basis, including a review and testing of manual journals and key estimates made by management; and |
- Challenging assumptions and judgements made by management in their significant accounting estimates. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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 Report of the Auditors. |
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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants |
29 Devizes Road |
Swindon |
Wiltshire |
SN1 4BG |
Berkshire Labels Limited (Registered number: 02143820) |
Statement of Income and |
Retained Earnings |
for the Period 1 August 2022 to 31 December 2023 |
Period |
1.8.22 |
to | Year Ended |
31.12.23 | 31.7.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
4,348,759 | 1,686,960 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
4,466,465 | 1,706,914 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL PERIOD |
Retained earnings at beginning of period |
RETAINED EARNINGS AT END OF PERIOD |
Berkshire Labels Limited (Registered number: 02143820) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.7.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Berkshire Labels Limited (Registered number: 02143820) |
Cash Flow Statement |
for the Period 1 August 2022 to 31 December 2023 |
Period |
1.8.22 |
to | Year Ended |
31.12.23 | 31.7.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | (6,888,000 | ) | - |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Hire purchase repayments in year | ( |
) |
Amount introduced by directors | 3,105,096 | - |
Amount withdrawn by directors | - | (3,105,096 | ) |
Government grants |
Net cash from financing activities | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of period |
2 |
3,949,091 |
Cash and cash equivalents at end of period | 2 | 870,776 | 1,157,800 |
Berkshire Labels Limited (Registered number: 02143820) |
Notes to the Cash Flow Statement |
for the Period 1 August 2022 to 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.8.22 |
to | Year Ended |
31.12.23 | 31.7.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Government grants | ( |
) |
Finance costs | 119,583 | 54,089 |
Finance income | (117,706 | ) | (7,651 | ) |
5,273,120 | 2,190,074 |
Decrease/(increase) in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 31 December 2023 |
31.12.23 | 1.8.22 |
£ | £ |
Cash and cash equivalents | 870,776 | 1,157,800 |
Year ended 31 July 2022 |
31.7.22 | 1.8.21 |
£ | £ |
Cash and cash equivalents | 1,157,800 | 3,949,091 |
Berkshire Labels Limited (Registered number: 02143820) |
Notes to the Cash Flow Statement |
for the Period 1 August 2022 to 31 December 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.8.22 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,157,800 | (287,024 | ) | 870,776 |
1,157,800 | ( |
) | 870,776 |
Debt |
Finance leases | (1,388,788 | ) | 570,695 | (818,093 | ) |
(1,388,788 | ) | 570,695 | (818,093 | ) |
Total | (230,988 | ) | 283,671 | 52,683 |
Berkshire Labels Limited (Registered number: 02143820) |
Notes to the Financial Statements |
for the Period 1 August 2022 to 31 December 2023 |
1. | STATUTORY INFORMATION |
Berkshire Labels Limited is a |
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" and the Companies Act 2006. |
The financial statements have been prepared under the historical cost convention and are presented in £ sterling which is the functional currency of the company. |
Preparation of consolidated financial statements |
The financial statements contain information about Berkshire Labels Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Packaging Printco NV, Belgium. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, rebates and value added tax. Revenue from the sales of goods is recognised when the significant risks and rewards of ownership have passed to the buyer, usually on despatch of the goods. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
Berkshire Labels Limited (Registered number: 02143820) |
Notes to the Financial Statements - continued |
for the Period 1 August 2022 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
Period |
1.8.22 |
to | Year Ended |
31.12.23 | 31.7.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
Berkshire Labels Limited (Registered number: 02143820) |
Notes to the Financial Statements - continued |
for the Period 1 August 2022 to 31 December 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the period was as follows: |
Period |
1.8.22 |
to | Year Ended |
31.12.23 | 31.7.22 |
Administration & sales | 25 | 26 |
Production | 47 | 51 |
Period |
1.8.22 |
to | Year Ended |
31.12.23 | 31.7.22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
Period |
1.8.22 |
to | Year Ended |
31.12.23 | 31.7.22 |
£ | £ |
Emoluments etc |
Berkshire Labels Limited (Registered number: 02143820) |
Notes to the Financial Statements - continued |
for the Period 1 August 2022 to 31 December 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1.8.22 |
to | Year Ended |
31.12.23 | 31.7.22 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) |
Computer software amortisation |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
Grants received under the Coronavirus Job Retention Scheme | ( |
) |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.8.22 |
to | Year Ended |
31.12.23 | 31.7.22 |
£ | £ |
Hire purchase |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.8.22 |
to | Year Ended |
31.12.23 | 31.7.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 22.50% (2022 - 19%). |
Berkshire Labels Limited (Registered number: 02143820) |
Notes to the Financial Statements - continued |
for the Period 1 August 2022 to 31 December 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.8.22 |
to | Year Ended |
31.12.23 | 31.7.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Change in tax rate applied to deferred tax liability | ( |
) |
Total tax charge | 1,005,601 | 299,359 |
7. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 August 2022 |
and 31 December 2023 |
AMORTISATION |
At 1 August 2022 |
Amortisation for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 July 2022 |
Berkshire Labels Limited (Registered number: 02143820) |
Notes to the Financial Statements - continued |
for the Period 1 August 2022 to 31 December 2023 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2022 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 July 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 August 2022 |
Transfer to ownership | (263,747 | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for period |
Transfer to ownership | (248,697 | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 July 2022 |
Berkshire Labels Limited (Registered number: 02143820) |
Notes to the Financial Statements - continued |
for the Period 1 August 2022 to 31 December 2023 |
9. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Compliance Labelling Solutions Limited owns 100% of its subsidiary company, Compliance Labelling Solutions Limited, a company engaged in the manufacture of printed labels. |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the period/year |
10. | STOCKS |
31.12.23 | 31.7.22 |
£ | £ |
Stocks |
Work-in-progress |
Finished goods |
Berkshire Labels Limited (Registered number: 02143820) |
Notes to the Financial Statements - continued |
for the Period 1 August 2022 to 31 December 2023 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.7.22 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | - | 3,105,096 |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.7.22 |
£ | £ |
Hire purchase contracts (see note 14) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.7.22 |
£ | £ |
Hire purchase contracts (see note 14) |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.12.23 | 31.7.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Berkshire Labels Limited (Registered number: 02143820) |
Notes to the Financial Statements - continued |
for the Period 1 August 2022 to 31 December 2023 |
14. | LEASING AGREEMENTS - continued |
Non-cancellable |
operating leases |
31.12.23 | 31.7.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.7.22 |
£ | £ |
Hire purchase contracts | 818,093 | 1,388,788 |
Liabilities included under hire purchase contracts are secured by a charge over the assets being financed. |
16. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.7.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred tax |
£ |
Balance at 1 August 2022 |
Provided during period |
Balance at 31 December 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.7.22 |
value: | £ | £ |
Ordinary A | £1 | 1,000 | 1,000 |
Ordinary B | £1 | 30 | 30 |
1,030 | 1,030 |
Berkshire Labels Limited (Registered number: 02143820) |
Notes to the Financial Statements - continued |
for the Period 1 August 2022 to 31 December 2023 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 August 2022 |
Profit for the period |
At 31 December 2023 |
19. | ULTIMATE PARENT COMPANY |
Packaging Printco NV (incorporated in Belgium ) is regarded by the directors as being the company's ultimate parent company. |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the period ended 31 December 2023 and the year ended 31 July 2022: |
31.12.23 | 31.7.22 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
The company advanced £3,100,000 to P H J Roscoe during the previous year. The loan attracted interest of 2.5% and interest charged in the period was £23,993 (2022: £5,096). The loan and accumulated interest were repaid during the period.. |
21. | RELATED PARTY DISCLOSURES |
31.12.23 | 31.7.22 |
£ | £ |
Purchases |
Amount due to related party |
Berkshire Labels Limited (Registered number: 02143820) |
Notes to the Financial Statements - continued |
for the Period 1 August 2022 to 31 December 2023 |
21. | RELATED PARTY DISCLOSURES - continued |
31.12.23 | 31.7.22 |
£ | £ |
Sales |
Purchases |
Management charges | 179,367 | - |
Rent paid | 239,296 | 147,602 |
Interest receivable | 93,680 | - |
Amount due from related parties |
Amount due to related parties |
The aggregate amount of key management personnel remuneration for the 17 month period was £679,216 (2022: £626,190). This is inclusive of salaries, social security contributions and benefits in kind. |
The controlling party is I Declerck. |
The company's share capital was acquired during the period by Accent NV, a subsidiary of Packaging Printco NV incorporated in Belgium. |
22. | POST BALANCE SHEET EVENTS |
Following the date of the balance sheet, the trading business of Compliance Labelling Solutions Limited has been merged into the company's trading operations. |