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REGISTERED NUMBER: 02143820 (England and Wales)















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: P H J Roscoe
G Picking
S R Millin
C A Jones
I Declerck
M Denduyver





SECRETARY: P H J Roscoe





REGISTERED OFFICE: Swangate
Charnham Park
Hungerford
Berkshire
RG17 0YX





REGISTERED NUMBER: 02143820 (England and Wales)





AUDITORS: PPS
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:





P H J Roscoe - Director


20 May 2024

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.

P H J Roscoe
G Picking

Other changes in directors holding office are as follows:

S R Millin - appointed 1 December 2022
C A Jones - appointed 1 December 2022
I Declerck - appointed 21 December 2022
M Denduyver - appointed 21 December 2022

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:





P H J Roscoe - Director


20 May 2024

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.




Ian Willoughby (Senior Statutory Auditor)
for and on behalf of PPS
Statutory Auditors
Chartered Accountants
29 Devizes Road
Swindon
Wiltshire
SN1 4BG

20 May 2024

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 21,085,357 13,435,210

Cost of sales 11,728,215 7,902,168
GROSS PROFIT 9,357,142 5,533,042

Administrative expenses 5,008,383 3,846,082
4,348,759 1,686,960

Other operating income - 12,303
OPERATING PROFIT 4 4,348,759 1,699,263

Interest receivable and similar income 117,706 7,651
4,466,465 1,706,914

Interest payable and similar expenses 5 119,583 54,089
PROFIT BEFORE TAXATION 4,346,882 1,652,825

Tax on profit 6 1,005,601 299,359
PROFIT FOR THE FINANCIAL PERIOD 3,341,281 1,353,466

Retained earnings at beginning of period 5,659,213 4,305,747

RETAINED EARNINGS AT END OF
PERIOD

9,000,494

5,659,213

Berkshire Labels Limited (Registered number: 02143820)

Balance Sheet
31 December 2023

31.12.23 31.7.22
Notes £ £ £ £
FIXED ASSETS
Intangible assets 7 121,903 153,631
Tangible assets 8 3,063,381 3,134,060
Investments 9 6,888,000 -
10,073,284 3,287,691

CURRENT ASSETS
Stocks 10 541,450 660,969
Debtors 11 2,548,410 5,503,768
Cash at bank and in hand 870,776 1,157,800
3,960,636 7,322,537
CREDITORS
Amounts falling due within one year 12 3,953,214 3,597,608
NET CURRENT ASSETS 7,422 3,724,929
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,080,706

7,012,620

CREDITORS
Amounts falling due after more than one year 13 (499,852 ) (815,124 )

PROVISIONS FOR LIABILITIES 16 (579,330 ) (537,253 )
NET ASSETS 9,001,524 5,660,243

CAPITAL AND RESERVES
Called up share capital 17 1,030 1,030
Retained earnings 18 9,000,494 5,659,213
SHAREHOLDERS' FUNDS 9,001,524 5,660,243

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2024 and were signed on its behalf by:





I Declerck - Director


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 5,157,943 1,376,837
Interest element of hire purchase payments
paid

(119,583

)

(54,089

)
Tax paid (267,537 ) (474,334 )
Net cash from operating activities 4,770,823 848,414

Cash flows from investing activities
Purchase of tangible fixed assets (821,952 ) (962,853 )
Purchase of fixed asset investments (6,888,000 ) -
Sale of tangible fixed assets - 71,000
Interest received 117,706 7,651
Net cash from investing activities (7,592,246 ) (884,202 )

Cash flows from financing activities
Hire purchase repayments in year (570,697 ) 343,748
Amount introduced by directors 3,105,096 -
Amount withdrawn by directors - (3,105,096 )
Government grants - 5,845
Net cash from financing activities 2,534,399 (2,755,503 )

Decrease in cash and cash equivalents (287,024 ) (2,791,291 )
Cash and cash equivalents at beginning of
period

2

1,157,800

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 4,346,882 1,652,825
Depreciation charges 924,361 567,656
Profit on disposal of fixed assets - (71,000 )
Government grants - (5,845 )
Finance costs 119,583 54,089
Finance income (117,706 ) (7,651 )
5,273,120 2,190,074
Decrease/(increase) in stocks 119,519 (248,183 )
Increase in trade and other debtors (149,738 ) (13,238 )
Decrease in trade and other creditors (84,958 ) (551,816 )
Cash generated from operations 5,157,943 1,376,837

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 (287,024 ) 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on cost

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 3,618,092 3,244,012
Social security costs 374,393 339,056
Other pension costs 83,786 66,239
4,076,271 3,649,307

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
72 77

Period
1.8.22
to Year Ended
31.12.23 31.7.22
£ £
Directors' remuneration 538,200 543,875
Directors' pension contributions to money purchase schemes 9,437 6,780

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 2

Information regarding the highest paid director is as follows:
Period
1.8.22
to Year Ended
31.12.23 31.7.22
£ £
Emoluments etc 225,844 411,047

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 24,464 20,064
Other operating leases 239,296 147,602
Depreciation - owned assets 536,079 294,766
Depreciation - assets on hire purchase contracts 356,552 250,495
Profit on disposal of fixed assets - (71,000 )
Computer software amortisation 31,728 22,396
Auditors' remuneration 14,000 14,000
Foreign exchange differences - (6,458 )
Grants received under the Coronavirus Job Retention Scheme - (5,845 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.8.22
to Year Ended
31.12.23 31.7.22
£ £
Hire purchase 119,583 54,089

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 963,524 120,884

Deferred tax 42,077 178,475
Tax on profit 1,005,601 299,359

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 4,346,882 1,652,825
Profit multiplied by the standard rate of corporation tax in the UK of
22.500% (2022 - 19%)

978,048

314,037

Effects of:
Expenses not deductible for tax purposes 33,050 1,627
Capital allowances in excess of depreciation (2,518 ) (59,139 )
Change in tax rate applied to deferred tax liability (2,979 ) 42,834
Total tax charge 1,005,601 299,359

7. INTANGIBLE FIXED ASSETS
Computer
software
£
COST
At 1 August 2022
and 31 December 2023 223,964
AMORTISATION
At 1 August 2022 70,333
Amortisation for period 31,728
At 31 December 2023 102,061
NET BOOK VALUE
At 31 December 2023 121,903
At 31 July 2022 153,631

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 6,757,053 541,423 22,000 7,320,476
Additions 789,471 32,481 - 821,952
At 31 December 2023 7,546,524 573,904 22,000 8,142,428
DEPRECIATION
At 1 August 2022 3,767,398 406,185 12,833 4,186,416
Charge for period 830,563 54,276 7,792 892,631
At 31 December 2023 4,597,961 460,461 20,625 5,079,047
NET BOOK VALUE
At 31 December 2023 2,948,563 113,443 1,375 3,063,381
At 31 July 2022 2,989,655 135,238 9,167 3,134,060

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£
COST
At 1 August 2022 2,516,847
Transfer to ownership (263,747 )
At 31 December 2023 2,253,100
DEPRECIATION
At 1 August 2022 701,180
Charge for period 356,552
Transfer to ownership (248,697 )
At 31 December 2023 809,035
NET BOOK VALUE
At 31 December 2023 1,444,065
At 31 July 2022 1,815,667

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 6,888,000
At 31 December 2023 6,888,000
NET BOOK VALUE
At 31 December 2023 6,888,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Compliance Labelling Solutions Holdings Limited
Registered office: United Kingdom
Nature of business: Manufacture of printed labels via its subsidiary
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.3.23
£ £
Aggregate capital and reserves 1,551,031 1,551,031

Compliance Labelling Solutions Limited owns 100% of its subsidiary company, Compliance Labelling Solutions Limited, a company engaged in the manufacture of printed labels.

LabelEFX Limited
Registered office: United Kingdom
Nature of business: Manufacture of printed labels
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.3.23
£ £
Aggregate capital and reserves 676,122 560,202
Profit for the period/year 115,920 157,769

10. STOCKS
31.12.23 31.7.22
£ £
Stocks 261,275 431,753
Work-in-progress 16,496 31,305
Finished goods 263,679 197,911
541,450 660,969

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 2,351,093 2,311,520
Other debtors 94,769 -
Directors' current accounts - 3,105,096
Prepayments and accrued income 102,548 87,152
2,548,410 5,503,768

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.7.22
£ £
Hire purchase contracts (see note 14) 318,241 573,664
Trade creditors 978,556 2,419,340
Tax 726,871 30,884
Social security and other taxes 304,247 206,946
Other creditors 661,472 9,943
Accruals and deferred income 963,827 356,831
3,953,214 3,597,608

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.7.22
£ £
Hire purchase contracts (see note 14) 499,852 815,124

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 318,241 573,664
Between one and five years 499,852 815,124
818,093 1,388,788

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 207,756 147,874
Between one and five years 808,082 590,408
In more than five years 86,500 245,571
1,102,338 983,853

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 579,330 537,253

Deferred tax
£
Balance at 1 August 2022 537,253
Provided during period 42,077
Balance at 31 December 2023 579,330

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.7.22
value: £ £
1,000 Ordinary A £1 1,000 1,000
30 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 5,659,213
Profit for the period 3,341,281
At 31 December 2023 9,000,494

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
£ £
P H J Roscoe
Balance outstanding at start of period 3,105,096 -
Amounts advanced 23,993 3,105,096
Amounts repaid (3,129,089 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period - 3,105,096

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

Entities with control, joint control or significant influence over the entity
31.12.23 31.7.22
£ £
Purchases 61,498 -
Amount due to related party 16,680 -

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

Other related parties
31.12.23 31.7.22
£ £
Sales 112,499 -
Purchases 142,025 -
Management charges 179,367 -
Rent paid 239,296 147,602
Interest receivable 93,680 -
Amount due from related parties 96,387 -
Amount due to related parties 69,340 -

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.