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REGISTERED NUMBER: 02660315 (England and Wales)














PAPERWORK (PAPER CONVERTORS) LIMITED
TRADING AS
DISPO INTERNATIONAL

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


PAPERWORK (PAPER CONVERTORS) LIMITED
TRADING AS DISPO INTERNATIONAL

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Mr R D Hall
Mrs E A Hall
Mr A J Hall
Mrs A Verheyen





REGISTERED OFFICE: Unit H
Rosie Road
Normanton
WF6 1ZB





REGISTERED NUMBER: 02660315 (England and Wales)





AUDITORS: BPR Audit Limited
Statutory Auditors
Glenewes House
Gate Way Drive
Leeds
West Yorkshire
LS19 7XY

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS

The business has had a strong and successful year, the figures are reflective of our strong position within our industry despite the economic challenges faced this year. We have seen import charges return to pre Covid rates in the last 12 months. The turnover in the year increased by 4.59% to £14,769,789 (2023: £14,121,974). Gross profit of £4,110,700 (2023: £3,469,987) represents a gross margin of 27.8% (2023: 24.6%) and costs at £2,579,918 (2023: £2,418,048) are at 17.4% as a percentage of sales (2023 17.1%). Profit before tax is £1,666,043 (2023: £1,177,990) resulting in a return of 11.3% (2023: 8.3%).


The company continued to focus on expanding the product range with alternative environmentally friendly products to encourage future growth and invest in adequate storage space.

The company offers a wide range of catering disposable products to the wholesale and distribution market. It prides itself on delivering high customer satisfaction by providing a 'one stop shop' for all things catering.
The business remains focused on providing an exceptional service and the directors are confident that the next 12 months will show similar growth to previous years.


PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to several key risks. These are:

- Environmental Regulations

Government regulation such as the PRN system, Plastic Packaging Tax and EPR system have caused a heavy burden on the business. They seem unfair and unregulated within the industry.
Changes in consumer preferences, from PE materials to PLA (Bio) opting for what is perceived to be environmentally friendly products caused by the lack of Government investment in recycling facilities and collection infrastructure alongside the governments poor understanding of the materials.

- Recruitment and retention of staff

Being a family business key roles are filled by longstanding members of staff that live locally to the area. Staff are rewarded with attractive packages compared to competition. Staff are encouraged to take initiative, and make improvements within their role, to experience the roles of others. This has led to increased job satisfaction and efficiency within the business. Training needs and desires of staff are reviewed regularly and funded. Staff are supported. The company has a strong support network for staff struggling outside of work with open dialogue between staff and management.

- Cost of living inflationary pressures

- Increased staff wages, to retain staff and support throughout the pressures.
- Increased cost of transport.
- Energy price rises.

- Continued impact of the war in the Ukraine and its impact on costs

- Fuel and energy price rises have resulted in increased selling prices for which we have seen resistance
in the market.







PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


PRINCIPAL RISKS AND UNCERTAINTIES (continued)

Financial Risks

The company's objectives when managing capital are to safeguard the company's ability to continue to trade as a going concern to provide returns for shareholders.

The company continues to monitor credit risk closely and considers that its current policy of credit checks and subscription to a reputable credit agency providing live updates meets its objectives of managing such exposure.

The company manages the exposure to currency fluctuations and sets costs at realistic rates.

The company reviews regularly the effects rising fuel costs have on the business.

The company considers the rising interest rates and industry related costs when taking a view on storage.


Employee Motivation

The company's employees continue to be central to its operations. The company actively encourages employee involvement in all areas of the business, this helps keep employees motivated and dedicated to their work. Regular meetings are held with feedback for improvement along with a suggestion box for employees.


General

Factors from outside the company's control cannot be foreseen, however as far as the directors are aware there isn't any significant risk which may adversely impact on the company in the next 12 months. In the view of the Directors the company's performance is largely reliant on keeping abreast of changes in legislation.

KEY PERFORMANCE INDICATORS
In order to achieve growth in profitability and to control cash flow, strong financial management is maintained by the company. A number of key financial performance indicators are used as measures to ensure the company grows and remains financially strong to enable it to invest in the future. The indicators are drawn from the accounts and are shown below.

- Turnover
- Gross profit Margin
- Net Profit Margin
- Shareholders' funds
- Stock and sales ratios
- New and lost business
- Overhead monitoring

ON BEHALF OF THE BOARD:





Mr R D Hall - Director


10 September 2024

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of wholesale of disposable catering equipment.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 will be £ 192,903 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

Mr R D Hall
Mrs E A Hall
Mr A J Hall
Mrs A Verheyen

DISCLOSURE IN THE STRATEGIC REPORT
The company has chose in accordance with Companies Act 2006, S414C (11), to set out in the company's strategic report information required by Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch 7 to be contained in the directors' report.

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). 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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


AUDITORS
The auditors, BPR Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr R D Hall - Director


10 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAPERWORK (PAPER CONVERTORS) LIMITED

Qualified opinion

We have audited the financial statements of Paperwork (Paper Convertors) Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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, except for the possible effects on the corresponding figures of the matter described in the basis for qualified opinion paragraph, the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 April 2024 and of the company's 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
The evidence available to us was limited because we were not appointed as auditor of the company until 27 April 2023 and in consequence it was not possible for us to observe the counting of physical stock at 30 April 2022. We were unable to satisfy ourselves by alternative means concerning the stock quantities of £4,046,608 held at 30 April 2022 by using other audit procedures. Consequently we were unable to determine whether there was any consequential effect on the cost of sales for the year ended 30 April 2023. Our audit opinion on the financial statements for the year ended 30 April 2023 was modified accordingly. Our opinion on the current year's financial statements is also modified because of the possible effect of this matter on the comparability of the current year's figures and the corresponding figures. In addition, were any adjustment to the stock balance at 30 April 2022 to be required, the Strategic Report would also need to be amended.

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 qualified 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAPERWORK (PAPER CONVERTORS) LIMITED


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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock quantities of £4,046,608 held at 30 April 2022. We have concluded that where the other information refers to the stock balance at 30 April 2022 or related balances such as cost of sales for the year ended 30 April 2023, it may be materially misstated for the same reason.

Qualified opinion on other matters 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 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.

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 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.

Arising solely from the limitation on the scope of our work relating to stock reported in the financial statements for the year ended 30 April 2022, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of
our audit; and
- we were unable to determine whether adequate accounting records had been maintained.

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

- 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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
PAPERWORK (PAPER CONVERTORS) 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We designed procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures were capable of detecting irregularities, including fraud is detailed below:

To identify risks of material misstatement due to irregularities, including fraud (fraud risks) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures involved enquiring of the directors as to the company's policies and procedures to prevent and detect fraud, as well as whether they had knowledge of any actual, suspected, or alleged fraud. We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards and considering our overall knowledge of the control environment, we performed procedures to address the risk of management override of controls, in particular the risk that management may be able to make inappropriate accounting entries. We concluded that there was limited opportunity for manipulation or management override of controls. We performed procedures including a review of accounting entries to supporting documentation. We did not identify any additional fraud risks.

We identified Health and Safety, and Employment Law as areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements.

We communicated the identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The company is subject to laws and regulations that directly affect the financial statements, including financial reporting and taxation legislation, and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and key management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

It is considered that our procedures can detect irregularities, including fraud. However, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAPERWORK (PAPER CONVERTORS) LIMITED


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.




Mark Fenton FCA (Senior Statutory Auditor)
for and on behalf of BPR Audit Limited
Statutory Auditors
Glenewes House
Gate Way Drive
Leeds
West Yorkshire
LS19 7XY

10 September 2024

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 14,769,789 14,121,974

Cost of sales 10,659,089 10,651,987
GROSS PROFIT 4,110,700 3,469,987

Distribution costs 1,081,424 813,223
Administrative expenses 1,498,494 1,604,825
2,579,918 2,418,048
1,530,782 1,051,939

Other operating income 111,235 150,969
OPERATING PROFIT 5 1,642,017 1,202,908

Interest receivable and similar income 24,235 29
1,666,252 1,202,937

Interest payable and similar expenses 6 209 24,947
PROFIT BEFORE TAXATION 1,666,043 1,177,990

Tax on profit 7 459,577 248,580
PROFIT FOR THE FINANCIAL YEAR 1,206,466 929,410

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,206,466 929,410


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,206,466

929,410

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,546,426 1,502,206

CURRENT ASSETS
Stocks 10 3,680,401 3,527,330
Debtors 11 2,221,154 2,219,854
Cash at bank and in hand 2,013,298 996,505
7,914,853 6,743,689
CREDITORS
Amounts falling due within one year 12 1,742,881 1,568,906
NET CURRENT ASSETS 6,171,972 5,174,783
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,718,398

6,676,989

PROVISIONS FOR LIABILITIES 14 114,463 86,617
NET ASSETS 7,603,935 6,590,372

CAPITAL AND RESERVES
Called up share capital 15 10,100 10,100
Retained earnings 16 7,593,835 6,580,272
SHAREHOLDERS' FUNDS 7,603,935 6,590,372

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:





Mr R D Hall - Director


PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 10,100 5,786,046 5,796,146

Changes in equity
Dividends - (135,184 ) (135,184 )
Total comprehensive income - 929,410 929,410
Balance at 30 April 2023 10,100 6,580,272 6,590,372

Changes in equity
Dividends - (192,903 ) (192,903 )
Total comprehensive income - 1,206,466 1,206,466
Balance at 30 April 2024 10,100 7,593,835 7,603,935

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,529,041 2,129,109
Interest paid (209 ) (24,947 )
Tax paid (244,409 ) (410,253 )
Net cash from operating activities 1,284,423 1,693,909

Cash flows from investing activities
Purchase of tangible fixed assets (98,962 ) (38,883 )
Sale of tangible fixed assets - 35,750
Interest received 24,235 29
Net cash from investing activities (74,727 ) (3,104 )

Cash flows from financing activities
Loan repayments in year - (382,303 )
Related party loan - (460,000 )
Equity dividends paid (192,903 ) (135,184 )
Net cash from financing activities (192,903 ) (977,487 )

Increase in cash and cash equivalents 1,016,793 713,318
Cash and cash equivalents at
beginning of year

2

996,505

283,187

Cash and cash equivalents at end of
year

2

2,013,298

996,505

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 1,666,043 1,177,990
Depreciation charges 54,742 107,226
Profit on disposal of fixed assets - (17,667 )
Government grants - (27,600 )
Finance costs 209 24,947
Finance income (24,235 ) (29 )
1,696,759 1,264,867
(Increase)/decrease in stocks (153,071 ) 519,278
(Increase)/decrease in trade and other debtors (1,300 ) 582,946
Decrease in trade and other creditors (13,347 ) (237,982 )
Cash generated from operations 1,529,041 2,129,109

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:

Year ended 30 April 2024
30/4/24 1/5/23
£    £   
Cash and cash equivalents 2,013,298 996,505
Year ended 30 April 2023
30/4/23 1/5/22
£    £   
Cash and cash equivalents 996,505 283,187


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/5/23 Cash flow At 30/4/24
£    £    £   
Net cash
Cash at bank and in hand 996,505 1,016,793 2,013,298
996,505 1,016,793 2,013,298
Total 996,505 1,016,793 2,013,298

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Paperwork (Paper Convertors) 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.

The financial statements are presented in sterling which is the functional currency of the company rounded to the nearest pound £.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events.

In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives which are assessed annually by the directors. In assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.

Determining appropriate rates of depreciation requires an estimation of the useful lives and expected residual values of fixed assets. The net carrying amount of assets is £1,546,426 (2023: £1,502,206). During the year depreciation of £54,742 (2023: £107,226) has been provided.

Bad debt provision
Where the company believes that unpaid debtors may result in a bad debt, a provision is calculated, which considers the payment history of the relevant customers, and the ageing of the debt.

Stock Provision
Stock is carried at the lower of cost and net realisable value which requires the estimation of eventual sales price of goods to customers. Management base these on historical data. Stock is periodically reviewed, and allowances are made for obsolete and slow-moving items. The net carrying amount of stock is £3,680,401 (2023: £3,527,330). A stock provision of £225,347 (2023: £233,515) has been provided.

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

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

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:-

- the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;

- the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the Company; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property - 2% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% reducing balance

Land is not depreciated.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 inventories 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 the profit and loss account.

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial Instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the
contractual provisions of the instrument.

Financial assets and liabilities are initially measured at transaction price, except for those financial
assets classified as at fair value through profit or loss.

Basic financial instruments
Basic financial instruments are those with relatively straight forward terms and would normally include
cash, bank balances, trade debtors and trade creditors.

Where the arrangement does not constitute a financing transaction, e.g. trade debtors on normal
commercial terms, the debtor will be valued initially at transaction price (i.e. cost) and subsequently at
transaction price less impairment (if any) due to concerns over recoverability.

Other financial instruments
Other financial instruments are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit and loss.

Taxation
Taxation for the year 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 year 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.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the lease except where another systematic basis is more representative of the time pattern in which economic benefits of the leased assets are consumed.

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

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. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 14,769,789 14,121,974
14,769,789 14,121,974

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 14,588,224 13,631,821
Rest of world 181,565 490,153
14,769,789 14,121,974

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 758,419 757,512
Social security costs 67,651 76,108
Other pension costs 45,359 43,099
871,429 876,719

The average number of employees during the year was as follows:
2024 2023

Directors 4 4
Other 21 20
25 24

2024 2023
£    £   
Directors' remuneration 120,180 159,110
Directors' pension contributions to money purchase schemes 22,135 21,764

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

Money purchase schemes 2 2

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery - 1,274
Other operating leases 313,471 388,752
Depreciation - owned assets 54,742 107,226
Profit on disposal of fixed assets - (17,667 )
Auditors' remuneration 10,000 13,000
Foreign exchange differences (44,521 ) (8,006 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest - 6,777
Non bank interest on loans - 18,170
Interest payable 209 -
209 24,947

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 431,731 246,931
Prior year under/over prov - (4,586 )
Total current tax 431,731 242,345

Deferred tax 27,846 6,235
Tax on profit 459,577 248,580

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,666,043 1,177,990
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19.493%)

416,511

229,626

Effects of:
Expenses not deductible for tax purposes 27,715 10,760
Capital allowances in excess of depreciation (12,495 ) -
Depreciation in excess of capital allowances - 7,895
Adjustments to tax charge in respect of previous periods - (4,586 )
Short term timing differences - (1,350 )
Deferred tax movement in relation to rate change. - 20,788
Deferred tax movement in relation to timing differences. 27,846 (14,553 )
Total tax charge 459,577 248,580

An increase in the UK corporation tax rate from 19% to 25% was enacted in the Finance Act 2021, which is effective from 1st April 2023. Consequently deferred tax has been calculated using that rate.

8. DIVIDENDS
2024 2023
£    £   
A Ordinary shares of £1 each
Interim 27,000 36,075
C Ordinary shares of £1 each
Interim 27,000 18,525
D Ordinary shares of £1 each
Interim 41,642 38,000
E Ordinary shares of £1 each
Interim 97,261 42,584
192,903 135,184

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

9. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 May 2023 1,447,942 1,150 184,864
Additions - - -
At 30 April 2024 1,447,942 1,150 184,864
DEPRECIATION
At 1 May 2023 146,848 359 137,048
Charge for year 23,019 288 21,231
At 30 April 2024 169,867 647 158,279
NET BOOK VALUE
At 30 April 2024 1,278,075 503 26,585
At 30 April 2023 1,301,094 791 47,816

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 May 2023 259,754 347,001 2,240,711
Additions 8,157 90,805 98,962
At 30 April 2024 267,911 437,806 2,339,673
DEPRECIATION
At 1 May 2023 240,223 214,027 738,505
Charge for year 9,784 420 54,742
At 30 April 2024 250,007 214,447 793,247
NET BOOK VALUE
At 30 April 2024 17,904 223,359 1,546,426
At 30 April 2023 19,531 132,974 1,502,206

10. STOCKS
2024 2023
£    £   
Finished goods 3,680,401 3,527,330

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,179,324 2,178,266
Other debtors 3,268 -
Prepayments and accrued income 38,562 41,588
2,221,154 2,219,854

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 820,167 827,482
Taxation 431,731 244,409
Social security and other taxes 12,299 14,232
VAT 275,140 367,637
Other creditors 47,489 16,505
Accrued expenses 156,055 98,641
1,742,881 1,568,906

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 128,000 128,000
Between one and five years 256,000 384,000
384,000 512,000

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 114,463 86,617

Deferred
tax
£   
Balance at 1 May 2023 86,617
Charge to Income Statement during year 27,846
Balance at 30 April 2024 114,463

The deferred tax liability is in respect of accelerated capital allowances.

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
4,500 A Ordinary £1 4,500 4,500
100 B Ordinary £1 100 100
4,500 C Ordinary £1 4,500 4,500
500 D Ordinary £1 500 500
500 E Ordinary £1 500 500
10,100 10,100

PAPERWORK (PAPER CONVERTORS) LIMITED (REGISTERED NUMBER: 02660315)
TRADING AS DISPO INTERNATIONAL

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

15. CALLED UP SHARE CAPITAL - continued

All the share capital in issue rank pari passu except the £1 'B' Ordinary shares shall not entitle the holders thereof to receive notice of or attend and vote (either in person or by proxy) at any General Meeting of the Company unless the business of the General Meeting includes the consideration of a Resolution for winding up the Company or a Resolution altering or abrogating any of the rights, privileges, limitations and restrictions attached to the Ordinary 'B' shares but so that in the event of the 'B' Ordinary shares entitling the holders thereof to attend at a Meeting, such holders shall have the right to vote at such Meeting in respect of the 'B' Ordinary shares, in which events holders of the 'B' Ordinary shares shall have one vote on a show of hands and on a poll one vote in respect of every 'B' Ordinary share held by them respectively.

16. RESERVES
Retained
earnings
£   

At 1 May 2023 6,580,272
Profit for the year 1,206,466
Dividends (192,903 )
At 30 April 2024 7,593,835

The profit and loss account represents accumulated comprehensive income for the year and prior periods, after distribution of dividends.

17. RELATED PARTY DISCLOSURES

Minerva SIPP's
(Pension fund for Mr A J Hall and Mrs E A Hall)

The pension fund owns 51.2% (2023 - 51.2%) of the property from which the company trades. During the year rent of £128,000 (2023 - £128,000) was paid to the Minerva SIPP's.

At the balance sheet date the amount due to the Minerva SIPP's was £nil (2023 - £nil).

Company under common control
2024 2023
£    £   
Sales and management charges 634,459 690,907
Interest incurred on loans from related party - 18,170
Amount due from related party 35,412 18,237
Amount due to related party - 14,569

The above disclosures relate to transactions with a company under common control. Transactions are completed under standard commercial terms.

18. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mr A Hall and Mrs E A Hall.