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Registered number: 01515420









ARROWPAK (TRANSPORT AND WAREHOUSING) LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ARROWPAK (TRANSPORT AND WAREHOUSING) LIMITED
REGISTERED NUMBER: 01515420

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
1,653,295
1,254,385

Investments
 5 
1
1

  
1,653,296
1,254,386

CURRENT ASSETS
  

Stocks
  
97,954
105,776

Debtors: amounts falling due within one year
 6 
900,169
1,210,695

Cash at bank and in hand
  
754,589
772,941

  
1,752,712
2,089,412

Creditors: amounts falling due within one year
 7 
(482,058)
(610,483)

NET CURRENT ASSETS
  
 
 
1,270,654
 
 
1,478,929

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,923,950
2,733,315

Deferred tax
 8 
(117,595)
(47,648)

  
 
 
(117,595)
 
 
(47,648)

NET ASSETS
  
2,806,355
2,685,667


CAPITAL AND RESERVES
  

Called up share capital 
 9 
100
100

Profit and loss account
  
2,806,255
2,685,567

  
2,806,355
2,685,667


Page 1

 
ARROWPAK (TRANSPORT AND WAREHOUSING) LIMITED
REGISTERED NUMBER: 01515420
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






Mr R C J Hood
Director

Date: 16 September 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
ARROWPAK (TRANSPORT AND WAREHOUSING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Arrowpak (Transport and Warehousing) Limited is a private company limited by shares and incorporated in England and Wales. The Company's registered office is Sherwood House, Norwood Road, Brandon, Suffolk, IP27 0PB.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

GOING CONCERN

The directors have assessed the ability of the Company to continue trading for the foreseeable future, including whether the Company will continue to be able to meet its liabilities as they fall due for the next 12 months. Given the strong cash reserves and profitability of the Company, the directors have assessed that the Company remains a going concern. Accordingly, the directors continue to adopt the going concern basis.

 
2.3

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

  
2.4

TURNOVER

Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Turnover is recognised as the fair value of the consideration received or receivable and is recognised on the date that the contracted services are performed.

 
2.5

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.

Page 3

 
ARROWPAK (TRANSPORT AND WAREHOUSING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.5
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
Between 15% and 20% straight line

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

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

 
2.6

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

  
2.7

STOCKS

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

  
2.8

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

 
2.9

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

  
2.10

CREDITORS

Short term creditors are measured at the transaction price.

Page 4

 
ARROWPAK (TRANSPORT AND WAREHOUSING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.12

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
ARROWPAK (TRANSPORT AND WAREHOUSING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.15

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

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

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

 
2.16

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 63 (2022 - 59).

Page 6

 
ARROWPAK (TRANSPORT AND WAREHOUSING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


TANGIBLE FIXED ASSETS





Freehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



COST


At 1 January 2023
1,816,210
1,040,962
654,709
3,511,881


Additions
46,494
322,140
212,013
580,647


Disposals
-
(75,907)
(12,494)
(88,401)



At 31 December 2023

1,862,704
1,287,195
854,228
4,004,127



DEPRECIATION


At 1 January 2023
826,216
871,856
559,424
2,257,496


Charge for the year on owned assets
31,162
114,880
35,695
181,737


Disposals
-
(75,907)
(12,494)
(88,401)



At 31 December 2023

857,378
910,829
582,625
2,350,832



NET BOOK VALUE



At 31 December 2023
1,005,326
376,366
271,603
1,653,295



At 31 December 2022
989,994
169,106
95,285
1,254,385

Page 7

 
ARROWPAK (TRANSPORT AND WAREHOUSING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



COST


At 1 January 2023
2
1
3



At 31 December 2023

2
1
3



IMPAIRMENT


At 1 January 2023
2
-
2



At 31 December 2023

2
-
2



NET BOOK VALUE



At 31 December 2023
-
1
1



At 31 December 2022
-
1
1


6.


DEBTORS

2023
2022
£
£


Trade debtors
340,978
650,019

Amounts owed by group undertakings
190,613
318,680

Other debtors
157,672
97,733

Prepayments and accrued income
166,117
144,263

Tax recoverable
44,789
-

900,169
1,210,695


Page 8

 
ARROWPAK (TRANSPORT AND WAREHOUSING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
222,144
204,189

Corporation tax
7,276
39,766

Other taxation and social security
106,890
96,011

Other creditors
82,412
77,416

Accruals and deferred income
63,336
193,101

482,058
610,483


Other creditors include contributions of £9,246 (2022 - £7,967) payable to the Company's defined contribution pension scheme at the balance sheet date.
At the year end £67,430 (2023: £63,963) in total was owed to the directors by the Company, which is included within other creditors. The balance represents dividends paid plus cash introduced less elements of personal expenditure paid by the Company.


8.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
47,648
40,253


Charged to profit or loss
69,947
7,395



AT END OF YEAR
117,595
47,648

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
118,630
48,557

Short term timing differences
(1,035)
(909)

117,595
47,648

Page 9

 
ARROWPAK (TRANSPORT AND WAREHOUSING) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



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



10.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
58,193
58,193

Later than 1 year and not later than 5 years
83,621
141,813

141,814
200,006


11.


AUDITORS' INFORMATION

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

The audit report was signed on 23 September 2024 by James Burrett (Senior Statutory Auditor) on behalf of Peters Elworthy & Moore.

 
Page 10