for the Period Ended 31 December 2023
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 December 2023
Principal activities of the company
Political and charitable donations
Additional information
Results and dividends The loss for the year after taxation amounted to £102,393 (2022 – profit of £455,873). The Directors did not recommend or pay a final dividend (2022 – £nil). Future outlook The Directors believe the business is well placed to continue supporting its customer’s growth plans and will continue to invest in capital equipment to ensure future market trends will be met. Going concern The Northern Ireland recovered fibre market is competitive, however Huhtamaki (Lisburn) Limited has maintained its overall share of the market. The Company has continued to trade throughout the Covid pandemic at full capacity and is maintaining close attention to Brexit to ensure that any impacts are mitigated. The Covid pandemic has had a significant impact on the recovered paper market increasing volatility due to certain countries/regions being impacted differently at certain times of the year. Huhtamaki (Lisburn) Limited continues to pay close attention to the global market to ensure that material continues to be traded. The risk is mitigated due to the Company maintaining a large network of customers which then provides it with different geographical/regional options in the event of certain markets being closed. The Company’s cash balances are managed through a cash pooling arrangement within Huhtamaki Oyj Group. Consequently, the ability of the Company to continue as a going concern is reliant on the Huhtamaki Oyj Group continuing as a going concern and providing financial support through this cash pooling arrangement. Huhtamaki Oyj has confirmed that it will continue to provide financial support to the Company for at least the next 12 months. The Directors are satisfied that the Huhtamaki Oyj Group has sufficient cash and liquidity to provide this support. Huhtamaki Oyj Group is expected to continue to be cash generative and meet its obligations as they fall due for at least the next 12 months. Consequently, the Directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. Events after the reporting period There were no events after the reporting period which require disclosure in these financial statements. Financial risk management The Company’s financial risk management objective is broadly to seek to make neither profit nor loss from exposure to currency or interest rate risks. Its policy is to finance working capital or fixed assets through retained earnings or through borrowings at prevailing market interest rates. Since the counterparty to all borrowings is a Group Company, there are minimal liquidity risks as regards to these transactions. Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. Company policies are aimed at minimising such losses and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. Details of the Company’s receivables are shown on the face of the balance sheet. The Company limits individual trade receivable counterparty exposure to £50,000. Streamlined energy and carbon reporting The Company is exempt from the requirement to provide Disclosures concerning greenhouse gas emissions, energy consumption and energy efficiency action by unquoted companies under Part 7(A) of The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 as it is included in the Directors' Report of its Parent Undertaking, Huhtamaki Oyj. Disclosure of information to auditor The Directors who held office at the date of approval of this Directors’ report confirm that, so far as they are each aware, there is no relevant audit information of which the Company’s auditor is unaware; and each Director has taken all the steps that he/she ought to have taken as a Director to make himself/herself aware of any relevant audit information and to establish that the Company’s auditor is aware of that information. Auditors Pursuant to section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and KPMG will continue in office. Strategic report exemption The Directors have not prepared a strategic report as the Company is entitled to the special provisions applicable to companies, subject to the small companies regime within Part 15 of the Companies Act 2006. Small company exemptions This report has been prepared in accordance with the special provisions applicable to companies, subject to the small companies regime within Part 15 of the Companies Act 2006.
Directors
The directors shown below have held office during the whole of the period from
1 January 2023
to
31 December 2023
Secretary
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
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Turnover: |
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Cost of sales: |
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Gross profit(or loss): |
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Administrative expenses: |
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Operating profit(or loss): |
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Interest payable and similar charges: |
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Profit(or loss) before tax: |
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Tax: |
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Profit(or loss) for the financial year: |
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As at
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Fixed assets | |||
Tangible assets: | 3 |
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Total fixed assets: |
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Current assets | |||
Stocks: | 4 |
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Debtors: | 5 |
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Cash at bank and in hand: |
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Total current assets: |
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Prepayments and accrued income: |
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Creditors: amounts falling due within one year: | 6 |
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Net current assets (liabilities): |
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Total assets less current liabilities: |
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Creditors: amounts falling due after more than one year: | 7 |
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Provision for liabilities: |
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Total net assets (liabilities): |
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Capital and reserves | |||
Called up share capital: |
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Other reserves: |
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Profit and loss account: |
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Total Shareholders' funds: |
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The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2023
Basis of measurement and preparation
Turnover policy
Tangible fixed assets depreciation policy
Valuation information and policy
Other accounting policies
for the Period Ended 31 December 2023
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Average number of employees during the period |
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for the Period Ended 31 December 2023
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Cost | £ | £ | £ | £ | £ | £ |
At 1 January 2023 |
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At 31 December 2023 |
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At 31 December 2023 |
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At 31 December 2023 |
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At 31 December 2022 |
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for the Period Ended 31 December 2023
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Stocks |
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Total |
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for the Period Ended 31 December 2023
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Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Total |
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for the Period Ended 31 December 2023
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Amounts due under finance leases and hire purchase contracts |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Total |
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for the Period Ended 31 December 2023
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Amounts due under finance leases and hire purchase contracts |
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Total |
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