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REGISTERED NUMBER: 02012280 (England and Wales)












Audited Financial Statements

for the Year Ended 31 December 2023

for

Davenport Paper Co Limited

Davenport Paper Co Limited (Registered number: 02012280)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Statement of Changes in Equity 3

Notes to the Financial Statements 4


Davenport Paper Co Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: B Byfield
C J Reilly
S Andrews





REGISTERED OFFICE: 47a Queen Street
Derby
DE1 3DE





REGISTERED NUMBER: 02012280 (England and Wales)





AUDITORS: Bourne & Co.
Statutory Auditors
47a Queen Street
Derby
Derbyshire
DE1 3DE

Davenport Paper Co Limited (Registered number: 02012280)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 15,334 1,735
Tangible assets 6 281,945 372,869
297,279 374,604

CURRENT ASSETS
Stocks 682,318 831,271
Debtors 7 265,715 1,048,336
Cash at bank 23,455 168,991
971,488 2,048,598
CREDITORS
Amounts falling due within one year 8 1,199,479 1,053,082
NET CURRENT (LIABILITIES)/ASSETS (227,991 ) 995,516
TOTAL ASSETS LESS CURRENT
LIABILITIES

69,288

1,370,120

PROVISIONS FOR LIABILITIES 30,505 42,559
NET ASSETS 38,783 1,327,561

CAPITAL AND RESERVES
Called up share capital 10 10,000 10,000
Retained earnings 28,783 1,317,561
SHAREHOLDERS' FUNDS 38,783 1,327,561

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by:





C J Reilly - Director


Davenport Paper Co Limited (Registered number: 02012280)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 10,000 2,313,880 2,323,880

Changes in equity
Dividends - (1,530,000 ) (1,530,000 )
Total comprehensive income - 533,681 533,681
Balance at 31 December 2022 10,000 1,317,561 1,327,561

Changes in equity
Dividends - (1,300,000 ) (1,300,000 )
Total comprehensive income - 11,222 11,222
Balance at 31 December 2023 10,000 28,783 38,783

Davenport Paper Co Limited (Registered number: 02012280)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Davenport Paper Co 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents net invoiced sales of goods and services excluding value added tax and is recognised at the fair value of the consideration received or receivable for sale of goods to external customers in the ordinary course of business. Turnover is recognised at the date of despatch where the company is contracted to undertake the transportation of goods to the customer's place of business. The fair value of consideration takes into account returns, discounts and rebates.

Intangible assets
Intangible assets are initially measures at cost. After initial recognition, intangible assets are measures at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software & websites are being amortised evenly over their estimated useful life of four and three years respectively.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Straight line over 8 years
Plant and machinery - 20% on reducing balance and 10% on cost
Fixtures and fittings - 15% on reducing balance and 10% on cost
Motor vehicles - 25% on reducing balance
Office equipment - 25% on cost, 25% on reducing balance and 10% on cost

Stocks
Stocks are stated at their lower of cost and estimated selling price less costs to complete and sell. Cost is based on the weighted average principle or conversion costs and other costs in bringing them to their existing location and condition.

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.


Davenport Paper Co Limited (Registered number: 02012280)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

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

Assets obtained under hire purchase contracts are capitalised as tangible fixed assets and are depreciated over their estimated useful lives.

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.

Financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets
Financial assets.other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial liabilities
Basic financial liabilities, including trade, other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 44 ) .

4. AUDITORS' REMUNERATION

During the year ended 31 December 2023 auditors remuneration for other services totalled £1,067 (2022 £1,823).

Davenport Paper Co Limited (Registered number: 02012280)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. INTANGIBLE FIXED ASSETS
Computer
software
& websites
£   
COST
At 1 January 2023 210,401
Additions 18,400
At 31 December 2023 228,801
AMORTISATION
At 1 January 2023 208,666
Amortisation for year 4,801
At 31 December 2023 213,467
NET BOOK VALUE
At 31 December 2023 15,334
At 31 December 2022 1,735

6. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2023 11,359 640,114 224,357
Additions - - -
Disposals - - -
At 31 December 2023 11,359 640,114 224,357
DEPRECIATION
At 1 January 2023 11,359 411,778 164,640
Charge for year - 50,504 11,849
Eliminated on disposal - - -
At 31 December 2023 11,359 462,282 176,489
NET BOOK VALUE
At 31 December 2023 - 177,832 47,868
At 31 December 2022 - 228,336 59,717

Davenport Paper Co Limited (Registered number: 02012280)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. TANGIBLE FIXED ASSETS - continued

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 166,613 99,045 1,141,488
Additions - 2,058 2,058
Disposals - (31,386 ) (31,386 )
At 31 December 2023 166,613 69,717 1,112,160
DEPRECIATION
At 1 January 2023 97,765 83,077 768,619
Charge for year 17,213 11,414 90,980
Eliminated on disposal - (29,384 ) (29,384 )
At 31 December 2023 114,978 65,107 830,215
NET BOOK VALUE
At 31 December 2023 51,635 4,610 281,945
At 31 December 2022 68,848 15,968 372,869

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 215,601 231,035
Amounts owed by group undertakings - 763,309
Prepayments 50,114 53,992
265,715 1,048,336

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 596,512 764,667
Amounts owed to group undertakings 515,039 -
Value added tax 59,145 135,744
Other taxes and social security - 39,269
Accrued expenses 47,032 137,043
Corporation tax (18,249 ) (23,641 )
1,199,479 1,053,082

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 329,000 58,268
Between one and five years 329,000 155,381
658,000 213,649

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000

Davenport Paper Co Limited (Registered number: 02012280)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Meadows BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Bourne & Co.

12. CONTROLLING PARTY

During the year ended 31 December 2023 the immediate controlling party was Ratioform Verpackungen GmbH, a company incorporated in Germany.

In the year ended 31 December 2023 the ultimate parent company was Franz Haniel & Cie GmbH, a company incorporated in Germany, Franz Haniel & Cie GmbH is controlled by members of the Haniel family.

The smallest group in which results of the company are consolidated is that headed by TAKKT AG. The largest group in which the results of the company are consolidated is that of the group accounts for Franz Haniel & Cie GmbH. The consolidated financial statements are available to the public may be obtained from Franz Haniel Platz, D-47119 Duisburg, Germany.