Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsefalsetruetruetruePurchase and sale of luxury paper, polythene carrier bags, rigid boxes, tissue paper, ribbon, stickers, grift wraps and garment hangers132023-01-0115truefalse 05232673 2023-01-01 2023-12-31 05232673 2022-01-01 2022-12-31 05232673 2023-12-31 05232673 2022-12-31 05232673 2022-01-01 05232673 c:Director1 2023-01-01 2023-12-31 05232673 c:Director2 2023-01-01 2023-12-31 05232673 c:Director2 2023-12-31 05232673 c:Director3 2023-01-01 2023-12-31 05232673 c:Director4 2023-01-01 2023-12-31 05232673 c:RegisteredOffice 2023-01-01 2023-12-31 05232673 d:MotorVehicles 2023-01-01 2023-12-31 05232673 d:MotorVehicles 2023-12-31 05232673 d:MotorVehicles 2022-12-31 05232673 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05232673 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05232673 d:OfficeEquipment 2023-01-01 2023-12-31 05232673 d:OfficeEquipment 2023-12-31 05232673 d:OfficeEquipment 2022-12-31 05232673 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05232673 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05232673 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05232673 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05232673 d:Goodwill 2023-12-31 05232673 d:Goodwill 2022-12-31 05232673 d:CurrentFinancialInstruments 2023-12-31 05232673 d:CurrentFinancialInstruments 2022-12-31 05232673 d:Non-currentFinancialInstruments 2023-12-31 05232673 d:Non-currentFinancialInstruments 2022-12-31 05232673 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05232673 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05232673 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05232673 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05232673 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 05232673 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 05232673 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 05232673 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 05232673 e:UnitedKingdom 2023-01-01 2023-12-31 05232673 e:UnitedKingdom 2022-01-01 2022-12-31 05232673 e:RestEuropeOutsideUK 2023-01-01 2023-12-31 05232673 e:RestEuropeOutsideUK 2022-01-01 2022-12-31 05232673 e:RestWorldOutsideUK 2023-01-01 2023-12-31 05232673 e:RestWorldOutsideUK 2022-01-01 2022-12-31 05232673 d:UKTax 2023-01-01 2023-12-31 05232673 d:UKTax 2022-01-01 2022-12-31 05232673 d:ShareCapital 2023-12-31 05232673 d:ShareCapital 2022-12-31 05232673 d:ShareCapital 2022-01-01 05232673 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05232673 d:RetainedEarningsAccumulatedLosses 2023-12-31 05232673 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05232673 d:RetainedEarningsAccumulatedLosses 2022-12-31 05232673 d:RetainedEarningsAccumulatedLosses 2022-01-01 05232673 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05232673 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05232673 c:OrdinaryShareClass1 2023-01-01 2023-12-31 05232673 c:OrdinaryShareClass1 2023-12-31 05232673 c:OrdinaryShareClass1 2022-12-31 05232673 c:FRS102 2023-01-01 2023-12-31 05232673 c:Audited 2023-01-01 2023-12-31 05232673 c:FullAccounts 2023-01-01 2023-12-31 05232673 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05232673 d:WithinOneYear 2023-12-31 05232673 d:WithinOneYear 2022-12-31 05232673 d:BetweenOneFiveYears 2023-12-31 05232673 d:BetweenOneFiveYears 2022-12-31 05232673 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 05232673 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 05232673 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 05232673 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 05232673 2 2023-01-01 2023-12-31 05232673 9 2023-01-01 2023-12-31 05232673 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05232673









FLEET RETAIL PACKAGING LTD.









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FLEET RETAIL PACKAGING LTD.
 
 
COMPANY INFORMATION


Directors
M J Lowry 
D P Lowry (resigned 20 July 2023)
M A Stevens BSc FCA 
R J Bonnington 




Registered number
05232673



Registered office
Fleet House
Sunderland Quay

Culpeper Close

Medway City Estate, Rochester

Kent

ME2 4HN




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA





 
FLEET RETAIL PACKAGING LTD.
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 9
Statement of comprehensive income
 
10
Balance sheet
 
11
Statement of changes in equity
 
12
Notes to the financial statements
 
13 - 29


 
FLEET RETAIL PACKAGING LTD.
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their report and the financial statements of the company for the year ended 31 December 2023.

Business review
 
The results for the company for the year ended 31 December 2023 are set out in the financial statements on pages 10 to 27. The directors consider that the pre-tax profit for the year of £347,419 was a positive result. Turnover has grown significantly and this has had a positive impact on profitability. Trading has remained strong into 2024.The tight control of overhead costs and the levels of working capital employed have been important factors in the achievement of the results.

Principal risks and uncertainties
 
The key business risks and uncertainties affecting the company relate to the stability of the UK economy and competition from similar operators in the industry. The directors monitor and review the key risks of the business.

Credit risk

The exposure to bad debts and credit risk is proactively managed, including monitoring of debts on a daily basis. Credit decisions are taken by the directors who oversee the grant of all credit terms.

Foreign exchange risk

The company makes some sales and purchases in currencies other than sterling. To manage the risk associated with the fluctuation of foreign currency exchange rates, the company enters into forward foreign exchange contracts.

Liquidity risks

The business is financed through the confidential discounting of its trade debts. The maximum facility available to the company is £3.5 million. The amount available at any time is determined by the value of trade debts discounted up to this limit. The directors actively manage the cash flow on a daily basis, including projections of future cash requirements. These forecasts and projections, taking into account likely changes in trading performance, show that the company is able to continue to operate within the level of the facility and in compliance with the covenants to which the facility is subject.

Interest rate risks

The company accepts a certain degree of interest rate risk and other market price risks and continues to monitor these on an ongoing basis.

Financial key performance indicators
 
The company's key performance indicators remain turnover, gross margin and retained profits which best communicate the financial performance of the group.

Page 1

 
FLEET RETAIL PACKAGING LTD.
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board and signed on its behalf.



M A Stevens BSc FCA
Director

Date: 26 July 2024

Page 2

 
FLEET RETAIL PACKAGING LTD.
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £255,372 (2022 - £247,804).


Dividends voted during the year amounted to £200,000 (2022 - £200,000).
Directors

The directors who served during the year were:

M J Lowry 
D P Lowry (resigned 20 July 2023)
M A Stevens BSc FCA 
R J Bonnington 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Page 3

 
FLEET RETAIL PACKAGING LTD.
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 July 2024 and signed on its behalf.
 





M A Stevens BSc FCA
Director

Page 4

 
FLEET RETAIL PACKAGING LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET RETAIL PACKAGING LTD.
 

Opinion


We have audited the financial statements of Fleet Retail Packaging LTD. (the 'company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 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 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 United Kingdom, including the Financial Reporting Council'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.


Page 5

 
FLEET RETAIL PACKAGING LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET RETAIL PACKAGING LTD. (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 Directors' report.


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:


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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime


Page 6

 
FLEET RETAIL PACKAGING LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET RETAIL PACKAGING LTD. (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 is 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.


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 an Auditors' report 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 design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: 
• The engagement partner ensured that the engagement team collectively had the appropriate  competence, capabilities and skills to identify or recognise non-compliance with applicable laws and  regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and  other management, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial  statements or the operations of the company, are as follows;
o Companies Act 2006.
o FRS102.
o Health and Safety legislation.
o Employment legislation
o Tax legislation 
o Forest Stewardship Council (FSC)
o ISO 9001 and ISO 14001
• We assessed the extent of compliance with the laws and regulations identified above through making  enquiries of management, reviewing board minutes and inspecting legal correspondence; 
• Laws and regulations were communicated within the audit team at the planning meeting, and during the  audit as any further laws and regulation were identified. The audit team remained alert to instances of                     non-compliance throughout the audit; and
 
Page 7

 
FLEET RETAIL PACKAGING LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET RETAIL PACKAGING LTD. (CONTINUED)



We assessed the susceptibility of the company’s financial statements to material misstatement, including
obtaining an understanding of how fraud might occur by: 
• Making enquires of management as to where they consider there was susceptibility to fraud and their  knowledge of actual suspected and alleged fraud; 
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and  regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates,  were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the  company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and 
• Posting of unusual journals or transactions.
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 Auditors' report.


Page 8

 
FLEET RETAIL PACKAGING LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET RETAIL PACKAGING LTD. (CONTINUED)


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 2006Our 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 an Auditors' report 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.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA
 

10 September 2024
Page 9

 
FLEET RETAIL PACKAGING LTD.
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
10,957,312
9,922,097

Cost of sales
  
(8,450,262)
(7,689,567)

Gross profit
  
2,507,050
2,232,530

Administrative expenses
  
(1,999,379)
(1,794,376)

Operating profit
 5 
507,671
438,154

Interest receivable and similar income
  
76,258
24,482

Interest payable and similar expenses
 9 
(236,510)
(142,430)

Profit before tax
  
347,419
320,206

Tax on profit
 10 
(92,047)
(72,402)

Profit for the financial year
  
255,372
247,804

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 13 to 29 form part of these financial statements.

Page 10

 
FLEET RETAIL PACKAGING LTD.
REGISTERED NUMBER: 05232673

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
509,801
612,075

  
509,801
612,075

Current assets
  

Stocks
 14 
2,078,442
1,849,723

Debtors: amounts falling due within one year
 15 
4,929,471
3,444,575

Cash at bank and in hand
 16 
284,261
235,642

  
7,292,174
5,529,940

Creditors: amounts falling due within one year
 17 
(5,619,757)
(3,659,246)

Net current assets
  
 
 
1,672,417
 
 
1,870,694

Total assets less current liabilities
  
2,182,218
2,482,769

Creditors: amounts falling due after more than one year
 18 
(742,228)
(1,077,978)

Provisions for liabilities
  

Deferred tax
 21 
(44,974)
(65,147)

Net assets
  
1,395,016
1,339,644


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,394,916
1,339,544

  
1,395,016
1,339,644




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



M A Stevens BSc FCA
Director

Date: 26 July 2024

The notes on pages 13 to 29 form part of these financial statements.

Page 11

 
FLEET RETAIL PACKAGING LTD.
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
100
1,339,544
1,339,644



Profit for the year
-
255,372
255,372

Dividends: Equity capital
-
(200,000)
(200,000)


At 31 December 2023
100
1,394,916
1,395,016



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
100
1,291,740
1,291,840



Profit for the year
-
247,804
247,804

Dividends: Equity capital
-
(200,000)
(200,000)


At 31 December 2022
100
1,339,544
1,339,644


The notes on pages 13 to 29 form part of these financial statements.

Page 12

 
FLEET RETAIL PACKAGING LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company, incorporated in England and Wales, has its registered office at Fleet House, Sunderland Quay, Culpeper Close, Medway City Estate, Rochester, England, ME2 4HN.
The company's principal activity is that of the purchase and sale of luxury paper and polythene carrier bags, rigid boxes, tissue paper, ribbon, stickers, gift wraps and garment hangers.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Fleet Retail Group Limited as at 31 December 2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.

Page 13

 
FLEET RETAIL PACKAGING LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
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 company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 14

 
FLEET RETAIL PACKAGING LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.6

Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period

 
2.7

Interest income

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

 
2.8

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.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

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.

Page 15

 
FLEET RETAIL PACKAGING LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

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 16

 
FLEET RETAIL PACKAGING LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:


Motor vehicles
-
25%
reducing balance basis
Office equipment
-
20%
reducing balance basis

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.

  
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the weighted average basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

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.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 17

 
FLEET RETAIL PACKAGING LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

 
2.19

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due within the operating cycle fall into this category of financial instrument.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
 
Page 18

 
FLEET RETAIL PACKAGING LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method, discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.20

Hedge accounting

The company uses foreign currency forward contracts to manage its exposure to cash flow risk on its foreign currency transactions. These derivatives are measured at fair value at each balance sheet date.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.

 
2.21

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.

  
2.22

Invoice discounting

The company discounts its trade debts. The accounting policy is to include trade debtors discounted with recourse within trade debtors due within one year and the returnable element of proceeds is recorded within creditors due within one year. Discount fees and interest are charged to the profit and loss account when paid. Bad debts are borne by the company and are charged to the profit and loss account when incurred.

Page 19

 
FLEET RETAIL PACKAGING LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies:
There were no significant judgments exercised by management in the preparation of the financial
statements.
b) Key accounting estimates and assumptions:
The company made key assumptions regarding: 
1. The useful economic life of tangible fixed assets. This is further described in note 2.13 of accounting
policies.
2. Stock uplift for import costs. This is a provision made by management for the import costs incurred on the curent stock held as at 31 December 2023.


4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
8,398,623
9,142,394

Rest of Europe
2,159,511
491,736

Rest of the world
399,178
287,967

10,957,312
9,922,097



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
148,880
138,185

Exchange differences
203,395
(175,850)

Other operating lease rentals
213,822
194,326

Defined contribution pension costs
55,632
45,419

Page 20

 
FLEET RETAIL PACKAGING LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
9,250
8,380
The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.


7.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
15
13


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
113,333
105,000

Company contributions to defined contribution pension schemes
2,950
2,400

116,283
107,400



9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
214,688
125,018

Finance leases and hire purchase contracts
21,822
17,412

236,510
142,430

Page 21

 
FLEET RETAIL PACKAGING LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
112,220
73,493


Total current tax
112,220
73,493

Deferred tax


Origination and reversal of timing differences
(20,173)
(1,091)

Total deferred tax
(20,173)
(1,091)


Tax on profit
92,047
72,402

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
347,419
320,206


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%/19% (2022 - 19%)
81,715
60,839

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
8,694
4,902

Depreciation for year in excess of capital allowances
21,811
7,752

Deferred tax movement
(20,173)
(1,091)

Total tax charge for the year
92,047
72,402


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
FLEET RETAIL PACKAGING LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Dividends

2023
2022
£
£


Dividend declared
200,000
200,000

200,000
200,000


12.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
568,208



At 31 December 2023

568,208



Amortisation


At 1 January 2023
568,208



At 31 December 2023

568,208



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 23

 
FLEET RETAIL PACKAGING LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
693,702
283,862
977,564


Additions
66,390
19,790
86,180


Disposals
(98,360)
(31,285)
(129,645)



At 31 December 2023

661,732
272,367
934,099



Depreciation


At 1 January 2023
186,081
179,408
365,489


Charge for the year on owned assets
26,863
22,762
49,625


Charge for the year on financed assets
99,255
-
99,255


Disposals
(58,786)
(31,285)
(90,071)



At 31 December 2023

253,413
170,885
424,298



Net book value



At 31 December 2023
408,319
101,482
509,801



At 31 December 2022
507,621
104,454
612,075

Page 24

 
FLEET RETAIL PACKAGING LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Stocks

2023
2022
£
£

Goods for resale
2,078,442
1,849,723

2,078,442
1,849,723



15.


Debtors

2023
2022
£
£


Trade debtors
3,275,195
2,131,557

Amounts owed by group undertakings
771,310
720,620

Other debtors
823,128
541,791

Prepayments and accrued income
59,838
50,607

4,929,471
3,444,575



16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
284,261
235,642

Less: bank overdrafts
(777,772)
(698,632)

(493,511)
(462,990)


Page 25

 
FLEET RETAIL PACKAGING LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts & invoice discounting facility
777,772
698,632

Bank loans
2,038,023
1,552,274

Trade creditors
1,606,969
677,801

Amounts owed to group undertakings
169,534
-

Corporation tax
112,519
13,912

Other taxation and social security
423,953
455,448

Obligations under finance lease and hire purchase contracts
98,957
73,440

Other creditors
232,492
132,204

Accruals and deferred income
159,538
55,535

5,619,757
3,659,246



18.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
458,333
778,432

Net obligations under finance leases and hire purchase contracts
283,895
299,546

742,228
1,077,978


The loan borrowings as well as invoice discounting facilities are secured by way of a fixed and floating charge over all the assets and undertakings of the company.
Hire purchase liabilities are secured against the assets to which they relate.

Page 26

 
FLEET RETAIL PACKAGING LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
2,038,023
1,552,274

Amounts falling due 1-2 years

Bank loans
250,000
320,099

Amounts falling due 2-5 years

Bank loans
208,333
458,333


2,496,356
2,330,706



20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
98,957
73,440

Between 1-5 years
283,895
299,546

382,852
372,986


21.


Deferred taxation




2023
2022


£

£






At beginning of year
(65,147)
(66,238)


Credited / (Charged) to profit or loss
20,173
1,091



At end of year
(44,974)
(65,147)

Page 27

 
FLEET RETAIL PACKAGING LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
21.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(44,974)
(65,147)

(44,974)
(65,147)


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



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



23.


Pension commitments

The company contributes into a defined contribution pension scheme for a number of employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £62,306 (2022 - £45,419).
As at the balance sheet date, the company had unpaid pension liabilities of £22,567 (2022 - £Nil).


24.


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
£
£

Land and buildings


Not later than 1 year
133,149
133,149

Later than 1 year and not later than 5 years
399,447
532,596

532,596
665,745

Page 28

 
FLEET RETAIL PACKAGING LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Related party transactions

Fleet House Investments Limited and Lowry Edwards Developments Limited are deemed to be related parties of the company by virtue of common control.
The transactions which occurred during the year and outstanding balances as at 31 December 2023 are as follows:


2023
2022
£
£

Fleet House Investments Limited - Rent Paid
47,406
51,253
Lowry Edwards Developments Limited - Loan Advance
717,535
528,121
764,941
579,374


26.


Controlling party

The ultimate parent company as at 31 December 2023 was Fleet Retail Group Limited, a company incorporated in England and Wales. From 30 January 2024 it became Lowry Holdco Ltd, also incorporated in England and Wales. Fleet Retail Group remained the immediate parent company.

 
Page 29