HUHTAMAKI (LURGAN) LIMITED

Company Registration Number:
NI001006 (Northern Ireland)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

HUHTAMAKI (LURGAN) LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

HUHTAMAKI (LURGAN) LIMITED

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The Company continues to be involved in the manufacture and sale of moulded pulp products in the United Kingdom and the Republic of Ireland.

Political and charitable donations

There were no political donations during 2023 (2022: £nil).

Company policy on disabled employees

The Company operates an equal opportunity policy. It is Company policy that training, career development and promotion is consistent and fair for all employees, irrespective of sex, race, religion, age or disability. The employment of disabled people is encouraged where possible, subject to the limitations placed upon the Company by the nature of its business activities.

Additional information

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 Directors have considered the Company’s forecasted financial performance and cash flows for the next 12 months which show the Company is expected to continue to be cash generative and able to meet its liabilities as they fall due. However, 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. Employee engagement, Business relationships, Research and development activities, Streamlined energy and carbon reporting, Disclosure of information to auditors



Directors

The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023

Franck Losco
Richard Smith
Leena Kuusikoski


Secretary Sharon Byrne

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
23 September 2024

And signed on behalf of the board by:
Name: Franck Losco
Status: Director

HUHTAMAKI (LURGAN) LIMITED

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 55,312,000 50,098,000
Cost of sales: ( 43,344,000 ) ( 40,727,000 )
Gross profit(or loss): 11,968,000 9,371,000
Administrative expenses: ( 5,261,000 ) ( 4,331,000 )
Operating profit(or loss): 6,707,000 5,040,000
Interest receivable and similar income: 37,000 264,000
Interest payable and similar charges: ( 2,893,000 ) ( 52,000 )
Profit(or loss) before tax: 3,851,000 5,252,000
Tax: ( 4,892,000 ) ( 805,000 )
Profit(or loss) for the financial year: (1,041,000) 4,447,000

HUHTAMAKI (LURGAN) LIMITED

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 7,000 13,000
Tangible assets: 4 32,380,000 28,024,000
Investments: 5 133,000 133,000
Total fixed assets: 32,520,000 28,170,000
Current assets
Stocks: 6 2,511,000 3,124,000
Debtors: 7 11,261,000 6,535,000
Cash at bank and in hand: 11,940,000 16,867,000
Total current assets: 25,712,000 26,526,000
Prepayments and accrued income: 217,000 255,000
Creditors: amounts falling due within one year: 8 ( 12,345,000 ) ( 10,478,000 )
Net current assets (liabilities): 13,584,000 16,303,000
Total assets less current liabilities: 46,104,000 44,473,000
Creditors: amounts falling due after more than one year: 9 ( 351,000 ) ( 896,000 )
Provision for liabilities: ( 4,466,000 ) ( 3,189,000 )
Accruals and deferred income: ( 5,165,000 ) ( 3,225,000 )
Total net assets (liabilities): 36,122,000 37,163,000
Capital and reserves
Called up share capital: 1,568,000 1,568,000
Profit and loss account: 34,554,000 35,595,000
Total Shareholders' funds: 36,122,000 37,163,000

The notes form part of these financial statements

HUHTAMAKI (LURGAN) LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 23 September 2024
and signed on behalf of the board by:

Name: Franck Losco
Status: Director

The notes form part of these financial statements

HUHTAMAKI (LURGAN) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Tangible fixed assets depreciation policy

    Depreciation is charged to the profit and loss account on a straight-line basis over the estimated useful lives of each part of an item of tangible fixed assets. Land is not depreciated. Depreciation methods, useful lives and residual values are reviewed at each balance sheet date and where adjustments are required these are made prospectively.

    Intangible fixed assets amortisation policy

    The cost of acquiring or developing computer software is capitalised and amortised on a straight-line basis over the Directors’ estimate of its useful economic life of 5 years. Costs that qualify for capitalisation include both internal and external costs but are limited to those that are directly related to the specific software development project. The carrying value of computer software is reviewed for impairment where events or changes in circumstances indicate that the carrying value may not be recoverable.

    Valuation information and policy

    The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable, and are written down immediately to their recoverable amount. Useful lives and residual values are reviewed annually and where adjustments are required, these are made prospectively.An item of tangible fixed assets is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the derecognition of the asset is included in the profit and loss account in the period of derecognition.

    Other accounting policies

    Measurement convention Going concern Research and development Taxation Leases Stocks Impairment of non-financial assets excluding stocks and deferred tax assets Foreign currency Revenue Recognition Employee benefits Interest receivable and Interest payable Provisions for liabilities Government grants Financial instruments Cash at bank and in hand

HUHTAMAKI (LURGAN) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 272 281

HUHTAMAKI (LURGAN) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 January 2023 944,000 944,000
Additions
Disposals
Revaluations
Transfers
At 31 December 2023 944,000 944,000
Amortisation
At 1 January 2023 931,000 931,000
Charge for year 6,000 6,000
On disposals
Other adjustments
At 31 December 2023 937,000 937,000
Net book value
At 31 December 2023 7,000 7,000
At 31 December 2022 13,000 13,000

HUHTAMAKI (LURGAN) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 8,950,000 62,708,000 54,000 1,000 71,713,000
Additions 9,543,000 9,543,000
Disposals ( 795,000 ) ( 795,000 )
Revaluations
Transfers
At 31 December 2023 8,950,000 71,456,000 54,000 1,000 80,461,000
Depreciation
At 1 January 2023 6,328,000 37,347,000 13,000 1,000 43,689,000
Charge for year 587,000 4,032,000 12,000 4,631,000
On disposals ( 239,000 ) ( 239,000 )
Other adjustments
At 31 December 2023 6,915,000 41,140,000 25,000 1,000 48,081,000
Net book value
At 31 December 2023 2,035,000 30,316,000 29,000 0 32,380,000
At 31 December 2022 2,622,000 25,361,000 41,000 0 28,024,000

HUHTAMAKI (LURGAN) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Fixed assets investments note

The investment at 31 December 2023 represents 100% of the ordinary ‘A’, ‘B’ and deferred shares of Huhtamaki (Lisburn) Limited, a company incorporated in the UK. With registered office address at 41 Inn Road, Dollingstown, Lurgan, Co. Armagh BT66 7JW

HUHTAMAKI (LURGAN) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Stocks

2023 2022
£ £
Stocks 2,511,000 3,124,000
Total 2,511,000 3,124,000

HUHTAMAKI (LURGAN) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Debtors

2023 2022
£ £
Trade debtors 7,356,000 5,812,000
Prepayments and accrued income 217,000 255,000
Other debtors 3,688,000 468,000
Total 11,261,000 6,535,000

HUHTAMAKI (LURGAN) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

8. Creditors: amounts falling due within one year note

2023 2022
£ £
Amounts due under finance leases and hire purchase contracts 685,000 824,000
Trade creditors 5,363,000 3,885,000
Taxation and social security 1,072,000 1,185,000
Accruals and deferred income 5,165,000 3,225,000
Other creditors 60,000 1,359,000
Total 12,345,000 10,478,000

HUHTAMAKI (LURGAN) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

9. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Amounts due under finance leases and hire purchase contracts 351,000 896,000
Total 351,000 896,000

HUHTAMAKI (LURGAN) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

10. Financial Commitments

At 31 December 2023, amounts contracted for but not provided in the financial statements for the acquisition of property, plant and equipment amounted to £527k (2022: £4,813k).