HUHTAMAKI (LISBURN) LIMITED

Company Registration Number:
NI006263 (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 (LISBURN) 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 (LISBURN) 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’s principal activities during the year continued to be the collection and bailing of waste paper for distribution to other companies.

Political and charitable donations

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

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

Leena Kuusikoski
Roland Van Der Werf


Secretary Franck Losco

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
18 September 2024

And signed on behalf of the board by:
Name: Leena Kuusikoski
Status: Director

HUHTAMAKI (LISBURN) LIMITED

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 4,629,816 7,249,096
Cost of sales: ( 3,700,105 ) ( 6,130,084 )
Gross profit(or loss): 929,711 1,119,012
Administrative expenses: ( 757,088 ) ( 659,358 )
Operating profit(or loss): 172,623 459,654
Interest payable and similar charges: ( 2,009 ) ( 1,006 )
Profit(or loss) before tax: 170,614 458,648
Tax: ( 273,007 ) ( 2,775 )
Profit(or loss) for the financial year: (102,393) 455,873

HUHTAMAKI (LISBURN) LIMITED

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 542,055 535,195
Total fixed assets: 542,055 535,195
Current assets
Stocks: 4 83,020 85,638
Debtors: 5 762,269 874,933
Cash at bank and in hand: 3,136,580 3,142,845
Total current assets: 3,981,869 4,103,416
Prepayments and accrued income: 4,978 4,303
Creditors: amounts falling due within one year: 6 ( 935,809 ) ( 952,704 )
Net current assets (liabilities): 3,051,038 3,155,015
Total assets less current liabilities: 3,593,093 3,690,210
Creditors: amounts falling due after more than one year: 7 ( 52,080 ) ( 41,875 )
Provision for liabilities: ( 53,389 ) ( 58,318 )
Total net assets (liabilities): 3,487,624 3,590,017
Capital and reserves
Called up share capital: 105,000 105,000
Other reserves: 3,505 3,505
Profit and loss account: 3,379,119 3,481,512
Total Shareholders' funds: 3,487,624 3,590,017

The notes form part of these financial statements

HUHTAMAKI (LISBURN) 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 18 September 2024
and signed on behalf of the board by:

Name: Leena Kuusikoski
Status: Director

The notes form part of these financial statements

HUHTAMAKI (LISBURN) 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

    Turnover policy

    An analysis of turnover by different classes of business and by geographical market has not been provided because, in the opinion of the Directors, the disclosure of such information would be seriously prejudicial to the interest of the Company. Turnover is attributable to the continuing activity of the collection and baling of waste paper for distribution.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost comprises the aggregate amount paid and the fair value of any other consideration given to acquire the asset and includes costs directly attributable to making the asset capable of operating as intended. Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as separate items of tangible fixed assets. 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.

    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.

    Other accounting policies

    Measurement convention The financial statements are prepared on the historical cost basis. 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. Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is undiscounted and based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Leases Right of use assets Right of use assets are recognised at the commencement date of the lease. Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any subsequent remeasurement of lease liabilities. Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right of use assets is depreciated on a straight line basis over the shorter of the useful life and the lease term. Right of use assets are subject to impairment. Lease Liabilities At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include lease payments less any lease incentives receivable variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. In calculating the present value of lease payments, the Company uses the interest rate implicit in the lease or the Company’s incremental borrowing rate at the lease commencement date if the intertest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term or a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments). Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which the event or condition that triggers the payment occurs. Short-term leases and leases of low-value assets The Company applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. Stocks Stocks are stated at the lower of cost and net realisable value. Cost is based on the first-in first-out principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition.

HUHTAMAKI (LISBURN) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 9 9

HUHTAMAKI (LISBURN) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 492,004 1,311,609 1,803,613
Additions 53,863 46,564 100,427
Disposals
Revaluations
Transfers
At 31 December 2023 545,867 1,358,173 1,904,040
Depreciation
At 1 January 2023 238,272 1,030,146 1,268,418
Charge for year 9,448 84,119 93,567
On disposals
Other adjustments
At 31 December 2023 247,720 1,114,265 1,361,985
Net book value
At 31 December 2023 298,147 243,908 542,055
At 31 December 2022 253,732 281,463 535,195

HUHTAMAKI (LISBURN) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Stocks

2023 2022
£ £
Stocks 83,020 85,638
Total 83,020 85,638

HUHTAMAKI (LISBURN) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Debtors

2023 2022
£ £
Trade debtors 519,935 381,203
Prepayments and accrued income 4,978 4,303
Other debtors 237,356 489,427
Total 762,269 874,933

HUHTAMAKI (LISBURN) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Amounts due under finance leases and hire purchase contracts 34,471 31,841
Trade creditors 321,115 633,011
Accruals and deferred income 31,744 48,237
Other creditors 548,479 239,615
Total 935,809 952,704

HUHTAMAKI (LISBURN) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

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

2023 2022
£ £
Amounts due under finance leases and hire purchase contracts 52,080 41,875
Total 52,080 41,875