Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falsemanufacture and printing of plastic and paper products1720trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02861038 2023-01-01 2023-12-31 02861038 2022-01-01 2022-12-31 02861038 2023-12-31 02861038 2022-12-31 02861038 c:Director1 2023-01-01 2023-12-31 02861038 d:Buildings 2023-01-01 2023-12-31 02861038 d:Buildings 2023-12-31 02861038 d:Buildings 2022-12-31 02861038 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02861038 d:Buildings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02861038 d:PlantMachinery 2023-01-01 2023-12-31 02861038 d:PlantMachinery 2023-12-31 02861038 d:PlantMachinery 2022-12-31 02861038 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02861038 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02861038 d:MotorVehicles 2023-01-01 2023-12-31 02861038 d:MotorVehicles 2023-12-31 02861038 d:MotorVehicles 2022-12-31 02861038 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02861038 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02861038 d:FurnitureFittings 2023-01-01 2023-12-31 02861038 d:FurnitureFittings 2023-12-31 02861038 d:FurnitureFittings 2022-12-31 02861038 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02861038 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02861038 d:OfficeEquipment 2023-01-01 2023-12-31 02861038 d:OfficeEquipment 2023-12-31 02861038 d:OfficeEquipment 2022-12-31 02861038 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02861038 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02861038 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02861038 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02861038 d:Goodwill 2023-01-01 2023-12-31 02861038 d:Goodwill 2023-12-31 02861038 d:Goodwill 2022-12-31 02861038 d:CurrentFinancialInstruments 2023-12-31 02861038 d:CurrentFinancialInstruments 2022-12-31 02861038 d:Non-currentFinancialInstruments 2023-12-31 02861038 d:Non-currentFinancialInstruments 2022-12-31 02861038 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02861038 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02861038 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02861038 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02861038 d:ShareCapital 2023-12-31 02861038 d:ShareCapital 2022-12-31 02861038 d:CapitalRedemptionReserve 2023-12-31 02861038 d:CapitalRedemptionReserve 2022-12-31 02861038 d:RevaluationReserve 2023-01-01 2023-12-31 02861038 d:RevaluationReserve 2023-12-31 02861038 d:RevaluationReserve 2022-12-31 02861038 d:RetainedEarningsAccumulatedLosses 2023-12-31 02861038 d:RetainedEarningsAccumulatedLosses 2022-12-31 02861038 c:FRS102 2023-01-01 2023-12-31 02861038 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02861038 c:FullAccounts 2023-01-01 2023-12-31 02861038 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02861038 5 2023-01-01 2023-12-31 02861038 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02861038 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02861038 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 02861038 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 02861038 d:OtherDeferredTax 2023-12-31 02861038 d:OtherDeferredTax 2022-12-31 02861038 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-12-31 02861038 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-12-31 02861038 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 02861038










CRITERION PACKAGING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CRITERION PACKAGING LIMITED
REGISTERED NUMBER: 02861038

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
756,731
405,577

Current assets
  

Stocks
  
87,613
107,003

Debtors: amounts falling due within one year
 6 
155,681
146,785

Cash at bank and in hand
  
414
11,282

  
243,708
265,070

Creditors: amounts falling due within one year
 7 
(319,914)
(200,977)

Net current (liabilities)/assets
  
 
 
(76,206)
 
 
64,093

Total assets less current liabilities
  
680,525
469,670

Creditors: amounts falling due after more than one year
 8 
(59,303)
(131,400)

Provisions for liabilities
  

Deferred tax
 9 
(53,877)
(43,636)

Net assets
  
567,345
294,634


Capital and reserves
  

Called up share capital 
  
12,500
12,500

Revaluation reserve
  
384,734
-

Capital redemption reserve
  
12,500
12,500

Profit and loss account
  
157,611
269,634

  
567,345
294,634


Page 1

 
CRITERION PACKAGING LIMITED
REGISTERED NUMBER: 02861038
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.




K Hepplestone
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
CRITERION PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Criterion Packaging Limited is a private company limited by shares, incorporated in England and Wales (registered number: 02861038). Its registered office is Unit 3C, Parkway Industrial Estate, Nunnery Drive, Sheffield, S2 1TA. The principal activity of the Company throughout the year continued to be that of the manufacture and printing of plastic and paper products.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

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.

Page 3

 
CRITERION PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Freehold property
-
2% straight line
Plant & machinery
-
10%-20% straight line
Motor vehicles
-
25% straight line
Fixtures & fittings
-
20% straight line
Office equipment
-
33% straight line

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.

 
2.4

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 cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a
Page 4

 
CRITERION PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.5
Financial instruments (continued)

net basis or to realise the asset and settle the liability simultaneously.

 
2.6

Government grants

Grants relating to expenditure on tangible fixed assets are credited to the Statement of Income and Retained Earnings at the same rate as the depreciation of the assets to which the grant relates to. The deferred element of grants in included is creditors as deferred income.

  
2.7

Foreign currency translation

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. 
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 the Statement of Income and Retained Earnings.

 
2.8

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.

 
2.9

Leased assets: the Company as lessee

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.

 
2.10

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 5

 
CRITERION PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current 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.

 
2.12

Intangible assets

Intangible assets, including goodwill, 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 and are amortised on a straight line basis over the length of that life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
3
years

 
2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve in ‘other reserves’.                                                                                           
                                                                                                                                                                    Once a revalued property is sold or retired, any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.

Page 6

 
CRITERION PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2022 - 20).


4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
60,000



At 31 December 2023

60,000



Amortisation


At 1 January 2023
60,000



At 31 December 2023

60,000



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 7

 
CRITERION PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£
£
£



Cost 


At 1 January 2023
340,134
810,931
18,535
35,444
47,692
1,252,736


Revaluations
284,866
-
-
-
-
284,866



At 31 December 2023

625,000
810,931
18,535
35,444
47,692
1,537,602



Depreciation


At 1 January 2023
117,314
629,080
18,535
35,444
46,786
847,159


Charge for the year on owned assets
5,900
10,489
-
-
906
17,295


Charge for the year on financed assets
-
39,631
-
-
-
39,631


On revalued assets
(123,214)
-
-
-
-
(123,214)



At 31 December 2023

-
679,200
18,535
35,444
47,692
780,871



Net book value



At 31 December 2023
625,000
131,731
-
-
-
756,731



At 31 December 2022
222,820
181,851
-
-
906
405,577

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
117,885
153,095

Page 8

 
CRITERION PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
155,681
121,225

Other debtors
-
25,560

155,681
146,785



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
79,355
20,813

Bank loans
20,000
53,669

Trade creditors
69,553
36,687

Other taxation and social security
23,867
22,763

Obligations under finance lease and hire purchase contracts
39,347
39,347

Other creditors
87,792
27,698

319,914
200,977


See note 8 for details of security.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
28,333
48,333

Net obligations under finance leases and hire purchase contracts
13,116
52,463

Other creditors
17,854
30,604

59,303
131,400


Secured loans
Included in creditors are bank loans amounting to £48,333 (2022: £102,002) on which security has been given by a fixed and floating charge over the assets of the Company.

Page 9

 
CRITERION PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation




2023


£






At beginning of year
(43,636)


Released to profit or loss
13,105


On revaluation
(23,346)



At end of year
(53,877)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
57,199
53,397

Tax losses carried forward
(26,668)
(9,761)

Revaluation
(23,346)
-

53,877
43,636


10.


Reserves

Revaluation reserve

This reserve records the total revaluation gains and losses that have not yet realised through disposal.


11.


Pension commitments

The Company operates a defined contributions pension scheme. 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 £28,291 (2022: £28,349).

 
Page 10