IRIS Accounts Production v24.1.4.33 06943583 Board of Directors 31.12.22 29.12.23 29.12.23 the recovery of waste materials to be recycled. true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh069435832022-12-30069435832023-12-29069435832022-12-312023-12-29069435832021-12-31069435832022-01-012022-12-30069435832022-12-3006943583ns15:EnglandWales2022-12-312023-12-2906943583ns14:PoundSterling2022-12-312023-12-2906943583ns10:Director12022-12-312023-12-2906943583ns10:PrivateLimitedCompanyLtd2022-12-312023-12-2906943583ns10:FRS1022022-12-312023-12-2906943583ns10:Audited2022-12-312023-12-2906943583ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-12-312023-12-2906943583ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-12-312023-12-2906943583ns10:FullAccounts2022-12-312023-12-2906943583ns10:OrdinaryShareClass12022-12-312023-12-2906943583ns10:Director22022-12-312023-12-2906943583ns10:RegisteredOffice2022-12-312023-12-2906943583ns5:CurrentFinancialInstruments2023-12-2906943583ns5:CurrentFinancialInstruments2022-12-3006943583ns5:ShareCapital2023-12-2906943583ns5:ShareCapital2022-12-3006943583ns5:RetainedEarningsAccumulatedLosses2023-12-2906943583ns5:RetainedEarningsAccumulatedLosses2022-12-3006943583ns5:ShareCapital2021-12-3106943583ns5:RetainedEarningsAccumulatedLosses2021-12-3106943583ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3006943583ns5:RetainedEarningsAccumulatedLosses2022-12-312023-12-290694358322022-12-312023-12-290694358322022-01-012022-12-3006943583ns5:PlantMachinery2022-12-312023-12-290694358312022-12-312023-12-2906943583ns5:ReportableOperatingSegment12022-12-312023-12-2906943583ns5:ReportableOperatingSegment12022-01-012022-12-3006943583ns5:ReportableOperatingSegment22022-12-312023-12-2906943583ns5:ReportableOperatingSegment22022-01-012022-12-3006943583ns5:ReportableOperatingSegment32022-12-312023-12-2906943583ns5:ReportableOperatingSegment32022-01-012022-12-3006943583ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-12-312023-12-2906943583ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3006943583ns5:OwnedAssets2022-12-312023-12-2906943583ns5:OwnedAssets2022-01-012022-12-300694358312022-12-312023-12-290694358312022-01-012022-12-3006943583ns5:PlantMachinery2022-12-3006943583ns5:PlantMachinery2023-12-2906943583ns5:PlantMachinery2022-12-3006943583ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-2906943583ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3006943583ns10:OrdinaryShareClass12023-12-2906943583ns5:RetainedEarningsAccumulatedLosses2022-12-30
REGISTERED NUMBER: 06943583 (England and Wales)















Strategic Report,

Report of the Directors and

Financial Statements

for the period

31 December 2022 to 29 December 2023

for

VIPA Packaging UK Limited

VIPA Packaging UK Limited (Registered number: 06943583)






Contents of the Financial Statements
for the period 31 December 2022 to 29 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 6

Balance Sheet 7

Statement of Changes in Equity 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11


VIPA Packaging UK Limited

Company Information
for the period 31 December 2022 to 29 December 2023







DIRECTORS: M Ehrlich
Mrs S R Sheinman





REGISTERED OFFICE: Carlyle House, Lower Ground Floor
235 - 237 Vauxhall Bridge Road
London
SW1V 1EJ





REGISTERED NUMBER: 06943583 (England and Wales)





AUDITORS: Just Audit Limited
Chartered Accountants and Statutory Auditors
Strelley Hall
Main Street
Strelley
Nottingham
NG8 6PE

VIPA Packaging UK Limited (Registered number: 06943583)

Strategic Report
for the period 31 December 2022 to 29 December 2023

The directors present their strategic report for the period ended 29 December 2023.

FAIR REVIEW OF BUSINESS
Principal activity of the company is the purchase and export of paper and other waste material for recycling.

The performance of the company declined in 2023 with a loss of £42,889 a decrease from the profit of £944,351 in the prior period. This decrease was due to several reasons, in particular low market prices and the increasing financing costs.

While turnover has slightly increased by around 10%, both gross and net profit have decreased for the period. The financial performance has continued to follow the same trend post year end, with forecast result at breakeven.

The business forecast for the next two years projects a stabilization in turnover due to the fact that the company has nearly approached its peak in terms of trade volume. Even though market prices are unpredictable, the margin per ton should remain stable due to the financing costs ceasing to increase.

The business has secured around 50% of its turnover as of 30 June 2024 as well as an improved margin compared to 2023 for the current financial year ending 29 December 2024.

The net assets of the company have slightly decreased from £2,131,345 to £2,088,456.

The company's key financial performance indicators are Turnover, Gross Profit and retained earnings as detailed in the statement of comprehensive income and balance sheet. No further KPI analysis is considered necessary for an understanding of the financial performance of the company.

PRINCIPAL RISKS AND UNCERTAINTIES
Where necessary the directors will seek advice from relevant professional advisors to consider, assess and identify risks following financial reviews, management accounts and job costing results.

The principal risks and uncertainties over the next 12 months relate to the creation of new paper mills within the UK and the increased shipping costs from the UK to Asia due to the ongoing conflict in the Middle East causing shipping to have to go around Africa (the Red Sea Crisis, Suez Canal).

The directors are satisfied that the company has sufficient working capital available to continue trading throughout the 12 months from the date of approval of these accounts.

ON BEHALF OF THE BOARD:





M Ehrlich - Director


26 September 2024

VIPA Packaging UK Limited (Registered number: 06943583)

Report of the Directors
for the period 31 December 2022 to 29 December 2023

The directors present their report with the financial statements of the company for the period 31 December 2022 to 29 December 2023.

DIVIDENDS
No dividends have been distributed for the period ended 29 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 31 December 2022 to the date of this report.

M Ehrlich
Mrs S R Sheinman

STRATEGIC REPORT
The company has chosen, in accordance with the Companies Act 2006, Section 414C(11), to set out in its Strategic Report information to be contained in the Report of the Directors.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
-make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





M Ehrlich - Director


26 September 2024

Report of the Independent Auditors to the Members of
VIPA Packaging UK Limited

Opinion
We have audited the financial statements of VIPA Packaging UK Limited (the 'company') for the period ended 29 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 29 December 2023 and of its loss for the period 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 UK, including the FRC'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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Report of the Independent Auditors to the Members of
VIPA Packaging UK Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 a Report of the Auditors 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 Report of the Auditors.

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 2006. Our 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 a Report of the Auditors 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.




Rachel Davis BA FCA (Senior Statutory Auditor)
for and on behalf of Just Audit Limited
Chartered Accountants and Statutory Auditors
Strelley Hall
Main Street
Strelley
Nottingham
NG8 6PE

26 September 2024

VIPA Packaging UK Limited (Registered number: 06943583)

Statement of Comprehensive Income
for the period 31 December 2022 to 29 December 2023

Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22
Notes £ £

TURNOVER 4 43,943,199 39,957,289

Cost of sales 42,913,969 38,150,342
GROSS PROFIT 1,029,230 1,806,947

Administrative expenses 304,347 267,600
724,883 1,539,347

Other operating income 432 -
OPERATING PROFIT 6 725,315 1,539,347

Interest receivable and similar income 6,290 -
731,605 1,539,347

Interest payable and similar expenses 7 769,662 372,315
(LOSS)/PROFIT BEFORE TAXATION (38,057 ) 1,167,032

Tax on (loss)/profit 8 4,832 222,681
(LOSS)/PROFIT FOR THE FINANCIAL
PERIOD

(42,889

)

944,351

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

(42,889

)

944,351

VIPA Packaging UK Limited (Registered number: 06943583)

Balance Sheet
29 December 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 9 93,252 80,818

CURRENT ASSETS
Stocks 10 1,674,687 2,202,615
Debtors 11 4,978,573 6,127,755
Cash at bank 272,930 279,962
6,926,190 8,610,332
CREDITORS
Amounts falling due within one year 12 4,930,986 6,559,805
NET CURRENT ASSETS 1,995,204 2,050,527
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,088,456

2,131,345

CAPITAL AND RESERVES
Called up share capital 13 200,000 200,000
Retained earnings 14 1,888,456 1,931,345
SHAREHOLDERS' FUNDS 2,088,456 2,131,345

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





M Ehrlich - Director


VIPA Packaging UK Limited (Registered number: 06943583)

Statement of Changes in Equity
for the period 31 December 2022 to 29 December 2023

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2022 200,000 986,994 1,186,994

Changes in equity
Total comprehensive income - 944,351 944,351
Balance at 30 December 2022 200,000 1,931,345 2,131,345

Changes in equity
Total comprehensive income - (42,889 ) (42,889 )
Balance at 29 December 2023 200,000 1,888,456 2,088,456

VIPA Packaging UK Limited (Registered number: 06943583)

Cash Flow Statement
for the period 31 December 2022 to 29 December 2023

Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 2,093,648 (276,403 )
Interest paid (769,662 ) (372,315 )
Tax paid 18,849 (170,567 )
Net cash from operating activities 1,342,835 (819,285 )

Cash flows from investing activities
Purchase of tangible fixed assets (162,130 ) (133,390 )
Sale of tangible fixed assets 117,532 51,062
Interest received 6,290 -
Net cash from investing activities (38,308 ) (82,328 )

Cash flows from financing activities
Net change in group undertaking balances (1,311,559 ) 1,082,346
Net cash from financing activities (1,311,559 ) 1,082,346

(Decrease)/increase in cash and cash equivalents (7,032 ) 180,733
Cash and cash equivalents at beginning
of period

2

279,962

99,229

Cash and cash equivalents at end of
period

2

272,930

279,962

VIPA Packaging UK Limited (Registered number: 06943583)

Notes to the Cash Flow Statement
for the period 31 December 2022 to 29 December 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22
£ £
(Loss)/profit before taxation (38,057 ) 1,167,032
Depreciation charges 32,164 28,718
Finance costs 769,662 372,315
Finance income (6,290 ) -
757,479 1,568,065
Decrease/(increase) in stocks 527,928 (992,719 )
Decrease/(increase) in trade and other debtors 1,153,536 (35,342 )
Decrease in trade and other creditors (345,295 ) (816,407 )
Cash generated from operations 2,093,648 (276,403 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 29 December 2023
29/12/23 31/12/22
£ £
Cash and cash equivalents 272,930 279,962
Period ended 30 December 2022
30/12/22 1/1/22
£ £
Cash and cash equivalents 279,962 99,229


3. ANALYSIS OF CHANGES IN NET FUNDS

At 31/12/22 Cash flow At 29/12/23
£ £ £
Net cash
Cash at bank 279,962 (7,032 ) 272,930
279,962 (7,032 ) 272,930
Total 279,962 (7,032 ) 272,930

4. GROUP BALANCES

The movement on group balances is shown as a net cash movement because the gross movements are due principally to the overall group cash management policy rather than being a loan arrangement. Therefore this disclosure is considered to give a more true and fair view.

VIPA Packaging UK Limited (Registered number: 06943583)

Notes to the Financial Statements
for the period 31 December 2022 to 29 December 2023

1. STATUTORY INFORMATION

VIPA Packaging UK Limited is a private company, limited by shares, registered in England and Wales, number 06943583. The company's registered office address is Carlyle House, Lower Ground Floor, 235 - 237 Vauxhall Bridge Road, London, SW1V 1EJ.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future due to the fact that the company has the continued support of the group. The directors have been given assurance that this support will continue for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

- the requirements of paragraph 33.1 Related Party Disclosures.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates value added tax and other sales taxes. Turnover is recognised when the significant risks and rewards of ownership of the goods are transferred to the customer (usually the "shipped on board date" at the chosen port of loading).

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


VIPA Packaging UK Limited (Registered number: 06943583)

Notes to the Financial Statements - continued
for the period 31 December 2022 to 29 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Significant judgements and key sources of estimation uncertainty
The judgements, estimates and assumptions that management have made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Determining whether there is any indication that trade debtors and the VAT debtor will not be recovered in full.

Factors considered when reviewing trade debtors include the economic viability and expected future financial performance of the trade debtors. Factors considered when reviewing the recoverability of the VAT debtor include the application of current HMRC guidance and the ongoing operations of the company.

4. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22
£ £
UK 3,072,704 600,324
Europe 3,753,145 6,079,814
Rest of World 37,117,350 33,277,151
43,943,199 39,957,289

VIPA Packaging UK Limited (Registered number: 06943583)

Notes to the Financial Statements - continued
for the period 31 December 2022 to 29 December 2023

5. EMPLOYEES AND DIRECTORS
Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22
£ £
Wages and salaries 820,284 625,737
Social security costs 62,008 42,177
Other pension costs 1,321 1,321
883,613 669,235

The average number of employees during the period was as follows:
Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22

Management 1 1
Production 5 5
Administration 1 1
7 7

Included within Wages and salaries are group recharges for group staff amounting to £494,963 (2022: £312,086)

Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22
£ £
Directors' remuneration 60,000 60,000
Directors' pension contributions to money purchase schemes 1,321 1,321

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

6. OPERATING PROFIT

The operating profit is stated after charging:

Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22
£ £
Depreciation - owned assets 32,164 28,718
Audit of the company accounts 24,000 21,000

7. INTEREST PAYABLE AND SIMILAR EXPENSES
Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22
£ £
Commissions and interest paid 769,662 372,315

VIPA Packaging UK Limited (Registered number: 06943583)

Notes to the Financial Statements - continued
for the period 31 December 2022 to 29 December 2023

8. TAXATION

Analysis of the tax charge
The tax charge on the loss for the period was as follows:
Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22
£ £
Current tax:
UK corporation tax - 221,514
Under provision in prior year 4,832 1,167

Tax on (loss)/profit 4,832 222,681

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22
£ £
(Loss)/profit before tax (38,057 ) 1,167,032
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

(7,231

)

221,736

Effects of:
Deferred tax asset not provided for 4,910 4,585
Over (Under) provision in current year 2,346 (4,807 )
Under provision in prior year 4,807 1,167
Total tax charge 4,832 222,681

From 1 April 2023, the Corporation Tax main rate for non-ring-fenced profits has been increased to 25%, applying to profits over £250,000.

9. TANGIBLE FIXED ASSETS
Plant and
machinery
£
COST
At 31 December 2022 126,890
Additions 162,130
Disposals (153,040 )
At 29 December 2023 135,980
DEPRECIATION
At 31 December 2022 46,072
Charge for period 32,164
Eliminated on disposal (35,508 )
At 29 December 2023 42,728
NET BOOK VALUE
At 29 December 2023 93,252
At 30 December 2022 80,818

VIPA Packaging UK Limited (Registered number: 06943583)

Notes to the Financial Statements - continued
for the period 31 December 2022 to 29 December 2023

10. STOCKS
2023 2022
£ £
Stocks 1,674,687 2,202,615

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 3,972,744 1,817,486
Amounts owed by group undertakings 31,725 27,371
Other debtors 429,846 878
VAT 544,258 4,282,020
4,978,573 6,127,755

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 1,429,757 1,581,711
Amounts owed to group undertakings 3,001,425 4,308,630
Tax 245,195 221,514
Other creditors 208,868 318,166
Accruals and deferred income 45,741 129,784
4,930,986 6,559,805

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
200,000 Ordinary £1 200,000 200,000

14. RESERVES
Retained
earnings
£

At 31 December 2022 1,931,345
Deficit for the period (42,889 )
At 29 December 2023 1,888,456

15. PARENT COMPANY

The Company is 100% owned by its immediate parent company, VIPA Holding SA, a company incorporated in Switzerland. The parent company draws up consolidated financial statements which includes the results for VIPA Packaging UK Limited and its registered office is Gal. Benjamin-Constant 1, 1003, Lausanne, Switzerland.