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Registered number: 13216065










D.A. PAK HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
D.A. PAK HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
J A Brighton 
R A Brighton 
P A Teasdale 




Registered number
13216065



Registered office
Mort House
Crowcrofts Road, Newstead Industrial Estate

Trentham

Stoke-On-Trent

Staffordshire

ST4 8HX




Independent auditors
Shorts
Chartered Accountants & Registered Auditor

2 Ashgate Road

Chesterfield

Derbyshire

S40 4AA




Bankers
National Westminster Bank plc





 
D.A. PAK HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10
Company Balance Sheet
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14 - 15
Consolidated Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 33


 
D.A. PAK HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their strategic report for the year ended 31 March 2024.

Business review
 
The primary activity of the Group is the supply of innovative flexible bulk packaging and handling solutions, using products sourced from trusted partners in the UK, Europe, and Asia.
Our customers value our reputation for responsiveness and reliability to meet their changing needs.  This vital part of our service is managed from our head-office and main distribution centre, situated in Stoke-on-Trent, UK.  
This location has extensive modern storage capacity with easy access to the UK’s motorway network.  Together with our selected logistics partners, we can provide additional on-demand storage facilities and fast-response distribution capabilities, to deliver the flexible customer response we pride ourselves on.    
The war in Ukraine and piracy off the horn of Africa continues to destabilise global supply chains, but because of the global spread of our supplier base, we can mitigate some of the effects of this disruption for our customers.
 
However, some lead times have increased from foreign suppliers, but these are affecting all UK competitors equally.
Despite the challenges, the Group traded strongly during the year under review with robust performances in tonnage throughput and profitability in line with the company’s growth strategy since the management buyout in 2022.
Sales of £12.1m down from £14.1m in 2023 reflected falls in the feedstock price  but profit before tax came in at £1.1m compared to £1.2m.
  
The key management aims are to continue improving the quality and sustainability of earnings whilst driving cash generation.  
The Directors are satisfied with the financial position of the Group.
Sustainability
The Group is committed to ensuring the sustainability of human, social, environmental, and economic resources and complies with all relevant environmental policies. 
The UK government implemented a plastic packaging tax in April 2022.  The Group in line with its manufacturing partners is implementing more sustainable products, where permissible supplying products containing a minimum of 30% recycled materials instead of virgin polymer. 
The Group has completed a baseline carbon footprint assessment for the business covering Scopes 1 & 2 and has scoped the data needed to complete a full carbon footprint for the business.
The Group is continuing its work to successfully deliver its commitments to an improved ESG  (Environmental, Sustainability, and Governance) culture within the business. 

Page 1

 
D.A. PAK HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Principal risks and uncertainties
 
Pricing
The Group is exposed to fluctuations in market prices of raw materials. This position is monitored daily but using our global network of suppliers, we can mitigate some of this risk. However, although variations in feedstock prices affects all competitors,  the Group’s strength and liquidity shields it from the more extreme pressures. 
Market
The flexible packaging industry within which the group operates is highly competitive. The Group understands and lives by its core values and strengths to ensure we maintain standards for both the Group and our customers. 
Credit risk
The Group vets all customers prior to conducting business.  New customers are assessed against our criteria for improving the quality of our earnings.  If they require a credit facility they must pass our credit-checks and adhere to our terms and conditions of sale.  Trade debtor balances are continuously monitored to minimising exposure to credit risks.
Foreign currency risk
The Group conducts limited trading in foreign currencies and doesn’t require the provision of accounts in foreign currencies. 

Future Developments
 
Continued challenging trading conditions remain in 2024, namely due to the ongoing conflict in Ukraine and the still-high level of interest rates in the UK.  However, the Group is confident that based on the policies and strategy being implemented, it will deliver continued improvement in 2024.


This report was approved by the board on 7 October 2024 and signed on its behalf.



R A Brighton
Director

Page 2

 
D.A. PAK HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements 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 Group 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 the Group 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 the Group 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 and minority interests, amounted to £684,158 (2023 - £839,070).

Directors

The directors who served during the year were:

J A Brighton 
R A Brighton 
P A Teasdale 

Qualifying third party indemnity provisions

The directors have been granted a qualifying third party indemnity provision under section 234 of the Companies Act 2006. This indemnity does not provide cover in the event of a director acting fraudulently or dishonestly. 

Page 3

 
D.A. PAK HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

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

Auditors

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

This report was approved by the board on 7 October 2024 and signed on its behalf.
 





R A Brighton
Director

Page 4

 
D.A. PAK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF D.A. PAK HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of D.A. Pak Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's 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 Group 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 Group's or the parent 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

 
D.A. PAK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF D.A. PAK HOLDINGS LIMITED (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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 6

 
D.A. PAK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF D.A. PAK HOLDINGS LIMITED (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 Group's and the parent 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 Group or the parent 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 Group 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 laws and regulations, was as follows:

the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
through discussions with the directors and other management and from our commercial knowledge and experience of the sectors that the Company operates in, we identified the laws and regulations applicable to the Company; and
focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

To address the risk of fraud through management bias and override of controls, we:
 
performed analytical procedures to identify any unusual or unexpected relationships;
considered journal entries to identify unusual transactions;
Page 7

 
D.A. PAK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF D.A. PAK HOLDINGS LIMITED (CONTINUED)


assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing any correspondence with HMRC, relevant regulators and the Company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they
may involve deliberate concealment or collusion.


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.


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.





Howard Freeman BSc FCA (Senior Statutory Auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Registered Auditor
  
2 Ashgate Road
Chesterfield
Derbyshire
S40 4AA

7 October 2024
Page 8

 
D.A. PAK HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,082,772
14,127,028

Cost of sales
  
(9,066,462)
(11,200,580)

Gross profit
  
3,016,310
2,926,448

Administrative expenses
  
(1,718,788)
(1,573,106)

Operating profit
 5 
1,297,522
1,353,342

Interest receivable and similar income
 9 
2,882
70

Interest payable and similar expenses
 10 
(190,642)
(115,304)

Profit before taxation
  
1,109,762
1,238,108

Tax on profit
 11 
(374,423)
(304,906)

Profit for the financial year
  
735,339
933,202

  

Profit for the year attributable to:
  

Non-controlling interests
  
51,181
94,132

Owners of the parent Company
  
684,158
839,070

  
735,339
933,202

The notes on pages 17 to 33 form part of these financial statements.

Page 9

 
D.A. PAK HOLDINGS LIMITED
REGISTERED NUMBER: 13216065

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
1,944,556
2,196,817

Tangible assets
 14 
2,075,637
2,017,288

  
4,020,193
4,214,105

Current assets
  

Stocks
 16 
3,133,363
3,699,661

Debtors: amounts falling due within one year
 17 
2,281,849
2,359,016

Cash at bank and in hand
 18 
569,287
172,810

  
5,984,499
6,231,487

Creditors: amounts falling due within one year
 19 
(4,323,966)
(4,915,087)

Net current assets
  
 
 
1,660,533
 
 
1,316,400

Total assets less current liabilities
  
5,680,726
5,530,505

Creditors: amounts falling due after more than one year
 20 
(885,735)
(1,211,084)

Provisions for liabilities
  

Deferred taxation
 22 
-
(2,339)

Net assets
  
4,794,991
4,317,082


Capital and reserves
  

Called up share capital 
 23 
250
250

Other reserves
 24 
3,268,085
3,268,085

Profit and loss account
 24 
1,335,006
814,518

Equity attributable to owners of the parent Company
  
4,603,341
4,082,853

Non-controlling interests
  
191,650
234,229

  
4,794,991
4,317,082


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 October 2024.


R A Brighton
Director

The notes on pages 17 to 33 form part of these financial statements.

Page 10

 
D.A. PAK HOLDINGS LIMITED
REGISTERED NUMBER: 13216065

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,723,020
1,747,116

Investments
 15 
3,283,913
3,283,913

  
5,006,933
5,031,029

Current assets
  

Debtors: amounts falling due within one year
 17 
904
103,337

Cash at bank and in hand
 18 
288,222
17,901

  
289,126
121,238

Creditors: amounts falling due within one year
 19 
(1,420,108)
(2,309,778)

Net current liabilities
  
 
 
(1,130,982)
 
 
(2,188,540)

Total assets less current liabilities
  
3,875,951
2,842,489

  

Creditors: amounts falling due after more than one year
 20 
(885,735)
(1,211,084)

  

Net assets
  
2,990,216
1,631,405


Capital and reserves
  

Called up share capital 
 23 
250
250

Profit and loss account
  
2,989,966
1,631,155

  
2,990,216
1,631,405


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 October 2024.



R A Brighton
Director

The notes on pages 17 to 33 form part of these financial statements.

Page 11

 
D.A. PAK HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£
£


At 1 April 2022
250
3,268,085
69,118
3,337,453
233,857
3,571,310


Comprehensive income for the year

Profit for the year
-
-
839,070
839,070
94,132
933,202
Total comprehensive income for the year
-
-
839,070
839,070
94,132
933,202


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(93,670)
(93,670)
(93,760)
(187,430)


Total transactions with owners
-
-
(93,670)
(93,670)
(93,760)
(187,430)



At 1 April 2023
250
3,268,085
814,518
4,082,853
234,229
4,317,082


Comprehensive income for the year

Profit for the year
-
-
684,158
684,158
51,181
735,339
Total comprehensive income for the year
-
-
684,158
684,158
51,181
735,339


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(163,670)
(163,670)
(93,760)
(257,430)


Total transactions with owners
-
-
(163,670)
(163,670)
(93,760)
(257,430)


At 31 March 2024
250
3,268,085
1,335,006
4,603,341
191,650
4,794,991


The notes on pages 17 to 33 form part of these financial statements.

Page 12

 
D.A. PAK HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
250
195,485
195,735


Comprehensive income for the year

Profit for the year
-
1,529,340
1,529,340

Dividends: Equity capital
-
(93,670)
(93,670)



At 1 April 2023
250
1,631,155
1,631,405


Comprehensive income for the year

Profit for the year
-
1,522,480
1,522,480

Dividends: Equity capital
-
(163,670)
(163,670)


At 31 March 2024
250
2,989,965
2,990,215


The notes on pages 17 to 33 form part of these financial statements.

Page 13

 
D.A. PAK HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
735,339
933,202

Adjustments for:

Amortisation of intangible assets
252,261
252,261

Depreciation of tangible assets
84,508
60,966

Loss on disposal of tangible assets
-
(643,661)

Interest paid
190,642
115,305

Interest received
(2,882)
(70)

Taxation charge
374,423
304,906

Decrease in stocks
566,298
344,370

Decrease in debtors
82,288
741,269

(Decrease) in creditors
(671,599)
(1,825,173)

Corporation tax (paid)
(322,872)
(477,595)

Net cash generated from operating activities

1,288,406
(194,220)


Cash flows from investing activities

Purchase of tangible fixed assets
(142,857)
(132,819)

Sale of tangible fixed assets
-
686,447

Interest received
2,882
70

Net cash from investing activities

(139,975)
553,698
Page 14

 
D.A. PAK HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(303,882)
(64,722)

Dividends paid
(163,670)
(93,670)

Interest paid
(190,642)
(115,305)

Dividends paid to non-controlling interests
(93,760)
(93,760)

Net cash used in financing activities
(751,954)
(367,457)

Net increase/(decrease) in cash and cash equivalents
396,477
(7,979)

Cash and cash equivalents at beginning of year
172,810
180,789

Cash and cash equivalents at the end of year
569,287
172,810


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
569,287
172,810

569,287
172,810


The notes on pages 17 to 33 form part of these financial statements.

Page 15

 
D.A. PAK HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

172,810

396,477

569,287

Debt due after 1 year

(1,211,084)

325,349

(885,735)

Debt due within 1 year

(46,937)

(9,111)

(56,048)


(1,085,211)
712,715
(372,496)

The notes on pages 17 to 33 form part of these financial statements.

Page 16

 
D.A. PAK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

D.A. Pak Holdings Limited is a private company limited by shares, incorporated in England and Wales (registered number: 13216065). Its registered office is Mort House, Crowcrofts Road, Newstead Industrial Estate, Trentham, Stoke-On-Trent, Staffordshire, ST4 8HX. The principal activity of the company throughout the year continued to be that of a holding company.

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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The companys functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 22 February 2021.

Page 17

 
D.A. PAK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

 
2.4

Operating leases: the Group as lessee

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

 
2.5

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.

 
2.6

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 18

 
D.A. PAK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

Tax is recognised in the Income statement, except that a change 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 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 balances are recognised in respect of all material 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.

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other 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.

 
2.9

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 19

 
D.A. PAK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Plant and machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance

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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.13

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 20

 
D.A. PAK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

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

 
2.17

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.

Page 21

 
D.A. PAK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial statements. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:
(i) Stock provisioning
When calculating the stock provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of stock. The carrying value of stock after making such a provision was £3,133,363 (2023: £3,699,661).
ii) Impairment of debtors
The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. The amount of trade and other debtors after making such provision was £2,270,790 (2023: £2,353,982).


4.


Turnover

2024
2023
£
£

Turnover
12,082,772
14,127,028


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
84,508
60,966

Operating lease rentals - Land and buildings
7,701
5,286

Other operating lease rentals
45,931
48,980

Defined contribution pension costs
184,526
160,315

Profit on disposal of tangible fixed assets
-
(643,661)


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
21,000
19,095

Page 22

 
D.A. PAK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
562,565
517,746
-
-

Social security costs
62,514
52,423
-
-

Cost of defined contribution scheme
184,526
160,315
-
-

809,605
730,484
-
-


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
3
3
3
3



Employees
16
15
-
-

19
18
3
3


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
19,484
17,894

Group contributions to defined contribution pension schemes
60,000
40,000

79,484
57,894


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
2,882
70

Page 23

 
D.A. PAK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Mortgage interest payable
87,027
55,251

Other interest payable
103,615
60,053

190,642
115,304


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
381,594
321,897

Adjustments in respect of previous periods
291
-


Total current tax
381,885
321,897

Deferred tax


Origination and reversal of timing differences
(6,357)
(3,695)

Movement in provisions
(1,105)
(13,296)

Total deferred tax
(7,462)
(16,991)


Taxation on profit on ordinary activities
374,423
304,906
Page 24

 
D.A. PAK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2022 -19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,109,761
1,238,107


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
277,440
235,240

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
90,535
62,754

Capital allowances for year in excess of depreciation
7,080
(107,921)

Adjustments to tax charge in respect of previous periods
291
-

Marginal relief
(923)
-

Other tax charge (relief) on exceptional items
-
117,600

Remeasurement of deferred tax for changes in tax rates
-
(4,492)

Movement in deferred tax not recognised
-
1,725

Total tax charge for the year
374,423
304,906


12.


Dividends

2024
2023
£
£


Dividends analysis - Ordinary B shares
81,835
46,835


Dividends analysis - Ordinary C shares
81,835
46,835

163,670
93,670

Page 25

 
D.A. PAK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 April 2023
2,469,658



At 31 March 2024

2,469,658



Amortisation


At 1 April 2023
272,841


Charge for the year on owned assets
252,261



At 31 March 2024

525,102



Net book value



At 31 March 2024
1,944,556



At 31 March 2023
2,196,817



No intangible assets are held in the parent company. 

Page 26

 
D.A. PAK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 April 2023
1,815,498
45,214
277,176
268,769
2,406,657


Additions
-
-
137,972
4,885
142,857



At 31 March 2024

1,815,498
45,214
415,148
273,654
2,549,514



Depreciation


At 1 April 2023
68,382
34,007
117,332
169,648
389,369


Charge for the year on owned assets
24,096
1,707
43,544
15,161
84,508



At 31 March 2024

92,478
35,714
160,876
184,809
473,877



Net book value



At 31 March 2024
1,723,020
9,500
254,272
88,845
2,075,637



At 31 March 2023
1,747,116
11,207
159,844
99,121
2,017,288

Page 27

 
D.A. PAK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           14.Tangible fixed assets (continued)


Company






Freehold property

£

Cost


At 1 April 2023
1,754,804



At 31 March 2024

1,754,804



Depreciation


At 1 April 2023
7,688


Charge for the year on owned assets
24,096



At 31 March 2024

31,784



Net book value



At 31 March 2024
1,723,020



At 31 March 2023
1,747,116






Page 28

 
D.A. PAK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 April 2023
3,283,913



At 31 March 2024
3,283,913





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

D A Pak Limited
Ordinary
95%

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

D A Pak Limited
3,144,134
965,120


16.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
3,133,363
3,699,661


Page 29

 
D.A. PAK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,270,790
2,353,982
-
-

Other debtors
904
-
904
-

Prepayments and accrued income
5,032
5,034
-
103,337

Deferred taxation
5,123
-
-
-

2,281,849
2,359,016
904
103,337



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
569,287
172,810
288,222
17,901



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
37,645
16,179
37,645
16,179

Trade creditors
2,012,148
2,418,083
-
-

Amounts owed to group undertakings
-
-
1,352,736
1,752,372

Corporation tax
221,712
162,699
14,921
8,686

Other taxation and social security
263,904
206,948
-
-

Other creditors
1,782,557
2,107,058
8,806
528,421

Accruals and deferred income
6,000
4,120
6,000
4,120

4,323,966
4,915,087
1,420,108
2,309,778


Page 30

 
D.A. PAK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
885,735
1,211,084
885,735
1,211,084


Included in creditors due withn and after more than one year is a bank loan of £923,380 (2023 £1,227,263) on which security has been given by the company.

Included in creditors due after more than one year is a bank loan on which £703,096 (2023 £1,144,610) is due after more than 5 years. 


21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
37,645
16,179
37,645
16,179

Amounts falling due 1-2 years

Bank loans
40,609
15,002
40,609
15,002

Amounts falling due 2-5 years

Bank loans
142,030
51,472
142,030
51,472

Amounts falling due after more than 5 years

Bank loans
703,096
1,144,610
703,096
1,144,610

923,380
1,227,263
923,380
1,227,263


The loan is repayable in 180 monthly instalments from February 2022 at an interest rate of 2.35% above base.

Page 31

 
D.A. PAK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Deferred taxation


Group



2024


£






At beginning of year
(2,339)


Charged to profit or loss
7,462



At end of year
5,123







Group
Group
2024
2023
£
£

Accelerated capital allowances
(23,838)
(30,195)

Movement in provisions
28,961
27,856

5,123
(2,339)


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



125 (2023 - 125) Ordinary B shares shares of £1.00 each
125
125
125 (2023 - 125) Ordinary C shares shares of £1.00 each
125
125

250

250


Page 32

 
D.A. PAK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Reserves

Other reserves

Other reserves represent the fair value of shares recognised on acquisition from a share for share exchange. 

Profit and loss account

Profit and loss account represents all current and prior period profits and losses and is all considered to be distributable.


25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund amounted to £184,526 (2023: £160,315). Contributions totalling £4,284 (2023: £2,337) were payable to the fund at the balance sheet date and are included in creditors.


26.


Commitments under operating leases

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
162,896
184,460

Later than 1 year and not later than 5 years
620,450
627,347

Later than 5 years
51,667
206,667

835,013
1,018,474
Page 33